Villa in the sky at Marina Bay Residences for $111.11 mil

by Albert02

Villa in the sky at Marina Bay Residences for $111.11 mil

Villa in the sky at Marina Bay Residences for $111.11 mil.  A 4,489 sq ft, five-bedroom penthouse on the 51st floor of Marina Bay Residences sold for $19.35 million ($4,311 psf) in September. According to a property title search, the buyer is a Singaporean who purchased the property in trust for his son, Reign Kong, an infant and Singapore citizen due to be born in August 2021.

The penthouse’s psf price is the highest in over a decade at Marina Bay Residences. Only in April 2011 did a 2,368 sq ft four-bedroom unit on the 46th floor change hands in a sub-sale for $10.343 million ($4,368 psf). The penthouse was part of a collection of five penthouses spanning the 50th to 55th floors of Marina Bay Residences that the owners listed for sale last February for $138 million, with Tristar Properties serving as the exclusive marketing agency.

The portfolio has been restructured following the divestment of the 51st floor penthouse, which Tristar facilitated. The 50th floor penthouse directly below, which was also included in the original portfolio, is now available for sale as a standalone unit. According to Tristar, which is also marketing it, the five-bedroom penthouse is slightly smaller at 4,478 sq ft and costs $19.3 million ($4,310 psf).

Following the reorganization, the new penthouse collection will now include three penthouses on the 52nd floor (two duplexes and a simplex) as well as the 11,012 sq ft triplex penthouse spanning the 53rd to 55th floors. “At the pinnacle of Marina Bay Residences, the result is a super penthouse of 23,263 sq ft, roughly the size of eight tennis courts,” says Tristar associate director Edwin Yip. “It will have panoramic views of Marina Bay and the Singapore skyline.”

Shift in demand

According to Yip, the pandemic has changed the needs of ultra-high net-worth individuals (UHNWI) looking for homes over the last two years. “They want to be able to work, live, and play in their own home,” he adds. “They want to be able to hold business meetings and entertain clients without disturbing the rest of the family.”

Tristar collaborated with Gwen Tan, co-founder of Singapore-based Formwerkz Architecture and the founder and principal designer of its interior design arm, Studio iF, to better visualize the space. Tan reworked the existing plans for the four penthouses to create a “villa in the sky” with distinct zones for work, entertainment, wellness, and family living.

Studio iF has worked on residential projects in Singapore ranging from Good Class Bungalows (GCBs) to luxury apartments and penthouses, as well as luxury residences, private clubhouses, and boutique hotels in China. Tan’s work with clients in North Asia, particularly China, has given her insight into their lifestyles and habits.

“The ultra-rich Chinese are constantly looking for a better piece of real estate to buy, and they sometimes have multiple homes in the same city,” she observes. “And they can stay in a different house every few days.”

According to Tan, there are no restrictions on the size or grandeur of homes in China. Even the GCBs appear small in comparison, and the typical condominium and apartment sizes in Singapore “seem tiny” to them, she adds.

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