Artist’s impression of the Wallich Residence penthouse.
A three-storey penthouse equipped with a private pool on the 64th floor has been put up for sale for a whopping $100 million, reported Reuters.
Set to become the most expensive apartment in Singapore, the ‘bungalow in the sky’ penthouse is part of Wallich Residence, which is due for launch later this year at GuocoLand’s Tanjong Pagar Centre.
The penthouse is expected to test the endurance of demand for luxury property in Singapore, the segment of the market that suffered most from the government’s property cooling measures.
Property consultancy JLL revealed that luxury home prices in the city-state fell by 15 to 20 percent from its 2013 peak.
But it expects luxury prices to increase by three to five percent this year, on the back of growing demand from both foreigners and locals who believe that the market is bottoming out.
In fact, transaction volume for the first four months of the year in the Core Central Region increased by 35 percent over the same period last year, it said.
“A lot of people think Singapore is value for money because it’s been downhill all the way – such a long winter,” said Chandran VR, who is managing director at a real estate agency specialising in luxury properties.
“Now they feel it is the right time to come in,” he said. He added that “sensible investors will come here” as apartment prices in Hong Kong continue to go uphill.
Cheng Hsing Yao, group managing director at GuocoLand Singapore, said its high-end Leedon Residence project, located near the Singapore Botanic Gardens, witnessed increased foreign buying at the start of the year.
“In absolute numbers, it may not be that huge, but the ticket sizes are actually quite significant for some of them,” he said, noting that some foreigners were snapping up homes worth between $8 million and $12 million in the project.