Singapore's Luxury Residential Market Gets $11 Billion Makeover
The Singapore luxury residential market is set to receive a billion dollar makeover. In the next few years, around USD $11.8 billion worth of integrated developments and iconic residences will pop up across the skyline in an attempt to overhaul the country's luxury residential market.
These new luxury properties are aimed to impress foreign buyers whose segment in the luxury property market of Singapore remained consistent through 2013. Luxury properties by local buyers dropped 44 percent and purchases by permanent residents dropped by 27 percent in 2013.
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Of the four main projects, each of the residences and developments boast panoramic views, world-class design and architecture, and personalized services for residents. The projects will also feature an integrated development combining residences with retail space, offices and even business hotels in some cases.
When completed in 2016, the Clermont Residence will be the tallest building of its kind in the country. The 181-unit property will be located at the top of Tanjong Pagar Center (Singapore's tallest building), and offers unobstructed views of the city and sea. The residence — designed by Skidmore, Owings & Merrill — will also offer residences their own dedicated concierge and observation decks to take in the sweeping views.
Marina One will epitomize Singapore's "City in a Garden" concept with a lush garden at the building's core. Located within the Central Business District, the property is designed by Christoph Ingenhoven who is known for creating sustainable and eco-friendly buildings.
The South Beach Residences will contain 190 units when completed and will boast unparalleled views of the Marina Bay and Central Business Districts. Foster and Partners along with Philippe Starck designed the property to incorporate four conserved buildings, bringing in part of Singapore's rich history into the modern complex.
Also, Capitol Singapore — a luxury-lifestyle development in the Civic and Cultural District — will be home to the Eden Residences. The 39-unit property will offer residents the exclusive opportunity to reside alongside three historically conserved buildings: Capitol Theatre, Capitol Building and Stamford House.
And just in case you were wondering, the iconic homes will come with a hefty price tag that will reflect their lavish amenities and features. In 2013, transactions for the Clermont Residence and Eden Residences Capitol were about USD $3,000-3,200 per square foot, compared to other luxury homes in the area costing an average of USD $2,600 per square foot. The developments are sure to maintain Singapore's position as the world's most expensive place to live, as ranked by the Economist Intelligence Unit.
