Ritz Carlton Residences

A Chinese couple has acquired two adjoining units situated on the 33rd floor of The Ritz-Carlton Residences, setting a new benchmark with a staggering price of $5,397 per square foot (psf). This milestone achievement comes against the backdrop of the high-end residential property market in Singapore.

The 36-storey residential tower, an opulent development by KOP Properties, stands as the inaugural Ritz-Carlton branded private residences in Asia. This noteworthy acquisition occurred on January 9, involving two expansive four-bedroom units, each spanning 3,057 square feet. Remarkably, both units commanded an identical price tag of $16.5 million, translating to the aforementioned record-breaking psf rate.

The significance of this transaction lies in the fact that it has established a new pinnacle for psf pricing since the inauguration of The Ritz-Carlton Residences back in December 2007. Situated in the prime District 9 on Cairnhill Road, this freehold condominium comprises a total of 58 exclusive units and was completed in the year 2011.

Ritz Carlton Residences Concerige

The property configuration at The Ritz-Carlton Residences primarily consists of a blend of three-bedroom apartments, covering an area of 2,831 square feet (36 units), and four-bedroom apartments, each spanning 3,057 square feet (18 units). On the 34th floor, two junior penthouses with a generous area of 3,574 square feet each can be found, while the 35th and 36th floors house two duplex penthouses, spanning a lavish 6,501 square feet each.

Of noteworthy mention is the identity of the astute buyers, Yuan Yonggang and Wang Wenjuan, both holding Singapore Permanent Resident (PR) status. Yuan, the Chairman of Suzhou Dongshan Precision Manufacturing Co., a company listed on the Shenzhen Stock Exchange, specializes in the design and manufacture of precision sheet metal. Wang, his spouse, acquired the neighboring unit, resulting in a combined total purchase of $33 million. Their PR status allows them to benefit from a 5% additional buyer’s stamp duty (ABSD), amounting to $825,000 for each of their respective units or $1.65 million in total.

The Ritz Carlton Residences Living Room

The intriguing aspect of this transaction is that the two units were originally owned by different sellers, as per the property titles. Yuan acquired his unit from Jayden Jin De, a Singaporean citizen with a background as a professional race kart driver and currently pursuing further education at UCL. Wang’s unit, on the other hand, was purchased from Ong Chih Ching, who serves as the Executive Chairman and Executive Director of the publicly listed company KOP Ltd. It is noteworthy that Ong had occupied this unit as his primary residence since the completion of the project in 2011. Ong is also recognized for his role as the Chairman and Co-Founder of KOP Properties, the developer responsible for pioneering the concept of Ritz-Carlton branded private residences outside North America.

The trend of amalgamating adjacent units to create more spacious living spaces has gained traction at The Ritz-Carlton Residences. Yuan and Wang are anticipated to follow suit, merging their four-bedroom units to craft a lavish 6,114 square foot unit with the convenience of private lift access. This practice has been observed previously, with a 5,662 square foot, five-bedroom unit resulting from the combination and reconfiguration of two three-bedroom units on the 15th floor, fetching a significant price of $20 million ($3,532 psf).

In the words of Leny Suparman, CEO of KOP Properties, “Four-bedroom units on higher floors provide breathtaking city skyline vistas and, when combined, offer an expansive living experience akin to a penthouse.”

However, it is important to note that the trend of merging units has predominantly involved three-bedroom apartments on lower floors. For instance, in March 2017, a foreign buyer acquired two 2,831 square foot three-bedroom units on the 10th floor for $9.41 million each ($3,325 psf) with the intent of merging them into a single unit.

This transaction underlines The Ritz-Carlton Residences’ enduring appeal as an icon of luxury living in Singapore’s coveted District 9. As KOP Properties continues to redefine the boundaries of opulence, it sets the stage for future transactions that will undoubtedly captivate real estate enthusiasts and connoisseurs alike.