Billionaire inventor James Dyson bags Singapore's Wallich Residence super penthouse

i didn't subscribe to ST online so can't see the details.

https://www.straitstimes.com/business/billionaire-inventor-james-dyson-bags-singapores-wallich-residence-super-penthouse

SINGAPORE - Billionaire inventor Sir James Dyson has quietly acquired the biggest, highest, and possibly the most expensive super penthouse on the Singapore market at the ultra-luxe Wallich Residence.

https://www.businesstimes.com.sg/real-estate/no-budget-for-a-s100m-super-penthouse-therere-5-others-in-singapore-up-for-sale

2 down 4 (Marq, Hilltops, Reflections, Concourse Skyline) to go.

BOULEVARD VUE CUSCADEN WALK Condominium 10 CCR Freehold Resale 1 $52,000,000 - 11,098sq ft Strata 31 to 35 4,686psf Jun-19

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Originally Posted by bargain hunter

i didn't subscribe to ST online so can't see the details.

https://www.straitstimes.com/business/billionaire-inventor-james-dyson-bags-singapores-wallich-residence-super-penthouse

SINGAPORE - Billionaire inventor Sir James Dyson has quietly acquired the biggest, highest, and possibly the most expensive super penthouse on the Singapore market at the ultra-luxe Wallich Residence.

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This is all I could gather:

Billionaire inventor Sir James Dyson has quietly acquired the biggest, highest, and possibly the most expensive super penthouse on the Singapore market at the ultra-luxe Wallich Residence.

The price tag is not revealed in documents obtained by The Straits Times, but industry sources valued the Wallich uber penthouse at more than $100 million.

The 72-year-old tycoon's purchase of Singapore's most rarefied piece of non-landed real estate comes just six months after announcing that his technology company, known for its pricey vacuum cleaners, hair dryers and air purifiers, will be moving its headquarters from Britain to Singapore.

A Singapore Land Authority (SLA) title search on Tuesday (July 9) showed that Mr Dyson and his wife, Lady Deirdre Jessie Dyson, both UK citizens, were listed as joint tenants of the 99-year leasehold property at 3 Wallich Street, 62-01. The transaction was registered on June 20.

Billionaire inventor James Dyson bags Singapore's Wallich Residence super penthouse

Grace Leong
Business Correspondent


SINGAPORE - Billionaire inventor Sir James Dyson has quietly acquired the biggest, highest, and possibly the most expensive super penthouse on the Singapore market at the ultra-luxe Wallich Residence.

The price tag is not revealed in documents obtained by The Straits Times, but industry sources valued the Wallich uber penthouse at more than $100 million.

The 72-year-old tycoon's purchase of Singapore's most rarefied piece of non-landed real estate comes just six months after announcing that his technology company, known for its pricey vacuum cleaners, hair dryers and air purifiers, will be moving its headquarters from Britain to Singapore.

A Singapore Land Authority (SLA) title search on Tuesday (July 9) showed that Mr Dyson and his wife, Lady Deirdre Jessie Dyson, both UK citizens, were listed as joint tenants of the 99-year leasehold property at 3 Wallich Street, 62-01. The transaction was registered on June 20.

The Wallich super penthouse, which has been on the market for around 18 months, was "for sale at price on asking/application, but the industry has valued its worth to be above $100 million", said Mr Leong Boon Hoe, chief operating officer of List Sotheby's International Realty, which is one of the luxe property's marketing agencies.

This means that developers are only willing to reveal the price privately to serious buyers, he added.

A Dyson spokesman would only confirm that its founder has bought a property in Singapore. He told The Straits Times on Tuesday: "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."

The 13,300 sq ft super penthouse of Reflections at Keppel Bay features spacious living and entertainment areas and a master-bedroom suite that take up entire wings of each floor.

Developer GuocoLand said that it is not responding to media queries.

So exclusive is the Wallich super penthouse that GuocoLand restricted viewing of the super penthouse to only ultra high net worth investors whom it deemed as serious buyers.

The largest non-landed residence here, it sits atop Singapore's tallest building at Tanjong Pagar Centre at 951 ft (290m) above sea level, offering unobstructed views of the Central Business District, Marina Bay and Sentosa Island.

