I recently learned that Bugatti has created a USD$300,000 pool table. Yes, a pool table that costs as much as a HDB flat in Singapore – let that sink in.
To be fair, it isn’t all about being flash. It’s designed for yachts, where its legs can adjust in just 5 milliseconds to account for the rocky nature of being out at sea – so the table surface would always be flat.
Does that necessarily mean that it is worth $300,000?
At these numbers, it may be difficult for a regular person to comprehend the value of such a product. But when it comes to the world of the ultra rich, well, anything goes.
So it’s quite crazy to think that even in the midst of a pandemic multi-million dollar properties have been flying off the shelves. And that’s not even an exaggeration – just take a look at some of these news headlines that I’ve gathered as of recent weeks around the world.
All that said, it’s really no different in Singapore, not especially when you look at the past few recent jaw dropping transactions.
EDEN at Draycott Park by Swire Properties sold all 20 units to a single buyer for $293 million.
A stunning $128.8 million for a GCB, with a psf at $4,005 – a figure that’s high even by condo standards, let alone for a landed property.
And a nearly $40 million dollars splashed on a Sentosa Cove bungalow, in an area where some feel its glory days are long over.
The best part? (Or the worst, depending on which camp you are in). It’s a trend that looks set to continue. A recent report from Knight Frank showed that the number of UHNWIs (Ultra high net worth individuals) in Singapore has increased about 10.2% annually to 3,732. As such, the number of UHNWIs in Singapore is forecasted to enlarge by about 31.0% between 2020 and 2025 to 4,888
I think you should know by now that Singapore is an increasingly attractive place for the ultra rich to diversify their assets due to its safe haven status. It’s the usual few suspects – strong economy, stable Government, and very competitive tax structure (no capital gains).
So is it any wonder that the ultra rich are flocking here? Couple that with the political troubles in Hong Kong, the uncertainty of the pandemic, and you can see why the stable nature of Singapore will be such a desirable location.
We can already see that with the number of family offices doubling to 400 family offices as of April 4 2021 from just 6 months ago (200 in Oct 2020). This includes high-profile people such as Google co-founder Sergey Brin, James Dyson, and hedge fund billionaire Ray Dalio.
So without further ado, here are 10 extraordinary ultra luxury transactions that have transpired in 2021 so far.
1. Park Nova
We’ve written a little about it here, but for the sake of those who are unaware, Park Nova is the new development that will replace Park House. Even before its launch I think most people knew that this new development would be launched at stratospheric prices, given that it was bought at a land cost of $375.5 million, or a break even price of around $3,842 psf ppr.
It is Shun Tak Holdings first residential development in Singapore (led by Pansy Ho, daughter of tycoon Stanley Ho) so you would expect that they would be launching with a bang. Designed by London-based PLP Architecture on the outside, with Brewin Office Design taking care of the interiors, common areas and facilities, Park Nova contains just 54 exclusive units. While it isn’t quite a unit per floor (save for the penthouses), I reckon 3 units per floor is still considered to be very private. Either way, each unit will have its own private lift so you will be in a rarified company. The smallest unit is a 2 bedroom plus study at a size of 1,432 sq ft, which goes up to 4 bedroom units sized from 2,895 to 2,906 sq ft. The remaining 3 five bedroom penthouses are sized from 3,229 to 5,899 sq ft.
As of the time of writing, 5 units have been sold. The biggest penthouse of 5,899 sq ft was snapped up for $34.438 million ($5,838 psf), and the second for $26.026 million ($5,785 psf). The remaining 3 units were 4 bedroom apartments that were sold for above $14 million.
The largest penthouse is spread over 2 floors. As you might expect, the private lift will take you to both floors, and the master bedroom is an absolute giant as it takes up more than a third of the floorplate.
2. Les Maison Nassim
This was a rare Nassim Road site at about 66,452 square feet that was purchased for $218 million by Shun Tak Holdings (see above). You could say that this is the even more elusive development, even compared to Park Nova with just 14 units.
Details are still scant at the moment, but the smallest unit will start from a 4 bedroom with an absolutely colossal size of about 6,092 sq ft. The next level is a 5 bedroom duplex at 8,633 sq ft, and the last is a 5 bedroom super penthouse at 12,000 sq ft. Each will come with its own dedicated lift and lift lobby (just like MeyerHouse) and 2 car park lots (which will be big enough for 3 cars).
We’ve heard word that a 4 bedroom has been sold at $40 million, which puts it at a jaw dropping $6,566 psf.
3. South Beach Residences
According to SCMP, another luxury penthouse at South Beach Residences has been sold to a Chinese buyer in April.
We’ve written about South Beach Residences in-depth here, but in short, it is probably by far and large the most luxurious development at the moment in the District 7 area. There are 6 penthouses spread over the 2 towers, and this is the second largest at 5,070 sq ft (there’s a bigger 6,728 sq ft one that was sold for $26 million in 2018).
This huge penthouse is spread over 3 floors, and while it strangely does not have a private lift, it does have its own internal lift to get you around. There are a total of 4 bedrooms, and the top floor consists of an open entertainment deck as well as a private pool to soak and admire the city views.
