What's Going on in the Market?

Shocking Loss from Wallich Residence Penthouse Sale by Sir James Dyson

Latest Shocking Loss from Wallich Residence Penthouse Sale by Sir James Dyson

November 27, 2021 8:20 pm

The Shocking Numbers for Sir James Dyson’s Wallich Residence Penthouse Sales

Sometime in July 2019, Billionaire inventor Sir James Dyson paid $73.8 million for a ultra luxe super penthouse in Tanjong Pagar; Wallich Residence.

This was one of the most expensive penthouse that was transacted in Singapore till date.

Slightly more than a year later, it was reported today that he had sold off his triplex penthouse at Wallich Residence for $62 million.

The buyer Mr Leo Koguan is an Indonesia born tycoon who is also a US citizen and co-founder and chairman of IT provider SHI International.

Let us look at some of the figures on this deal.

$73.8 million minus $62 million equals $11.8 million outright loss.

But is this it?

When Sir James Dyson bought the penthouse, he was a Permanent Resident of Singapore which means that he had to pay an additional 5% Additional Buyer Stamp Duty (ABSD) for this.

Total stamp Duty paid for the purchase in 2019? A whopping $6,626,400.

$3.69 million for ABSD $2.936 million for Buyer Stamp Duty

Meanwhile for the sale of this property, Seller Stamp Duty applies and in this case it’s an additional 8% which works out to $5.904 million.

Total loss made from this deal?

$11.8 million plus $6.626 million plus $5.904 million totalling $24.33 million.

Wow… $24,330,000

This is almost half of what they paid; for their purchase of a Good Class Bungalow in Nassim near Singapore Botanic Gardens, which was reported to be at $50 million.

Will you splurge $73.8 million or $62 million for a Wallich Residence Penthouse like what Sir James Dyson and Leo Koguan did if you have the money?

Other High Profile Super Penthouse Transactions in Singapore

Prior to this, the latest high profile Penthouse transaction include Businessman Huang Youlong, husband of famous actress Vicky Zhao Wei who bought an 8,740 square feet penthouse at Ardmore Park Condominium for $28 million in April 2020. The surprising thing here is that the option to purchase (OTP) for this transaction was issued way back in 2017. They had an option period of 1,096 days to exercise the option!

Then there was also Eduardo Saverin, a Brazilian entrepreneur who was also one of the co-founders of Facebook. He bought a 10,300 square feet penthouse at Sculptura Ardmore for over $60 million. This was reported to be in August 2017, although this record could not be found in the caveated transactions from URA.

Moving on to April 2015, Chinese businessman and co founder of Alibaba Mr Sun Tongyu bought a 13,573 square feet penthouse at Le Nouvel Ardmore for $51 million. Considering this was a brand new super penthouse and it was sold at $3,757 per square feet, it is still one of the most valued buys among the super rich.

Next up was the controversial buy involving Malaysian businessman Low Taek Jho who is commonly known as Jho Low and the man behind the 1MDB scandal in Malaysia. In June 2013, he paid $42.9 million for a 7,718 square feet penthouse and $11.53 million for the 2,260 square feet three bedroom unit directly below the penthouse in Twentyone Angullia Park.

Check out the summary here in this High Profile Super Penthouse Purchases in Singapore infographic