British billionaire James Dyson snaps up Singapore’s priciest penthouse

British billionaire James Dyson snaps up Singapore’s priciest penthouse

British billionaire James Dyson, inventor of the bagless vacuum cleaner, has bought the most expensive apartment in Singapore, where his company plans to build an electric car.

The three-story “super penthouse” at the top of Singapore’s tallest building was reportedly sold for S$73.8 million.

Accessed by its own lift, the 21,000 sq ft apartment once valued at S$100 million has five bedrooms, a 600-bottle wine cellar, pool, jacuzzi and a private garden with city views that include the Marina Bay Sands, marketing documents show.

The Wallich Residence penthouse sits on the 62nd to 64th floors of Guoco Tower, formerly known as Tanjong Pagar Centre, built by developer GuocoLand.

It is one of 181 residential units at the development, which comprises one- to four-bedroom units, four penthouses and one “super penthouse”.

Before its unveiling, the highest asking price for the “bungalow in the sky” reached a dizzying S$100 million in 2017, making it Singapore’s most expensive.

Dyson, 72, announced plans in January to move his company’s head office from Britain to Singapore to be closer to its fastest-growing markets.

His firm – whose products include bladeless fans, air purifiers and hair dryers – plans to build its first electric car in Singapore.

Title records seen by Reuters show Dyson and his wife purchased the 99-year leasehold property on Jun 20.

The records did not state the price paid, but media reported Dyson, who has permanent residence status in Singapore, bought the property for S$73.8 million.

“Given the decision to locate the headquarters in Singapore and the growing focus of the company’s business in the region, of course James Dyson has bought a property there,” a Dyson spokesman said, without giving further details of the purchase.

Dyson is one of Britain’s best-known entrepreneurs, creating a multibillion-dollar company from an insight that a cyclone could collect household dust better than a clogged-up bag.

In July last year, Singapore intensified property curbs in a bid to cool the market after a 9.1 per cent annual increase in home prices and as developers paid record amounts to buy land.

Foreigners now have to pay levies of more than 20 per cent to buy property in Singapore under the new rules, although citizens and permanent residents pay far lower taxes.

“From the onset, the buyer was always going to be a foreigner,” said Mr Leong Boon Hoe of List Sotheby’s International Realty, one of the agencies marketing the penthouse.

“It’s a place to be able to showcase your wealth.”

Source: CNA – 10 Jul 2019

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