When it comes down to square footage, a bungalow in Singapore probably has more to offer, and comes with the association of prestige and exclusivity. However, aside from the buying restrictions that govern landed properties, especially Good Class Bungalows (GCB)—which require the buyers to be citizens—penthouses mark a few other boxes on the checklist of ultra-high-net-worth (UHNW) individuals.
These UHNW—individuals who have US$30 million (approximately S$40.56 million) net worth inclusive of their primary residence—comprise overseas buyers from around the region who were previously investing outside Asia, and are now looking at making property purchases in Singapore.
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The novelty factor
Soaring high above exclusive condominium complexes, penthouses are located such that they offer the best views of the city. In Singapore, these would include views of the shimmering cityscape, lush canopies and the sea, or all of the above.
“In the new-normal where biophilic design is trending, and space and greenery are premium, freehold penthouses are an even more attractive prospect (to buyers),” says Terri Tan, design director of Designworx Interior Consultant, a local studio that has crafted numerous penthouses and luxurious homes in Singapore.
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