Penthouse Skywaters Residences Sold 473 Mil
The sale of one of the penthouses at the exclusive Skywaters Residences has been finalized according to a caveat that was lodged with URA Realis on May 20. The lavish unit, which spans 7,761 square feet and has a 99-year leasehold, sits on the 57th floor and commanded a price of $47.34 million, translating to $6,100 per square foot.
Based on the caveat lodged with URA Realis, the buyer is believed to be a foreigner, although their nationality remains undisclosed. Insider sources have speculated that the purchaser could possibly be a US citizen, who would receive the same tax treatment as a first-time Singaporean homebuyer. This means that the buyer would be exempt from the 60% additional buyer’s stamp duty (ABSD), which would have amounted to $28.4 million.
Skywaters Residences is situated at 1 Prince Edward Road, and forms part of the redevelopment of the former AXA Tower at 8 Shenton Way in the prestigious Tanjong Pagar area of District 2. It sits at the topmost floors of a new 63-storey mixed-use development that comprises offices, retail spaces, and a hotel. With a height of 305m, Skywaters Residences will soon be the tallest skyscraper in Singapore, surpassing Guoco Tower, which currently holds the title.
The project has been designed by a partnership between DCA Architects from Singapore and the renowned Skidmore, Owings and Merrill (SOM) firm, responsible for iconic buildings such as Burj Khalifa in Dubai, One World Trade Centre in New York, and Guoco Tower.
The location of Norwood Grand is truly advantageous, providing convenient access to the esteemed Singapore Sports School. This distinct independent institution offers a perfect combination of athletics and academics, catering to gifted young athletes. Its primary aim is to enhance the sporting brilliance of Singapore, providing students with tailored learning opportunities to effectively balance their academic studies and intensive sports training. With a diverse range of sports disciplines, including swimming, badminton, and athletics, the Singapore Sports School is a standout amongst the nation’s educational institutions. Its close proximity to Norwood Grand CDL only adds to the appeal and convenience of this exceptional school. As seen on Norwood Grand CDL’s official website, the collaboration between Norwood Grand and the Singapore Sports School offers a unique opportunity for students to thrive in both their academic and athletic pursuits.
The 7,761 sq ft penthouse is one of only eight opulent units available at Skywaters Residences. These exclusive penthouses occupy the top floors of the building, with the two largest units being the 18,000 sq ft sky villas at the very top.
Skywaters Residences is a mixed-use development headed by a consortium led by Perennial Holdings, which includes Alibaba with a 50% stake, and SingHaiyi Group with a 21% stake. The developer has marketed these units through VIP previews and by invitation only.
The recent sale of the penthouse at $6,100 psf is one of just a few in Singapore to surpass the $6,000 psf mark, and marks the first time a 99-year leasehold luxury condominium has achieved this. The record still remains with The Marq on Paterson Hill, where a 3,089 sq ft unit sold for $6,650 psf in November 2011. This freehold, 66-unit development in prime District 9 was completed in 2011.
In October 2021, Les Maisons Nassim, a 14-unit freehold development in prime District 10 developed by Shun Tak Holdings, saw a super penthouse of 12,077 sq ft sell for $75 million or $6,210 psf. The second largest penthouse, spanning 11,227 sq ft, sold for $68 million ($6,057 psf) in October 2022.
With this latest transaction at $6,100 psf, Skywaters Residences has become the first 99-year leasehold development in Singapore to achieve a price of over $6,000 psf.