James Dyson, the billionaire founder of UK technology giant Dyson, is reportedly set to purchase his second property in Singapore.
The house, a 15,103 square metre freehold “Good Class Bungalow” located at Cluny Road next to the Botanic Gardens, was originally listed on the market for S$45 million.
It was completed in 2009, and was built by Guz Architects.
According to documents first obtained by The Straits Times, Dyson was given the approval to buy the property on July 2 by the Controller of Housing.
This news comes just weeks after the magnate had bought the most expensive penthouse in the country for a record-setting S$73 million.
Good Class Bungalows are considered the most exclusive residential properties in Singapore, with only 2,700 in total across the island. They typically occupy a land area of at least 15,000 square feet, and cost upwards of S$10 million.
Although the government has ruled that only Singaporeans can buy Good Class Bungalows, foreigners and Singapore Permanent Residents like Dyson are allowed to buy these properties on two conditions: They “must have made exceptional economic contributions to Singapore”; and that they “use the landed property only for their own occupation”.
The British inventor would also have to pay an additional buyer’s stamp duty of 5% for the Wallich Residence penthouse, and 15% for the Cluny Road estate. This works out to be S$10.4 million in property tax alone.
Dyson’s decision to buy these two properties follows the recent shift of his company’s global corporate headquarters to Singapore to “reflect the increasing importance” of the Asian market.