The British inventor of bagless vacuum cleaners, James Dyson, has bagged his second property in Singapore in just over two weeks, paying S$41 million ($30 million) for a stand-alone bungalow with an indoor waterfall and an infinity pool.
Dyson snapped up his first property in the city fifteen days ago, buying a super penthouse for S$74 million, the highest price ever paid for a non-landed residence in Singapore.
Dyson’s new two-storey house backs on to Singapore’s UNESCO-designated botanic gardens in one of the city’s most exclusive neighbourhoods, a two-minute jaunt away in a Ferrari F340 from the mansion used to film some of the scenes in Crazy Rich Asians, while downtown – and the vacuum magnate’s super luxury penthouse – is six kilometres away.
A long-admirer of Singapore’s low taxation for the rich, the billionaire Brexiteer has announced that he will be setting up a factory to build electric cars in the Southeast Asian city-state as well as moving his corporate headquarters there.
Dyson Becomes Landed Singapore Gentry
Dyson, who is said to own more British countryside than the Queen, will become a Singapore landowner by virtue of the purchase, a privilege normally restricted to citizens.
As a permanent resident, the inventor would have needed special approval from the Singapore government for the purchase, such as making an exceptional economic contribution, according to luxury property agent List Sotheby’s International Realty.
Based on the estimated sale price of S$41 million, Dyson is paying S$2,700 per square foot for the 15,185 square foot property.
This is within the price range of other newly built luxury properties in the city, according to Leong Boon Hoe, chief operating officer of List Sotheby’s in Singapore.
Last month, a similar 15,001 square foot property at 63 Belmont Road, three kilometres from Dyson’s new home, sold for S$39.8 million, or the equivalent of S$2,653 per square foot.
A year ago, a newly built house at 3 Jervois Hill in the River Valleys fetched S$41.2 million, or S$2,729 per square foot.
“The proactiveness of the government to attract foreign direct investment in order to create more businesses and jobs have brought demand for residential property,” List Sotheby’s Leong said, adding that the growth of higher income groups and the expanding high-net-worth community in Singapore has partly fuelled the demand for luxury residences.
Dyson’s purchase of his “super penthouse” for S$73.8 million ($55 million) two weeks ago topped the S$60 million that Facebook co-founder Eduardo Saverin is said to have paid for his city pad in 2017.