Indonesian tycoon sells St Regis Residences penthouse for $14 mil
By Cecilia Chow
/ EdgeProp Singapore |
The twin 23-storey St Regis Residences on Tanglin Road were completed in 2008 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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A 6,684 sq ft penthouse at St Regis Residences was sold for $14 million, based on a caveat lodged on May 16. The price works out to $2,094 psf.
The latest property title search shows that the new owner is Terence Teo Lok Tsong, CEO of fund management company Aspen Hill Partners (Singapore). He is a Singaporean.
The 999-year leasehold penthouse was last purchased for $13.2 million in June 2011 by Jonathan Tahir, executive chairman of Singapore-listed MYP, a real estate investment company. He is the son of Indonesian tycoon Tahir, the founder of Mayapada group, a conglomerate with interests in banking, healthcare and real estate. According to Forbes, Tahir is also ranked among the richest in Indonesia, with a net worth of US$4.9 billion ($6.6 billion).
The sale is believed to be conducted by private treaty. It was previously put up for auction by Knight Frank at a guide price of $15.5 million on March 21 but was withdrawn as there were no bids. It was the third time the property was put up for auction.
The 173-unit St Regis Residences on Tanglin Road in prime District 10 saw two transactions in May, based on caveats lodged (Source: EdgeProp Landlens)
MYP's wholly-owned subsidiary, Grace Shine, also owned a unit in St Regis Residences. According to a caveat lodged, the 2,594 sq ft, three-bedroom unit on the sixth floor was purchased in April 2007 for $6.107 million ($2,354 psf). It was said to be held for rental income. The unit was vacant before the sale.
The three-bedroom unit was offered for auction concurrently with the penthouse on March 21 by Knight Frank. It had a guide price of $6.35 million ($2,448 psf).
MYP announced on April 9 that Grace Shine had granted a buyer, Evan Li Ting Kuan, an option to purchase the sixth-floor, three-bedroom unit on March 29. The option was exercised on April 5 at $6.05 million ($2,323 psf), based on a caveat lodged then. Li is said to be a Singaporean and an independent and third party unrelated to the company.
The 299-room St Regis Singapore luxury hotel is linked to the St Regis Residences, one of the first luxury hotel-branded apartments in Singapore (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Located on Tanglin Road, the 173-unit St Regis Residences is linked to the 299-room St Regis Singapore luxury hotel. The prime District 10 project 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.
In early May, a 2,153 sq ft unit on the eighth floor of St Regis Residences changed hands for $5.08 million ($2,360 psf). The buyer is also a Singaporean. The unit last changed hands in a sub-sale for $5.38 million ($2,503 psf) in July 2009, according to a caveat lodged then.
Meanwhile, before the latest deal, the last penthouse transaction at St Regis Residences was in December 2021. It was for a 6,006 sq ft penthouse that changed hands for $14 million ($2,331 psf).
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