Ultra-rich foreigners turn to Singapore luxury homes

Fiona HoAugust 7, 2019

Luxury residential brokerage firm Sotheby’s International expects foreign ultra-high-net-worth (UHNW) investors to drive sales activity within Singapore’s luxury residential segment.

This comes as the geopolitical tensions in the UK and Hong Kong are enhancing the attractiveness of luxury homes within the city-state, reported Singapore Business Review.

British billionaire James Dyson acquired a 21,108 sq ft super penthouse at Wallich Residence in July for a whopping $73.8 million. Occupying the 62nd to 64th level of the Guoco Tower, the triplex super penthouse is reportedly the highest and biggest penthouse in Singapore. Two weeks later, 72-year-old Dyson bought another posh home, a Good Class Bungalow (GCB) along Cluny Road for $41 million.

An 84,543 sq ft GCB site within the prestigious Nassim Road area was more recently sold for a record $230 million or around $2,721 per sq ft (psf). The sprawling property was formerly owned by Wing Tai Holdings chairman Cheng Wai Keung and his wife Helen. The buyer is reportedly trustee company SG Casa, but media speculations indicate that the buying party was Facebook co-founder Eduardo Saverin.

Saverin became a Singapore citizen back in 2012. In 2017, he acquired a super penthouse at Sculptura Ardmore for $58 million or $5,648 psf.

Joining the list of wealthy individuals with residences within the city-state is Jack Ma, the co-founder of Chinese e-commerce giant Alibaba. Ma reportedly acquired a 30,000 sq ft property at Victoria Park Close, in which he is reportedly building a two-storey bungalow with a swimming pool and basement.

Singapore permanent residents, like Dyson, looking to buy and own GCBs should prove that they have made exceptional contributions, and can only use the property for owner-occupation.

Meanwhile, the Singapore Residential Property Act prohibits foreigners from owning landed properties, including bungalows. However, foreigners can own bungalows at Sentosa Cove, a resort island that was intended to attract high-net-worth (HNW) foreign investors.

“Singapore’s solid economic fundamentals, sound financial framework, ease of doing business, quality education and racial harmony continue to make it one of the choice locations for potential foreign investors,” said Sotheby’s.

Looking to buy a Singapore home but not sure where to start? Get insight on the best locations for your new home with our AreaInsider Guides.

Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg

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