Digging Deeper In The Luxury Properties in Singapore

Where Are Luxury Properties Heading?

Le Nouvel Ardmore, right in the heart of Ardmore, an address which defines one thing.. home to the ultra rich. Recently a penthouse in LNA was sold for S$51 million. We heard of many penthouses and their luxury features. However, you may not have heard of these

- LNA Penthouse is 13,875 sqft. That is almost the size of a Good Class Bungalow (in the sky)

- LNA was named after Jean Nouvel. Jean Nouvel is one of the biggest names in Architecture. He designed the Monolith for Expo 2002 in Switerland, Torre Agbar in Barcelona and many other mind blowing buildings. No wonder he won the Pritzker Prize winner in 2008.

- Many Penthouses we heard had private lifts and perhaps its the least to be mentioned. But this S$51 million penthouse… Jean Nouvel had specially designed a seperate lift shaft to cater exclusively for this penthouse. To put it simply… no one steps into the owner’s lift except for him! Okay… his friends and family too…

- The buyer for LNA Penthouse was the co-founder of Alibaba of China.

- LNA Penthouse is now the highest price ever transacted in Singapore for a penthouse. S$51 million.

So one might ask, did the buyer buy for investment or was it a trophy asset that an ultra-high net-worth person would pay just for vanity? Or both? To go in-depth, one would have to study the CNY/SGD relations, the interest market, chances of hyper inflation, whether it’s the right entry timing for high end properties and many more. Sometimes the more we know… the more we don’t know. Afterall, for penthouse transactions, it’s a willing seller a willing buyer.

One returning trend we can see now for the high end properties in Singapore, more overseas buyers are re-entering the market and looking for their similar “Trophy Asset.” One new upcoming development / new launch condo which satisfies both vanity and investment needs of these buyers, located at Grange Road, developed by City Development Limited, is The Gramercy Park. This is a long withheld development which was not released to the public. It possesses the essence of both luxury and good investment. One key difference that Gramercy Park will have as compared to the others… it will attract both locals and foreigners.

VSF Team