British billionaire Dyson buys Singapore's priciest penthouse

Guocoland

10/07/2019 04:03

* James Dyson bought the property for $54.2 million - local
media
    * The Brexit supporter moved his head office to Singapore in
Jan
    * 3-storey penthouse on 64th floor, equipped with private
pool

    SINGAPORE, July 10 (Reuters) - 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.  urn:newsml:reuters.com:*:nL8N1ZM5M6
    Wallich Residence's penthouse sits in the tallest building
in Singapore, built by developer GuocoLand Ltd  GUOC.SI .
    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. https://reut.rs/30zpWX9
 
    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 https://www.businesstimes.com.sg/real-estate/dyson-owner-forks-out-s738m-for-singapores-costliest-penthouse
 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.  urn:newsml:reuters.com:*:nL4N1U22EE
    
($1 = 1.3623 Singapore dollars)
    

 (Reporting by Fathin Ungku, John Geddie and Aradhana Aravindan;
Editing by Rashmi Aich)
 ((fathin.ungku@thomsonreuters.com;))