british-billionaire-dyson-buys-singapore8217s-priciest-penthouse

British billionaire Dyson buys Singapore’s priciest penthouse

© Reuters. FILE PHOTO: Britain's Queen Elizabeth presents James Dyson with the insignia of members of the Order of Merit, during a private audience at Buckingham Palace, London© Reuters. FILE PHOTO: Britain's Queen Elizabeth presents James Dyson with the insignia of members of the Order of Merit, during a private audience at Buckingham Palace, London

SINGAPORE (Reuters) - British billionaire James Dyson, inventor of the bagless vacuum cleaner, has bought Singapore's most expensive penthouse, official records show.

The three-story penthouse - once valued at S$100 million ($73.44 million) - sits on the 62nd-64th floor, is equipped with a private pool and located in the heart of the city-state's financial district.

Dyson, a Brexit supporter, announced in January he is moving his head office from Britain to Singapore to be closer to its fastest-growing markets. His eponymous firm - which also makes bladeless fans, air purifiers and hair dryers - plans to build its first electric car in the city-state.

Wallich Residence's penthouse sits in the tallest building in Singapore, built by developer GuocoLand Ltd (SI:).

Before its unveiling in 2017, the highest asking price for the "bungalow in the sky" reached a dizzying S$100 million, making it Singapore's most expensive. https://reut.rs/30zpWX9

Official title records seen by Reuters show Dyson and his wife became tenants of the 99-year leasehold property on June 20. The records did not state the price paid but Business Times reported that Dyson bought the property for S$73.8 million ($54.17 million).

"Given the decision to locate the headquarters in Singapore and the growing focus of the company's business in the region, of course James Dyson has bought a property there," a Dyson spokesman said, without giving further details of the purchase.

The 72-year-old has become one of Britain's best-known entrepreneurs, creating a multibillion-dollar company from an insight that a cyclone could collect household dust better than a clogged-up bag.

Singapore is an island of well-heeled stability that attracts the super-rich from its less-developed Southeast Asian neighbors, as well as multi-millionaires from mainland China.

To cool its property market, the Singapore government intensified property curbs last year after a 9.1% annual increase in home prices and as developers paid record amounts to buy land.

Foreigners now have to pay levies of over 20% to buy property in the city-state under the new rules.

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