The triplex penthouse in Tanjong Pagar was purchased at $73.8 million last year, and is sold for $62 million or close to $3,000 per sq ft (psf) based on its 21,108 sq ft strata area. Image: GuocoLand
After purchasing the triplex penthouse at Wallich Residence for $73.8 million last year, the Dysons behind the British consumer electronics firm are now selling the property in Tanjong Pagar for $62 million or close to $3,000 per sq ft (psf) based on its 21,108 sq ft strata area, reported The Business Times (BT).
Sitting on the top three levels of the 64-storey Guoco Tower, the penthouse is held under the name of Deirdre Dyson – the wife of Dyson Ltd founder James Dyson.
BT reported that the buyer is Indonesia-born tycoon Leo Koguan. The US citizen is the co-founder and chairman of IT provider SHI International, which counts Boeing and AT&T among its 20,000 customers, showed information on the Forbes website.
Some industry observers believe the Dysons’ exit price is reasonable given the cautious business sentiment brought about by the COVID-19 pandemic.
Other considerations that may have influenced the sale included the leasehold tenure of Wallich Residence – it has a balance tenure of around 89 years. Wallich Residence is also part of an integrated mixed-use development that includes a hotel, retail space and offices.
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Although most residents may enjoy the amenities and conveniences offered by a mixed development, some ultra-high net worth individuals (UHNWIs) may prefer the privacy and exclusive environment offered by a freehold penthouse or a luxury apartment in a pure residential project, particularly those in prime districts such as 9 and 10.
Meanwhile, James Dyson had also purchased a newly-built freehold bungalow within the Nassim Road Good Class Bungalow Area for $50 million in July 2019 or just six months following its acquisition of the Wallich Residence penthouse.
“The Dysons have probably found the villa, just a stone’s throw from the Singapore Botanic Gardens, to be more suited to their taste. Assuming they are not based in Singapore all the time, they might not have seen much point in maintaining the Wallich Residence penthouse in the CBD,” said a market watcher.
Boasting panoramic views of Sentosa and the Central Business District, the Wallich Residence penthouse has a swimming pool and a terrace area at its top level.
Level 63 features a large gourmet kitchen as well as the dining, living and back-of-the-house areas, while level 62 houses five ensuite bedrooms.
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Aside from suffering an $11.8 million gross loss, the Dysons will also be paying an 8% Seller’s Stamp Duty based on the sale price or almost $5 million from disposing the penthouse during its second year after purchase.
As Singapore permanent residents, the Dysons would have incurred an Additional Buyer’s Stamp Duty of 5% (or nearly $3.7 million) when they bought the penthouse in 2019. This is on top of the standard 4% Buyer’s Stamp Duty (nearly $3 million) that they would have to pay and assuming that it was their first residential property purchase in the city-state.
Leo, on the other hand, will not have to pay ABSD if he does not own any other residential property in Singapore. Under the respective free trade agreements, US citizens – along with nationals and permanent residents of Liechtenstein, Iceland, Switzerland and Norway – are accorded the same stamp duty treatments as Singapore citizens, reported BT.
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