Nearly 16 years have passed since the completion of the 35-unit Parkview Eclat on Grange Road in 2009. The Art Deco-style luxury condo was developed by Chyaw Fwu Development and designed by American architect James Adams, renowned for his work on the Forum Casino at Caesars Palace in Las Vegas, MGM Grand Casino in Detroit, and Galaxy Casino and Resort in Macau.
Chyaw Fwu Development is a subsidiary of the Hong Kong-based Parkview Group, a private conglomerate with origins in Chyaw Fwu Group. The property development and construction firm was founded in Taiwan in the 1950s by the late tycoon CS Hwang. Today, the Parkview Group is managed by the second and third generations of the Hwang family.
Before Parkview Eclat, Chyaw Fwu’s flagship development in Singapore was Parkview Square, a 24-storey office tower on North Bridge Road, which locals have dubbed “Gotham City” for its striking architecture. Designed by Adams in collaboration with Singapore’s DP Architects, the Art Deco-style building was completed in 2002. It is also famous for its opulent lobby bar, Atlas Singapore, featuring a 15 ft ceiling and a three-storey gin tower.
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Before Parkview Eclat, Chyaw Fwu’s flagship development in Singapore was Parkview Square, a 24-storey office tower on North Bridge Road, which locals have dubbed “Gotham City” for its striking architecture (Photo: Albert Chua/EdgeProp Singapore)
In Hong Kong, Parkview Group’s flagship development was the high-end residence Hong Kong Parkview, which has 984 apartments across 18 blocks of 20-storeys. The development, completed in 1989, is set amid the protected Tai Tam Country Park.
Since then, the group has ventured beyond Hong Kong to Singapore, China, and Europe. In Beijing, it is behind Parkview Green, a two million sq ft mixed-use development with office, hotel, and retail components that was completed in 2013. The Hwang family operates the hotel under the Eclat brand. It also owns and operates Hotel Eclat in Taipei.
Parkview Group also developed Parkview Deco, a large mixed-use development in Shanghai that includes residential and commercial towers. In Europe, the Hwang family owns properties in France, including the 42-room Le Beauvallon hotel residence in St Tropez on the French Riviera and the 39-room Château de Coligny luxury hotel just outside Paris.
The 35-unit Parkview Eclat at 138 Grange Road in prime District 10 was designed by American architect James Adams, the same architect who designed Parkview Square (Photo: Tricia Ang)
The freehold Parkview Eclat is located along Grange Road in prime District 10. When it was launched in May 2007 — at the peak of the last property boom nearly two decades ago — it represented luxury condos of its era, featuring spacious units. Typical units at Parkview Eclat are three bedrooms of 2,896 sq ft and four bedrooms of 3,251 sq ft. There are only two units per floor, served by a private lift. All the units come with a 3.5m spa pool on the balcony.
All the bedrooms are en suite, with bathroom fittings from Italian brand Zucchetti and kitchen appliances featuring German brand Gaggenau and French brand De Dietrich.
When Parkview Eclat was first launched in mid-2007, the average price of units sold was $3,254 psf, based on caveats lodged from May to August 2007. A 16th-floor, 3,251 sq ft, four-bedroom unit hit a high of $4,180 psf when purchased for $13.59 million in June 2007. Four years later, in June 2010, it changed hands for $11.87 million ($3,650 psf), or 12.7% lower.
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Over the years, Chyaw Fwu Development has retained ownership of the three penthouses at Parkview Eclat. Initially, the Hwang family intended to keep them for personal use.
Artist's impression of the dining area and balcony on the 21sg floor of the 10,215 sq ft super penthouse (Picture: Tricia Ang)
The largest of the three penthouses is the 10,215 sq ft duplex “super penthouse” on the 20th and 21st floors, served by a private lift to both levels. The unit comes with a private lap pool, an internal spiral staircase and glass lift, and balconies on either end. The ceiling height on the 20th floor is 3.9m, while the 21st floor has a ceiling height of 4.8m. The entire unit spans 43m in length. The super penthouse can fit up to five ensuite bedrooms.
Located on the 18th and 19th floors, directly below the super penthouse, are two junior duplex penthouses, each of about 5,900 sq ft. These duplexes have an internal staircase connecting the two floors and can accommodate up to five bedrooms. Adding to their sense of space, the junior penthouses boast a double-volume ceiling height of 6.8m.
In 2016, the trio of penthouses were released on the market. The super penthouse had a price tag of $45 million ($4,405 psf), while the other two junior penthouses were priced at $26 million ($4,408 psf) each. However, as there were no takers, they were withdrawn and released on the market intermittently until now.
In January, Chyaw Fwu officially launched the penthouse collection for sale at Parkview Eclat. Tricia Ang, vice-president of residential at CBRE Singapore, was appointed the exclusive marketing agent.
Artist's impression of one of the junior duplex penthouses of nearly 5,900 sq ft with its 6.8m ceiling height (Picture: Tricia Ang)
The asking price for the super penthouse at Parkview Eclat is now $56 million ($5,482 psf), while the two junior penthouses below are still priced at $26 million ($4,408 psf) each. Collectively, the penthouses have a price tag of $108 million.
