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Thread: The Ritz-Carlton Residences (D9, Freehold, Hayden KOP/Emirates Tarian Capital)

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    Default The Ritz-Carlton Residences (D9, Freehold, Hayden KOP/Emirates Tarian Capital)

    http://www.todayonline.com/articles/265468.asp

    Thursday, July 17, 2008

    ‘We want to be a niche player’

    Developer wants to build luxury homes and hotels across Asia and Europe

    CONRAD RAJ

    editor-at-large [email protected]


    FOLLOWING the launch of The Hamilton Scotts on Scotts Road, its developer Hayden Properties is now setting its sights on the region and beyond to develop and build similar ultra-luxurious homes.

    Hayden has an interesting mix of owners. It is 50-per-cent owned by KOP Capital, founded by 39-year-old lawyer Ong Chih Ching and Leny Suparman, 33, who came from property consultancy CB Richard Ellis (Singapore). The other half is owned by Emirates Tarian Capital (ETC) of the United Arab Emirates.

    Together, they plan to go overseas to develop hotels and resorts in Europe and Asia, according to KOP.

    Both companies are already talking to potential investors and parties on acquiring land and developing properties overseas. Their interest lies in places such as Bali, Bangkok, Kuala Lumpur, Hong Kong, Japan, Vietnam, India and China.

    KOP Capital, previously known as KOP Management Services and which sprung from the law firm of Koh Ong and Partners (KOP, get it?), is already familiar with overseas projects. The firm has been involved with the development of several luxury hotels and resorts in China.

    And the two companies have got ultra-rich partners to support their expensive projects, both here and overseas. Its partner in Hayden, ETC, is a subsidiary boutique investment company of the Emirates Investment Group, whose real estate investments include Emirates International Holdings, Palazzo Versace Gold Coast in Australia, Palazzo Versace Dubai, D1 Residential Tower, Emirates Financial Towers, Karachi Financial Towers and White Bay.

    In April, KOP sold a 51-per-cent stake in the company to the Dubai Investment Group, which is part of the business empire of Dubai’s ruler, Sheikh Mohammed Rashid Al Maktoum, whose diversified portfolio is valued at over US$7 billion ($9.45 billion).

    “Hayden will concentrate on high end luxury properties, while KOP will go into opportunistic investments,” said Ms Ong, who has had 12 years of practice in corporate and property law, and who was a founder of the Singapore Investors Association of Singapore (Sias).

    “We want to be a niche player in the high end lifestyle sector where there’s a lacuna (gap) in the market. There are lots of products created without much understanding of the life-style buyers want,” she said.

    For instance when Hayden bought the Hamilton site, it did not at first think of putting up a luxury apartment block, instead it was looking at various other things like a serviced apartment which previous owner CapitaLand had planned for, or a hotel.

    “But after talking to some people, we decided that what was needed was something iconic.

    “The architects Eco-id came up with an innovative and daring design by giving apartment owners the comfort of parking their marques right by their residences, regardless of which level they are in,”Ms Ong said adding that they had to overcome various issues, including fire-safety compliance, et cetera.

    Response to the launch of the 30-storey block scheduled for completion in 2011 was “very encouraging” the two said. “Although our launch party was scheduled for 8pm, people were already streaming in at 4pm, and we had more than 400 people turning up with all 500 kits that we had printed snapped up,” Ms Suparman said.

    The two partners also disclosed that they received “no less than three offers” to purchase the entire project from parties from Russia, the Middle East and China.

    “These people were looking for iconic developments and saw the Hamilton as an entry into the region’s property market. We didn’t mind selling them a chunk of the project but parting with the entire building would have made us appear desperate and looking like we were just in it for the punt,” she added.

    Hayden has so far sold about a half dozen of the 56 units at an average price of $3,800 per sq ft or over $10 millionfor a 2,700 sq ft apartment, which doesnot include the 600 sq ft allotted for two cars.

