Business & Economy James Dyson set to buy coveted Singaporean GCB near Unesco World Heritage...

James Dyson set to buy coveted Singaporean GCB near Unesco World Heritage Site

The property that the billionaire is buying at 50 Cluny Road is a 1,402.8 sq m freehold bungalow with a market value of S$45 million

Author

Date

Category

- Advertisement -

Singapore—James Dyson, the billionaire inventor, is set to buy a bungalow at the highly upscale area in Cluny Road facing the Botanic Gardens, which happens to be the country’s first Unesco World Heritage Site.

This is Mr Dyson’s second such notable purchase in a short span of time since he recently bought a penthouse at Guoco Tower in Tanjong Pagar. Not just any penthouse but the biggest and most expensive one in the country, which made headlines all over the globe.

The penthouse, located at GuocoLand’s Wallich Residence in the central business district, cost Mr Dyson a cool S$73.8 million. The property, known as a “super penthouse,” was once valued at S$100 million. It also has a wine cellar that can house as many as 600 bottles.

Mr Dyson, 72 years old, is a British citizen as well as a permanent resident of Singapore.

- Advertisement -

And now, the property that the billionaire is buying this time at 50 Cluny Road is classified as a good class bungalow, or GCB, specifically a 1,402.8 sq m freehold bungalow.

According to a report by The Straits Times (ST), Mr Dyson was granted approval on July 2 by the controller of housing. The option to purchase had been granted to the inventor on June 3, nearly a month earlier.

The property has a market value of S$45 million.

For foreigners in Singapore, including permanent residents, to buy landed homes in a GCB Area, they must prove that they have made exceptional economic contributions, and can only use the property for their own occupation, the ST reports.

Mr Dyson announced that the headquarters of his firm would transfer from the UK to Singapore and that the electric car that is in the works at Dyson Limited will also be built in the country.

But because of his permanent resident status, he will most likely be made to pay an extra buyer’s stamp duty (ABSD) of 5 percent on his first property and then 5 percent for his second.

A representative for Dyson Limited declined to comment on “private affairs of the Dyson family.” However, after representative had said, regarding the purchase of the penthouse, “Given the decision to locate the headquarters in Singapore and the growing focus of the company’s business in the region, of course, James Dyson has bought a property there.”

Dyson Limited said in 2018 that its planned electric car production manufacturing facility is scheduled for completion here in 2020.

According to Jim Rowan, CEO of Dyson, “Choosing Singapore as the assembly facility of the car is based on supply chains, access to markets, and the availability of the expertise that will help us achieve our ambitions. We will begin construction in December and it will be completed in 2020, meeting our project timeline.”

At present there are 1,100 employees in Singapore Technology Centre at Science Park One and its Advanced Manufacturing Centre at West Park. More than 50 million Dyson Digital Motors have been produced here in the past 11 years. -/TISG

Read related: British billionaire buys record-breaking S$73.8 million penthouse in Singapore

British billionaire buys record-breaking S$73.8 million penthouse in Singapore

 

 

- Advertisement -
72,000FansLike
1,000FollowersFollow
4,000FollowersFollow
1,000SubscribersSubscribe