Singapore’s luxury properties
NEWS
Why Penthouses In Singapore Are Popular With Crazy Rich Asians
The stellar views and luxurious lifestyle associated with penthouses in Singapore still make these spacious apartments attractive to overseas buyers.
When it comes down to square footage, a bungalow in Singapore probably has more to offer and comes with the association of prestige and exclusivity. However, aside from the buying restrictions that govern landed properties, especially Good Class Bungalows (GCB)—which require the buyers to be citizens—penthouses mark a few other boxes on the checklist of ultra-high-net-worth (UHNW) individuals.
Singapore Home Price Growth Quickens, Stoking Worries of Curbs
Singapore home prices grew at a faster pace last quarter, stoking concerns that the government could join other nations that are introducing measures to calm the property market.
Private property values increased 2.9% in the three months ended March 31, preliminary figures from the Urban Redevelopment Authority showed Thursday. That’s the biggest gain since the second quarter of 2018.
Demand for luxury penthouses holds steady despite pandemic
Despite the pandemic and ongoing border closures, demand for penthouses has proven firm, with nine transactions so far this year.
While the recent surge in the number of community causes is a temporary setback, demand for luxury homes could gather pace again in the near future, especially as travel restrictions are eased, consultants said, pointing to interest from ultra-high-net-worth individuals (UHNWI) and foreign investors.
In addition, two penthouses were transacted in the Rest of Central Region (RCR) at the low-rise Meyer House on Meyer Road in district 15.
Duplex penthouse for $5.3 mil
One of the two biggest penthouses at Pollen & Bleu is on the market for sale. It is a 2,831 sq ft, five-bedroom duplex penthouse — one of the two biggest in the 106-unit, eight-storey condominium at Farrer Drive, off Farrer Road.
Three of the bedrooms including the junior en suite master bedroom is on the first level. On the second level is the master bedroom with en suite bathroom. The fifth bedroom, which is also on the second level, has sliding glass doors opening out to the roof terrace with views of the greenery beyond. Alternatively, it can be used as a study room, a home office or family room.
Biggest penthouse at Park Nova sold at $5,838 psf, a record for Orchard Boulevard area
On May 7, sales at Park Nova, Shun Tak Holdings’ luxury condo in Singapore’s Orchard Boulevard-Tomlinson area, began at 2pm for the three duplex penthouses. Bookings for the typical units began from 7pm. By the close of the evening, five units were sold for well over $100 million in sales, according to the developer in a statement today.
The two biggest five-bedroom penthouses in the 54-unit luxury condo at 18 Tomlinson Road fetched $34.438 million and $26.026 million respectively. The biggest penthouse of 5,899 sq ft garnered interest from more than one party and almost had to be sold via balloting. However, one party prevailed and emerged the eventual buyer at $34.438 million or $5,838 psf.
The transaction price of $26.026 million for the second biggest penthouse of 4,499 sq ft, worked out to $5,785 psf. The third and smallest penthouse of 3,229 sq ft is also believed to have been sold for above $17 million.
CDL’s Irwell Hill Residences previews at prices from $2,500 psf
The larger of two penthouses at Midtown Modern was sold for $14.83 million ($4,213 psf). The buyer is said to be a Singapore citizen who wanted the penthouse for his own use. The deal was brokered by SRI.
Property consultants and agents that The Edge Singapore spoke to reckon that sales at Irwell Hill Residences are likely to be equally strong. “It’s located in District 9, and with absolute prices starting from $998,000 for a studio unit, we can expect another positive take-up rate two weeks down the road,” says Ismail Gafoor, CEO of PropNex, one of the five joint marketing agencies for the development together with ERA Realty Network, Huttons Asia, OrangeTee & Tie and SRI.
5 Marina Bay penthouses on sale for $138m may be combined to create 24-bedroom unit
Five penthouses at the 99-year leasehold Marina Bay Residences have been put on the market collectively, with an indicative price of $138 million.
When combined, they will create a super penthouse boasting 28,258 sq ft of strata area across five storeys, said exclusive marketing agent Tristar Properties.
This amalgamation will be subject to internal staircases being built to connect the units, if the necessary approvals are obtained. Super penthouses typically have a minimum size of 10,000 sq ft.
Who can afford to pay $138 million for this Marina Bay super penthouse?
A collection of five penthouses, put up for sale recently at Marina Bay Residences with an indicative price of $138 million, will give a sense of how much a buyer would pay for this sought-after view.
The maintenance fees and sinking fund for the five properties add up to about $20,000 every quarter. A foreign buyer would also have to pay an additional buyer’s stamp duty of $27.6 million.