Demand for upscale apartments located in high-rise buildings in prime locations here have risen over the past three and a half years, according to Leong Boon Hoe, CEO of List Sotheby’s International Realty (LSIR), Singapore.
Citing URA and LSIR data, he pointed out that sales of non-landed homes costing over $5 million have increased from 135 units in 2014 to 161 units and 244 units in 2015 and 2016 respectively. For 2017, 203 units have been purchased during the first seven months, with the overall figure expected to surpass last year’s.
During the period, about 50 percent of such upscale dwellings in Singapore were purchased by foreigners, with those from China accounting for the largest share at around 20 percent, followed by Malaysians and Indonesians.
Moreover, Leong noted that Singapore’s capacity for high-rise luxury homes has yet to reach its full potential. This is because the relocation of Paya Lebar Air Base in 2030 will free up 800ha of land for more skyscrapers, and this area is larger than Ang Mo Kio.
In addition, he revealed that the Wallich Residence in Tanjong Pagar Centre emerged as the world’s 9th most luxurious apartment, with psf price of $3,227. It is also Singapore’s tallest building with a height of 290 metres.
“Owning an abode in Singapore’s coveted tall residential buildings are huge draws, but more importantly Singapore’s high-rise luxury apartments are competitively priced when compared to similar apartments in other global cities,” he said.
Notably, LSIR has been appointed to market the posh apartments in Wallich Residence across the globe, with exclusivity in the US and Hong Kong. These units include the 21,108 sq ft super penthouse, which is the largest of its kind here.
Meanwhile, Opus Hong Kong and London’s One Hyde Park secured the top two spots in LSIR’s ranking at $14,659 psf and $13,545 psf respectively in Singapore dollar terms.
Completing the top five are Monaco’s Tower Odeon ($12,170 psf), as well as 432 Park Avenue ($9,219 psf) and One57 ($8,204), both in New York.
This article was edited by Keshia Faculin.