    The company has also tied up with the Ritz Carlton on a $300-million project in Cairnhill Road which will feature a 24-hour concierge service, housekeeping, sommelier service, and three sky terraces where residents can entertain, exercise or just lounge around.

    The cheapest 2,800 sq ft apartment is expected to fetch at least $11.5 million while a junior penthouse of about 3,500 sq ft will cost about $18 million. Monthly maintenance will come to at least $2,500, the most expensive in Singapore.

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    4 Sep 07

    Ritz-Carlton Residences in Singapore a first in Asia

    Premier hotel brand will build 58 high-end homes in Cairnhill on former Horizon View site

    By Fiona Chan, Property Reporter


    WELL-HEELED fans of the Ritz-Carlton's luxury accommodation will soon be able to buy homes in Singapore that come stamped with the five-star hotel brand.

    Asia's first Ritz-Carlton Residences will be launched for sale in Singapore late next month, with 56 apartment units and two penthouses up for grabs.

    The 36-storey tower will be built in Cairnhill Road on the former Horizon View site, and will be completed by early 2010.

    Residents will enjoy a 24-hour concierge service, housekeeping and sommelier service. All the staff will be trained and managed by Ritz-Carlton.

    While the apartment prices have not yet been finalised, Ritz-Carlton's vice-president of international hotel development, Mr Shawn Hill, said the hotel's branded apartments usually fetch up to 50 per cent more than comparable non-branded homes.

    'Typically, comparing against non-branded residential properties, we see a 20 to 50 per cent premium over the highest-end homes in each market,' he told The Straits Times.

    There are currently 32 other Ritz-Carlton Residences around the world, including in New York, Boston, Hawaii and the Bahamas. Similar projects are in the pipeline in Europe and the Middle East, Mr Hill said.

    In Asia, Singapore was chosen for the residences' debut over cities such as Kuala Lumpur and Tokyo, where Ritz-Carlton has service apartments.

    'We chose Singapore because we consider it to be a pace-setter in the region, and it's a highly sought-after city to live in,' explained Mr Hill.

    'Singapore, as a city, has some of its own branding and a very strong international appeal. It represents a high quality of living as well as stability.'

    But the group is also looking at building more of such homes in other 'gateway cities' in Asia, including Hong Kong, Shanghai, Tokyo, Ho Chi Minh City and Jakarta, Mr Hill added.

    The Singapore project is a partnership between Ritz-Carlton and Hayden Properties - a 50:50 joint venture between real estate firm KOP Capital and Emirates Investment Group unit Emirates Tarian Capital.

    Hayden, which was set up last October, is also the developer behind the luxury project at 37 Scotts Road that boasts a garage in every apartment.

    The Ritz-Carlton Residences in Singapore will offer units in three sizes. The three-bedroom units will be 2,800 sq ft while the four-bedders will be 3,100 sq ft and the penthouses will weigh in at more than 5,000 sq ft.

    Each unit will have designer fittings and appliances. The property will also have a lap pool, library, wine cellar, and a kitchen and entertainment area managed by the Ritz-Carlton.

    Monthly maintenance fees for the apartments may add up to between $2,000 and $3,000, said Ms Ong Chih Ching, Hayden's founder and lead director.

    She said the trend of hotel-branded residences is set to grow in Asia, as homebuyers become more affluent.

    'Apart from the luxurious hardware that you will see in buildings, the other thing that buyers will look for is service. A lot of the hotel chains have good reputations for their service.'

    Other hotel-branded residences in Singapore include Four Seasons Park and St Regis Residences.

    Mr Ku Swee Yong, director of marketing and business development at Savills Singapore, agreed that more co-branded apartments will emerge, and not just involving hotels.

    'The co-branding trend includes architects, designers, fashion labels such as Armani and Versace, and these will put Singapore on the world map.'

    He expects foreigners to make up most of the buyers of the Ritz-Carlton apartments. These could 'definitely fetch a minimum' of $4,000 per sq ft, which is at least 20 per cent more than current prices in Cairnhill, he said.

