KOP launches 9,600 sq ft duplex penthouse at Dalvey Haus for sale at $42 mil

/ EdgeProp Singapore |

February 15, 2024 10:00 AM SGT

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The 17-unit Dalvey Haus was completed in August 2023 (Photo: Samuel Isaac Chua/EdgeProp Singapore) .

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At Dalvey Haus, a 9,600 sq ft six-bedroom duplex penthouse with a $42 million ($4,375 psf) price tag is on the market. The freehold penthouse occupies the entire floorplate of the block and has full-height, double-glazed glass windows with views on all four sides.

“This penthouse is really good value for money — it has a regular shape, no odd corners, no balconies or private enclosed space,” says Leny Suparman, CEO of Singapore-listed real estate developer and entertainment company KOP. “Every inch is usable space.”

The duplex penthouse at Dalvey Haus has a private lift, separate living and dining rooms, a wine room, a powder room and an en suite guest bedroom on the first level. On the second level are five en-suite bedrooms. All the bathrooms have full Italian marble, a double sink vanity top and a standalone bathtub.

The master bedroom has a sitting room, a private study or home office and separate his and hers walk-in wardrobes (a much larger one for her). The master bathroom has a double shower in addition to the other amenities.

The living room of the 9,600 sq ft, duplex penthouse at Dalvey Haus (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Merging of smaller units

The duplex penthouse has just one other unit below it: a 4,661 sq ft, four-bedroom-plus-study simplex apartment. The unit was sold to an Indonesian buyer in January 2023 for $16.28 million ($3,493 psf), based on a caveat lodged then. The simplex apartment was the result of the merging of several smaller units. Hence, there are just two units in the block.

Dalvey Haus was initially designed as a 27-unit, low-rise luxury condo with two-, three- and four-bedroom units. However, amid Covid in 2020, it was felt that there was a greater demand for large units. Dalvey Haus’ appointed architect Eco-ID and interior designer LTW Designworks returned to the drawing boards to reconfigure and merge the smaller units into larger ones.

The final result is a 17-unit luxury development across two blocks. Besides the penthouse block, the other block has a mix of three- and four-bedroom units. Three-bedroom units are 1,561 sq ft, while four-bedroom are 1,938 sq ft to 2,788 sq ft. Like the penthouse, all the units have full-height double-glazed windows, cutting out the glare and the noise. “The buyers are predominantly owner-occupiers, and those I have spoken to have commented on how quiet and tranquil it is,” says Suparman.

Suparman: This penthouse is the most worth it in Singapore – it has a regular shape with no odd corners, no balconies or private enclosed space. Every inch is usable space (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Developed jointly by KOP Properties (a 100% subsidiary of KOP) and Low Keng Huat in a 60:40 joint venture, Dalvey Haus obtained its Temporary Occupation Permit (TOP) in July 2023. The development is also the first to have a façade entirely clad with Dekton, an engineered stone under Consentino. It has the feel of marble and is often the choice for kitchen countertops in luxury apartments.

Based on caveats lodged, the latest transaction at Dalvey Haus was for a 2,164 sq ft, four-bedroom unit on the first level that fetched $7.5 million ($3,467 psf) in November. Only three units, including the penthouse, are available for sale. The other two units are a three-bedder and a four-bedder, with asking prices of $6 million and $7.5 million respectively.

On Feb 5, KOP reported earnings of $1 million for 9MFY2024, ending Dec 31, 2023, a reversal from its loss of $36.2 million the previous year. According to the company, 9MFY2024 revenue surged 241% y-o-y to $77.1 million, mainly due to revenue recognition from units sold at Dalvey Haus.

The façade of Dalvey Haus is entirely clad in Dekton engineered stone slabs by Cosentino, usually used for kitchen countertops (Photo: Samuel Isaac Chua/EdgeProp Singapore)

‘GCB address without the GCB’

Suparman reckons the duplex penthouse at Dalvey Haus will appeal to those who want the Dalvey Estate Good Class Bungalow address but can’t purchase a GCB.

Dominic Lee, head of the luxury team at PropNex adds: “The duplex penthouse will certainly appeal to Singapore permanent residents (PR) who want to live in a house but are not eligible to purchase a landed property. This is one of the few sizeable penthouses of about 10,000 sq ft available today.”

According to Lee, demand for large-format units in luxury condos in the prime districts has not diminished. “In every luxury project that we have been involved in, we have noticed that the large units have always been the first to go, especially in freehold developments,” he says.

Two resale transactions at The Ritz-Carlton Residences recently demonstrated the demand for sizeable units. Based on caveats lodged on Jan 9, two adjacent 3,057 sq ft, four-bedroom units on the 33rd floor of The Ritz-Carlton Residences changed hands for $16.5 million ($5,397 psf) each. The transactions set a new record for the 58-unit, freehold luxury condo on a psf price basis. The buyers are a Chinese couple who are both Singapore PRs. They are expected to merge both units to create a 6,114 sq ft mega unit. PropNex brokered the deals.

Based on caveats lodged on Jan 9, two adjacent 3,057 sq ft, four-bedroom units on the 33rd floor of The Ritz-Carlton Residences changed hands for $16.5 million ($5,397 psf) each (Photo: Samuel Isaac Chua/EdgeProp Singapore)

‘Good value’

Suparman believes Ritz-Carlton Residences can command the resale prices it has achieved recently as the developer ensures that the project is well-maintained. “We take pride in our product,” she adds. “We want to make sure that buyers get good value.”

