Chinese couple buys two adjacent units at The Ritz-Carlton Residences for record $5,397 psf

/ EdgeProp Singapore |

January 22, 2024 8:50 AM SGT

The 36-storey Ritz-Carlton Residences developed by KOP Properties was the first Ritz-Carlton branded private residences in Asia (Photo: Samuel Isaac Chua/EdgeProp Singapore)

On Jan 9, two adjacent units on the 33rd floor of the luxury condo, The Ritz-Carlton Residences, changed hands for $16.5 million each, based on caveats lodged. Both are 3,057 sq ft, four-bedroom apartments.

The $16.5 million price worked out to $5,397 psf, the highest psf price achieved since The Ritz-Carlton Residences debuted in December 2007. The 58-unit, freehold condo on Cairnhill Road in prime District 9 was completed in 2011.

At The Ritz-Carlton Residences, typical units are a mix of three-bedroom apartments of 2,831 sq ft (36 units) and four-bedroom apartments of 3,057 sq ft (18 units). On the 34th floor are two junior penthouses of 3,574 sq ft each, while the 35th and 36th floors are occupied by two duplex penthouses of 6,501 sq ft each.

The lobby and concierge at The Ritz-Carlton Residences (Photo: Samuel Isaac Chua/EdgeProp Singapore)

A property title search revealed that one of the four-bedroom apartments on the 33rd floor was purchased by Yuan Yonggang, chairman of Suzhou Dongshan Precision Manufacturing Co. This Shenzhen Stock Exchange-listed company focuses on designing and manufacturing precision sheet metal.

Yuan's wife, Wang Wenjuan, purchased the neighbouring unit. The combined purchase for both units is $33 million. If this is their first home in Singapore, the couple, both Singapore Permanent Residents (PRs), need only pay an additional buyer's stamp duty (ABSD) of 5%. That works out to an ABSD of $825,000 each for their respective units or $1.65 million for both.

According to the property titles, the two units were purchased from different sellers. Yuan had purchased his unit from Jayden Jin De. Based on a Google search and his LinkedIn profile, Jin, a Singapore citizen, was a professional race kart driver for nine years and is now in university.

The children's play area and swimming pool at The Ritz-Carlton Residences (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Wang's unit was purchased from Ong Chih Ching, executive chairman and executive director of listed company KOP Ltd. It was Ong's primary residence since the project was completed in 2011. Ong was also the chairman and co-founder of KOP Properties, the developer of The Ritz-Carlton Residences, regarded as the first Ritz-Carlton branded private residences outside North America.

KOP Properties also developed the nearby Hamilton Scotts (now known as Reignwood Hamilton Scotts) on Scotts Road, which was completed in 2012. It was once the tallest residential tower with sky garages.

Yuan and Wang are likely to amalgamate their four-bedroom units at The Ritz-Carlton Residences to create a 6,114 sq ft unit with private lift access. It will not be the first time someone has done so.

A 5,662 sq ft, five-bedroom unit at The Ritz-Carlton Residences was created by amalgamating and reconfiguring two 2,831 sq ft three-bedroom units on the 15th floor and sold for $20 million ($3,532 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]

Units that were sold to be combined have mainly been the three-bedroom apartments on the lower floors. For instance, in March 2017, a foreign buyer purchased two 2,831 sq ft, three-bedroom units on the 10th floor for $9.41 million ($3,325 psf) each. He intended to combine them into a single unit.

KOP Properties has also sold several units on such a basis by reconfiguring and amalgamating two 2,831 sq ft, three-bedroom units into a single 5,662 sq ft, five-bedroom apartment across an entire floor. Based on caveats lodged, one such 5,662 sq ft unit on the 15th floor was sold for $20 million ($3,532 psf) in Oct 2019, while another on the fifth floor fetched $20.28 million ($3,582 psf) in May 2021.

"Four-bedroom units on high floors offer fantastic city skyline views," says Leny Suparman, CEO of KOP Properties. "When combined, the size is almost like a penthouse."

According to Suparman, Ritz-Carlton Residences holds the highest transacted psf prices for completed, resale luxury condos. Today, the development has one remaining penthouse for sale. It's a 6,501 sq ft triplex on the 35th and 36th floors with a roof terrace and private pool and offers 360-degree city views, she says. The penthouse has a price tag of $40 million ($6,153 psf).

The Ritz-Carlton Residences is adjacent to the 138-unit Klimt at Cairnhill which is currently under construction (Source: EdgeProp Landlens)

Interest in prime luxury homes from foreign Chinese buyers has picked up since the start of 2024. “Many of them have made arrangements to view properties during the Chinese New Year period,” says Lee Sze Teck, senior director of data analytics at Huttons Asia. He adds that Chinese buyers typically look for large format units above 300 sqm on a single level in prime locations.

Excluding the five nationalities, including the US, that have been given similar tax treatment as Singaporeans, Chinese buyers are still the largest group of foreign residential property buyers in Singapore. Based on caveats lodged, 15 buyers of Chinese origin bought residential properties in the six-month period from June to December 2023. Hence, they paid the 60% ABSD.

Lee expects transaction volume to increase in the coming months. “The Chinese view Singapore favourably, given its large Chinese population, political stability, living environment, education system and healthcare infrastructure,” he says.

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