Where the Ultra Rich Live in Singapore
According to the Wealth Report, ultra-high net worth Asians consider Singapore as one of the top destinations for investing in residential properties. In fact, Alibaba co-founder, Sun Tongyu, bought one of the most expensive condominiums on the island, the penthouse of Le Nouvel Ardmore in 2015. In this article, we look at where the world’s ultra rich buy property in Singapore and what makes the country a great hub for investment.
Also known as Good Class Bungalows, landed houses are the most prestigious type of housing in Singapore. With space at a premium, it’s unsurprising that this type of property is also highly expensive. Owners have to comply with the requirements imposed by the Urban Redevelopment Authority (URA) such as two storey building height restriction and the minimum lot size requirement of 1,400 square metres.
These premium homes range from $ 4.4 million to more than $ 100 million, with price per square meter starting at $2,000. Most are located in exclusive areas of Orchard Road, Holland Park, and Chatsworth Park. They are usually equipped with amenities such as a swimming pool, a garden, and off road parking.
Located in Sentosa Island, Sentosa Cove is the only place in Singapore where foreigners can purchase landed property in the country. The gated community includes security and concierge services. Aside from bungalows, there are also several waterfront villas and high rise condominiums in the area. The exclusivity and privacy that Sentosa Cove offers makes it another ideal property for Singapore’s ultra rich.
Singapore, the key luxury hub in Southeast Asia, is also home to the most lavish condominiums in Asia. Reignwood Hamilton Scotts, located near the retail and entertainment hub of Orchard Road, is known for its ‘car porch in the sky’. Owners park their supercars in an en-suite sky garage viewable right from the living room. Oue Twin Peaks is conveniently located on Leonie Hill Road, close to iconic Singapore landmarks in Marina Bay. The ready-to-live-in apartments come fully furnished with designer pieces, perfect for those with refined taste. Another noteworthy luxury condominium in the country is The Marq on Paterson Hill. Residents of the Marq can enjoy exclusive amenities such as a 24/7 concierge service and a lap pool in every floor. One of Singapore’s newest luxury properties is the Wallich Residence. Ideally located in Tanjong Pagar Centre in the Central Business District, Wallich Residence is currently the tallest residential development in Singapore. The development also boasts the largest and tallest penthouse called the super penthouse. Set to be the grandest residence in Singapore, the super penthouse is a staggering 21,108 sq. ft. triplex that is located at the topmost levels of the building from Level 62 to 64, which comprises the pool & entertainment area on Level 64 and a private garden on Level 62. . With superior views of the Singapore skyline, it truly is the most exclusive and premium property in Singapore right now.
Overall, Singapore’s strategic location as a gateway to Asia makes it a global hub for international business and finance with world-class infrastructure. Renowned for its security, political stability, and thriving economy, it is no surprise that high net worth individuals invest in Singapore’s hyper luxurious real estate.