Together with the sale of This fourth penthouse in Wallich Residence hitting an all-time high $4,987 psf That January, GuocoLand Wants to set a new Standard of $5,300 psf Together with the last penthouse Currently in the Marketplace.
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In Wallich Residence, the tallest skyscraper in Singapore in 290m above sea level, costs have jumped to new heights, defying both gravity along with the coronavirus, it appears. The cost translates into $4,987 psf, the maximum psf cost in over six years — because the project previewed in December 2013.
The Taiwanese entrepreneur needed quite specific requirements, as stated by the PropNex representative who brokered the purchase. She desired a lavish residence located in the CBD, with great connectivity and also on a top floor with water views. As a foreigner, the purchaser was exposed to a 20% extra purchaser’s stamp duty in addition to the 4 percent buyer’s stamp duty, which included her tab by another $4.2 million.
This past year, the Hermès Himalayan Birkin 25 using Palladium Hardware, that had a quote of HK$600,000 into HK$800,000, was marketed for HK$1.625 million (S$292,500) in a Christie’s auction.
There are just five penthouses in Wallich Residence. Four of these are 3,509 sq feet simplexes around the 58th into 61st storeys. Each penthouse has four en suite bedrooms, a moist and humid kitchen and personal elevator access. The fifth penthouse is that the only triplex super penthouse which occupies the 62nd into 64th flooring. The 21,109 sq feet, super penthouse was bought annually from the UK’s richest person, James Dyson, for $73.8 million.
The 3,509 sq ft penthouse on the 58th floor has been offered into a Cambodian small business magnate for $16 million ($4,560 psf) at June 2018. The only about the 59th floor moved into a different affluent Taiwanese who paid $16.5 million ($4,702 psf) to this last September.
Wallich Residence crosses the 39th into 64th flooring of Tanjong Pagar Centre and sits at the top of Guoco Tower, a 38-storey premium office block. The integrated evolution is associated with a mall, the Tanjong Pagar MRT Station at the basement along with the adjoining luxury resort, Sofitel City Centre. The development was created by global design firm Skidmore Owings & Merrill.
“Contrary to other skyscrapers, we’ve chosen to place the most precious and spectacular property area in the pinnacle and possess the residential element crown that the development — which makes this a decoration advantage” states Dora Chng, general manager (residential) in GuocoLand.
The final available penthouse on the 60th floor is going to be available for sale completely furnished, with interiors designed by The ID Dept. Among those four en suite bedrooms at the penthouse was converted into a pub area. Additionally, it has the flexibility to be utilized as an entertainment area.
The personal elevator is exclusive to the penthouses, also attracts residents straight to the basement level at which the MRT station is. Besides personal elevator access, the penthouses have a secondary entry from the wing, in which the bedrooms are; also as a service entry from the kitchen, which results in the frequent lift lobby.
“Why is our penthouses this type of rarity is they include breathtaking views from all angles,” states GuocoLand’s Chng. As an example, the living area of the penthouse on the 60th floor has a uninterrupted view of the ocean, Sentosa Cove and the near future Greater Southern Waterfront.
Larger and more private
Apart from the five penthouses, Wallich Residence has a mixture of one- to four-bedroom-plus-study units, together with dimensions from 614 to 2,034 sq ft. ahead of the sale of this penthouse on the 61st floor at the next week of January, a 1,098 sq feet, three-bedroom unit about the 49th floor has been offered for $3.42 million ($3,115 psf) at mid-January.
Unlike most condominium and apartment developments in the city center, which have mostly compact units, GuocoLand intentionally created big units in Wallich Residence. “With just 181 units, the residential area is obviously very private,” states Chng. “This exclusivity will cause some distinctive global community dwelling here.”
Tanjong Pagar Centre has been completed in 2017 and is regarded as the latest development in the region. “Since the units are bigger than the normal units at the CBD region, even the leasing prices are at a premium to people in the surrounding region,” states PropNex’s Lee.
For example, one-bedroom units at Wallich Residence were rented at monthly rental prices of $5,000 to $6,900 from the weeks of November 2019 to January 2020, based on EdgeProp Singapore data.
Meanwhile, the two-bedroom units of 915 sq feet were rented out at $9,000; while three-bedroom units of 1,313 sq feet commanded rental prices of $10,600 at January. For big three- and – four-bedroom units up to 2,034 sq feet, current transacted rental prices were between $12,500 and $14,500, or $7.50 to $10 psf each month, based on GuocoLand.
In the area, one-bedroom units of 700 to 800 sq feet have been leased in monthly lease prices that range from $3,700 to $4,500 in the onset of the year.
Since Wallich Residence — and Tanjong Pagar Centre — is found in the Tanjong Pagar precinct of the CBD, it’s also regarded as the gateway to the Greater Southern Waterfront, the focus of growth in the forthcoming decades.
For the last penthouse in Wallich Residence, GuocoLand includes a cost of $5,300 psf, which translates into a complete price of approximately $18.6 million. If this cost is accomplished, it is going to set a new record for the luxury, 99-year leasehold development.
The buyers in Wallich Residence aren’t the common owner-occupiers, emphasises Chng. “They need to remain in their private residences when visiting Singapore, rather than staying in a resort,” she clarifies. “They may use the meeting rooms or dining area to entertain friends and business partners when they’re in Singapore. It is more exclusive.”
Actually, a lot of the buyers, particularly of their penthouses and bigger units at Wallich Residence, are inclined to be business owners or entrepreneurs that enjoy the vibe and connectivity of town dwelling, notes PropNex’s Lee.
For the time being, the ultra-high-net-worth people from overseas may be discouraged by travel restrictions as a result of international spread of Covid-19 along with the overall market sentiment. But when opinion changes, these buyers must return, states GuocoLand’s Chng. “They are very likely to create their purchase decisions based on the characteristic of a product instead of make rash decisions based on herd mentality,” she adds.
Given that Singapore has been”well-prepared” in tackling the health scare, the ultra-high-net-worth people that are searching for a suitable spot to base their own families and their companies will surely have the town state in their radar,” states PropNex’s Lee. “We are convinced that maybe within another six months, we can observe a V-shaped retrieval from the Singapore market,” he adds.