Property: Allure of penthouses in Singapore. Why buy and how much.

(Sea view from the private rooftop pool of a six-bedroom penthouse at Cape Royale in Sentosa Cove. Photo: Ho Bee Land)

Expensive as they may be, the new generation of penthouses on sale here are gaining a lot of traction with property buyers. But just how much does a penthouse cost today and what are the attractions to living in one?

Over in prime district 10, Sun Tongyu, co-founder of Alibaba, paid $51 million for the sole penthouse spread across 13,573 square feet on the top two levels of Wing Tai's freehold Le Nouvel Ardmore two years ago - the biggest amount paid for a penthouse in Singapore at the time.

SC Global Developments recently smashed that record when it sold the 10,300 sq ft super penthouse at Sculptura Ardmore for more than S$60 million or in excess of S$6,000 per square foot. The luxury residential developer could set another record when it finds a buyer for the 17,642 sq ft penthouse on the top three levels - 23, 24 and 25 - in the Signature Tower at The Marq on Paterson Hill.

SC Global says that the unit is not for sale, but according to the grapevine, the indicative price for the plush residence is S$128 million - translating to S$7,255 psf. An eye-popping price this would be to most folks, but some ultra high net worth global investors may find the pricing palatable for what it buys: an exquisitely furnished residence with super-sized living spaces including five bedrooms, a private pool on the roof terrace, a dedicated lift and four designated carpark lots.

(The balcony in the living room of this penthouse at Cape Royale in Sentosa Cove has views of the ONE°15 Marina. PHOTO: HO BEE LAND)

What makes a penthouse?

Most people in Singapore think of a penthouse as a large residential unit at the top floor of a development in the prime districts. Tay Kah Poh, Knight Frank executive director of residential sales and leasing, adds that the word penthouse has a certain prestige attached to it. Or, as veteran property consultant and academic Steven Choo puts it: "Penthouses exude exclusivity, scarcity and have snob appeal."

Jacqueline Wong, executive director at Savills Private Office, says: "Most people get blown away with penthouses because of the views. You have no neighbours living above you."

That said, Mr Tay notes that penthouses draw their value not just from the views - a by-product of being right at the top of a development - but also because of their scarcity as there can be only one "top floor".

Another attraction of penthouses, says Ms Wong of Savills Private Office, is that typically, the floor-to-ceiling height is more than a normal apartment's in the same development; this, coupled with the double-volume spaces in the living and dining areas, makes the residence appear bigger and brighter.

(A private pool at the roof terrace of a five-bedroom penthouse at Leedon Residence. In the background are Good Class Bungalows. PHOTO: KELVIN CHNG)

At the higher end of the spectrum, penthouses have become larger and more luxurious, resulting in what are called super penthouses or uber penthouses - with bigger living spaces, entertainment area and a roof terrace with a private pool.

"The master bedroom will have a walk-in wardrobe, double basins (a "his" and "hers"), steam bath, sauna or rain shower," explains Ms Wong.

These "bungalows in the sky" are often decked out with superior finishes and equipment, befitting their status.

At Shing Kwan House, built by Singapore Land, the sole residential penthouse unit on the 22nd storey of the building was where the company's then-chairman, SP Tao, lived. In the case of Robina House - which used to stand on the current One Shenton site - developer Robin Loh had even incorporated a bowling alley into his penthouse, says Mr Tan Tiong Cheng, president of Knight Frank Asia Pacific.

(GuocoLand's Leedon Residence has duplex five-bedroom apartments, which, like the penthouses in the project, have double-volume living and dining areas. PHOTO: KELVIN CHNG)

The tallest residence on Singapore's skyline today reaches 290 metres - or 64 storeys. This is for a 21,108 sq ft triplex unit at Wallich Residence, which is part of Tanjong Pagar Centre, a mixed development project by GuocoLand on a 99-year leasehold site. Wallich Residence occupies the top 26 levels of the development's 64-storey tower; below the apartments are the offices, known as Guoco Tower.

(Private pool at the rooftop of a penthouse at Leedon Residence. PHOTO: KELVIN CHNG)

In the past decade or so, penthouses in Singapore have taken off in two different directions, Mr Tay of Knight Frank observes. "On the one hand, in very prime locations, you still have very large penthouses and their luxury elements have been heightened vis-a-vis the normal apartments in a development. On the other hand, especially outside the prime areas, some developers took to minting penthouses as a convenient way to bolster saleable floor area by adding private roof terraces to the units on the top floors, but with a twist that these penthouses were smaller units - two-bedders and sometimes even one-bedders. The idea is to cap pricing at affordable lumpsum levels."

While there are no new micro penthouses being built for now, developers will continue to offer units on the highest floors of suburban condos and even executive condo (a public-private housing hybrid) projects that they call "penthouses". So the prestige of the word "penthouse" may be diluted, lament some market watchers.

(The dining and living areas and balcony form a contiguous entertainment area in this penthouse at Martin Place Residences. PHOTO: KELVIN CHNG)

That said, Ms Wong of Savills, argues that "super penthouses" still can be found in the prime districts, because this is where foreign ultra high net worth individuals buy real estate. She defines a "super penthouse" as one that has at least 6,000 sq ft built-in area (that is, excluding open areas like roof terrace) and is the one and only unit at the top level or levels of a block or development, with at least two designated car park lots and direct access via a private lift lobby.

Article by Kalpana Rashiwala, originally appeared in The Business Times.