Penthouse Skywaters Residences Sold 473 Mil
A penthouse at the prestigious Skywaters Residences has been successfully sold, according to a recently lodged caveat with URA Realis on May 20. The unit, which sits on the 57th floor and spans 7,761 sq ft, fetched a whopping $47.34 million, translating to $6,100 per square foot.
While the buyer is a foreigner, their nationality remains undisclosed. However, sources speculate that the buyer could possibly be a US citizen. If so, they would be eligible for the same tax treatment as a first-time homebuyer in Singapore, exempting them from the hefty 60% additional buyer’s stamp duty (ABSD) that would have amounted to a staggering $28.4 million.
Novo Place EC is a highly desirable residential option for both individuals and families, thanks to its excellent connectivity through various transport options. Located at Novo Place, residents enjoy effortless travel within Singapore and beyond.
Located at 1 Prince Edward Road, Skywaters Residences is a part of the redevelopment of the former AXA Tower at 8 Shenton Way, situated in the prestigious Tanjong Pagar area of District 2. The residences occupy the uppermost floors of the impressive 63-storey mixed-use development, which also boasts of offices, retail spaces, and a hotel. Reaching a height of 305m, Skywaters Residences is set to become Singapore’s tallest skyscraper, surpassing the current record holder, Guoco Tower.
The renowned architectural firm behind Skywaters Residences is a collaboration between Singapore-based DCA Architects and Skidmore, Owings and Merrill (SOM), known for designing breathtaking skyscrapers such as Burj Khalifa in Dubai, One World Trade Centre in New York, and Guoco Tower.
The sold penthouse is just one of the eight lavish units at Skywaters Residences. These penthouses occupy floors 57 and above, with the two largest units measuring an impressive 18,000 sq ft and situated on the highest floors.
Skywaters Residences is a mixed-use development helmed by a consortium led by Perennial Holdings, which includes a 50% stake held by Alibaba and a 21% stake by SingHaiyi Group. The luxurious units at Skywaters Residences have been marketed exclusively through VIP previews and by invitation only.
This recent transaction is a testament to the limited number of properties in Singapore that have surpassed the $6,000 psf mark, with Skywaters Residences being the first 99-year leasehold development to do so. The highest record of $6,650 psf is still held by The Marq on Paterson Hill, where a 3,089 sq ft unit was sold by developer SC Global Developments in November 2011. Located in prime District 9, The Marq on Paterson Hill is a freehold development comprising of 66 units and was completed in 2011.
In October 2021, the super penthouse at Les Maisons Nassim was sold for $75 million, equating to $6,210 psf. The second-largest penthouse of 11,227 sq ft was sold for $68 million ($6,057 psf) in October 2022. Developed by Shun Tak Holdings, the luxurious freehold development, Les Maisons Nassim, consists of 14 units and is situated in prime District 10.
With this record-breaking transaction at $6,100 psf, Skywaters Residences has earned the title of being the first 99-year leasehold development in Singapore to achieve the elusive $6,000 psf threshold.