SINGAPORE: Singapore’s real estate market is abuzz with excitement as a super penthouse perched atop Marina Bay Towers, has made its debut with an astonishing asking price of $60.6 million. This jaw-dropping property has taken enthusiasts by storm due to its staggering price tag and the rigorous vetting process prospective buyers must undergo to view the property.
The super penthouse garnered significant attention after being featured in an episode of “Stacked Homes,” a popular digital series that showcases unique residences across the island. The video showcasing this opulent penthouse was uploaded on Wednesday (4 Oct) and has already racked up more than half a million views on TikTok, creating a buzz in the real estate world.
Mr Edwin Yip, the real estate agent representing the property from Tristar Properties Pte Ltd, disclosed that his team has been working on this project for some time. He further revealed to Channel 8 news that an impressive 70 to 90 groups of ultra-high net worth individuals, family offices, and fund management companies have already applied to view this luxurious abode.
A stringent review process has been put in place to ensure that only genuinely interested buyers are considered. Prospective buyers must complete an application form with their personal information, which is then subjected to a comprehensive background check. Only upon approval from the owner is a home viewing application accepted.
Mr Yip emphasized the thoroughness of the checks, stating, “If the customer’s (identity) cannot be found on Google or Baidu, or there is negative news, we will reject the application for viewing.” Even buyers using agents must have their backgrounds thoroughly vetted to confirm their credentials.
This super penthouse is located across the 53rd to 55th floors of Marina Bay Residence, boasting a sprawling 11,012 square feet of space, five bedrooms, five bathrooms, a 25-meter private swimming pool, and an outdoor balcony.
Mr Yip noted that most of Singapore’s super penthouses are clustered around Orchard Road, making a unit in Marina Bay a rare find. To his knowledge, only three such super penthouses exist in the Marina Bay area, with the other two situated at The Sail @ Marina Bay and South Beach Residences. Super penthouses are defined as those with a total area exceeding 10,000 square feet.
Public reaction to the penthouse’s video on “Stacked Homes” has been a mix of amazement and humour. Many netizens left comments such as, “I can’t even afford a window” and “Can I use the ‘buy now, pay later’ platform to pay?” Others jokingly inquired about using community neighbourhood shopping coupons for the purchase.
Some Singaporeans online questioned the eye-watering price of the property, given that it is on a 99-year lease and is not a freehold unit.
Mr Yip explained that while most super penthouses in the Orchard Road area are freehold and traditionally more popular, the newer generation of wealthy buyers has different priorities and is less concerned about land title issues.
He noted, “The previous generation of buyers believed in the concept of freehold land, but the new generation of buyers has different values. They buy whatever they want and don’t care about these (land title) things. Their consumption habits are different…they don’t believe they will own this thing forever. Of course, they also value its potential.”
Most new-generation buyers hail from emerging industries, such as new technology and clean energy.
One significant attraction of this super penthouse is that, unlike Good Class Bungalows, which are limited to Singapore citizens, it’s open to foreign buyers. Mr Yip remarked, “It’s like the equivalent (of a quality bungalow) and if you want space and exclusivity, this is probably the best alternative.”
In comparison, a freehold 11,227-square-foot super penthouse called Les Maisons Nassim on Nassim Road sold for $68 million in October of the previous year, showcasing the staggering prices these elite properties can command. Even a 4,311-square-foot penthouse in Marina Bay Residence sold for $19.35 million in September 2021.
Despite significant interest, Mr Yip noted that the bids received for this super penthouse apartment have yet to meet the owner’s expectations, adding to the intrigue and anticipation surrounding this extraordinary property.