Most expensive 99-year-leasehold penthouse in Singapore sold at loss

Image credit: Orange Tee

British billionaire Dyson has sold the most expensive 99-year-leasehold penthouse in Singapore for S$62 million, which is a 16 per cent loss. The Business Times newspaper, which first reported the sale, said the buyer is Indonesian-born tycoon Leo Koguan. The US citizen is chairman and co-founder of infotech provider SHI International, which counts Boeing and AT&T among its 20,000 customers, business magazine Forbes says.

British billionaire James Dyson made news in July last year for purchasing the most expensive 99-year-leasehold penthouse in Singapore.

The Briton, who is chief executive of Dyson Ltd, bought the most expensive 99-year-leasehold penthouse situated on a 62nd to 64th floor in Wallich Residence. The three-storey penthouse comes complete with a private infinity pool, jacuzzi, barbecue pit, and private lift lobby.

most expensive 99-year-leasehold
Image credit: Orange Tee

Dyson bought the most expensive 99-year-leasehold penthouse for a whopping S$73.8 million and he occupied the of the property with his wife on 20 June 2019.

The Dyson couple are permanent residents of Singapore, and so don’t have to pay the increased levies imposed on foreigners for buying property in Singapore. “Given the decision to locate the headquarters in Singapore and the growing focus of the company’s business in the region, of course James Dyson has bought a property there,” a company spokesman told Reuters when asked about Dyson’s purchase of the most expensive 99-year-leasehold penthouse.

Dyson had announced in January 2019 that he is moving his headquarters from Britain to Singapore to be closer to the company’s fastest-growing markets. The company said in October 2018 that it planning on building its first electric car in Singapore.

Wallich Residence, the development on which the most expensive 99-year-leasehold penthouse is located, is in the heart of the Central Business District of Singapore.

This gives residents unhindered access to Singapore’s business and commercial center. There are MRT stations as well as highway connections, most of which are within walking distance of the residential development. There are also underground walkways linking major buildings in the area, reducing the stress of moving around amidst the ever-increasing traffic conditions of Singapore.

In 2018, List Sotheby’s International Realty (List SIR) said that the most expensive property on the market is the rare 21,108 sq ft super penthouse at Wallich Residence which came at a price tag of more than $100 million. By far the largest super penthouse in Singapore, the triplex comes with a private pool and terrace.

Occupying the highest floors of the Tanjong Pagar Centre, apartments at Wallich Residence starts from the 39th to the 64th floor. A 2018 transaction at Wallich Residences was a 4-bedroom penthouse at $16 million ($4,560 psf).

A recent report said that despite the weakness of their currency, well-heeled Malaysians are continuing to show keen interest in high end properties in Singapore. GuocoLand (Singapore) Pte Ltd Group Managing Director, Cheng Hsing Yao, said the strong interest shown in his company’s two iconic projects, Wallich Residence and Martin Modern is prove of Malaysians interest in high end properties here.

“Malaysian buyers see Singapore properties as a good investment opportunity. Everyone is interested to acquire a piece of property here,” Mr Cheng said in an interview to a Malaysian newspaper in July 2018.

He added that currency fluctuations are not a determining factor as Singapore is a natural business hub in South-East Asia due to its strategic location. Although the Malaysian Ringgit has shown signs of improvement, its depreciation against the Singapore dollar from late 2015 has set it at a low of RM3.18 against the dollar.

“Currency fluctuations do not play a big part in property investment as the assets are considered risk-free,” Cheng said. Mr Cheng said that Malaysians and those with permanent residence have acquired 20 per cent of the units in Wallich Residence and 25 per cent in Martin Modern.

He said Singapore’s strategic location and its vibrant economy were strong pull factors for foreign buyers as there are no restriction on foreign purchase. Low annual interest rates for loans and an active resale market are other reasons why foreigners continue to invest in high end properties here.

GuocoLand Singapore is the property development arm of the Hong Leong Group. Wallich Residence, the tallest residential development in the republic, is part of the $3.2 billion, 64-storey integrated development known as Tanjong Pagar Centre. The Wallich Residences has about 181 apartments which overlook the city and surrounding sea from a height of about 180 meters to 290 meters above sea level, the highest for a residential building in the whole of Singapore.

Wallich residence in itself is a self -sustainable community playing host to a variety of social amenities overseen by the Wallich Residence Concierge Service. These include an infinity pool, private library, observation platforms, networking suites, a theatre, a gym and a sky garden.

There are several unique venue at Wallich residence which includes:

  • Social 180 – This is found at level 39 and it is nicknamed, “creating an atmosphere in the atmosphere.” It is located far above the city level and it has both infinity pools as well as dipping pools, along with these are lush gardens that provide visitors an unhindered view of the Marina Bay.
  • Cloud 220 – This is located at level 52 and it is the haven for diners seeking a formal dining room and those who enjoy cocktails. There is space to host guests for a formal dinner and a wine cellar that boasts of classic wines.
  • The Apex – Located at level 62 and it is exclusive to residents of the Wallich. It is the only glass air deck in Singapore. It offers the best view of the countryside from the highest point possible from a building. The air deck ranks among the world’s renowned air decks, like that of the Burj Khalifa and the Empire State Building.

Written by Ravi Chandran

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