Breaking News
0

British billionaire Dyson buys Singapore's priciest penthouse

Stock MarketsJul 10, 2019 01:04AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

SINGAPORE (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.

Wallich Residence's penthouse sits in the tallest building in Singapore, built by developer GuocoLand Ltd (SI:GUOC).

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 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 neighbors, 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.

British billionaire Dyson buys Singapore's priciest penthouse
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Steve Bucher
Steve Bucher Jul 09, 2019 11:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
100 million and in 99 years you or your inheritors don't own it.
Martin Beach
Martin Beach Jul 09, 2019 11:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
currency hedge?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email