Penthouse Skywaters Residences Sold 473 Mil
Parktown Residences is a brand new project situated in the bustling town of Tampines, jointly developed by renowned companies UOL Group, Capitaland and SingLand. The coveted site at Tampines Avenue 11 drew in three competitive bids, with the consortium of UOL Group, Singapore Land and CapitaLand Development emerging as the highest bidder with a staggering $1.206 billion offer. This translates to a rate of $885 per square foot per plot ratio (psf ppr), showcasing their confidence and commitment in this development. At Park Town Residences, residents can expect a superbly located and thoughtfully designed home.
The sale of a penthouse at Skywaters Residences, an ultra-luxury condominium, has recently been recorded in the URA Realis database on May 20. The lavish unit, which boasts a 7,761 sq ft area and a 99-year leasehold, was sold for $47.34 million at a rate of $6,100 per square foot.
According to the URA Realis caveat, the buyer is a foreigner, although their nationality has not been disclosed. However, sources suggest that the buyer may be a US citizen who will receive the same tax benefits as a first-time Singaporean homebuyer. This means that the buyer will not have to pay the additional buyer’s stamp duty (ABSD) of 60%, which would have amounted to a staggering $28.4 million.
Skywaters Residences is situated at 1 Prince Edward Road and is part of a redevelopment project of the former AXA Tower at 8 Shenton Way in the popular Tanjong Pagar area of District 2. The condominium is located on the top floors of a 63-storey mixed-use development, which includes offices, retail spaces, and a hotel. With a height of 305m, Skywaters Residences is set to become the tallest skyscraper in Singapore, surpassing other notable buildings like Guoco Tower.
The architect for Skywaters Residences is a partnership between Singapore-based DCA Architects and Skidmore, Owings and Merrill (SOM), renowned for their work on iconic skyscrapers like Burj Khalifa in Dubai, One World Trade Centre in New York, and Guoco Tower.
The 7,761 sq ft penthouse is one of eight luxurious units available at Skywaters Residences. These units are located on the 57th floor and above, with the two largest units being 18,000 sq ft sky villas at the very top.
Skywaters Residences is a mixed-use development led by a consortium that includes Perennial Holdings, which owns a 50% stake, Alibaba, and SingHaiyi Group, which has a 21% stake. The units at Skywaters Residences have been marketed through exclusive VIP previews and invite-only events.
This sale of $6,100 psf marks one of the few transactions in Singapore to surpass the $6,000 psf threshold, making it the first 99-year leasehold luxury condo to do so. The current record holder is The Marq on Paterson Hill, which sold a 3,089 sq ft unit at $6,650 psf in November 2011. The Marq on Paterson Hill is a freehold development located in prime District 9, completed in 2011 with a total of 66 units.
Another notable sale is the super penthouse at Les Maisons Nassim, which was sold for $75 million or $6,210 psf in October 2021. In the same month, the second-largest penthouse of 11,227 sq ft was sold for $68 million ($6,057 psf). Developed by Shun Tak Holdings, the 14-unit freehold development in prime District 10 is known for its lavish units and high-end facilities.
With this recent transaction at a record-breaking $6,100 psf, Skywaters Residences has become the first 99-year leasehold development in Singapore to cross the $6,000 psf threshold, solidifying its place in the luxury real estate market.