{"id":109702,"date":"2019-08-07T10:54:45","date_gmt":"2019-08-07T03:54:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/ultra-rich-foreigners-turn-to-singapore-luxury-homes\/"},"modified":"2019-08-07T11:09:44","modified_gmt":"2019-08-07T04:09:44","slug":"ultra-rich-foreigners-turn-to-singapore-luxury-homes","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ultra-rich-foreigners-turn-to-singapore-luxury-homes\/","title":{"rendered":"Ultra-rich foreigners turn to Singapore luxury homes"},"content":{"rendered":"


\nLuxury residential brokerage firm Sotheby\u2019s International expects foreign ultra-high-net-worth (UHNW) investors to drive sales activity within Singapore\u2019s luxury residential segment.
\nThis 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.
\nBritish 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.
\nAn 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.
\nSaverin became a Singapore citizen back in 2012. In 2017, he acquired a super penthouse at Sculptura Ardmore for $58 million or $5,648 psf.
\nJoining 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.
\nSingapore 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.
\nMeanwhile, 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.
\n\u201cSingapore\u2019s 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,\u201d said Sotheby\u2019s.
\nLooking to buy a Singapore home but not sure where to start? Get insight on the best locations for your new home with our\u00a0AreaInsider\u00a0Guides.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Ultra-rich foreigners turn to Singapore luxury homes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Luxury residential brokerage firm Sotheby\u2019s International expects foreign ultra-high-net-worth (UHNW) investors to drive sales activity...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-109702","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-sxo","jetpack-related-posts":[{"id":120252,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/five-penthouses-at-marina-bay-residences-up-for-sale-for-138mil\/","url_meta":{"origin":109702,"position":0},"title":"Five penthouses at Marina Bay Residences up for sale for $138mil","date":"February 9, 2021","format":false,"excerpt":"\r Five penthouses at Marina Bay Residences up for sale for $138milSpanning levels 50 to 54, the five penthouses feature a combined 24 bedrooms as well as a 25m rooftop pool.\u00a0Combining the units will yield a super penthouse with 28,258 sq ft of strata area. Five penthouses at Marina Bay\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/02\/Marina-Bay-Residences.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":109217,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/living-at-the-top-of-the-world-the-biggest-condos-in-singapore\/","url_meta":{"origin":109702,"position":1},"title":"Living at the top of the world: the biggest condos in Singapore","date":"July 22, 2019","format":false,"excerpt":"\r James Dyson\u2019s new super penthouse is now Singapore\u2019s most expensive condo, and also happens to be the largest. But what are some of the other largest condos in Singapore? Here\u2019s the top 8.\u00a0 \u00a0 Unless you live under a rock, you\u2019ve probably heard the news that British billionaire James\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/07\/Wallich-Triplex-Super-Penthose.original.jpg?fit=684%2C391&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":120575,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/secretlab-gaming-chair-ceo-acquires-two-properties-for-51mil-in-a-week\/","url_meta":{"origin":109702,"position":2},"title":"Secretlab gaming chair CEO acquires two properties for $51mil in a week","date":"July 1, 2021","format":false,"excerpt":"\r Secretlab gaming chair CEO acquires two properties for $51mil in a weekThe 28-year-old co-founder of the ergonomic chair retailer acquired a good class bungalow (GCB) on Olive Road for $36 million, as well as a five-bedroom triplex penthouse at Leedon Residence.\u00a0Photo: Google Street View Within a week, gaming chair\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/27-olive-road-gcb-crop.png?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":78941,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-penthouse-up-for-auction\/","url_meta":{"origin":109702,"position":3},"title":"Sentosa Cove penthouse up for auction","date":"February 5, 2018","format":false,"excerpt":"\r The last owner paid $5.64 million, or $1,919 psf for the four-bedroom unit in 2011. (Photo: Edmund Tie and Co) A two-level penthouse on the sixth storey of The Berth by the Cove will be placed under the hammer on 28 February at The Amara Hotel Singapore, revealed Edmund\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108890,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-just-sold-its-most-expensive-condo-ever\/","url_meta":{"origin":109702,"position":4},"title":"Singapore just sold its most expensive condo ever","date":"July 11, 2019","format":false,"excerpt":"\r British billionaire James Dyson, inventor of the bagless vacuum cleaner, has snapped up the most expensive apartment in Singapore, where his company plans to build an electric car. Earlier this week, Dyson and his wife, Deirdre made headlines after they reportedly paid S$73.8 million for a triplex super penthouse\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108860,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/billionaire-james-dyson-reportedly-buys-54-million-penthouse-in-singapore\/","url_meta":{"origin":109702,"position":5},"title":"Billionaire James Dyson reportedly buys $54 million penthouse in Singapore","date":"July 10, 2019","format":false,"excerpt":"\r British technology firm founder James Dyson and his wife have reportedly purchased a luxury penthouse in Singapore for a record S$73.8 million ($54.2 million).\r \r Source : cnbc.com\r Read more...Billionaire James Dyson reportedly buys million penthouse in Singapore","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/109702"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=109702"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/109702\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=109702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=109702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=109702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}