If you live in a condominium or private apartment, you belong to a rarefied category – only 15.9 per cent of households in Singapore inhabit such domains. Of these, penthouses are especially rare since each building can have only one top floor unit. Even more coveted are the super penthouses that attract international billionaires.
According to List Sotheby’s International Realty (List SIR), super penthouses are defined as 10,000 sq ft or bigger and located in super tall buildings – 305m to 579m – usually only found in major global cities, and set record prices because of the spectacular views that come with them.
In June 2019, six of the 11 super penthouses around the world that were for sale at the time were found in – surprise, surprise! – Singapore, where Wallich Residence is the only property that starts at 180m above sea level and soars to 290m above sea level, crowning Tanjong Pagar Centre.
Shopping for a super penthouse? Here’s what property experts have to say.
Who are the typical penthouse and super penthouse buyers?
Ismail Gafoor, CEO of PropNex Realty, notes: “Generally, super penthouses in Singapore are bought by ultrahigh net worth (UHNW) foreigners. Investors buy penthouses as part of a trophy collection. It is more for social status and recognition.
In the last year alone, PropNex sold four penthouses: two at Boulevard 88 for $28 million (5,683 sq ft) and $29.53 million (6,028 sq ft) and two (3,509 sq ft each) at Wallich Residence that went for $16.5 million and $17.5 million.
Dora Chng, general manager of GuocoLand’s residential division, says buyers of penthouses and super penthouses are not that different. “The decision to purchase boils down to whether they like the property and its location, and what it offers in terms of tangible offerings and intangibles such as exclusivity, privacy and prestige.”
This story is from the March 2020 edition of The PEAK Singapore.
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This story is from the March 2020 edition of The PEAK Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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