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    Ritz-Carlton’s first Asia residence


    The Ritz-Carlton has selected Singapore for its first private residential property in Asia, with Hayden Properties developing the high-profile project at 65 Cairnhill Road, close to the vibrant Orchard Road shopping district. The Ritz-Carlton will train and manage the residence’s staff, who will deliver an array of services including housekeeping, a 24-hour dedicated concierge, sommeliers and doormen.

    Situated on almost 60,000sqft of elevated land, the 36-storey Ritz-Carlton Residences will have 56 apartments and two penthouses. Each unit comes with designer fittings and appliances, such as Sub-Zero refrigerators, and all bedrooms have ensuite bathrooms.

    Recreational facilities include swimming pools, a barbecue area, tennis courts and a manicured maze garden on the ground floor. An eye-catching feature will be three sky terraces featuring a lap pool, hydro pool, gym, coffee shop, library, wine cellar, and an open kitchen and entertainment area, managed by The Ritz-Carlton.

    Hayden Properties, a joint-venture set up last October between KOP Capital and Emirates Tarian, first made headlines in Singapore as the developer behind the much-anticipated ‘car porch condo’ at 37 Scotts Road. This latest alliance with a world-renowned hospitality brand is further testament to the company’s eye for boutique, high-class developments.

    “We’re pleased to work with The Ritz-Carlton and proud that The Ritz-Carlton Residences, Singapore is the first of its kind in Asia,” said Leny Suparman, Director and Head of Real Estate of Hayden Properties (pictured far left, with Ong Chih Ching of Hayden, Shawn Hill of Marriott International and Ritz-Carlton’s Simon Manning).

    “This shows Singapore is recognised as a global market,” she added. “We’re confident this development will be very appealing to many who have been waiting for such a product in the market.”

    Since The Ritz-Carlton Company opened its first residence in 2000 in
    Washington, DC, an additional 15 have since opened, and 16 more are under construction. While Singapore marks Ritz-Carlton’s first residential project in this region, the company opened the first of its 11 hotels in Asia in Hong Kong in 1993.

    “The choice of Singapore as the place in Asia to launch indicates our confidence in the country as a highly desirable and sought-after location for distinctive residential projects,” said Herve Humler, President, International of The Ritz-Carlton Hotel Company.

    “The Ritz-Carlton Residences aims to up the ante in high-end living by providing the legendary Ritz-Carlton experience to residents, who will enjoy the same gold standard of hospitality, encompassing the finest personal service and facilities.”

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    Default Lian Beng wins coveted Ritz-Carlton Residences job

    http://www.straitstimes.com/Money/St...ry_271953.html

    August 26, 2008 Tuesday

    Lian Beng wins coveted Ritz-Carlton Residences job

    By Jessica Cheam


    The Ritz-Carlton Residences has already seen some units sold at more than $5,000 psf. -- PHOTO: HAYDEN PROPERTIES

    HOME-GROWN contractor Lian Beng Group has clinched the contract to build Singapore's most prestigious brand-name residences.

    The mainboard-listed firm yesterday announced it has won a $99.5 million award to build the Ritz-Carlton Residences - the five-star hotel brand's only such project in Asia.

    The award marks Lian Beng's entry into the high-end, luxury property market. The firm has set up a new unit, Millennium International Builders, which will build the project and focus on expanding into the luxury property market.

    Lian Beng's managing director, Mr Ong Pang Aik, told The Straits Times there is a perception that ultra-luxury construction projects go only to foreign companies.

    'So we're proud that a local firm has won this award. It's the first of many to come for Millennium,' he said.

    There was strong competition for the tender, with many foreign contenders, said Mr Ong.

    'But we have 30 years of experience, and in recent years handled many technically challenging projects, and I believe this - and our attractive tender price - gave us an edge,' he added.

    All the 56 units at the Ritz-Carlton Residences in Cairnhill will come with designer fittings and appliances.

