The Arcadia penthouse sells for S$10.5M, breaking psf and quantum information regardless of simply 53 years left on lease

Should you ever wanted proof {that a} uncommon, character-filled house can outshine the boundaries of a brief lease, this sale makes the case. 

At The Arcadia, a duplex penthouse just lately modified fingers for S$10,523,000 regardless of having simply 53 years left on its 99-year lease. What makes it much more noteworthy is that the transaction didn’t simply break one report, however two: it set each the highest psf and the highest quantum ever achieved within the growth.

However the story isn’t nearly numbers. It’s about why a purchaser would pay prime greenback for a decades-old property in District 11, simply exterior the “conventional” luxurious districts of 9 and 10. As you’ll see, the reply lies within the way of life, shortage, and a micro-location that you just can’t replicate.

The S$10,523,000 sale at a look

The transacted house sits in Block 239, and spans an enormous 6,566 sqft. Bought by brothers Jason Chen and Jayden Chen from Propnex, the deal was sealed at S$10,523,000, which works out to S$1,602 psf. The event is a 99-year leasehold, with roughly 52 years and 11 months remaining on the time of sale. Past setting a brand new benchmark for The Arcadia, the transaction additionally garnered the vendor a whopping S$7 million revenue from the deal.

Whereas it was the value tag that grabbed headlines, the house’s liveability is what really stands out. Inside, you’ll discover 5 bedrooms, together with three ensuites, together with a dramatic double-volume dwelling space that immediately defines the house. The 6.2-metre ceiling peak is the centrepiece – an architectural characteristic that delivers a way of scale and openness unimaginable to recreate in a normal house.

The way in which the transaction unfolded additionally attests the house’s rarity. With two severe patrons competing for the unit, the itemizing brokers organized a 24-hour sealed-bid course of to maintain the competition honest and decisive. The successful provide not solely secured the penthouse but in addition surpassed the vendor’s preliminary goal of S$9.9 million, highlighting simply how a lot demand there was for a property with these distinctive attributes.

How large is the soar in comparison with the earlier Arcadia report?

The brand new sale at S$1,602 psf marks a putting leap in comparison with the earlier benchmark within the growth. On 14 July 2022, a penthouse at Block 237, measuring 7,505 sqft, bought for S$7.7 million, which labored out to S$1,025.98 psf. That transaction had set the mission’s report on the time. 

Quick ahead just a bit over two years, and this most up-to-date sale pushes the numbers dramatically greater. For context, commonest items in The Arcadia right this moment commerce inside the area of S$1,150 to S$1,250 psf.  At 56% above the 2022 report psf, it represents not simply incremental progress however a dramatic soar in worth inside the similar property.

The enchantment: house, tall ceilings, and a landed house expertise inside apartment

The very first thing you discover about this penthouse is its sheer scale. 

At 6,566 sq. ft, the house presents a type of spaciousness that’s virtually extraordinary in Singapore’s apartment market. This can be a measurement you’d often anticipate in a landed property, but right here it’s elevated right into a uncommon duplex that occupies the highest two flooring of the event. You get the sweeping dwelling areas of a home, however with out the day-to-day repairs that comes with proudly owning landed actual property.

One of many standout options, and a serious purpose this unit captured the client’s consideration, is the lounge with a hovering 6.2-metre ceiling. This double-volume peak presents a way of grandeur and openness that transforms the way you expertise all the house.

This specific penthouse can also be a uncommon duplex that avoids the frequent pitfall of getting a big, unsheltered roof terrace. As an alternative, its second degree is totally enclosed and built-in into the house’s inside, making each sq. foot sensible and usable. For our tropical local weather, this format is very prized. 

Transferring by the house, you’ll come throughout putting architectural touches like a spiral staircase and an inside bridge connecting two of the upstairs bedrooms. These aren’t simply useful parts; they’re focal factors that lend the house character and a way of artistry that few fashionable flats can match.

Backyard-living at its core

The house’s uniqueness can also be inseparable from The Arcadia’s design philosophy. Conceptualised by famend Hawaiian architect George J. Wimberly of WWAT&G, the event was impressed by the thought of “environmental design.” 

Wimberly was identified for shaping tropical resorts that blurred the road between indoor and outside dwelling, and The Arcadia displays this imaginative and prescient by its garden-living idea. The three pyramidal towers, with their stepped-back terraces and planter containers, create “hanging gardens” that preserve each unit intently tied to nature. On the similar time, the cruciform design of the blocks encourages cross-ventilation, guaranteeing that houses stay shiny, breezy, and cozy.

