WANT TO BUY? BID FOR IT
11,000sq ft penthouse packs in space, prestige, facilities and an astounding view in bid to woo super-rich
Imagine a posh bungalow that is perched high in the sky.
That would be an apt description for what may become Singapore’s most expensive penthouse.
Boasting built-up space of 11,000 sq ft, it is bigger than many landed homes here.
It takes up three levels - from the 39th to 41st storeys - at Reflections, a waterside residence at Keppel Bay.
The master bedroom alone - which has its own landscaped terrace - occupies one floor and is larger than a typical five-room flat.
There are five other sprawling rooms that may be used as bedrooms, a gym, cigar bar, wine cellar… the sky is truly the limit.
And if the luxurious interiors are not enough to floor you, the view definitely will.
The city’s picturesque skyline - including the bright lights of the Genting’s upcoming Resorts World at Sentosa - make for a stunning backdrop.
Developer Keppel Land will not quote a fixed price for this super-penthouse. A spokesman said: ‘For the Marina Bay Residences, $27m was the starting point of the sale price of a three-storey super-penthouse last December. There was more than one potential buyer, with competing bids.
‘For Reflections, if there is more than one interested party, it would go into a tender process.’
The spokesman said that there has been strong interest from potential buyers, but declined to release exact figures ahead of the launch next week.
Keppel Land is confident that Reflections’ penthouses will be a hit, judging from the overwhelming response to Marina Bay.
Reflections also offers 34 double-storey penthouses, ranging between 3,600 sq ft and 8,200 sq ft in area.
Each could cost at least $5m, based on the market rate of between $1,500 and $2,000psf.
And that would be considered ‘cheap’ amid the ongoing rush for high-end properties.
Reflections joins the ranks of uber-penthouses, like CapitaLand and Sun Hung Kai Properties’ The Orchard Residences and CapitaLand’s The Seafront @ Meyer, that are priced at more than $4,000 psf and $2,200 psf respectively.
At The Orchard Residences, one local buyer reportedly paid $17m for a 53rd-storey penthouse.
And, last May, SC Global sold the 7,000 sq ft penthouse at the swish The Boulevard Residence for $16m.
On average, foreigners make up between 20 and 40 per cent of buyers, property observers said.
The strong demand for penthouses is driven by the recovery of the luxury housing market, Associate Professor Sing Tien Foo said.
Assoc Prof Sing, from the National University of Singapore’s Department of Real Estate, told The New Paper on Sunday: ‘The supply of penthouses in Singapore is limited, creating scarcity value of those in prime locations.
‘The demand also comes from foreign investors who see super-penthouses as a status symbol.’
Property experts said that attracting high-networth buyers also adds to the perceived value of a property.
Sentosa Cove, for instance, is seen as a playground for the rich, just as London’s Kensington Palace Gardens - home to celebrities and dignitaries - is dubbed Billionaires’ Row.
The rich care who their neighbours are, observed Mr Jonathan Miller, president of Miller Samuel, a New York-based real estate firm.
New York is world’s penthouse capital, while other swank addresses include London. (See report at right.)
So how do Singapore’s super-penthouses stack up?
Mr Joseph Tan, director of residential housing at CB Richard Ellis, said: ‘Singapore is still in its infancy if you compare the penthouses in London, New York and Hong Kong.
‘The market in Singapore has not reached the ultimate luxe status - yet.
‘But we are already attracting a growing number of affluent foreigners because the penthouses are cheaper here than those in the US and UK. For what we offer, our penthouses are seen as good value and a good investment.’
According to the 2006 International Residential Review by Knight Frank, the world’s prime residential markets - including London, Paris, Sydney and Phuket - saw strong growth in 2005. The company also believes that buyers from the growing economies, like China and the US, will increasingly look for real estate abroad.
Apart from a panoramic view, location is still key. Mr Vincent Chong, associate director of Colliers International, noted that other factors include architecture and facilities.
Besides designer fittings, Keppel has upped the luxe quotient at Reflections by offering homeowners a 10-year free membership at the Marina at Keppel Bay on Keppel Island.
Its facilities include a clubhouse, gourmet restaurants, a spa and charter services to the neighbouring islands.
And who knows? Developers may throw in VIP access to the IRs in the future.
Source: The New Paper, 02 April 2007
No comments:
Post a Comment