The 36-storey Ritz-Carlton Residences was developed by KOP Properties and completed in 2011. It is a redevelopment of the former Horizon View on Cairnhill Road, purchased en bloc for $113 million in October 2006.

KOP Properties has just one penthouse at Ritz-Carlton Residences available for sale at $40 million ($6,153 psf). It’s a 6,501 sq ft triplex on the 35th and 36th floors with a roof terrace and private pool.

Another development by KOP Properties nearby is the 56-unit, freehold Reignwood Hamilton Scotts, where every unit has a sky garage. The 36-storey tower was completed in 2012. It is a redevelopment of the old Hotel Asia on Scotts Road, purchased for $147 million in February 2007.

Suparman continues to own a three-bedroom unit at The Ritz-Carlton Residences and another unit at Reignwood Hamilton Scotts, both of which she purchased when the projects were first launched 16-17 years ago.

She has since rented out her apartment at the Ritz-Carlton Residences, which she formerly occupied, and moved to the one at Reignwood Hamilton Scotts. “Since [Reignwood Hamilton Scotts] is also our own project, and we continue to manage it, I wanted to try living in it too,” she says.

Units at Reignwood Hamilton Scotts overlook the greenery and black and white bungalows at Goodwood Hill. The Ritz-Carlton Residences offers city skyline views, while Dalvey Haus has views of the Dalvey Estate GCB area, adds Suparman. “All our projects offer views.”

The 56-unit, freehold Reignwood Hamilton Scotts, where every unit has a sky garage (Photo: Samuel Isaac Chua/EdgeProp Singapore)

A 12-year hiatus

Dalvey Haus was developed 12 years after The Ritz-Carlton Residences and Reignwood Hamilton Scotts. The process started sometime in 2018 when Suparman was chatting with an investment sales agent and enquiring about the market deals. “We weren’t seriously looking for a site,” she says.

However, she became intrigued when the agent told her about Villa D’Este, a block of 12 apartments on a 55,000 sq ft freehold corner plot on Dalvey Road. It was launched for collective sale twice: first in July 2017 and then in January 2018. Both tenders closed without bids, and the site was made available for sale by private treaty.

Developers who saw the site had passed on it, as they felt it was too small and challenging to create a well-designed project. Suparman felt otherwise after she visited the site. “I thought we could do something stately and imposing,” she says. “And we hadn’t done a residential project for a long time.”

The Dalvey Road address and location were also a draw. Besides being in a GCB location, it’s a five-minute walk to the Singapore Botanic Gardens.

Therefore, KOP Properties and Low Keng Huat jointly purchased Villa D’Este for $93 million in May 2018. Including a development charge of $130,000, the purchase price translated to $1,898 psf per plot ratio (psf ppr).

In February 2023, KOP Properties purchased Charlton House Hotel & Spa in Somerset Mendips in the UK for GBP3.1 million (Photo: KOP Properties)

Hospitality

KOP Properties has also been focusing its attention on hospitality projects overseas. It launched the Montigo Resorts, Nongsa, in Batam in 2012, followed by the Montigo Resorts, Seminyak, in Bali, in 2015.

In February 2023, KOP Properties purchased Charlton House Hotel & Spa in Somerset Mendips in the UK for GBP3.1 million. It’s a Grade II listed, 28-room English country house. The property has been refurbished and rebranded to Montigo Resorts, Somerset.

The subsequent acquisition in the UK was in June 2023, when KOP Properties purchased the 105-key Burns Hotel in London for nearly GBP 35 million. The hotel is in Barkston Gardens, in Earls Court, west London, within the Borough of Kensington & Chelsea. Burns Hotel comprises five interconnected Georgian townhouses, a reception room, a bar, a restaurant, and a private garden. The hotel is undergoing extensive refurbishment and will reopen sometime in 1Q2024 under the Montigo Resorts brand.

According to KOP in its 9MFY2024 results, the higher revenue from its hospitality business was mainly due to the full opening of Montigo Resorts, Nongsa in Batam and Montigo Resorts, Seminyak in Bali after the lifting of the travel restrictions by various countries in the previous financial year. KOP had also refurbished the properties.

The performance of its hospitality business was also boosted by contributions from the newly-acquired Montigo Resorts, Somerset, in the UK.

KOP Properties purchased the 105-key Burns Hotel in London for nearly GBP 35 million in June 2023 (Photo: KOP Properties)

Focus on UK, Singapore

“We like the London market; we have been there before when we bought Ten Trinity Square,” says Superman. That was back in 2010 when KOP Properties purchased Ten Trinity Square (the former headquarters of the Port of London Authority) jointly with Chinese investment company Reignwood Group. In 2012, KOP Properties sold its stake to Reignwood Group, which has turned the Grade II listed building into a Four Seasons Hotel with 41 luxury residences and an exclusive members’ club.

Hence, KOP Properties will focus on markets like the UK and Singapore, in which the group already has a presence. In the residential market, the developer wants to continue to focus on the luxury segment. “However, the Singapore market is a bit challenging right now,” says Suparman, especially with the property cooling measures introduced in April 2023, with the 60% additional buyer’s stamp duty (ABSD) imposed on foreign buyers.

If the right opportunity presents itself, “we are always keen to explore”, she adds, pointing to Dalvey Haus. “After all, we didn’t think we would be doing more residential projects, but when [Villa D’Este] came along, we went in.”

In its hospitality business, KOP wants to focus on “affordable luxury, which we think is very sustainable and more accessible to everyone,” says Suparman.

Check out the latest listings for Dalvey Haus properties

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