Super-penthouses: Why rich buyers are willing to pay top dollar for luxury properties around the world

It is open season for trophy hunters seeking the priciest digs on earth.

In a new report on super-penthouses – the ultimate real estate asset for the ultra-high net worth – luxury brokerage List Sotheby's International Realty (List SIR), Singapore, rounds up what is on the market.

Whether your home-buying budget is US$20.5 million, or US$335 million, they have a deal for you.

Leong Boon Hoe, chief operating officer, List Sotheby’s International Realty, says the growing trend of super-penthouses sparked the report.

“We see emerging demand from a niche segment in Singapore who are willing to pay top dollar for the best property. Other global super-penthouse sales like the Griffin deal (US billionaire ’s recent purchase of a US$240 million penthouse at Central Park South, Manhattan) piqued our interest. So, we started researching,” he says.

So, what defines a super-penthouse?

For the purposes of its research, List SIR specified a minimum floor space of 10,000 square feet, in a major city, with some basic must-haves. “These [penthouses] are not just top-floor flats,” says James Hyman, head of residential at Cluttons, UK. “They have to be the whole top floor, with unimpeded 360-degree views, double-height ceilings, a hotel-style concierge and total ‘wow’ factor.”

Then there are the desirable features: butler service, a helipad, or a cantilevered swimming pool hanging sky-high off your flat. Or how about a rare, 1.01-carat blue diamond – with an estimated value over US$3 million – developer Hong Fok Corporation is throwing in with one of two penthouses on top of the Concourse Skyline, Singapore?

Only six super-penthouses have changed hands in Singapore from 2006 to 2019. “Those that do exist are in exclusive and prestigious developments within prime locations, and are highly sought after,” says Leong.