The five-bedroom "bungalow in the sky" spans more than 21,000 sq feet from the 62nd to 64th floors, and comes with its own swimming pool, cabana, bar jacuzzi, and entertainment areas. It also has a private lift lobby and lift access to the Tanjong Pagar MRT station.

List Sotheby's defines the super penthouse as a penthouse that is 10,000 sq ft (929 sq m) and above. A luxury penthouse is a status symbol because it usually occupies the whole top floor of an apartment block that is located in a prime residential enclave or the heart of downtown.

The most expensive publicly known transaction in the world to date goes to hedge fund billionaire Kenneth Griffin, who blew US$238 million for a super penthouse at 220 Central Park South in New York, United States, in January this year. It is also the most expensive residential sale in US history.

And the most expensive super penthouse currently for sale is the Tour Odéon Tower Sky Penthouse in Monaco with a price tag of US$335 million. Sitting atop the second-tallest building on Europe's Mediterranean coastline, the 35,500 sq ft five-storey penthouse boasts 360-degree views over the sea with an outdoor rooftop circular infinity pool linked to a balcony by a water slide.

In Singapore, the most prestigious residential enclaves are found close to Orchard Road, such as Ardmore Park, Nassim Road, as well as in the financial district.

Including Wallich, a total of eight super penthouses in Singapore have been sold since 2006. June has proven to be a busy month this year, with two uber penthouses sold including Wallich. The other is the 11,098 sq ft super penthouse in Boulevard Vue, which sold for $52 million or $4,686 psf.

Four out of at least nine super penthouses currently on the market worldwide are in Singapore. They are at the Concourse Skyline, The Marq on Paterson, Hilltops and Reflections At Keppel Bay.

Dyson owner forks out S$73.8m for Singapore's costliest penthouse

Wed, Jul 10, 2019


THE founder of privately-held British consumer electronics maker Dyson and his wife have become the owners of Singapore's most expensive condo.

BT understands that Sir James Dyson and his wife, Deirdre, paid S$73.8 million for the triplex super penthouse at Wallich Residence, which is the Republic's tallest residence.

The unit occupies the top three levels of the 64-storey, 290-metre high tower at Tanjong Pagar Centre developed by GuocoLand.

The price works out to S$3,496 per square foot based on the 21,108 sq ft strata area (including 6,577 sq ft of strata void).

Talk in the market is that the deal was entered into some months ago and completed recently.

Tanjong Pagar Centre, an integrated mixed development that also includes offices, a hotel and retail space, is on a site with 99-year leasehold tenure starting from February 2011; this leaves a balance lease term of about 90.5 years.

Dyson and its billionaire inventor founder, Sir James, were in the spotlight in January after the company announced that it will be moving its corporate headquarters from Malmesbury, Wiltshire in the UK, to Singapore. Sir James, an outspoken Brexiteer, and his wife are Singapore permanent residents.

When contacted by BT on Tuesday, a Dyson spokesperson said: "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."

But he declined to comment further for personal privacy reasons.

The Dysons seem to have gotten a good deal for their Singapore penthouse purchase; the price is a far cry from the S$108 million tag touted for the unit back in July 2017, although the project's developer would probably attribute the estimate to the work of agents creating hype.

Nevertheless, the transaction is the highest in absolute price terms for a penthouse in Singapore, toppling the nearly S$60 million that Facebook cofounder Eduardo Saverin paid for the 10,300 sq ft super penthouse at the freehold Sculptura Ardmore in 2017. The transaction worked out to around S$5,650 psf. That penthouse, on levels 35 and 36, has a cantilevered private pool.

The Wallich Residence super penthouse the Dysons bought also comes with a private pool, pool deck area, cabana, jacuzzi room, entertainment area and a cantilevered balcony with panoramic views including of the Central Business District, Marina Bay and Sentosa. It has a dedicated lift but there is no dedicated carpark lot, according to an earlier media report.

The 181-unit Wallich Residence occupies the top 26 levels of Tanjong Pagar Centre's 64-storey tower; below the apartments are the offices, known as Guoco Tower.

The mixed-use integrated development's second tower, which is 20 storeys, houses the Sofitel Singapore City Centre. Tanjong Pagar Centre also has a retail podium and an urban park.

On the decision to relocate its corporate head office to Singapore, Dyson said in January that this is "to reflect the increasing importance of Asia" to its business.

