If you go by Reuter’s report ‘bungalow in the sky’ penthouse is on sale for $100 million. The penthouse, which is on the 64th floor, has three stories with a private pool.
‘Bungalow in the sky’ penthouse is going to be the most expensive house in the entire Singapore. It is a part of Wallich Residence. Located at GuocoLand’s Tanjong Pagar Centre, Wallich Residence will be launched in few months.
After the Singaporean property market suffered due to the implementation of property cooling measures from the government, ‘Bungalow in the sky’ will be a test for luxury property in Singapore.
If you go by property consultancy JLL, luxury home prices in Singapore have fallen by 15-20 percent after it peaked in 2013. JLL also presumes that luxury property prices will be increasing by 3-5 percent in 2017. This presumption is based on the growing interest in the luxury property from both locals and foreigners. The buyers are under the impression that the property market is bottoming out.
Actually, in the first quarter of 2017, transaction volume increased by 35 percent, compared to the same period in 2016, in the Core Central Region.
“Many people believe that buying property in Singapore has a good value for money,” said Chandran VR. “That’s because the market is going downhill since last winter.” Chandran VR is a managing director at a real estate agency which specializes in luxury properties. “Currently, they are believing that right moment for buying luxury property has come,” he added. Chandran also said that wise investors will come in Singapore as apartment prices in other places – Hong Kong, for example – are continuing to rise.
According to GuocoLand’s group managing director Cheng Hsing Yao, foreign buyers took interest in GuocoLand’s extravagant Leedon Residence project in the beginning of this year. Leedon Residence is located near the Singapore Botanic Gardens.
“When we are analyzing the numbers, this may not be very big, however, the growing interest from buyers is very significant,” Cheng Hsing Yao said. He also noted that some foreign investors were putting $8-$12 million in the Leedon Residence project.
Wallich Residence is compacted with 181 units that are well-tailored with technology advancement, spacious area and classy layouts to provide a conducive home especially for children’s growth and development.
Wallich residence location provides a fast and quick access arrays of amenities such as the shopping malls like the China Square central, Riverside Point, schools like Marina Bay Link, Robertson Walk, and Suntec City Mall.
It is also near to standard academic schools like the River Valley Primary school, Outram Secondary School, Coleman College, Bukit Merah Secondary School, Crescent Girl’s School and the Cantonment Primary School.