The attract of exclusivity in a low-density oasis

One of many largest causes behind this record-breaking sale is the sheer exclusivity of The Arcadia. Accomplished in 1983, the event sits on a sprawling land measurement of roughly 39,000 sq. metres. But, on this expansive plot, there are solely 164 houses. That interprets to a degree of privateness and respiratory room you’d be hard-pressed to seek out in fashionable condos right this moment.

To place this into perspective, simply have a look at some comparable initiatives constructed on comparable land sizes. The previous Chuan Park, sitting on roughly 37,216 sqm, is deliberate to accommodate 916 items. Over at Jadescape, its roughly 37,991 sqm plot has been maximised to suit 1,206 items. 

This comparability makes the enchantment clear. Dwelling at The Arcadia means having fun with grounds that really feel beneficiant, with house to breathe and a quieter atmosphere that’s more and more uncommon in right this moment’s property panorama.

The shortage of the penthouse itself solely heightened its draw. There are simply 4 such duplex penthouses throughout all the property, and this specific one sits in Block C – probably the most fascinating of the three blocks. With solely 12 items in whole, Block C is the least dense and most non-public, providing a dwelling atmosphere that feels virtually like a sanctuary. Including to the sense of rarity, the final time a penthouse of this sort modified fingers was again in 2013. That’s greater than a decade in the past, signalling important pent-up demand each time considered one of these uncommon houses surfaces.

Usually, when you consider a property with a depreciating lease, you’d anticipate values to melt over time. However that is the place shortage modifications the equation totally. For patrons in search of immense measurement, low-density dwelling, and a novel architectural design, there are nearly no options. The lease turns into secondary. What issues most is the truth that this house is irreplaceable – and that’s precisely what the client right here was prepared to pay for.

Micro-location over postcode: why District 11 didn’t maintain it again

Districts 9 and 10 are usually seen as the center of Singapore’s ultra-luxury market, whereas District 11, the place The Arcadia formally sits, doesn’t at all times carry the identical status. Even the brokers behind this sale initially puzzled if the postcode may maintain again demand from probably the most prosperous patrons. However the end result confirmed the micro-location mattered excess of the macro label.

Right here, the penthouse sits in premium Block C, dealing with away from the PIE and in the direction of the low-rise landed roofs of Watten Property in D10. The view presents full privateness right this moment and the peace of mind it gained’t be blocked by future high-rise initiatives. For patrons at this degree, that type of unobstructed, landed-facing outlook is price greater than a postcode on paper.

Even the journey house provides to the property’s attraction. The Arcadia is tucked alongside Arcadia Highway, considered one of solely 5 designated Heritage Roads in Singapore. Lined with conservation bushes greater than 4 a long time previous, this 900-metre stretch feels virtually rainforest-like. This 900-metre stretch is lined with conservation bushes greater than 4 a long time previous, making a rainforest-like cover overhead. “It feels such as you’re not even in Singapore!” Jason Chen famous. 

The customer profile (and mindset) that is sensible of the value

This wasn’t an funding fund or a flipper. 

For foreigners, restrictions on landed property in Singapore usually make spacious penthouses the subsequent best choice. With its expansive format, landed-style proportions, and robust connection to greenery, this Arcadia penthouse supplied every part they could have sought in a home – with the added comforts of condominium dwelling, similar to a pool, fitness center, and 24-hour safety. 

Whereas the brokers didn’t disclose the household’s nationality, they shared that the patrons belong to one of many 5 nationalities exempted from Extra Purchaser’s Stamp Obligation (ABSD). This exemption made the acquisition extra possible, as most international patrons would in any other case face heavier transactional prices.

Finally, this sale illustrates how sure houses function in a class of their very own. When a property presents scale, privateness, and an outlook that can’t be replicated, it challenges the standard expectation that older leasehold houses ought to depreciate. As an alternative, it appeals to patrons who worth rarity and way of life above all else – a mixture they’re prepared to pay a premium for.

The brothers behind the deal that redefined Arcadia’s worth

Jason and Jayden Chen are actual property specialists who’ve constructed a popularity for navigating Singapore’s high-end property market. Their focus is on serving high-income people and households who’re in search of houses that supply rarity, scale, and way of life worth past the unusual.

Alongside their penthouse experience, additionally they handle Luxurious Collections and Patio Collections, which broaden their portfolio to incorporate an unique collection of distinguished houses. This curated method permits them to pair discerning patrons with houses that actually match their wants and way of life, persistently delivering profitable outcomes.

For patrons or sellers contemplating comparable houses, Jason and Jayden provide tailor-made recommendation and hands-on steerage each step of the best way. Should you’re exploring alternatives within the high-end property market, you may join with them at +65 92703385.

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