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Only six super penthouse transactions took place in Singapore in last 13 years

by • June 20, 2019 • Research and AnalysisComments (0)196

For a small city-state like Singapore, the stock of super penthouses is limited, said a new research by List Sotheby’s International Realty (List SIR). Those that are in exclusive and prestigious developments within prime locations are highly sought after, it added.

Transactions of super penthouses in Singapore were far and few between, but growing, the research showed. Only six transactions took place between 2006 and 2019, of which two happened in the last four years.

super penthouses

Image credit: List SIR

Ms Han Huan Mei, Associate Director of Research for List SIR said that “in the past decade, as luxury properties advanced in sophistication with starchitect design and branded finishes and furnishings, developers were able to push prices to higher limits.”

“The prices achieved by the super penthouses in Marina Bay Residences, Goodwood Residence and Le Nouvel Ardmore, which were sold either off-plan or when newly completed, attested to this new trend,” she added.

The research said:

“Marina Bay Residences, located in the financial district, offers a super penthouse spread over the top three levels of the 55-storey tower and was bought by a Hong Kong investor when the project was launched. The S$2,446 psf set the tone for a 5,834 sq ft penthouse on the 63rd storey of neighbouring The Sail @ Marina Bay to be sold at S$15.5 mil or S$2,650 psf to Dr. Bhupendra Kumar Modi, global chairman and founder of Indian conglomerate Spice Corp, in August 2008.

“Space, views, interior design, amenities and services offered in such one-of-a-kind penthouses are first-class and come at a price only within reach of the UHNW individuals or billionaires. SC Global Developments’ ultra-luxurious Sculptura Ardmore’s super penthouse that was sold for over S$60 mil (US$44 mil) in September 2017 set a record price for the most expensive apartment to be sold in Singapore.

“The 36-storey development in the exclusive residential enclave of Ardmore Park comprises luxury four bedroom units ranging between 2,800 sq ft and 4,000 sq ft, and only four units come with cantilevered private lap pools, one of which is the super penthouse. The sale was widely reported in the media though no caveat was officially lodged.”

Just what is a Penthouse? Collins Dictionary defines it as an apartment or luxurious flat at the top of a tall building. A penthouse comes with the luxury of space and furnishings and includes an outdoor area on the roof for the private enjoyment of the incredible view. A penthouse is a status symbol particularly because it usually occupies the whole top floor of an apartment block that is located in a prime residential enclave or the heart of downtown. A penthouse offers exclusivity and privacy because there can only be one “top floor.”

At the higher end of the luxury spectrum, penthouses have become larger. Encompassing generous living space as well as a recreational/ entertainment area,a private pool and sometimes even a helipad, these penthouses have evolved into what are now called super penthouses. While there is no strict industry definition of the size of a super penthouse, some are calling super penthouses at 8,000 sq ft. For this research, List Sotheby’s International Realty has set a higher bar by conferring the term super penthouse only to penthouses that are 10,000 sq ft (929 sqm) and above.

Given the prestige and luxurious lifestyle offering, penthouses naturally fetch a higher premium than standard apartments. Even more desired are those located at some of the supertalls – 1,000 ft to 1,999 ft in height – in major global cities, offering spectacular views of their surroundings. These super penthouses tend to draw much attention and set record prices.

List Sotheby’s compiles list of neighbourhoods for super-rich in Singapore

The List SIR report showed that there are at least ten super penthouses around the world that are currently on the market based on listings from 2016 to April 2019 and that of these, six are from Singapore.

Image credit: List SIR

The biggest of these is the super penthouse in Wallich Residence. The five-bedroom ‘villa in the sky’ spans three floors and has a total floor area of 21,108 sq ft and a dedicated private lift and lift lobby. Standing at 951 ft (290 m) above sea level, it has unobstructed views of the Central Business District, Marina Bay, and Sentosa Island from its pool, cabana, jacuzzi, and entertainment areas.

The next in line is the 17,642 sq ft super penthouse at The Marq on Paterson Hill. The opulent home is fully decked out and meticulously curated in a designer house’s furniture, furnishing fabrics, wallpapers, carpets, tableware, bespoke leather upholstered items. For now, the developer SC Global Developments is content to hold on to the trophy asset for its corporate use.

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