As long as Singapore continues to attract these wealthy buyers, luxury home prices could rise 5 to 6 percent this year and big deals remain in the market, analysts said.

Lianhe Zaobao understands that 3 Orchard By-The-Park in Orchard Road saw a batch sale a few days ago, with four units (two penthouse duplexes) sold at a time, ranging from S $3,850 to S $4,100 per sq ft, for a total transaction of about S $60 million (300 million yuan).

A total of three foreign buyers from China and the United States bought four large units from a one-way developer last Friday. Three of the units were priced at around S $12 million and one was priced at more than S $20 million. The total transaction value was around S $60 million (300 million yuan).

The project is already built, and the buyer is buying a developer's demonstration unit in an apartment, with almost everything done and ready to move in when he buys.

As the deal has just been completed, the Urban Renewal Authority's website did not reflect the deal when asked. In addition, wealthy buyers are likely to pay for their homes in full cash, with no bank loans involved and no need to apply for a caveat, so the transaction is not recorded on the URA website.

Several recent luxury property deals in the local market have drawn attention, including a buyer in May who paid more than $85 million for 20 units of a new private development, Canninghill Piers. In June, Mr Han, who is reputed to be the richest man in Ulanqab, Inner Mongolia, paid S $22.29 million for a unit at Le Nouvel Ardmore in Orchard Generation, which costs as much as S $5,800.