James Dyson buys £43m penthouse in Singapore


Business James Dyson buys £43m penthouse in Singapore

Purchase comes months after British inventor revealed plans to move firm to city-state

The property, thought to be the most expensive flat in Singapore, is located at the top of Guoco Tower. Photograph: Roslan Rahman/AFP/Getty Images

Billionaire inventor James Dyson has bought a £43m luxury penthouse, thought to be the most expensive flat in Singapore, months after the prominent Brexit supporter announced plans to move his company from the UK to the island city-state.

Dyson, 72, bought a 99-year lease on the Super Penthouse, a sprawling five-bedroom flat in Singapore’s prestigious Wallich Residence, according to property records.

The purchase was first reported by the Singapore Business Times, which said Dyson and his wife, Deirdre, paid $73.8m (£43m), about $5m less than the asking price initially set by developer GuocoLand.

Dyson will be able to oversee his business empire from a triplex apartment perched at the top of Singapore’s tallest building. At 290 metres, it makes the flat the highest point in the city, according to one luxury estate agent’s website.

The 21,108 sq ft property, the largest flat in Singapore, features a 12-metre swimming pool, roof terrace, cabana, jacuzzi room, bar facilities, 600-bottle wine cellar, two kitchens and an entertainment room.

It also boasts a 24-hour butler service, which can assist the owner with tedious chores such as chartering a yacht or private jet or arranging a private chef to cater for a dinner party.

A GuocoLand brochure detailing the apartment’s virtues says: “If there ever was a statement to be made about what you have accomplished and achieved, and how far you’ve come – this is it.”

Dyson, who invented the bagless vacuum cleaner and is working on an electric car, has come under fire for professing his support for Brexit, only to move his company’s headquarters from Wiltshire to Singapore before the UK has completed its exit from the EU.

He has previously said Brexit had nothing to do with the decision. The Dyson company employs 4,500 people in the UK, where it carries out its research and development.

Dyson, who was listed third on the list of the UK’s top taxpayers last year with a £127.8m bill, has also denied Singapore’s corporation tax rate, 17% compared with 19% in the UK, was a factor.

But some experts have said that Singapore’s tax regime governing any patents the company registers there in future would make the city-state an attractive location.

Before announcing the move to Singapore, Dyson had already chosen to build its planned electric vehicle there, with the first model due to roll off the production line in 2021.

The company cited Singapore’s proximity to fast-growing Asian economies, where demand for electric cars is expected to surge in coming decades.

A spokesperson for Dyson said: “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.”

Dyson also owns a country estate in Gloucestershire.


Original Article


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