4. Hilltops
Unlike some of the others on this list, the Hilltops might not be as famous, but it is after all still built by renowned luxury developer SC Global. It was completed in 2011 with 240 units, and its lush living environment provides an escape from reality for its residents (especially in this pandemic environment).
The extremely large 8,385 sq ft duplex penthouse was sold for $33.5 million, or $3,995 psf in April 2021. Amazingly, there is still a bigger 5 bedroom super penthouse of 12,669 sq ft available (with a dedicated lift).
5. St Regis Residences
For those that have been in the market for a while, St Regis Residences might be better known for its insane loss of $15.8 million when Japanese billionaire Katsumi Tada finally decided to let go of it. He had purchased it for a record (back then) $28 million, or $4,653 psf in 2007.
This is the second oldest development on this list, built in 2008. It has 173 units, and it still does look relatively modern considering its age.
This unit was actually bought for $18.3 million and recently sold for $18 million in March 2021 (a loss of $300k over 15 years). It is absolutely gigantic at 7,266 sq ft, and hence priced at $2,477 psf.
6. Meyer House
You could say that Meyerhouse is just as exclusive as Park Nova, with just 56 units. In fact, I would wager that it is even more so, as every single unit comes with a private lift and dedicated lift lobby. Which basically means with the exception of the car park and common facilities, you’d never face the possibility of meeting your neighbour in the lift.
We do have a full review of Meyer House here, or watch our video review here. But the smallest 3 bedroom unit starts from 1,862 sq ft, with the 6 penthouses units sized from a gargantuan 5,662 to 5,683 sq ft.
In March 2021 recently, one of the penthouses at 5,662 square feet was sold at $13.873 million, or $2,450 psf. It’s quite an intriguing layout, with the bedrooms on the ground floor, and the living, dining, kitchen and outdoor roof terrace on the second floor.
7. 15 Holland Hill
Built by the same developers (Kheng Leong) as Meyer House, 15 Holland Hill offers much of the same premise, except that this time it is located on the rather private Holland Hill instead.
We do have a full review of 15 Holland Hill here, but in short, it features 59 total units. The smallest starts from a 2 bedroom + study sized at 1,292 sq ft. The 3 bedroom at 1,789 to 2,045 sq ft and the 4 bedroom at 2,303 to 2,497 sq ft.
What’s really interesting though are the 3 single level penthouses (4,973 to 5,425 sq ft) and the 3 garden maisonette units (4,542 to 5,221 sq ft). Unlike Meyer House, the private lift with a dedicated lobby is only available to these units. As of the time of writing, all 3 penthouses have been sold.
The unit I’m referring to here would be the garden maisonette unit that was sold in April 2021 at $15.187 million. This is at a stunning 3,002 psf for a 5,059 sq ft unit. That size is spread over 2 floors, and you will be able to access both floors through the private lift.
This is by far the oldest development on this list, being built all the way back in 1991. Comparatively, it’s hard to say that it is still in the same league as the other developments in the luxury department, but it does contain just 20 exclusive units.
Prior to this sale, the last transaction was all the way back in 2017. This was a $15 million sale at 2,497 sq ft, which means the unit is sized at a gigantic 6,006 square feet. As you might expect, this is on the 22nd floor, the highest floor of the development – so yes, the penthouse. It was actually last sold in 2005 at just $5.6 million – so that is quite a stunning nearly $10 million gain for the owner.
9. Le Nouvel Ardmore
The Le Nouvel Ardmore probably needs no introduction even in the very exclusive Ardmore Park neighbourhood. It is the crème de la crème of the Wing Tai developments in Singapore. Designed by acclaimed designer Jean Nouvel, it is a 33-storey single tower development with just 43 exclusive apartments. The smallest units are a 4 bedroom apartment sized at 3,800 sq ft.
For those of you keeping track with the who’s who of the rich in Singapore, this development might be better known as the one in which the Alibaba co-founder purchased the super penthouse at $51 million, or $3,676 psf.
This unit in question is one of the “regular” 4 bedroom units that was recently sold in February 2021 for $16.88 million at $4,160 psf. Interestingly enough, just a few days before, a higher floor unit was sold for a lower price at $15.99 million (it is slightly smaller though).
10. Nassim Park Residences
I would say that Nassim Park Residences is very much in the same vein as 15 Holland Hill and Meyer House. Large format homes, exclusively few units in a premium setting. It’s basically landed living in a condo development format for the ultra rich.
Of course when you find out that the developer behind it (Kheng Leong) is the same for all 3 developments, it’s a lot easier to understand the thought that goes on behind it. This development was conceptualised by 3 renowned designers, Chan Soo Khan of SCDA Architects fame, Japanese landscape architect Shunmyo Masuno, and French interior designer, Christian Liaigre.
Built in 2011, it has 100 units – with the smallest unit that starts from 3,175 sq ft. The biggest units can go up to 8,008 sq ft in size, so this recent unit that was sold in March is comparatively small at 4,822 sq ft.
At a price of $13.68 million or $2,837 psf this ground floor unit is quite special as it comes with a private pool of 964 sq ft.
For more on developments (literal and figurative) in the Singapore private property market, follow us on Stacked. You can also check out in-depth reviews of new and resale condos alike.
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