A five-bedroom unit on the 55th floor of Skywaters Residences has been sold for $30.87 million, marking a significant transaction in Singapore’s luxury real estate market. This sale, recorded in a caveat lodged on June 19, reflects the growing demand for high-end properties in the city-state. The unit spans a total area of 5,285 square feet, which translates to a remarkable price of $5,841 per square foot. This impressive figure underscores the premium value associated with living in one of Singapore’s most anticipated developments.
Skywaters Residences, located at 1 Prince Edward Road, is poised to become Singapore’s tallest tower, with completion scheduled for 2028. The project’s allure is heightened by its strategic location and the promise of luxury living at unprecedented heights. The recent sale of the five-bedroom unit follows a previous record-setting transaction for a penthouse in the same development, which fetched $47.34 million at a price of $6,100 per square foot in May 2024. Such transactions highlight the competitive nature of the luxury market, particularly within Skywaters Residences, which is rapidly gaining a reputation as a premier address.
The buyer of the newly sold unit is a Singapore Permanent Resident, who will be liable for an additional buyer’s stamp duty (ABSD) of 5%. This tax is an important consideration for purchasers in Singapore’s real estate market, particularly for foreign and permanent resident buyers, as it adds to the overall cost of acquiring property. The decision to invest in such a high-value unit indicates the buyer’s confidence in the continued growth and desirability of Singapore’s luxury property landscape.
As the demand for luxury residential units continues to rise, developers and investors are keenly observing the market dynamics. Skywaters Residences is expected to attract affluent buyers, drawn not only by the stunning architecture and high-end amenities but also by the potential for capital appreciation. The sale of the 55th-floor unit is a reflection of the sustained interest in prime properties, particularly those offering panoramic views and exclusive living experiences.
With the skyline of Singapore evolving, developments like Skywaters Residences stand at the forefront, redefining luxury living. The transaction of the five-bedroom unit serves as a benchmark for future sales in the area and reinforces the perception that premium real estate is a sound investment. As more buyers seek to secure their place in this iconic tower, the anticipation surrounding Skywaters Residences continues to build.
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News Source: Edgeprop
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