THE owner of a two-storey penthouse in St Regis Residences has reaped a profit of $12.77 million in just eight months after a foreigner paid $28 million for the plush apartment last month.

The buyer smashed the old price benchmark by shelling out a record $4,653.5 per sq ft (psf) for the 6,017 sq ft unit in Tanglin Road, according to the caveat lodged for the purchase. It represents a remarkable capital gain because the penthouse was initially sold for $15.23 million just last August.

The previous known record for a residential unit in Singapore was set by a four-bedroom unit at Chyau Fwu Group's 35-unit Parkview Eclat in Grange Road that went for nearly $4,200 psf late last month.

It also underlines the astonishing surge in demand for high-end property.

'The uber-rich believe Singapore has the potential to grow, reinforcing our point that Singapore is undervalued compared with other global cities such as London and New York,' said Savills Singapore's director of marketing and business development, Mr Ku Swee Yong. 'Nothing short of the very best will do for this group.'

The 999-year leasehold St Regis Residences, which has penthouses ranging in size from 5,000 sq ft to 7,300 sq ft, was officially launched in June last year. One of its units was sold for what was at the time a record high price of more than $3,000 psf.

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