    Mr Ong said this is an opportunity for Lian Beng to expand its foothold in the construction of niche projects which require specialised technical knowledge in dealing with challenging design features.

    Among the features of the property, located on the site of the former Horizon View, are a lap pool, a library, a wine cellar, a kitchen and a 24-hour concierge service managed by the Ritz-Carlton.

    The 32-storey project, which offers three- and four-bedroom units and two penthouses, has already sold some units - at more than $5,000 psf last year.

    Lian Beng's latest foray is a marked contrast from the basic HDB flats it started building when it was set up in 1973.

    Although it still builds HDB flats, Lian Beng has moved on to private mass-market condos and commercial projects.

    It has also moved selectively into property development, such as Kovan Residences, of which it has a 19 per cent stake.

    This latest contract will boost Lian Beng's order book to about $770 million.

    The firm recently reported a tripling of its full-year net profit to $11.9 million, up from $3.5 million a year ago, on the back of the recent building boom.

    Mr Ong said yesterday that surging construction costs will not be a factor in building the Residences as the firm has already 'locked in' the supply of materials needed.

    The Ritz-Carlton project is a partnership between Ritz-Carlton and Hayden Properties, which is a 50-50 joint venture between real estate firm KOP Capital and Emirates Investment Group unit Emirates Tarian Capital.

    Hayden's group chief executive, Ms Ong Chih Ching, said yesterday the new partnership is 'a reflection of our belief in working with homegrown companies'.

    Lian Beng said it will begin construction this quarter. The project is due for completion by the end of 2010.

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    http://www.channelnewsasia.com/stori...371595/1/.html

    Lian Beng subsidiary to build S$99.5m Ritz-Carlton Residences

    By Nicholas Fang, Channel NewsAsia | Posted: 25 August 2008 2224 hrs


    SINGAPORE : Homegrown construction group Lian Beng has clinched a contract worth S$99.5 million to build a high-end residential project at Cairnhill Road.

    Lian Beng will build The Ritz-Carlton Residences through its Millennium International Builders unit.

    The deal was awarded by Royce Properties, a subsidiary of Hayden Properties.

    The project is the first luxury condominium project to be launched by The Ritz-Carlton Hotel Company in Asia and will feature 58 apartment units - including two penthouses - in a 36-storey block.

    It will occupy land area of some 60,000 square feet at Cairnhill Road and work is expected to commence in the third quarter of this year.

    The latest contract boosts Lian Beng's order book to some S$770 million. - CNA/ms

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    $3,762 psf?
    Who went serviced-condo-shopping?


    Private Residential Units Sold in the Month of February 2010
    Project Name ................. Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    The Ritz-Carlton Residences .CCR ....... 14 ........................ 1 ............................ 3,762 ............ 3,762 .......... 3,762

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    Quote Originally Posted by Reporter
    $3,762 psf?
    Who went serviced-condo-shopping?


    Private Residential Units Sold in the Month of February 2010
    Project Name ................. Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    The Ritz-Carlton Residences .CCR ....... 14 ........................ 1 ............................ 3,762 ............ 3,762 .......... 3,762

    Must be a HIGH-ROLLER from fresh wins from RWS lah!

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    Default The Ritz Carlton Residences @ Cairnhill (District 9, Freehold)

    The Ritz Carlton Residences @ Cairnhill (District 9)

    (Visit www.CondoExpert.sg or call Jonathan @ 8100-8004 for more information!)



    Summary

    Developer :
    KOP Properties
    Est. TOP :
    May 2013
    District :
    9 (Cairnhill Area)
    Est. Quantum Price :
    Price On Ask
    Location :
    65 Cairnhill Road
    No. Of Towers :
    1
    Tenure :
    Freehold
    No. Of Storey :
    36
    Site Area :
    59,000 sqft
    No. Of Units :
    58
    Main Orientation :
    East / West
    Units Composition :
    3, 4 Bedrooms and Penthouses
    Distance to MRT :
    4 Mins Walk to Farrer Park MRT
    Buyers Eligibility :
    Locals/PRs/Foreigners
    Payment Scheme :
    Normal Progressive
    Primary Schools within 1km :
    To Be Released