Dyson chief executive officer Jim Rowan said at the time that the move to Singapore had "nothing to do with Brexit" but was about "future-proofing" the business.

The company, which is well-known for its bagless vacuum cleaners and bladeless fans, said that a growing majority of its customers, as well as all its manufacturing operations, are now in Asia; this shift "has been occurring for some time and will quicken as Dyson brings its electric vehicle to market".

"As a result, an increasing proportion of Dyson's executive team is going to be based in Singapore," said the company, adding that this does not change its investment and recruitment plans.

Dyson's upcoming electric car will be manufactured in Singapore.

The company said the decision to move to Singapore was not made for tax reasons.

Last year, Dyson's profit grew 33 per cent to £1.1 billion (S$1.87 billion), breaking the £1 billion mark for the first time. Turnover was up 28 per cent at £4.4 billion.

British billionaire James Dyson snaps up Singapore's priciest penthouse

Published10 July, 2019
Updated 10 July, 2019


SINGAPORE — British billionaire and inventor of the bagless vacuum cleaner James Dyson has bought the most expensive apartment in Singapore, where his company plans to build an electric car.

The three-storey "super penthouse" at the top of Singapore's tallest building sold for S$73.8 million, according to media reports.

Accessed by its own lift, the downtown apartment once valued at S$100 million has five bedrooms, a 600-bottle wine cellar, pool, jacuzzi, and a private garden with city views that include the Marina Bay Sands hotel, marketing documents show.

Mr Dyson, 72 and a Brexit supporter, announced plans in January to move his company's head office from Britain to Singapore to be closer to its fastest-growing markets.

His firm — whose products include bladeless fans, air purifiers and hair dryers — plans to build its first electric car in the city-state.

The Wallich Residence penthouse sits on top of the tallest building in Singapore — Tanjong Pagar Centre — built by developer GuocoLand.

Before its unveiling, the highest asking price for the "bungalow in the sky" reached a dizzying S$100 million in 2017, making it Singapore's most expensive.

Title records seen by Reuters show Mr Dyson and his wife became tenants of the 99-year leasehold property on June 20.

The records did not state the price paid, but media reported Mr Dyson, who has been given permanent residence status, bought the property for S$73.8 million.

"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 Dyson spokesman said, without giving further details of the purchase.

Mr Dyson is one of Britain's best-known entrepreneurs, creating a multibillion-dollar company from an insight that a cyclone could collect household dust better than a clogged-up bag.

Singapore is an island of well-heeled stability that attracts the super-rich from its less-developed South-east Asian neighbours, as well as millionaires from mainland China.

The city intensified property restrictions last year after a 9.1 per cent annual increase in home prices and as developers paid record amounts to buy land.

Foreigners now have to pay levies of more than 20 per cent to buy property under the new rules, but citizens and permanent residents pay far lower taxes.

"From the onset, the buyer was always going to be a foreigner," said Leong Boon Hoe of List Sotheby's International Realty, one of the agencies marketing the penthouse.

"It's a place to be able to showcase your wealth". REUTERS

74m not above 100m?

https://www.businessinsider.sg/dysons-founder-just-paid-s74-million-for-singapores-biggest-penthouse-but-its-original-price-was-s100-million/

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Originally Posted by annetyu

74m not above 100m?

https://www.businessinsider.sg/dysons-founder-just-paid-s74-million-for-singapores-biggest-penthouse-but-its-original-price-was-s100-million/

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still an all time record high right?

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Originally Posted by bargain hunter

still an all time record high right?

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Size of penthouse is at record high too. However, psf is far from record high.

If foreigner status, the taxes paid will be through the roof. Hope he has gotten PRship. I think he has though.

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Originally Posted by annetyu

Size of penthouse is at record high too. However, psf is far from record high.

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he has PR.

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Originally Posted by annetyu

Size of penthouse is at record high too. However, psf is far from record high.

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even at the asking price the psf is below record high.

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Originally Posted by bargain hunter

even at the asking price the psf is below record high.

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ALmost alll the super penthouses were purchased by foreigners.

73.8m is a huge difference from 100m leh...

Yah only 3500 psf. Very cheap.

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Originally Posted by annetyu

ALmost alll the super penthouses were purchased by foreigners.

73.8m is a huge difference from 100m leh...

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Originally Posted by Kelonguni

Yah only 3500 psf. Very cheap.

