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A luxurious five-bedroom unit spanning 5,285 square feet on the 55th floor of Skywaters Residences, Singapore’s soon-to-be highest tower, has been sold for a whopping $30.87 million. This translates to a staggering $5,841 per square foot, according to a caveat lodged on June 19. Realis data has revealed that the buyer is a Singapore permanent resident (PR) who will be subject to an additional buyer’s stamp duty (ABSD) of 5%. The deal is believed to have been brokered by ERA Realty Network.

This transaction has made headlines just a year after another penthouse at Skywaters Residences set a record with a sale of $47.34 million ($6,100 psf) in May 2024, which remains the highest per square foot price ever achieved for a 99-year leasehold residential development in Singapore.

Occupying the 27th to 63rd storeys of the 305-meter tall tower at 1 Prince Edward Road in Tanjong Pagar, Skywaters Residences offers 190 units. The ultra-luxury Aman Hotel is situated below the residences on floors 24 to 26, while the Aman-branded residences are located on floors 28 to 30. The 3rd to 22nd floors house grade-A offices, with a retail mall spanning basement 1 to level 2. The development is conveniently connected to Tanjong Pagar MRT Station, situated in basement 1, with parking facilities available on basements 2 to 4.

An integrated mixed-use development, The Skywaters is a redevelopment of the former AXA Tower by a consortium led by Perennial Holdings, which includes Chinese tech giant Alibaba (for the office component) and real estate group SingHaiyi. Designed by Singapore-based DCA Architects and global architecture firm Skidmore, Owings & Merrill (SOM), the project is set to become a new landmark in the Core Central Region (CCR). It is expected to be completed by 2028. SOM is renowned for designing some of the world’s tallest skyscrapers, including the Burj Khalifa in Dubai, One World Trade Centre in New York, and Singapore’s current tallest building, the Guoco Tower, standing at 290 meters.

The record-breaking sale of $5,841 psf for the five-bedroom unit at Skywaters Residences is still higher than the $5,600 psf achieved at The Orchard Residences, where a 5,048 square feet penthouse was sold for $28.27 million in late 2007. The 175-unit Orchard Residences, which also sits atop the ION Orchard shopping mall and is integrated with Orchard MRT Interchange Station (North-South and Thomson-East Coast Lines), is also on a 99-year leasehold. Developed by CapitaLand and Hong Kong-listed Sun Hung Kai Properties in prime District 9, the project was completed in 2010.

For more information on the latest listings for properties at Skywaters Residences, visit Ask Buddy. Interested buyers can also browse the recently launched projects, check out the buyer profile for Skywaters Residences, compare its tenure and condo sale transactions in District 1, and track the price trend for HDB, condo, and landed properties.

RELATED NEWS

In line with its efforts to rejuvenate the city, the Urban Redevelopment Authority (URA) has extended the Central Business District Incentives (CBDI) and Strategic Development Incentive (SDI) schemes. The Skywaters Residences is at the forefront of luxury condo deals, while Ardmore Park and 32 Gilstead dominate the market.

The penthouse at Skywaters Residences, which continues to set new records, has been sold for $47.3 million.

The Singapore’s development landscape is greatly influenced by The Urban Redevelopment Authority (URA) Master Plan, and the upcoming executive condominium, Miltonia Close EC, is positioned to reap the benefits of the improvements and vision laid out for the North Region. Strategically situated in Yishun, near Seletar Reservoir and Khatib MRT, this condominium stands to gain from existing and future developments proposed by the long-term URA Master Plan. Explore the opportunities offered by Miltonia EC at https://www.miltoniacloseec.com.sg.