Chinese couple buys units at The Ritz for record $5,397 psf
The Ritz-Carlton Residences in Hong Kong sold two adjoining units on its 33rd-floor for $16.5m. The price was determined by caveats. The apartments, which are each 3,057 sq. ft., have four bedrooms.
The Ritz-Carlton Residences, which opened in December 2007, had the highest price psf ever achieved.
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The Ritz-Carlton Residences typically offers a combination of three-bedroom and four-bedroom homes. The typical unit size is 2,831 sf. On the 34th, there are two junior-sized penthouses that are 3,574 square feet each. The 35th and 36th are occupied with two duplex penthouses that are 6,501 square foot each.
The chairman of Manufacturing Company China bought one of three four-bedroom apartments located on the third floor. This China Stock Exchange listed firm is focused on designing and producing precision sheetmetal.
The Chairman’s spouse purchased the adjoining unit. The combined price of both units comes to $33 million. Singapore Permanent Residents, who both own this first property in Singapore, will pay only an additional buyer’s stamp duty of 5%. The ABSD would be $825,000 per unit or $1.65m.
According to property titles, two different sellers purchased the units.
Both buyers are likely going to merge their four-bedroom unit at The Ritz Residences. This will create a 6,114 ft2 unit, with private elevator access. It won’t be the first instance.
In general, the three-bedroom apartment units located in the lower floors have been combined. In March 2017, two units with three bedrooms, measuring 2,831 sq ft each, were purchased by a foreigner on the top floor of the building for $9.41million. ($3,325/sq ft). He intended combining them into a unit.
KOP Properties in Singapore has sold several apartments on this basis. The developer rearranged and combined two 2,831 sf three-bedroom units to create a single 5,662 sf five-bedroom home across an entire flooring. A unit of 5,662 sq.ft. on the fifteenth floor sold for $20. million ($3,532 per sq.ft.) in Oct 2019.
Another on fifth floor, however, was purchased for $20.28.million ($3,582 per sq.ft.) in May.
The CEO at KOP Properties said that the four-bedroom unit on high floor offers fantastic city skyline view and when combined is almost like a Penthouse.
Analysts expect the transaction volume to rise in the coming month. Singapore is popular with the Chinese because of its large Chinese populace, political stability as well as its living conditions, educational system, and healthcare infrastructure.
Ritz-Carlton Residences reportedly has the highest completed luxury condo resale prices. The only penthouse in the building is for sale today. It’s 6,501 sq. ft. triplex, located at the 35th-36th floors. There is a roof terrace with private pool. The penthouse sells for $40 million, or $6153 per square feet.
Since the start of 2024, there has been a significant increase in interest from Chinese buyers to purchase prime luxury homes. Many of these buyers have booked viewings during the Chinese holiday period, according to a senior economist. He added that Chinese buyers usually look for large format apartments above 300 sqm located in prime areas.
Chinese buyers remain the largest group in Singapore of foreigners who purchase residential properties. Based on caveats registered, 15 Chinese purchasers bought residential properties over the six-month span from June to December 2020. Hence, the ABSD was 60%.
Analysts expect the transaction volume to rise in the coming month. Singapore is popular with the Chinese because of its large Chinese populace, political stability as well as its living conditions, educational system, and healthcare infrastructure.
