Singapore penthouse on sale for more than $100 million, a test for luxury market's recovery

SINGAPORE (July 13): The asking price for a new three-storey Singapore penthouse, complete with a private pool on the 64th floor, has reached a dizzying price of more than $100 million.

Due to be formally unveiled later this year, Wallich Residence's penthouse is in the tallest building in Singapore, the island of well-heeled stability that attracts the super-rich from its less-developed Southeast Asian neighbours, as well as multi-millionaires from mainland China.

The 'bungalow in the sky' penthouse in the GuocoLand-developed Tanjong Pagar Centre, is likely to become Singapore's most expensive apartment. It will test the endurance of demand for luxury property in the city-state – the part of the market that has taken the biggest hit from measures aimed at cooling down property prices in recent years.

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