Singapore’s solid economy and stable political climate, a world-class education system and developed infrastructure and medical facilities, make it one of the choice locations for potential investors, especially foreign ultra-high net worth individuals seeking luxury residences.
17% of the world’s 198,342 ultra-high net worth individuals (UHNWI) — with a net worth of at least US$30m — prefer to buy a new home in Singapore in 2019-2020, Knight Frank revealed. According to its wealth report, about 23% of UHNWIs in Asia and 8% in Australia said they prefer to buy a new home in the city.
Land-scarce Singapore has seen its own fair share of action in the luxury property market in 2019 starting with the whopping sale of Singapore’s biggest penthouse for S$73.8 million. Barely two weeks after, the buyer purchased another property which was worth S$41 million. The sudden flurry of activity in the luxury segment sets every home buyer wonder if we have all been missing out on a segment of the property market.
Owning a luxury property in Singapore at an alluring address such as Orchard Road is certainly a symbol of status in a city like Singapore, but is there more to it?
More Foreigners to Own Top Tier Luxury Assets in Singapore
Ultra-High Net Worth Individuals (UHNWI) such as Sir James Dyson or Alibaba’s Jack Ma have all been reported to have invested in the island’s luxury property market.
Besides them, both the ultra-high net worth individuals (UHNWIs) and more prominent high net worth individuals (HNWIs) following a trend of foreigners – or wealthy foreigners, who were observed to have flock to Singapore, helping the island’s luxury property sector weather a slowdown that plagued the rest of the property market.
Singapore has always been perceived as a safe country, and the property market is considered by many as safe – both in terms of quality of the developments, as well as the prices and value appreciation of the properties.
Local investors are still the driving force
Despite the growing share of affluent foreigners for luxury homes, locals are also playing a significant role in driving sales activity and are still the main driving force behind the property market. In the year 2019, more than 22% of transactions are from foreign demand as seen in the chart below.
Rising affluence amongst locals has resulted in an increase in household wealth and supported the movement up the housing ladder,” noted Sze Teck Lee, director of research at Huttons Asia. “There has been a doubling of households earning more than $20,000 per month over the past ten years,” he added.
Stroll down Orchard Road, and you are instantly reminded of the Ginza streets in Tokyo or Champs Elysees in Paris, where you are surrounded by one iconic mall after another with the full spectrum of luxury brands to high street fashion.
The Name Matters
When it comes to picking out iconic assets that will preserve its value, the reputation of the developer matters.
Within Singapore, Far East Organization stands out as the largest private property developer in Singapore that has contributed to the transformation of Singapore’s urban landscape with over 780 real estate projects. Together with its Hong Kong-based sister company Sino Group, Far East Organization is one of Asia’s largest real estate groups.
The group has publicly listed as well as private development and investment companies under its umbrella and operates in Singapore, Malaysia, Australia, Hong Kong and China. Far East Organization is the only developer in the world to win eleven FIABCI World Prix D’Excellence awards, the highest honour in international real estate.
Far East Organization’s residential projects in Singapore include a wide variety of apartments, condominiums, and semi-detached houses.
One of the World’s Most Prestigious Address
Undoubtedly, living in the Orchard area presents great access to amenities. Its central and highly accessible location brings a myriad of advantages for residents, such as living at the heart of the city’s hustle and bustle.
Two developments within the Far East luxury Inessence collection stands out in this regard.
Skyline @ Orchard Boulevard
An exclusive development designed by world-renowned architect, Fumihiko Maki, this freehold development along 23 Angullia Park in District 9 offers 33 storeys of elevated freehold living in the heart of Orchard Road.
Every residence in this exclusive development comes with a balcony offering a view of Orchard Road and is located near the Orchard MRT station and 600 metres away from the prestigious Four Seasons Hotel.
Seamlessly combining urban luxury, exceptional design, functional space and freedom of taste, this home is highly sought after due to its proximity to shopping malls such as ION Orchard, Wheelock Place, Wisma Atria and even the Central Business District.
Much like Alba, every unit has been elegantly and thoughtfully designed. The collaboration of materials, distinctive light, green spaces, and exclusive facilities completes this luxury haven, where privacy and serenity are simply guaranteed.
Alba – Freehold Modern Luxury at Orchard Road
Conceived by world renowned architect, Arquitectonica, Alba at 8 Cairnhill Rise is defined as a luxury development that offers its residents a distinctive experience in one of the most exclusive enclaves in Singapore.
Located amidst the island’s most iconic retail destination and the finest names in luxury hotels along the tree-lined Orchard Road and Scotts Road, this new freehold residential address in District 9 is one of the world’s most coveted addresses that situates right in the heart of the city.
Each residence comes with private lift access, one of the many things that has been thoughtfully put in place for the residents of Alba alongside its concierge service. No detail is too small when it comes to the residents of Alba.
This prestigious 50-unit freehold property with its distinctive 3-units per floor Y-shaped layout plan provides each unit with greater living space and exclusivity.
Take a short 10-minute stroll, and you will find yourself at Singapore’s most premium retail mall, Paragon Shopping Centre and a premier selection of retail and dining options such as ION Orchard, Takashimaya and Wisma Atria. In addition, the Mount Elizabeth Hospital and esteemed club, Tanglin Club within close proximity.
The Luxury Penthouse Collection
Expensive as they may be the new generation of penthouses on sale here are gaining a lot of traction with property buyers. It isn’t only the sense of exclusivity and scarcity. Most people get blown away because of the view as well.
After all, there is only one top floor.
Often termed “bungalows in the sky”, we have shortlisted a collection of the penthouses available for sale that have been built by Singapore’s leading developer, Far East Organization.
The Alba penthouse is 6,437 square feet and offers a luxurious home complete with private pool and jacuzzi, private lift and four car parking lots.
Another iconic home would be the Skyline @ Orchard Boulevard 3-storey triplex penthouse. Occupying three floors, this penthouse includes three bedrooms, one guest room, two private lifts and designated four car-parking lots, all while offering panoramic views of Orchard Road right through to Marina Bay Sands.
Far East Organization’s Luxury Penthouse Collection is available for private viewing.
Schedule an appointment below for a private viewing of Alba and Skyline @ Orchard Boulevard.