When you hear about people losing money during the Covid-19 outbreak, you typically picture hotel owners, street food vendors, and low-income workers.
But, believe it or not, the rich are suffering from the economic effects of the Covid-19 pandemic too.
And when I say rich, I mean 6.4 billion dollars rich.
Dyson Penthouse in Singapore
I’m talking about James Dyson, of course, the man who invented the mysterious bladeless fans which awed customers when it first came out.
In Jan 2019, Dyson announced that the company would be moving its headquarters from Britain to Singapore, rumoured to be at St James Power Station.
The company CEO, Jim Rowan, maintained that it had nothing to do with Brexit, and that the goal was to “future-proof” the business.
Since their HQ would be in sunny Singapore, James Dyson had to relocate to our little country.
Instead of getting an HDB flat, which is not cheap either, the British inventor purchased a three-storey penthouse in Wallich Residence which looks like the secret lair of a James Bond villain.
It’s nearly $3,000 per square foot, and comes with its own swimming pool, cabana, bar jacuzzi, and entertainment areas. It also has a private lift lobby from the basement carpark.
It was reportedly snapped up for a record SGD$73.8 million, and title records seen by Reuters showed that James Dyson and his wife bought the 99-year leasehold property on 20 June 2019.
However, less than a year and a half later, the Dysons have to sell this magnificent abode.
James Dyson Reportedly Selling Off The High-Profile Penthouse with Over $10m Loss
The Dysons are selling their triplex penthouse at Wallich Residence for $62 million, more than $10 million less than they paid for it last year, according to The Straits Times.
The buyer is Indonesia-born tycoon Leo Koguan, who is a US citizen and resident of Texas. He’s the co-founder and chairman of IT provider SHI International, according to Bloomberg.
However, despite the purchase, the 99-year leasehold property has been held under Dyson’s wife, Deirdre.
Don’t feel too bad for them though; they won’t be forced to put up in a hotel, as they also own the Good Class Bungalow property near the Singapore Botanic Gardens.
They purchased the bungalow for $50 million after buying the penthouse.
Due to Covid-19?
While it’s unclear why the Dysons chose to sell their penthouse at a loss, it’s likely due to the impact of Covid-19.
In July this year, the company announced it would cut 900 jobs worldwide due to a reported decline in sales.
According to the BBC, the company currently operates in 80 countries.
It’s somewhat pleasing to know that while we can’t afford to live in penthouses that cost tens of millions of dollars, neither can some billionaires right now.
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