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CBRE’s Ang says the price of the super penthouse is in line with the market. At The Ritz-Carlton Residences on Cairnhill Road, the sole 6,501 sq ft triplex penthouse is listed for sale at $39 million ($5,999 psf).
The three penthouses at Parkview Eclat are still in their “original, raw condition.” Ang considers this a major plus, as they “offer owners the flexibility to create bespoke living spaces tailored to individual needs, preferences, and tastes.”
She notes that a couple could purchase the two junior penthouses and combine them to create a 10-bedroom penthouse. Alternatively, they could buy all three penthouses to develop “a Good Class Bungalow in the sky”. She adds that the penthouses are available for sale individually or collectively.
The three penthouses at Parkview Eclat are still in their “original, raw condition” (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The super penthouse commands an uninterrupted view of the Chatsworth Park Good Class Bungalow Area on one side and a view of One Tree Hill housing estate, Botanic Gardens, and Bukit Timah Hill and Nature Reserve from the other.
Based on estimates by an interior design firm, Ang says fitting out the super penthouse with marble flooring, top-end kitchen appliances and bathroom fittings will cost about $4 million. Meanwhile, she adds that fitting out the junior penthouse will cost about $2.2 million.
“Despite a muted past couple of years in the Singapore private residential sector, coveted penthouse units continue to command record-breaking prices,” says Ang.
In May last year, a 7,761-square-foot penthouse at Skywaters Residences in the CBD sold for $47.34 million ($6,100 psf), a new record for a 99-year leasehold luxury apartment or condo. According to URA Realis, the buyer is a foreigner, although the nationality was unspecified.
At Dalvey Haus, which has just 17 luxury units, the largest penthouse — a 9,600 sq ft duplex — was sold for a price under $40 million last May, about 5% below the $42 million ($4,375 psf) price tag it was launched at in February. The buyer is said to be a Singapore Permanent Resident (PR).
View of the Chatsworth Park Good Class Bungalow Area from the balcony of the super penthouse of Parkview Eclat (Photo: Tricia Ang)
CBRE’s Ang says the clientele interested in penthouses are predominantly ultra-high-net-worth individuals from China, India, and Indonesia. Many of them are new Singapore PRs, and some have recently established a family office in Singapore, she notes.
Despite implementing more rigid rules and stricter compliance following its biggest money laundering case in August 2023 — which involved assets worth over $3 billion — Singapore continues to see a substantial inflow of wealth, primarily from Asia.
This is evidenced by the 600 new single-family offices that were set up in the city-state last year, says Deputy Chairman of the Monetary Authority of Singapore (MAS), Chee Hong Tat, in his keynote speech at an investment conference on Jan 14. It represents a 42.9% y-o-y increase, bringing the total number of family offices in Singapore to over 2,000 by the end of December 2024, up from 1,400 in 2023.
Chee, who also serves as Transport Minister and Second Minister for Finance, attributes the growth to Singapore’s “pro-business and pro-innovation stance.” He highlights that this approach provides investors with a “stable, well-regulated environment” that supports long-term investment decisions.
CBRE’s Ang observes that the number of family offices in Singapore is only expected to grow.
According to Henley & Partners, Singapore attracted a net inflow of 3,500 high-net-worth individuals last year — those with a liquid investible wealth of at least US$1 million ($1.3 million) — ranking the city-state third, behind the UAE and the US.
Launching Parkview Eclat’s collection of penthouses at the beginning of the year “aligns with the market momentum, as buyers reassess their goals and investment opportunities,” says Ang. “The noticeable optimism in the luxury property sector is driven by Singapore’s strong economic fundamentals and its reputation as a safe haven for wealth preservation.”
Ang adds that the sustained demand for ultra-luxury homes, combined with the limited supply of such exclusive penthouses, “makes this offering particularly attractive”.
Based on caveats lodged, the latest transaction at Parkview Eclat was for a three-bedroom unit on the 10th floor that was sold for $9.6 million ($3,315 psf) in December 2022.
CBRE’s Ang: The noticeable optimism in the luxury property sector is supported by Singapore's strong economic fundamentals and its reputation as a safe haven for wealth preservation (Photo: Tricia Ang)
In addition to the penthouse collection, CBRE’s Ang is marketing three more units at Parkview Éclat on behalf of the developer: a four-bedroom apartment on the fourth floor, another on the 14th floor, and a three-bedroom on the same level.
All three units have been leased. The three-bedroom unit is currently leased at a monthly rental rate of about $18,000, while the four-bedroom units have been leased for $20,000 to $23,000 a month. They will be sold with existing tenancy.
The three-bedroom unit on the 14th floor has a price tag of $10.8 million ($3,730 psf), while the adjacent four-bedroom unit has an asking price of $12 million ($3,690 psf). The indicative price for the fourth-floor unit is $11.5 million ($3,537 psf).
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Check out the latest listings for Parkview Eclat properties