A 6,684 sq ft penthouse or “sky villa” at St Regis Residences will be put up for auction a third time on March 21. An owner’s sale, the guide price is now $15.5 million ($2,319 psf), 13.9% lower than the $18 million guide price when it was first put up for auction in January by Knight Frank.

The penthouse on the 22nd floor is a duplex with five bedrooms, a private pool and a private lift. Located atop one of the towers at St Regis Residences, it enjoys a 180-degree panoramic view of the surrounding area from the living and dining space. The penthouse debuted at Knight Frank’s auction on Jan 16 at a guide price of $18 million. At the auction, it had an opening price of $17 million ($2,543 psf). The property was withdrawn as there were no bids.

The penthouse’s opening price at Knight Frank’s last auction on Feb 27 was $15 million, but it was again withdrawn. It will be put up for auction again on March 21.

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The guide price has since been lowered to $15.5 million. It indicates that the owner is motivated to sell, says Karen Ker, assistant manager of auction and sales at Knight Frank.

At 6,684 sq ft, the penthouse is among the largest of seven such units at St Regis Residences. These duplex penthouses are from 4,941 sq ft to 7,287 sq ft, with five bedrooms, a roof terrace, a private pool and private lifts. The penthouses span the topmost floors (22nd and 23rd storeys) of the property’s two towers.

Located on Tanglin Road, the 173-unit, 999-year leasehold St Regis Residences is linked to the 299-room St Regis Singapore luxury hotel. It was completed in 2008. When the residential project was launched in 2006, it was the first luxury hotel-branded residence in Singapore with hotel services, including butler service, housekeeping and room service.

Based on caveats lodged, the last penthouse transaction at St Regis Residences was in December 2021, when a 6,006 sq ft unit was sold for $14 million ($2,331 psf).

Ker says that in comparison, the $2,319 psf guide price of the 6,684 sq ft penthouse on the block is “very attractive” for the prime Tanglin Road location in the Orchard Road neighbourhood in prime District 10.

A property title search shows that the existing owner of the penthouse is Jonathan Tahir, executive chairman of Singapore-listed MYP, a real estate investment company. Jonathan is the only son of Indonesian tycoon Tahir, the founder of the Mayapada group, a conglomerate with interests in banking, healthcare and real estate.

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According to Forbes, Tahir and his family are worth US$4.5 billion ($6 billion). Jonathan’s mother (Tahir’s wife) is the daughter of another Indonesian tycoon, Mochtar Riady.

Tahir’s acquisitions in Singapore include the former Straits Trading Building in Raffles Place, which he purchased for $560 million in 2016. The 28-storey, 999-year leasehold commercial building has since been renamed MYP Centre and houses MYP’s headquarters.

“Most potential buyers are business owners and foreigners who frequently host their guests at St Regis Hotel,” says Knight Frank’s Ker. EdgeProp Research shows that foreigners make up 33.4% of the buyers at St Regis Residences, with Singaporeans accounting for 28.8%, companies at 20.2% and permanent residents (PRs) at 17.1%.

The property cooling measures of April 2023, with a hike in additional buyer’s stamp duty (ABSD) to 60% for foreigners buying residential property, may have dampened demand from that segment of the market. However, those with PR status will not be affected as the ABSD on their first home has remained unchanged at 5%.

Another unit at St Regis Residences, a 2,594 sq ft, three-bedroom unit on the sixth floor, was also put up for auction together with the penthouse.

A property title search shows that the three-bedroom unit is owned by Grace Shine, a wholly owned unit of MYP. Based on caveats lodged, the property was purchased in April 2007 for $6.107 million ($2,354 psf).

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It also made its auction debut on Jan 16 at the same time as the 6,684 sq ft penthouse unit and had a guide price of $6.4 million ($2,467 psf). The three-bedroom unit had an opening price of $6.3 million at the auction on Jan 16. As there were no takers, the property was withdrawn.

It was put up for auction a second time on Feb 27 at an opening price of $6.25 million. As there were no bids, it was also withdrawn.

The apartment will be put up for auction a third time on March 21. The revised guide price is $6.35 million ($2,448 psf). The three-bedroom unit is the largest of the three-bedroom types at St Regis Residences. In addition to three en suite bedrooms, the unit has an entertainment room and private lift access.

Based on caveats lodged, the latest transaction at St Regis Residences was for a 2,153 sq ft, four-bedroom unit on the sixth floor of the neighbouring residential tower, which was sold for over $5.38 million ($2,500 psf) in February.

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