The asking price for a new three-storey Singapore penthouse, complete with a private pool on the 64th floor, has reached a dizzying S$100 million ($72 million).

Due to be formally unveiled later this year, Wallich Residence's penthouse is in the tallest building in Singapore, the island of well-heeled stability that attracts the super-rich from its less-developed Southeast Asian neighbours, as well as multi-millionaires from mainland China.

The 'bungalow in the sky' penthouse in the GuocoLand-developed Tanjong Pagar Centre, is likely to become Singapore's most expensive apartment.

While prices in Hong Kong tripled and Sydney's doubled over the past decade, Singapore prices rose just 29%. Singapore introduced property price cooling measures to curb speculation as did many other "hot property" cities in the region.

New home sales more than doubled in March from a year earlier, reaching their highest level in nearly four years. And developers, led by Chinese companies, are paying record sums to secure land. Shenzhen-based developer Logan Property and its partner Nanshan Group recently paid a record S$1 billion at a government land auction. That was almost 50% more than the previous record set in 1997.