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I hope you mean it, because its true. Super penthouses are a totally different class of property, above any other luxury non-landed property.

We alr have seen $3,500psf in the luxury market more than 10 years ago...

Of course mean it.

The minimum tax he would have paid (if PR) to secure it would be $6 million, $4 million more as compared to $2 million if bought 10 years ago. All these figures might be more than what most of us see in our whole lives. If foreigner status still, he would have paid almost $18 million or $16 million more than 10 years ago. Doubt so though.

I hope more of them come! Then the Govt would not have to worry about not having budget for future generations.

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Originally Posted by annetyu

I hope you mean it, because its true. Super penthouses are a totally different class of property, above any other luxury non-landed property.

We alr have seen $3,500psf in the luxury market more than 10 years ago...

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Originally Posted by annetyu

I hope you mean it, because its true. Super penthouses are a totally different class of property, above any other luxury non-landed property.

We alr have seen $3,500psf in the luxury market more than 10 years ago...

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just that this is 99 year leasehold whereas previous ones were mostly freehold.

for district 2, before wallich, no units were ever transacted at > 3000psf and in fact even now, its the only project where units have crossed 3000psf. So far no units at sky everton have crossed 3000psf yet.

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Originally Posted by bargain hunter

just that this is 99 year leasehold whereas previous ones were mostly freehold.

for district 2, before wallich, no units were ever transacted at > 3000psf and in fact even now, its the only project where units have crossed 3000psf. So far no units at sky everton have crossed 3000psf yet.

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Basically, let me say what you are trying to imply. This is a record and people better jump in and buy TODAY before it is too late. Thank me later.

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Originally Posted by annetyu

Basically, let me say what you are trying to imply. This is a record and people better jump in and buy TODAY before it is too late. Thank me later.

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i'm just stating a fact, not implying anything. i think your bias is so strong that you think everyone who has been in this forum for so long is shouting chiong ah huat ah.

i wouldn't have replied like this if u were not implying something, just providing a counter argument to what u were trying to imply (if u were implying anything) or just pointing out a fact based on the data that is from URA depending on which way u want to look at it.

Most important is facts.

People can draw their own conclusions from facts.

Opinions can differ and sometimes also be purposely misrepresented based on personal agenda.

Once interest rates drop, all hell will break loose. Stay tuned.

Don't buy now better, the show will be more exciting later! Take note, I say don't buy!

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Originally Posted by annetyu

Basically, let me say what you are trying to imply. This is a record and people better jump in and buy TODAY before it is too late. Thank me later.

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Originally Posted by Kelonguni

Most important is facts.

People can draw their own conclusions from facts.

Opinions can differ and sometimes also be purposely misrepresented based on personal agenda.

Once interest rates drop, all hell will break loose. Stay tuned.

Don't buy now better, the show will be more exciting later! Take note, I say don't buy!

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Ha Ha Ha.

No hell will break loose if interest rates fall because the limit on how much one can borrow remains the same.

Interests rates are already quite low, a few bp decrease will not make much of a difference. Interests rate was near 0 from 2011 to 2015 and property market was flat. Go and check out the charts, your fav facts. Most importantly, do you know what is the reason behind the expected rates cut from the fed? Let me tell you... it is due to weak global economic growth. This will likely have a larger impact on the market than your tiny rate cuts.

https://www.bloomberg.com/news/articles/2019-07-10/powell-signals-openness-to-rate-cut-as-uncertainty-dims-outlook

On the contrary, a rise in interest rates will see your neighbors' units up for mortgagee sale at amara hotel.

As you said, "Opinions can differ and sometimes also be purposely misrepresented based on personal agenda." Applies to all, YOU and me.

Hope you get to enjoy a good show, but not sure if it is the kind of show you are looking forward to. Don't buy too much popcorn!

I sometimes seriously wonder what kind of education some of you here and on hwz forum possess.

Actually I also told people don't buy in the beginning of 2018 if I remembered correctly.

Then I sat back and watched a great show for a good half year while people scrambled to buy even after the CM was announced and there was a rise of quite a few %.

Then Govt came in and increased ABSD. But we know ABSD effect do not last beyond two quarters. With the slew of measures, this quarter or latest next quarter the show will start again.

Good. No matter what the evidence, don't buy! Great for you.

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Originally Posted by annetyu

Ha Ha Ha.

