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Skywaters Residences unit sold for S$47.34 million or S$6,100 psf, marking new record for 99-year projects

A penthouse at the ultra-luxury Skywaters Residences has been sold, as recorded in 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 per square foot (psf).

The buyer, according to the caveat, is a foreigner, though the nationality isn’t specified. Sources suggest the buyer might be a US citizen. As a result, the buyer enjoys the same tax treatment as a Singaporean first-time homebuyer and is exempt from the 60% additional buyer’s stamp duty (ABSD) that would have amounted to $28.4 million.

Skywaters Residences, with 190 units, is located at 1 Prince Edward Road. It is part of the redevelopment of the former AXA Tower at 8 Shenton Way in District 2’s Tanjong Pagar area. The residences occupy the top floors of The Skywaters, a new 63-storey mixed-use development comprising offices, retail, and a hotel. Upon completion, The Skywaters, standing at 305m, will be the tallest skyscraper in Singapore, surpassing Guoco Tower.

The architecture of The Skywaters is a collaboration between Singapore-based DCA Architects and Skidmore, Owings and Merrill (SOM), renowned for designing iconic skyscrapers such as Burj Khalifa in Dubai, One World Trade Centre in New York, and Guoco Tower. The Skywaters is slated for completion in 2028.

The 7,761 sq ft penthouse is one of eight luxurious units at Skywaters Residences. The penthouses start from the 57th floor, with the largest being two 18,000 sq ft sky villas on the topmost floors. The units at Skywaters Residences are marketed through VIP previews and by invitation only.

This penthouse transaction is notable as one of the few in Singapore that have exceeded the $6,000 psf mark. The highest psf record remains with The Marq on Paterson Hill, where a 3,089 sq ft unit was sold for $6,650 psf by SC Global Developments in November 2011. The Marq on Paterson Hill is a freehold, 66-unit development completed in 2011, located in District 9.

In comparison, at Les Maisons Nassim, a 12,077 sq ft super penthouse sold for $75 million or $6,210 psf in October 2021. Another penthouse of 11,227 sq ft sold for $68 million ($6,057 psf) in October 2022. Developed by Shun Tak Holdings, the 14-unit, freehold Les Maisons Nassim is in District 10.

This recent transaction at Skywaters Residences, at $6,100 psf, marks it as Singapore’s first 99-year leasehold development to cross the $6,000 psf threshold. The previous record was held by The Orchard Residences, where a 5,048 sq ft penthouse sold for $28.27 million or $5,600 psf in late 2007, although no caveat was lodged.

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

The Business Times

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