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Wallich Residences penthouse owned by Dyson is on top of Singapore’s tallest building at Tanjong Pagar Centre
Since June 20, Sir James Dyson - the 72-year-old inventor billionaire founder of Dyson and his wife, Lady Deirdre Jessie Dyson, were listed as joint tenants of the Wallich Residence penthouse. The two paid $73.8 million for the penthouse, which was valued at more than $100 million. This penthouse is so exclusive that developer GuocoLand allows viewing of the penthouse to only ultra-high net worth investors, whom it regards as serious buyers.
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.
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.
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Dyson's freehold Good Class Bungalow (GCB) enjoys an unobstructed view of the Singapore Botanic Gardens.
Since the second half of 2012, the Singapore government has generally not granted approval to foreigners to buy a landed home in a GCB area. Landed residential properties in Singapore are generally the primary preserve of Singapore citizens.
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”.
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”.
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Ingrid Wu Chunyuan, the billionaire co-founder of Hongkong-listed AAC Technologies with a market capitalisation of about HK$52.6 billion (S$9.16 billion), which makes miniaturised components including speakers and microphones for mobile devices, is understood to be acquiring a bungalow along Leedon Park for $31 million. The price works out to $2,000 per square foot (psf) based on the freehold land area of 15,500 sq ft. On the site is a two-storey bungalow, completed less than 10 years ago, which has five bedrooms and a swimming pool. The property is in the Leedon Park Good Class Bungalow (GCB) Area.
The Leedon Park property is a two-storey bungalow which has five bedrooms and a swimming pool
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Rumour has it that an entity linked to Alibaba Group Holding boss Jack Ma is developing a bungalow in Victoria Park Close. But the sign at the site has no information on the owner of the property. Victoria Park Close is one of the Good Class Bungalows (GCB) areas in Singapore, and properties in that area cost between $20 million and $50 million. The two-storey bungalow at Victoria Park Close, which is located near Farrer Road MRT will apparently feature a basement and swimming pool, and is slated to be ready by the fourth quarter of next year, according to an on-site signboard.
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.
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.
Victoria Park Close is one of the Good Class Bungalows (GCB) areas in Singapore
In Singapore, the minimum criterion for the purchase of a landed residential property is that he or she must be a Singaporean or a Singapore permanent resident (SPR). A foreigner who wishes to purchase a landed residential property in Singapore is required to seek approval under the Residential Property Act where each applicant is assessed on a case-by-case basis, taking into consideration factors such as his or her economic contribution in Singapore.
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.
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.
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