No hell will break loose if interest rates fall because the limit on how much one can borrow remains the same.

Interests rates are already quite low, a few bp decrease will not make much of a difference. Interests rate was near 0 from 2011 to 2015 and property market was flat. Go and check out the charts, your fav facts. Most importantly, do you know what is the reason behind the expected rates cut from the fed? Let me tell you... it is due to weak global economic growth. This will likely have a larger impact on the market.

https://www.bloomberg.com/news/articles/2019-07-10/powell-signals-openness-to-rate-cut-as-uncertainty-dims-outlook

On the contrary, a rise in interest rates will see your neighbors' units up for mortgagee sale at amara hotel.

As you said, "Opinions can differ and sometimes also be purposely misrepresented based on personal agenda." Applies to all, YOU and me.

Hope you get to enjoy a good show, but not sure if it is the kind of sure you are looking forward to. Don't buy too much popcorn!

I sometimes seriously wonder what kind of education some of you here and on hwz forum possess.

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Originally Posted by Kelonguni

Good. No matter what the evidence, don't buy! Great for you.

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As with many other forumers, you are pretty ignorant. Good luck!

I will buy when and what I think is good. New launches are poor choices and they are causing the market to be flat for the next 4 years.

We really have to bookmark this!

See you in four years then!

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Originally Posted by annetyu

As with many other forumers, you are pretty ignorant. Good luck!

I will buy when and what I think is good. New launches are poor choices and they are causing the market to be flat for the next 4 years.

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Originally Posted by Kelonguni

We really have to bookmark this!

See you in four years then!

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Yes. See you then.

If property rise more than 5% in the next 4 years, please dig up this thread, I will gladly concede.

However, if property decline or really stays flat, please also dig up the thread and be a man. I won't bother digging this up. Best to bookmark as you suggest.

At least we know cement needs sand.

Good luck finding your good deal that is not made by sand, constructed without using water, not affected by land bidding price increase, and not affected by the additional taxes!

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Originally Posted by annetyu

As with many other forumers, you are pretty ignorant. Good luck!

I will buy when and what I think is good. New launches are poor choices and they are causing the market to be flat for the next 4 years.

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My personal take is that 5% will be exceeded in 2 years. No worries, will find this thread for you and hopefully your fantasy has come true by then.

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Originally Posted by annetyu

Yes. See you then.

If property rise more than 5% in the next 4 years, please dig up this thread, I will gladly concede.

However, if property decline or really stays flat, please also dig up the thread and be a man. I won't bother digging this up. Best to bookmark as you suggest.

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Originally Posted by Kelonguni

At least we know cement needs sand.

Good luck finding your good deal that is not made by sand, constructed without using water, not affected by land bidding price increase, and not affected by the additional taxes!

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YOu seem to not have very good learning and studying abilities, young child.

We know cement does not need seasand but instead river sand.

Your second sentence is just stupid.
1. I agreed cement needs sand but not seasand. Alr explained to you that construction price will not increase significantly on psf basis just because of sand.
2. Exactly my stand. The recent uptick in prices is mainly due to developer land bids and little to do with fundamentals.
3. Additional taxes will only result in less buying power. Are you trying to contradict yourself?

Continue being ignorant and foolish, uncle kelong.

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Originally Posted by Kelonguni

My personal take is that 5% will be exceeded in 2 years. No worries, will find this thread for you and hopefully your fantasy has come true by then.

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You narrowed the timeframe yourself... Please bump this thread up in 2021.

Fantasy is yours. I am not dreaming of anything but a gradual stable appreciation of prices.

Care to share where are you vested Uncle kelong?

Water tax increase, oil price increase, sand and cement price increase, land price increase, foreign worker levy increase and quota cut.

What would a normal child with normal learning and studying ability conclude about pricing of property?

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Originally Posted by annetyu

YOu seem to not have very good learning and studying abilities, young child.

We know cement does not need seasand but instead river sand.

Your second sentence is just stupid.
1. I agreed cement needs sand but not seasand. Alr explained to you that construction price will not increase significantly on psf basis just because of sand.
2. Exactly my stand. The recent uptick in prices is mainly due to developer land bids and little to do with fundamentals.
3. Additional taxes will only result in less buying power. Are you trying to contradict yourself?

Continue being ignorant and foolish, uncle kelong.

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