British billionaire James Dyson buys Singapore's priciest penthouse valued around $100 million
British billionaire James Dyson, inventor of the bagless vacuum cleaner, has bought Singapore`s most expensive penthouse, official records show.
British billionaire James Dyson, inventor of the bagless vacuum cleaner, has bought Singapore`s most expensive penthouse, official records show. The three-story penthouse - once valued at S$100 million ($73.44 million) - sits on the 62nd-64th floor, is equipped with a private pool and located in the heart of the city-state`s financial district. Dyson, a Brexit supporter, announced in January he is moving his head office from Britain to Singapore to be closer to its fastest-growing markets. His eponymous firm - which also makes bladeless fans, air purifiers and hair dryers - plans to build its first electric car in the city-state.
Wallich Residence`s penthouse sits in the tallest building in Singapore, built by developer GuocoLand Ltd. Before its unveiling in 2017, the highest asking price for the "bungalow in the sky" reached a dizzying S$100 million, making it Singapore`s most expensive. Official title records seen by Reuters show Dyson and his wife became tenants of the 99-year leasehold property on June 20. The records did not state the price paid but Business Times reported that Dyson bought the property for S$73.8 million ($54.17 million).
"Given the decision to locate the headquarters in Singapore and the growing focus of the company`s business in the region, of course James Dyson has bought a property there," a Dyson spokesman said, without giving further details of the purchase. The 72-year-old has become one of Britain`s best-known entrepreneurs, creating a multibillion-dollar company from an insight that a cyclone could collect household dust better than a clogged-up bag. Singapore is an island of well-heeled stability that attracts the super-rich from its less-developed Southeast Asian neighbours, as well as multi-millionaires from mainland China.
To cool its property market, the Singapore government intensified property curbs last year after a 9.1% annual increase in home prices and as developers paid record amounts to buy land. Foreigners now have to pay levies of over 20% to buy property in the city-state under the new rules.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.