Couple purchases adjacent units in Ritz Carlton residences
According to caveats filed, two adjacent units, located on the 33rd level of The Ritz-Carlton Residences luxury condo, were sold for $16.5m each on Jan 9. The two apartments are both 4,057 sq ft and have four bedrooms.
The price of $16.5 million works out to $5.397 per square foot, the highest price per square foot since The Ritz-Carlton Residences opened in December 2007.
The Ritz-Carlton Residences has a mixture of three-bedroom units of 2,831 square feet (36 units) as well as four-bedroom units of 3,057 square feet (18 units). Two junior penthouses measuring 3,574 sq ft are located on the 34th floor, while two duplex penthouses measuring 6,501 sq. ft are found on the 35th and the 36th floors.
A search of property titles revealed that a chairman from Manufacturing Company in China had purchased one of the four bedroom apartments on the 33rd Floor. The China Stock Exchange listed company is primarily focused on the design and manufacture of precision sheet metal.
The wife of the Chairman purchased the adjacent unit. Both units were purchased for $33 million. The couple who are both Singapore Permanent Residents will only have to pay 5% additional stamp duty if this is their first house in Singapore. This equates to an ABSD for each unit of $825,000 or $1.65million for both.
The two properties were bought from different sellers, according to the titles.
Both buyers will likely combine their four-bedroom apartments at The Ritz Carlton Residences into a 6,114 square foot unit with a private lift. This is not the first time this has happened.
The three-bedroom units on the lower floors are the most common. In March 2017, for example, a foreign buyer bought two 3,325 sq ft three-bedroom apartments on the 10th floor. Each unit cost $9.41million ($3,325 per square foot). He planned to combine the two units into one.
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KOP Properties is a developer in Singapore that has sold many units using this method. They combined two 3,831 sq ft three-bedroom apartments into one 5,662 sq. ft five-bedroom apartment, which was then sold on an entire floor. According to caveats filed, a 5,662 sq. ft. unit on the 15th-floor was sold for $20.28. million ($3,582. psf).
According to the CEO of KOP properties, four-bedroom units located on high floors provide fantastic views of the city skyline. When combined, they are almost as large as a penthouse.
Ritz-Carlton Residences, according to him, has the highest psf price for completed luxury condos that are being resold. The development still has one penthouse available for sale. She says it’s a 6,501 square foot triplex located on the 35th and36th floors, with a rooftop terrace and a private pool. It offers 360-degree views of the city. The penthouse is priced at $40 million ($6,153 per square foot).
Since the beginning of 2024, foreign Chinese buyers have shown an increased interest in luxury homes. Senior analyst claims that many have already made plans to view properties over the Chinese New year period. He says that Chinese buyers are typically looking for large units with a floor area of 300 sqm or more in prime locations.
Chinese buyers still make up the majority of foreign buyers of residential properties in Singapore. According to caveats filed, 15 Chinese buyers bought residential property in the six month period between June and December 2023. They paid 60% ABSD.
Analysts expect transaction volumes to increase in coming months. Singapore is viewed favourably by the Chinese due to its large Chinese population and political stability.
