James Dyson buys Singapore's priciest penthouse to be near his car factory

SINGAPORE — British billionaire and inventor of the bagless vacuum cleaner James Dyson has bought the most expensive apartment in Singapore, where his company plans to build an electric car.

The three-story so-called 'super penthouse' was sold for $73.8 million Singapore dollars ($54.2 million U.S.), according to media reports.

'The Wallich Residence penthouse' sits on top of Singapore's tallest building — the Tanjong Pagar Centre.

Accessed by its own lift, the downtown apartment once valued at $100 million in Singapore currency has five bedrooms, a 600-bottle wine cellar, pool, jacuzzi, and a private garden with city views that include the Marina Bay Sands hotel, marketing documents show.

Dyson, 72, supports Brexit — but announced plans in January to move his company's head office from Britain to Singapore. The Dyson company said the move was to be closer to the fastest-growing markets. 

And his firm now plans to build its first electric car in the city-state.

Records seen by Reuters show Dyson and his wife took occupancy of the apartment on June 20. 

"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," a Dyson spokesman said, without giving further details of the purchase.

Dyson is one of the UK's best known entrepreneurs. He built a multibillion-dollar firm from an insight that a cyclone could collect household dust better than a clogged-up bag.

Singapore is an island of well-heeled stability that attracts the super-rich from its less-developed Southeast Asian neighbors, as well as millionaires from mainland China.

The city intensified property restrictions last year after a 9.1% annual increase in home prices and as developers paid record amounts to buy land. Foreigners now have to pay levies of more than 20% to buy property under the new rules, but citizens and permanent residents pay far lower taxes. Dyson has been given permanent residence status.

"From the onset, the buyer was always going to be a foreigner," said Leong Boon Hoe of List Sotheby's International Realty, one of the agencies marketing the penthouse.

"It's a place to be able to showcase your wealth."