Penthouse at Bishopsgate Residences sold for $20.68 million

Situated in one of the most prestigious private housing estates in Singapore, a penthouse unit at Bishopsgate Residences has been sold for a whopping $20.68 million (Singapore Dollars) or $3,462 psf – by developer Kajima Overseas Asia Pte Ltd.

This luxurious penthouse has a strata area of total 5,974 square feet – comes with 4 ensuite bedrooms, a spacious roof terrace with its own private pool.

The 69,000 square feet site in District 10 which Bishopsgate Residences is currently sitting on has a plot ratio of 1.4 – was acquired back in 2007 via a collective sale of the BishopsWalk townhouses.

The purchase price then was reported to be above $130 million (or $1,500 psf) based on the GFA (gross floor area), which includes a development charge of approximately $15.6 million.

Completed back in 2012, this 31-unit freehold residential development is 5-storey tall, comprises of 29 apartment units and 2 strata landed homes.

Within this exclusive precinct, there haven’t been many new projects launching in recent years. The most noticeable 2 projects would be Mon Jervois (at Jervois Road) by SingLand and Gramercy Park (along Grange Road) by City Developments Ltd.

The buyer of the penthouse is believed to be a local company owned by 2 Japanese individuals.

It was mentioned that the developer has already sold approximately 20 units in Bishopsgate Residences to a subsidiary company set up by the organization a few years back, and later on resold a couple of the units.

As of current, the developer has only around 4 to 5 units available for sale, while the rest are for leasing.

Market watchers have commented that this latest deal at Bishopsgate Residences clearly reflects the fact that the high net-worth buyers are still on the lookout for large residential units – penthouses or units on the ground floor with huge PES (private enclosed space).