The penthouse sits at the top of Singapore’s tallest building at Tanjong Pagar Centre. At 290m above sea level, it offers a clear view of the Central Business District, Marina Bay and Sentosa Island. Spanning over 21,000 square feet from 62nd to 64th floors, the five-bedroom bungalow features a swimming pool, cabana, bar jacuzzi and entertainment areas. It also has a private lift lobby and lift access to the Tanjong Pagar MRT station.
His company - British electronics company Dyson announced that it is building its first car manufacturing plant in Singapore. Then earlier in January this year, Dyson said it is moving its corporate head office to Singapore. It’s clear that Dyson is strengthening its foothold in Asia with its expansion to Singapore, so it is no surprise that its founder Sir James Dyson is buying properties here too.
In July 2019, Sir James Dyson snapped up his 2nd property in Singapore - a 15,100 sqft freehold Good Class Bungalow (GCB) with an unobstructed view of the Singapore Botanic Gardens. As a Singaporean PR, Sir Dyson would likely need to pay an additional buyer’s stamp duty (ABSD) of 5% on his first property, the Wallich Residence penthouse, and 15% for the Cluny Road bungalow. It is rumoured that the property may have been bought for more than $41 million.
The Singapore Government is stringent in granting approval to foreigners and Singapore PRs buying landed homes in a GCB area, and there are two main factors that need to be fulfilled. One, they “must have made exceptional economic contributions to Singapore”. Secondly, they “can use the landed property only for their own occupation”.
Another Alibaba cofounder - James Sheng (also known as Sheng Yifei) is also understood to have picked up a bungalow on another stretch of Leedon Park last year for $50 million. He has also become a Singapore citizen. His purchase works out to about $1,976 psf based on the land area of 25,310 sq ft. The freehold property has two storeys and an attic; with half a dozen bedrooms and a pool.
In general, on mainland Singapore, PRs are allowed to buy only landed residential properties which do not exceed 15,000 sq ft in land area, and which are not within a GCB Area. An applicant wishing to buy a landed property within a GCB Area and/or exceeding 15,000 sq ft in land area will have to meet more exacting qualifying criteria, including that of having made exceptional economic contributions in Singapore.
Sentosa Cove remains the only place in Singapore where a non-PR foreigner may buy a landed home, although this is still subject to government approval.