A 5,598 sq ft, duplex penthouse at St Regis Residences is on the market with a price tag of $17 million ($3,037 psf). It is currently the only penthouse at the project available for sale, according to Sueann Lye, associate director of List Sotheby’s International Realty (List SIR). She is the exclusive marketing agent for the penthouse.
Completed in 2008, the 999-year leasehold St Regis Residences was developed by City Developments Ltd (CDL). It comprises 173 three- and four-bedroom apartments and penthouses spread across twin 23-storey blocks. Adjoining the residences is the 20-storey St Regis Singapore with 299 guest rooms.
The penthouse for sale has four en suite bedrooms as well as a helper’s room with en suite bathroom. The master bedroom and guest-room come with a separate walk-in wardrobe. The unit also has a swimming pool on the upper floor with views of Tomlinson Road and Orchard Boulevard.
The owners had purchased the penthouse when it was launched in July 2006 for $13.72 million ($2,450 psf). The asking price of $17 million represents a gain of 23.9% over 13 years.
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Lye reveals that the owners are selling the penthouse to move to a bigger place to accommodate their growing family. While the unit is more than 10 years old, its original finishing is well-maintained. “The owners are home-proud, so over the years, they have been spending money to upkeep and maintain the place,” she says.
Han Huan Mei, List SIR’s director of research, points out that “there is a limited supply of such good-quality luxury homes”. She states: “As well-heeled foreigners are unable to buy landed properties in Singapore with the exception of bungalows at Sentosa Cove, the best alternative would be to purchase penthouses for the large living space that they desire and for capital preservation purposes.”
In addition, Han has observed increased interest in penthouses in the past 12 months, some of which are centred around new projects near St Regis Residences. These include developments such as CDL’s Boulevard 88 and New Futura, and YTL’s 3 Orchard By-The-Park.
Meanwhile, recent penthouse transactions were recorded at 3 Orchard By-The-Park, New Futura, CDL’s Gramercy Park and SC Global Development’s The Boulevard Residence.
According to List SIR’s Han, the price tag of $17 million for the St Regis Residences penthouse “reflects price levels of other high-quality residences in the Orchard Boulevard-Cuscaden area”.
Source: URA Realis
Lye notes that St Regis Residences continues to attract buyer interest with its St Regis branding and concierge services. St Regis Residences has its own dedicated concierge to serve the residents. Residents may ask for room service, butler service or laundry service from the adjoining St Regis hotel. “Some buyers specifically choose St Regis Residences for its concierge services and the fact that it is in the heart of Orchard yet away from the noise,” she says.
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