SINGAPORE – Billionaire inventor James Dyson likely paid cash for the $73.8 million ultra-luxe super penthouse he has bought in Tanjong Pagar, according to documents obtained by The Straits Times.
A Singapore Land Authority title search showed no endorsement of any mortgage.
Lawyers say this could mean that the full purchase price was settled in cash for the home, which is Singapore’s priciest, highest and biggest super penthouse.
Mr Dyson and his wife Deirdre Jessie, who are listed as joint tenants of the swanky 99-year leasehold property at Wallich Residence at 3 Wallich Street, are British citizens and Singapore permanent residents, according to documents seen by ST.
That means Mr Dyson, 72, will likely pay less additional buyer’s stamp duty (ABSD) than a foreign buyer.
Industry experts estimate that the ABSD and buyers’ stamp duties that Mr Dyson will likely pay on a $73.8 million purchase amounts to $6.63 million, assuming this was his first Singapore property.
If this is his second property, he will likely pay around $14 million in total stamp duties under the latest round of cooling measures.
A foreign buyer is subject to 20 per cent ABSD and so would have to fork out about $17.7 million in total stamp duties.
A Dyson spokesman said: “As this is a private family residence, and since we take the privacy of the family very seriously, we are unable to provide further comment.”
Although the $73.8 million transacted price is far less than the $108 million asking price tag reported by The Business Times in 2017, analysts call the deal a “benchmark” for the ultra-luxury property market.
“If you really want to put a reason why the asking price was high, it is about setting a benchmark in order for Singapore to get into the first-tier market for the ultra-luxurious segment,” said Ms Christine Li, head of Singapore and South-east Asia research at Cushman and Wakefield.
“Most of the penthouses in Hong Kong, London and New York are transacted at $100 million or more.
“Singapore has always paled in comparison with Hong Kong, New York and London when it comes to landmark residential transactions for the ultra-high-net-worth individuals.”
The $73.8 million price works out to $3,496 per sq ft based on the 21,108 sq ft strata area.
Ms Li noted: “Although the penthouse unit is not the highest in price on a per square foot basis, the sheer quantum and buyer’s profile is placing Singapore in the first-tier market for ultra-luxurious properties.
“With increased market volatility arising from the ongoing US-China trade tension and the heightened geopolitical risks, Singapore continues to attract global entrepreneurs with its safe haven status.”
The Wallich super penthouse is the largest non-landed residence here and sits atop the country’s tallest building at 290m above sea level, offering unobstructed views of the central business district, Marina Bay and Sentosa.
The five-bedroom “bungalow in the sky” spans more than 21,000 sq ft from the 62nd to 64th floors, and comes with its own swimming pool, cabana, bar jacuzzi and entertainment areas. It also has a private lift lobby and lift access to the Tanjong Pagar MRT station.
“For these kind of ultra-high-net-worth-individuals, it’s all about experience when they view the houses. I think GuocoLand’s project had the X-factor that won them over,” Ms Li added.
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