Abu Dhabi, UAEThursday 3 December 2020

Billionaire James Dyson sells Singapore penthouse for $46m – 16% less than he paid last year

Buyer reported to be an Indonesian-born tycoon who is a US citizen

A view of Guoco Tower (right) which houses the Dysons' luxury penthouse at Wallich Residence in Singapore. The most expensive penthouse in Singapore is a three-floor residence with a rooftop terrace, private pool and jacuzzi. AFP
A view of Guoco Tower (right) which houses the Dysons' luxury penthouse at Wallich Residence in Singapore. The most expensive penthouse in Singapore is a three-floor residence with a rooftop terrace, private pool and jacuzzi. AFP

Billionaire vacuum inventor James Dyson sold his three-storey Singapore penthouse at Wallich Residence for S$62 million ($46m) – just a year after buying the home for a record S$73.8m.

The offer on the luxury residence, which Mr Dyson moved into with this wife Deidre last year, has been accepted, according to the Business Times, making it a drop of more than 16 per cent from the couple's purchase price.

Mr Dyson quit the UK and relocated the company's headquarters from Malmesbury in Wiltshire to the Asian nation in January last year to "future proof" the business.

"An offer has been accepted on the Wallich penthouse," a spokesman for Dyson told Reuters. He declined to comment further on the family's personal property or affairs but said Mr Dyson would continue to maintain a home in the wealthy Asian city-state.

Perched atop Singapore’s tallest building, the 64-floor Guoco Tower in Tanjong Pagar, the five-bedroom penthouse is equipped with its own infinity pool and private lift lobby from the basement car park.

The buyer is Indonesian-born tycoon Leo Koguan, a US citizen and Texas resident and co-founder and chairman of infotech provider SHI International, which counts Boeing and AT&T among its 20,000 customers, the Business Times said.

The apartment's luxury features also include a Jacuzzi and a private garden with city views.

Before Mr Dyson bought the apartment, which overlooks the central business district, Marina Bay and Sentosa Island, it was listed for S$108m, making it the city-state’s most expensive penthouse.

The eventual purchase price topped the nearly S$60m paid by Facebook co-founder Eduardo Saverin for a penthouse in 2017.

The property has been held in the name of Mr Dyson’s wife. The couple also bought a bungalow near the Singapore Botanic Gardens last year for S$50m, which they still own.

The inventor of the bagless vacuum cleaner moved his company’s head office to Singapore from Britain to be closer to its fastest-growing markets.

In January last year, Dyson chief executive Jim Rowan said the move was not to do with Brexit or tax but added: "It's to make us future-proof for where we see the biggest opportunities."

Updated: October 19, 2020 05:23 PM

Editor's Picks
THE DAILY NEWSLETTER
Sign up to our daily email
Most Read