Five penthouses at Marina Bay Residences up for sale for $138mil

February 9, 2021

Spanning levels 50 to 54, the five penthouses feature a combined 24 bedrooms as well as a 25m rooftop pool. Combining the units will yield a super penthouse with 28,258 sq ft of strata area.

Five penthouses at Marina Bay Residences have been put up for sale carrying an indicative price of $138 million or about $4,884 per sq ft (psf) on the total strata area, reported The Business Times (BT) citing marketing agent Tristar Properties.

Spanning levels 50 to 54, the five penthouses feature a combined 24 bedrooms as well as a 25m rooftop pool.

Combining the units will yield a super penthouse with 28,258 sq ft of strata area. If necessary approvals are obtained, the amalgamation will be subject to the construction of internal staircases to connect the units. Typically, a super penthouse has a minimum size of 10,000 sq ft.

Four of the five penthouses – including the biggest unit which is a 11,012 sq ft triplex – are owned by a family office that acquired them for nearly $65.8 million in December 2006. The fifth penthouse is owned by a private investor who acquired it for nearly $13.9 million in 2013, Tristar told BT.

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Offering “efficiency of usable space”, Tristar noted that this “rare” collection is ideal for a multi-generational household or as an opulent home for an ultra-high-net-worth individual and his family.

The combined property will be larger than the Wallich Residence super penthouse that British tycoon James Dyson and his wife Deirdre recently sold for $62 million. An Indonesian-born tycoon acquired the 21,108 sq ft triplex unit.

Perched at the top of Guoco Tower, the Dysons bought them for $73.8 million in 2019, making them Singapore’s most expensive condominium then.

Data from Tristar’s tracker showed that a total of 22 luxury penthouses were transacted in 2019 and 2020, worth a total of around $580 million. A unit at freehold condominium Boulevard 88 registered the highest psf unit price at $5,125 psf.

Demand for opulent houses in Singapore has been on the uptrend in the last few years, fuelled by the Brexit, Hong Kong protests, the United States-China trade war and now the Covid-19 pandemic, said Tristar.

“Singapore has clearly emerged as a safe haven (location) during the pandemic for many ultra-high-net-worth individuals. The ultra wealthy have also increasingly chosen the city-state in recent years to open family offices,” said Edwin Yip, Associate Director at Tristar as quoted by BT.

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Among those setting up family offices within the city-state are Google Co-founder Sergey Brin, hedge fund Bridgewater Associates founder Ray Dalio and James Dyson.

Yip said wealthy individuals are “attracted to Singapore’s low tax rates, political stability and incentives such as a scheme giving investors a pathway to permanent residency”, with many expressing interest to invest in Singapore luxury residential asset in the near term.

Tristar expects “robust” pent-up demand in luxury homes as travel restrictions are gradually lifted and the Singapore economy reopens.

Yip described the Marina Bay penthouse collection as a one-of-a-kind “trophy asset” since there is no comparable penthouse of this size in Singapore and with such an unrivalled view.

Connected to Marina Bay Link Mall, Marina Bay Residences is a six-minute walk to The Shoppes at Marina Bay Sands and a 20-minute drive to Changi Airport via the East Coast Parkway and Marina Coastal Expressway.

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