Skywaters Residences penthouse sold for S$6,100 psf, marking a new record for 99-year leasehold condos in Singapore
One of the penthouses on the 57th floor of new project Skywaters Residences was sold in May for S$47.34 million, or S$6,100 per square foot (psf), marking a record-high price for a 99-year leasehold property in psf terms.
The buyer is a foreigner, although the nationality is not specified. Sources reckon the buyer could be a US citizen, who will have the same tax treatment as a Singaporean first-time homebuyer. Hence, the buyer will not be subjected to a 60% additional buyer’s stamp duty (ABSD), which would have amounted to S$28.4 million.
About Skywaters Residences
Skywaters Residences is a redevelopment of the former AXA Tower at 7 Shenton Way un the Tanjong Pagar area of District 2. It is part of a 63-storey mixed-use development that includes offices, retail, hotel and luxury residences. At 305 metres tall, Skywaters Residences will be the tallest tower in Singapore, surpassing Guoco Tower, the current tallest building in Singapore.
The architect for Skywaters Residences is a partnership between Singapore-based DCA Architects and Skidmore, Owings and Merrill (SOM), famous for the design of skyscrapers such as Burj Khalifa, One World Trade Centre in New York and Guoco Tower.
The 215-unit luxury development is being built by a consortium led by Perennial and include partners such as Alibaba Singapore, Chip Eng Seng, Sing-Haiyi Emerald, Piermont Holdings and HPRY Holdings. It is expected to be completed in 2028.
The 7,761 sqft penthouse is one of the eight palatial units at Skywaters Residences. The penthouses start from the 57th floor and the two biggest units are 18,000 sqft sky villas at the topmost floors.
Record Prices For Condos in Singapore
While the deal at the Shenton Way project is not the highest psf-priced sale to be transacted in the Singapore market, psf prices have not crossed the S$6,000 mark since October 2022. That was when an 11,227 square foot (sq ft) unit at freehold Les Maisons Nassim was sold for S$6,057 psf or S$68 million.
To date, a 3,089 sqft unit at The Marq on Paterson Hill holds the record for the highest psf transaction at S$6,650 psf, in a sale sealed almost 13 years ago in November 2011. That year was the first time residential prices topped S$6,000 psf, with two deals at freehold The Marq on Paterson Hill raising eyebrows. One unit sold for S$6,215 psf (S$19.2 million) in August 2011, and was followed by the one that closed in November at S$6,650 psf (S$20.5 million).
With this recent transaction at S$6,100 psf, Skywaters Residences is the first 99-year leasehold development to have crossed the S$6,000 psf threshold in Singapore.