Exclusive Record Deal: Chinese Power Couple Acquires Two Units at The Ritz-Carlton Residences for $5,397 psf
On January 9, adjacent 3,057 sq ft four-bedroom units on the 33rd floor were sold at a record-breaking $16.5 million each, marking a significant milestone for this prime District 9 freehold condo.
Key Points:
- Record-Breaking Deal: Two 3,057 sq ft units sold for $16.5 million each, achieving a remarkable $5,397 psf, setting a new benchmark for luxury transactions.
- Prime District 9 Living: The Ritz-Carlton Residences, a 36-storey condo by KOP Properties, boasts the prestige of being the first Ritz-Carlton branded private residences in Asia, located on Cairnhill Road.
- Couple’s Insight: Yuan Yonggang, Chairman of Suzhou Dongshan Precision Manufacturing Co., and his wife, Wang Wenjuan, both Singapore PRs, secured the adjacent units for a combined $33 million.
- ABSD Considerations: As first-time Singapore homebuyers, the couple faces a 5% Additional Buyer’s Stamp Duty (ABSD), totaling $1.65 million for both units.
- Distinct Sellers: Units purchased from different sellers – Yuan from Jayden Jin De and Wang from Ong Chih Ching, Executive Chairman of KOP Ltd., who was also involved in the development of The Ritz-Carlton Residences.
- Amalgamation Plans: The power couple is expected to combine their units, creating a luxurious 6,114 sq ft space with private lift access, reflecting a growing trend in upscale real estate.
- KOP Properties Legacy: Notable developer KOP Properties, behind The Ritz-Carlton Residences, has a history of innovative luxury projects, including Reignwood Hamilton Scotts, once the tallest residential tower with sky garages.
- Previous Amalgamations: Similar unit amalgamations observed in the past; a growing trend among buyers seeking expansive living spaces.
Explore unparalleled luxury living and witness a groundbreaking deal at The Ritz-Carlton Residences, where exclusivity meets record-setting transactions.
In conclusion, while The Ritz-Carlton Residences sets an impressive benchmark for luxury transactions with its record-breaking $5,397 psf deal, it’s essential to recognize the undeniable value proposition offered by Watten House. With a PSF starting approximately from $3,200, Watten House presents a compelling opportunity for discerning buyers to acquire a prestigious address in prime District 10 at a price point that reflects its true potential. As the market continues to evolve, Watten House stands out as an undervalued gem, offering a unique blend of sophistication and investment potential in Singapore’s premium real estate landscape.