    Unit Types and Sizes

    (No. of Units - Sizes (sqft))
    3 Bedrooms
    38 - 2831

    4 Bedrooms

    16 - 3057

    Penthouses

    4 - 3574/6501

    Facilities

    Swimming Pool

    24 Hr security
    BBQ Pit

    4th floor

    Lap pool
    Hydro pool
    Gym & steam room

    14th floor

    Ritz-Carlton mended coffeeshop
    Function area
    Library

    24th floor

    Ritz-Carlton mended wine cellar
    Entertainment area
    Outdoor kitchen

    Swimming Pool



    Function Area



    Site Map



    Street Map




    Visit www.CondoExpert.sg or call Jonathan @ 8100-8004 for more information on The Ritz Carlton Residences as well as for other new launch condos!

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    Default Re: The Ritz-Carlton Residences (D9, Freehold, Hayden)

    Unit at The Ritz-Carlton Residences sees $1.9 mil loss

    By Charlene Chin / EdgeProp Singapore

    December 13, 2019


    SINGAPORE (EDGEPROP) - The seller of a unit at The Ritz-Carlton Residences, on Cairnhill Road, incurred the top loss of $1.88 million over the week of Nov 26 to Dec 3. The 2,831 sq ft unit on the 20th floor was bought for $11.68 million ($4,128 psf) in October 2012 and sold for $9.8 million ($3,462 psf) on Nov 28. The seller therefore made a 16% loss, or an annualised loss of 2% over seven years.

    Located in District 9, The Ritz-Carlton Residences was completed in 2011 and comprises 58 freehold units. It is an 11-minute walk to Newton MRT Interchange Station on the Downtown and North-South Lines.

    The second biggest loss sustained over the week – a 13% loss of $1.4 million – was by another unit at The Ritz-Carlton Residences. Also located on the 20th floor, the 2,831 sq ft unit was purchased for $11.2 million ($3,956 psf) in January 2013 and sold for $9.8 million ($3,462 psf) on Nov 28. This means that the seller made an annualised loss of 2% over nearly seven years.

    A unit sold at Reflections at Keppel Bay, along Keppel Bay View in District 4, incurred the third largest loss over the week, netting a 13% loss of $406,800 for the seller. The 1,528 sq ft unit on the 22nd floor was bought for $3.22 million ($2,109 psf) in July 2007, and sold for $2.82 million ($1,843 psf) on Dec 2. The seller therefore incurred an annualised loss of 1% over more than 12 years.

    Reflections at Keppel Bay, completed in 2011, comprises 1,129 units on a 99-year leasehold. It is 14 minutes by foot to Telok Blangah MRT Station on the Circle Line.

    On the other hand, the biggest profit made over the week was from the resale of a 2,885 sq ft unit at Ardmore Park in District 10. Having sold the property for $9.2 million ($3,189 psf) on Nov 29, the seller reaped a 35% profit of $2.4 million. The unit was purchased in March 2007 for $6.8 million ($2,357 psf). Over a holding period of nearly 13 years, this translates into an annualised profit of 2%.

    Ardmore Park is a 330-unit, freehold project along Ardmore Park. Completed in 2001, it is a 14-minute walk to Orchard MRT Station on the North-South Line.


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    Default Re: The Ritz-Carlton Residences (D9, Freehold, Hayden)

    Chinese couple buys two adjacent units at The Ritz-Carlton Residences for record $5,397 psf

    January 22, 2024

    On Jan 9, two adjacent units on the 33rd floor of the luxury condo, The Ritz-Carlton Residences, changed hands for $16.5 million each, based on caveats lodged. Both are 3,057 sq ft, four-bedroom apartments.

    The $16.5 million price worked out to $5,397 psf, the highest psf price achieved since The Ritz-Carlton Residences debuted in December 2007. The 58-unit, freehold condo on Cairnhill Road in prime District 9 was completed in 2011.

