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Penthouse at Skywaters Residences sold for $47.3 mil

/ EdgeProp Singapore |

May 31, 2024 11:14 PM SGT

Artist's impression of the 305m The Skywaters mixed-use development, which will be the tallest building in Singapore when completed in 2028 (Source: SOM/Bezier)

One of the penthouses at the ultra-luxury Skywaters Residences has just been sold, based on a caveat lodged with URA Realis on May 20. The 7,761 sq ft, 99-year leasehold unit on the 57th floor fetched $47.34 million or $6,100 psf.

Based on a caveat lodged with URA Realis, the buyer is a foreigner, although the nationality isn't specified. Sources reckon the buyer could be a US citizen, who will have the same tax treatment as a Singaporean first-time homebuyer. Hence, a US citizen will not be subjected to a 60% additional buyer's stamp duty (ABSD), which would have amounted to $28.4 million.

The 190-unit Skywaters Residences is located at 1 Prince Edward Road. It is part of the redevelopment of the former AXA Tower at 8 Shenton Way in the Tanjong Pagar area of District 2. The residences sit at the topmost floors of a new 63-storey mixed-use development, The Skywaters, that includes offices, retail and a hotel. At 305m tall, The Skywaters will be the tallest skyscraper in Singapore, superseding Guoco Tower, the reigning tallest tower in Singapore.

The architect for The Skywaters is a partnership between Singapore-based DCA Architects and Skidmore, Owings and Merrill (SOM), famous for the design of skyscrapers such as Burj Khalifa in Dubai, One World Trade Centre in New York and Guoco Tower. The Skywaters is scheduled for completion in 2028.

The 7,761 sq ft penthouse is one of eight palatial units at Skywaters Residences. The penthouses start from the 57th floor, and the two biggest units are 18,000 sq ft sky villas at the topmost floors.

The Skywaters is a mixed-use development by a consortium led by Perennial Holdings, which includes Alibaba (for the office component) and SingHaiyi Group.

The units at Skywaters Residences have been marketed by the developer via VIP previews and by invitation only.

The penthouse is one of only a handful of transactions in Singapore that have crossed the $6,000 psf threshold. The record high of $6,650 psf is still held by The Marq on Paterson Hill, when a 3,089 sq ft unit was sold by developer SC Global Developments in November 2011. The Marq on Paterson Hill is a freehold, 66-unit development completed in 2011 and located in prime District 9.

Project info of Skywaters Residences. You can now use EP Buddy to learn more about project details, transactions, valuation, and much more!

At Les Maisons Nassim, the super penthouse of 12,077 sq ft was sold for $75 million or $6,210 psf in October 2021. The second largest penthouse of 11,227 sq ft was sold for $68 million ($6,057 psf) in October 2022. Developed by Shun Tak Holdings, the 14-unit, freehold Les Maisons Nassim is freehold and located in prime District 10.

With this recent transaction at $6,100 psf, Skywaters Residences is Singapore's first 99-year leasehold development to have crossed the $6,000 psf threshold. Prior to this, the last record was held by The Orchard Residences, when a 5,048 sq ft penthouse was sold for $28.27 million or $5,600 psf in late 2007, although a caveat wasn't lodged then.

The 175-unit, 99-year leasehold The Orchard Residences is part of the mixed-use development that includes the ION Orchard shopping mall. It is also integrated with the Orchard MRT Interchange Station (for the North-South and Thomson-East Coast Lines). The project is a joint development by CapitaLand and Hong Kong-listed property developer Sun Hung Kai Properties.

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