A whopping S$100 million (USD 72.6 million) is the price of a new three-storey penthouse in Singapore with a private pool on the 64th floor, Reuters reported. The tallest building in the country, Wallich Residence’s penthouse, is built to attract the super rich from not just within the country itself but also Southeast Asian neighbours, including China and India.
Though the price of the luxury homes in Singapore has fallen 15-20 percent which was at a peak in 2013, this penthouse is likely to become the country’s most expensive apartment. But JLL consultancy, part of the Jones Lang LaSalle global property services group, is seeing a recovery in the top end of the market. The consultancy forecast says there is 3-5 percent increase in luxury apartment prices this year due to demand from both locals and foreigners, the report said.
Experts say the ‘bungalow in the sky’ penthouse will test the endurance of demand for luxury buildings in the country. The real estate consultancy also said the volume of transactions in the first four months of the year was 35 per cent higher in Singapore’s core central region than in the same period last year. Singapore’s core central region, which includes Orchard Road shopping area and Sentosa island, is popular among wealthy foreigners.
Chandran VR, managing director at a real estate agency specializing in high-end homes, told the news agency that people think Singapore is value for money because it’s been downhill all the way – such a long winter. He also pointed contrasting difference of apartment prices in Singapore — which is soaring — and Hong Kong and said: “sensible investors will come here.”
GuocoLand Singapore Group Managing Director Cheng Hsing Yao said the recent tightening control of real estate market elsewhere including Hong Kong and Australia has attracted foreign buyers to Singapore’s luxury property this year. One of the largest Singapore developers, City Developments Ltd (CDL), said average sales price at its high-end Gramercy Park project rose to more than S$2,800 per square feet in recent months, which is 8 percent higher from last year. CDL also added that foreign buyers accounted for three-quarters of the project so far.