Chinese Couple Buys Two Adjoining Units at The Ritz-Carlton Residences for a Record $5,397 psf

In January this year, two adjoining units on the 33rd floor of the luxury condominium The Ritz-Carlton Residences changed hands for $16.5 million each. Both are 3,057 sq ft, four-bedroom apartments.

The transactions transacted at $5,397 psf, setting a record-high psf price since The Ritz-Carlton Residences was first launched in December 2007.

Located along Cairnhill Road in District 9, the 58-unit, ultra-luxury freehold development was completed in 2011.

Typical units at The Ritz-Carlton Residences comprise 2,831 sq ft, three-bedroom apartments (36 units) and 3,057 sq ft, four-bedroom apartments (18 units). There are two junior penthouses of 3,574 sq ft each on the 34th floor, while the 35th and 36th floors feature two duplex penthouses spanning 6,501 sq ft each.

The combined price of the two resale units amounts to $33 million. If this is their first residential property purchase in Singapore, the Singapore Permanent Resident (PR) couple would only be subject to a 5% Additional Buyer's Stamp Duty (ABSD), which translates to $825,000 per unit.

The buyers are likely to amalgamate the two four-bedroom units at The Ritz-Carlton Residences into a sprawling 6,114 sq ft residence served by private lifts. It is fairly common for luxury homebuyers to purchase two adjacent units and combine them into a supersized home.

High-floor four-bedroom units command spectacular views of the city skyline. Amalgamating the adjoining units creates a sprawling home nearly the size of a penthouse.

The Ritz-Carlton Residences currently holds the highest psf transaction price among completed resale luxury condominiums. Today, only one penthouse remains available for sale in the development. This 6,501 sq ft triplex unit on the 35th and 36th floors features a roof terrace and a private swimming pool, offering unblocked panoramic views of the city. The penthouse is listed with an asking price of $40 million ($6,153 psf).

Since early 2024, interest from Chinese foreign buyers in prime luxury properties has been on the rise. Many have scheduled viewings during the Chinese New Year period, typically seeking large single-floor plate units of over 300 sq m in prime districts.

Excluding nationals from the five countries that enjoy tax treatment on par with Singapore citizens (including US nationals), Chinese buyers remain the largest foreign buyer segment in Singapore's private housing market. According to transaction data, 15 Chinese buyers purchased residential properties during the six months between June and December 2023, despite paying the 60% ABSD.

Transaction volumes are expected to pick up in the coming months. Given Singapore's political stability, cosmopolitan demographic, quality living environment, renowned education system, and world-class healthcare infrastructure, Chinese buyers continue to show a strong preference for investing in Singapore real estate.