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Thread: $100m penthouse a test of luxury market recovery here

  1. #1
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    Default $100m penthouse a test of luxury market recovery here

    $100m penthouse a test of luxury market recovery here

    JUL 14, 2017


    The asking price for a new three-storey penthouse in Singapore, complete with a private pool on the 64th floor, has reached a dizzying $100 million.

    Due to be formally unveiled later this year, Wallich Residence's penthouse is in the tallest building in Singapore, the island of well- heeled stability that attracts the super-rich from its South-east Asian neighbours, as well as multi-millionaires from China.

    The "bungalow in the sky" penthouse in the GuocoLand-developed Tanjong Pagar Centre is likely to become Singapore's most expensive apartment.

    It will test the endurance of demand for luxury property in the nation - the part of the market that has taken the biggest hit from measures aimed at cooling property prices in recent years.

    Prices for luxury homes in Singapore have fallen 15 per cent to 20 per cent from a 2013 peak, according to JLL consultancy, part of the Jones Lang LaSalle global property services group.

    But JLL is now starting to see the prospects of a turnaround - at least at the top end of the market - and is forecasting a 3 per cent to 5 per cent increase in luxury prices this year, citing demand from both locals and foreigners who feel the market is bottoming out.

    "A lot of people think Singapore is value for money because it has been downhill all the way - such a long winter," said Mr V.R. Chandran, managing director of a real estate agency specialising in high- end homes. "Now, they feel it is the right time to come in."

    By contrast, he noted that Hong Kong apartment prices have been soaring, adding that sen- sible investors will come to Singapore instead.

    GuocoLand Singapore group managing director Cheng Hsing Yao said buying by foreigners has picked up since the start of the year at the developer's high-end Leedon Residence project, near the 150- year-old Singapore Botanic Gardens.

    GuocoLand is part of Malaysian conglomerate Hong Leong Group headed by billionaire Quek Leng Chan.

    The recent tightening of property market controls elsewhere, such as in Hong Kong and Australia, has played a part in attracting foreign demand to Singapore's luxury property this year, Mr Cheng said.

    Singapore introduced property price cooling measures to curb speculation, as did many other "hot property" cities in the region.

    While some measures were relaxed slightly this year, the authorities warned last month that there would be no more rolling back for now.

  2. #2
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    100 million???!!!

    100 million Ears Peek Prize.

  3. #3
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    A super penthouse for S$108m, anyone?

    The asking price for Singapore's highest residence - at the top of Wallich Residence - can get you 2 to 3 good GCBs

    July 14, 2017

    KALPANA RASHIWALA


    GUOCOLAND will release later this year the super penthouse in its 99-year leasehold Wallich Residence project in Tanjong Pagar which supposedly has an auspicious-sounding price tag of S$108 million.

    While the 21,108 square foot triplex is the highest residence in Singapore - the 64-storey tower in which Wallich Residence is located is 290 metres high - it turns out there may be at least one other penthouse still in the hands of its developer which has an even higher price tag.

    According to the grapevine, SC Global Developments has a S$128 million indicative price for the 17,500 sq ft super penthouse occupying the top three levels - 23, 24 and 25 - in the Signature Tower of The Marq on Paterson Hill, although when approached, SC Global said that the unit is not for sale.

    The exclusive unit comes with a dedicated lift, its own private lift lobby in the basement car park and four designated carpark lots.

    The roof terrace of the penthouse has a private pool and a barbecue pit among other facilities.

    On the lower two levels of the exquisitely furnished residence are supersized living and dining areas, a "secret" den with an entrance concealed by a rotating cabinet (like in a James Bond movie) and five bedrooms, BT understands.

    A freehold project, The Marq comprises two 24-storey towers with 66 units. It received its Temporary Occupation Permit (TOP) in 2011.

    In terms of actual penthouse transactions, the highest absolute price quantum achieved to date was the S$51 million that Alibaba co-founder Sun Tongyu paid for the sole penthouse at Wing Tai's Le Nouvel Ardmore in 2015, based on caveats information.

    The price reflects S$3,757 per square foot based on the 13,573 sq ft strata area spanning the top two levels of the 33-storey freehold project. The unit has five bedrooms, with a family area and a study area on Level 32. A private pool, private foyers, roof terrace, a gym and an entertainment area are on Level 33.

    The 42-unit project, designed by Jean Nouvel, received its TOP in 2014.

    In terms of psf of strata area, the most expensive non-landed residential unit to have been transacted was not a penthouse but a 3,003 sq ft four-bedroom apartment on the 20th storey of the Premier Tower of The Marq which went for S$6,840 psf in 2011. The absolute quantum worked out to S$20.542 million.

    GuocoLand's Wallich Residence is expected to receive its TOP later this year. The finishings and fittings of the super penthouse, occupying Levels 62 to 64, have yet to be completed; the layout of the unit can be customised to suit the requirements of the buyer.

    The top level of the super penthouse has a private pool, pool deck area, cabana, jacuzzi room, entertainment area and a cantilevered balcony with panoramic views including of the CBD, Marina Bay and Sentosa.

    The super penthouse comes with a dedicated lift but there is no dedicated carpark lot; Wallich Residence is part of a mixed development known as Tanjong Pagar Centre built on a site with 99-year leasehold tenure starting February 2011. This leaves a balance tenure of about 92.5 years.

    Wallich Residence occupies the top 26 levels of the development'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 222-room Sofitel Singapore City Centre which will be opening soon.

    Tanjong Pagar Centre also has a retail podium and an urban park.

    Wallich Residence is part of the last phase of the project to be completed. The other components have received their TOP in stages starting last September.

    To date, GuocoLand has sold 19 of the 181 units in Wallich Residence - all for above S$3,000 psf.

    The sold units comprise a mix of one, two and three-bedders. Facilities for the residents are spread over Levels 1, 39, 52 and 62 - and these include pools, a gym, library, theatrette, sky gardens and an observation deck at a cantilevered balcony on Level 62.

    Property consultants expect super penthouses like the ones at Wallich Residence and The Marq to appeal mostly to foreign ultra high net worth individuals.

    As Edmund Tie & Co chief executive Ong Choon Fah said: "These are really bungalows in the sky. Well-heeled Singapore citizens have the option of buying landed properties in Good Class Bungalow Areas.

    "For head honchos of big foreign companies, a penthouse in Singapore can double as a private office and a place where they can entertain their guests and business associates."

    Singapore luxury home prices have fallen in the past few years - the reverse of what has happened in most regional markets - offering an attractive value proposition, she added.

  4. #4
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    the signs are everywhere.

    https://www.theedgeproperty.com.sg/c...us-redas-index

    i have peers (in my unce age group) who're not really property investors, coming into the market since beginning of the year. they have the same reason for buying as me - getting old, so take some advantage of bank leverage before it's too late, improving market sentiment. they're also paying ABSD and putting 50-60% cash down.

  5. #5
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    the indicative figure given in 2013 was so far out from the current one.
    http://www.asiaone.com/business/30m-...uper-penthouse

  6. #6
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    Quote Originally Posted by hopeful View Post
    the indicative figure given in 2013 was so far out from the current one.
    http://www.asiaone.com/business/30m-...uper-penthouse
    Wah, $30 mil to $100 mil? Seriously?

    And 99LH somemore? (each epreciate 1 million as the lease runs out)

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