James Dyson
GuocoLand Ltd's mixed-use Tanjong Pagar Centre, soon to be the tallest building in the city-state, towers over other buildings in the central business district of Singapore (Photo: Reuters / Edgar Su)

The inventor of the popular Dyson vacuum cleaner, James Dyson, has just purchased the most expensive apartment in Singapore. The 72-year old British inventor reportedly paid a whopping $54.2 million for his three-story "super penthouse" located on top of the city's tallest building.

Dyson's purchase of the swanky penthouse has been seen as a clear sign of the inventor's commitment to the city following his decision to transfer his company's headquarters to Singapore.

The apartment, which was once put on sale for $100 million, sports five bedrooms, a built-in elevator, a pool, a Jacuzzi, and 600-bottle wine cellar, and a private garden that features a view of the city and the Marina Bay Sands hotel.

The Wallich Residence penthouse is located on top of the Tanjong Pagar Center, currently the tallest building in the city-state. In 2017, when it was listed with an asking price of $100 million, the penthouse became the most expensive piece of real estate in Singapore. According to reports, Dyson and his wife officially signed a 99-year leasehold on the property on June 20.

The founder of the company that currently sells the popular bag-less vacuum cleaner, as well as air purifiers, bladeless fans, hair dryers, and hand dryers, announced earlier in the year that he would move his company's headquarters from the UK to Singapore. Dyson reasoned that the move was part of his plans to expand the company's product line to include its own electric vehicle. Dyson apparently also wanted his company to be close to Asia, his company's fastest growing market.

When asked about Dyson's recent purchase, a company representative stated that it only made sense that Dyson would purchase a property in the city, given that he has chosen to relocate his company to focus on growing the business in the region. Following his decision to move to the city, Dyson was granted by the Singaporean government a permanent residence status.

Singapore has become a go-to destination for billionaires from Mainland China and other Southeast Asian countries. Recently, it has begun attracting foreign billionaires as well. The island's economic stability and the availability of different services have made it an attractive location for both business and residency. Last year, Singapore intensified its property restrictions following years of sustained home price and land price increases. In 2018, home prices in Singapore jumped by 9.1 percent. Singapore also imposed added levies for foreigners who want to buy properties on the island.