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Crazy high prices where the super-rich choose to live

Crazy high prices where the super-rich choose to live

By Hamish McDougall

Billionaires and sky-high property prices go hand in hand, according to a new report from Savills. The world’s most popular cities for the super-rich have, unsurprisingly, the most expensive real estate.

Hong Kong retains the crown for the priciest ultra-prime property, topping out at S$11,360 psf, with growth of 51% over the last five years. It’s also home to the second-largest number of billionaires, with 79.

New York City, which claims top spot for billionaires (85), places fourth on the ultra-prime property list at $4,370 psf, representing growth of 15% over the same period.

The only exceptions are Moscow, with a hefty 71 billionaires, which has seen property prices plummet in recent years, and Beijing, with 61 billionaires, where astonishing five-year growth of 98% in ultra-prime property prices still hasn’t propelled it into the top 10.

Singapore property market

Ultra-prime property nudges up in Singapore

Singapore placed 12th on the list, with ultra-prime property averaging $2,565, and a tally of 24 billionaires. Five-year price growth in the ultra-prime market stood at a modest 5%. Where Singapore really shines is in the ultra-high net worth ranks, where the recent Knight Frank Wealth Report shows Singapore ahead of Hong Kong with 3,598 UHNIs compared to 3,010.

For reference, entry to the UNHI club stands at a personal wealth of US$30m (S$40.7m), while the bar for ultra-prime property is set at US$25m (S$33.9m).

That said, Singapore looks set to climb the billionaire rankings with the news this week that James Dyson has bought the super-penthouse at Wallich Residences atop the Tanjong Pagar Centre (pictured top and below). The inventor slash billionaire reportedly paid $73.8m for the triplex apartment on the 62nd, 63rd and 64th floors – the largest non-landed property in the country at 21,000 sqft.

The private pool in the triplex penthouse at Wallich Residence

At that price, it has comfortably beaten the $60m record for Singapore’s most expensive condo sale held by super-penthouse at Sculptura Ardmore.

And $3,514 psf, the transaction will drag up those ultra-prime averages for next year’s rankings…


Where to now?

By Hamish McDougall

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