Five Bedroom Unit 55Th Floor Skywaters Residences Sold 5841 Psf
In summary, purchasing a condo in Singapore presents a multitude of benefits, including a high demand in the market, potential for appreciation in value, and favorable rental yields. However, it is crucial to carefully evaluate various aspects such as its location, financing options, government regulations, and current market conditions. By conducting thorough research and seeking expert guidance, investors can make well-informed decisions and maximize their returns in Singapore’s ever-evolving real estate industry. Whether you are a local investor looking to diversify your portfolio or a foreign buyer in search of a stable and profitable investment, condos in Singapore, available through platforms like Condo, provide a compelling opportunity.
A luxurious five-bedroom unit spanning over 5,000 sq ft on the 55th floor of Skywaters Residences has recently been sold for $30.87 million, equivalent to $5,841 per square foot (psf). According to a caveat lodged on June 19, the buyer, a Singapore Permanent Resident (PR), will be subject to an additional buyer’s stamp duty (ABSD) of 5%. The sale was brokered by ERA Realty Network, just one year after a penthouse in the same development set a record-breaking psf price of $6,100 in May 2024.
Situated at 1 Prince Edward Road in the prestigious Tanjong Pagar area, Skywaters Residences comprises 190 units that occupy the 27th to 63rd floors of the tower, which stands at a height of 305m. The lower levels of the building are occupied by the ultra-luxury Aman Hotel from the 24th to 26th floors, and the Aman-branded residences from the 28th to 30th floors. Grade-A offices take up the 3rd to 22nd floors and a retail mall spans across basement 1 to level 2. With direct access to Tanjong Pagar MRT station on the basement level, the development also offers parking facilities on basements 2 to 4.
The Skywaters is a mixed-use development jointly undertaken by Perennial Holdings, Chinese tech giant Alibaba (for the office component) and SingHaiyi, and is a redevelopment of the former AXA Tower. Designed by DCA Architects and global firm Skidmore, Owings & Merrill (SOM), the project is set to become a new landmark in the Core Central Region (CCR) and is expected to be completed in 2028. SOM is renowned for designing some of the world’s tallest skyscrapers, including the Burj Khalifa in Dubai, One World Trade Center in New York, and Singapore’s current tallest building, the Guoco Tower at 290m.
Despite its impressive psf price, the five-bedroom unit at Skywaters Residences still surpasses the previous record of $5,600 psf achieved by a penthouse at The Orchard Residences. The 5,048 sq ft penthouse was sold for $28.27 million in 2007. The 175-unit Orchard Residences, also a 99-year leasehold, sits atop the ION Orchard shopping mall and is seamlessly connected to the Orchard MRT Interchange Station (North-South and Thomson-East Coast Lines). Developed by CapitaLand and Hong Kong-listed Sun Hung Kai Properties, the project in prime District 9 was completed in 2010.
For those interested in Skywaters Residences, check out the latest listings for available units. Additionally, you can compare the price trends of HDB, condominiums, and landed properties in District 1, and find out more about the tenure of Skywaters Residences and the buyer profile for the development. Don’t miss out on the recently launched projects in the area, and stay updated with the latest news and developments. In related news, URA plans to continue rejuvenation efforts in the Central Business District (CBD) with the extension of the CBD Incentive Scheme (CBDI) and Strategic Development Incentive Scheme (SDI). Luxury condo transactions in the recent months have been dominated by The Skywaters, Ardmore Park, and 32 Gilstead, with the penthouse at Skywaters Residences being sold for a staggering price of $47.3 million.