The stellar views and luxurious lifestyle associated with penthouses in Singapore make these spacious apartments still attractive to overseas buyers
When it comes down to square footage, a bungalow in Singapore probably has more to offer, and comes with the association of prestige and exclusivity. However, aside from the buying restrictions that govern landed properties, especially Good Class Bungalows (GCB)—which require the buyers to be citizens—penthouses mark a few other boxes on the checklist of ultra-high-net-worth (UHNW) individuals.
These UHNW—individuals who have US$30 million (approximately S$40.56 million) net worth inclusive of their primary residence—comprise overseas buyers from around the region who were previously investing outside Asia, and are now looking at making property purchases in Singapore.
The novelty factor
Soaring high above exclusive condominium complexes, penthouses are located such that they offer the best views of the city. In Singapore, these would include views of the shimmering cityscape, lush canopies and the sea, or all of the above.
“In the new-normal where biophilic design is trending, and space and greenery are premium, freehold penthouses are an even more attractive prospect (to buyers),” says Terri Tan, design director of Designworx Interior Consultant, a local studio that has crafted numerous penthouses and luxurious homes in Singapore.
A rewarding investment
According to Dora Chng, general manager (residential) at property developer GuocoLand, the desirability factor of a penthouse stems from more than a coveted address. Rather, it’s the luxurious lifestyle associated with them. “Staying in a penthouse or super penthouse is akin to living in a villa in the sky,” she says. “So you get the best of both worlds—the space and luxury of landed property with a view that landed properties cannot offer.”
Design-centric focus
With their work and life being intimately intertwined for many members of the UHNW, spaces to entertain and interact with friends, family and business associates alike take precedence. This is because most penthouse buyers look at them as a place where they can live and less as just an investment; given their busy lifestyles, they are also looking to start enjoying the space right away.
All about that view
For some of us, the circuit breaker is a welcome break from the frenetic pace of everyday life. Now that you’re no longer rushing from place to place, take the time to enjoy the view around you. This stylish penthouse in the CBD area is all about maximising the stunning views of the modern Singapore skyline. Furnishings are kept minimal so as not to over-clutter the home.
With the sky almost literally the limit and with Singapore having established itself as a safe haven for such investments in the high-life, interest in these luxury real estate assets is set to grow even more once the borders reopen.
(Published by: Singapore Tatler Homes Jul/2021)