    At The Ritz-Carlton Residences, typical units are a mix of three-bedroom apartments of 2,831 sq ft (36 units) and four-bedroom apartments of 3,057 sq ft (18 units). On the 34th floor are two junior penthouses of 3,574 sq ft each, while the 35th and 36th floors are occupied by two duplex penthouses of 6,501 sq ft each.

    A property title search revealed that one of the four-bedroom apartments on the 33rd floor was purchased by Yuan Yonggang, chairman of Suzhou Dongshan Precision Manufacturing Co. This Shenzhen Stock Exchange-listed company focuses on designing and manufacturing precision sheet metal.

    Yuan's wife, Wang Wenjuan, purchased the neighbouring unit. The combined purchase for both units is $33 million. If this is their first home in Singapore, the couple, both Singapore Permanent Residents (PRs), need only pay an additional buyer's stamp duty (ABSD) of 5%. That works out to an ABSD of $825,000 each for their respective units or $1.65 million for both.

    The two units were purchased from different sellers. Yuan had purchased his unit from Jayden Jin De. Based on a Google search and his LinkedIn profile, Jin, a Singapore citizen, was a professional race kart driver for nine years and is now a student at UCL.

    Wang's unit was purchased from Ong Chih Ching, executive chairman and executive director of listed company KOP Ltd. Ong was also the chairman and co-founder of KOP Properties, the developer of The Ritz-Carlton Residences, regarded as the first Ritz-Carlton branded private residences outside North America.

    KOP Properties also developed the nearby Hamilton at Scotts (now known as Reignwood Hamilton Scotts), completed in 2012. It was once the tallest high-rise residential tower with sky garages.

    Yuan and Wang are likely to amalgamate their four-bedroom units at The Ritz-Carlton Residences to create a 6,114 sq ft unit with private lift access. It will not be the first time someone has done so.

    However, those combined units were mainly the three-bedroom apartments on the lower floors. For instance, in March 2017, a foreign buyer purchased two 2,831 sq ft, three-bedroom units on the 10th floor for $9.41 million ($3,325 psf) each. He intended to combine them into a single unit.

    KOP Properties has also sold several units on such a basis by reconfiguring and amalgamating two 2,831 sq ft, three-bedroom units into a single 5,662 sq five-bedroom apartment across an entire floor. Based on caveats lodged, one such 5,662 sq ft unit on the 15th floor was sold for $20 million ($3,532 psf) in Oct 2019, while another on the fifth floor fetched $20.28 million ($3,582 psf) in May 2021.

    More at: https://www.edgeprop.sg/property-new...ecord-5397-psf

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    Default Re: The Ritz-Carlton Residences (D9, Freehold, Hayden KOP/Emirates Tarian Capital)

    Two units at The Ritz-Carlton Residences sold for S$16.5 million each, or $S5,397 psf

    It’s the first time since June 2023 that prime prices have crossed the S$5,000 psf mark

    Jan 22, 2024


    The two units at The Ritz-Carlton Residences are each 3.057 sq ft in size and on the 33rd floor of the 58-unit freehold development.
    PHOTO: THE RITZ-CARLTON


    TWO adjacent units in luxury development The Ritz-Carlton Residences Singapore, Cairnhill were recently sold for S$16.5 million each or S$5,397 per square feet (psf) – making it the first time since June 2023 that prices in the prime residential market have crossed the S$5,000 psf mark.

    Based on caveats data from URA Realis, the two units are each 3,057 square feet (sq ft) in size and sit on the 33rd floor of the 58-unit freehold development in District 9. They were transacted on Jan 9 for a total of S$33 million.

    Last June, when transaction prices for luxury homes in the prime Core Central Region (CCR) last crossed the S$5,000 psf mark, a 6,179 sq ft unit on the second floor of luxury condo Les Maisons Nassim in District 10 was sold for S$32.7 million, or S$5,300 psf.

    On a psf basis, CCR prices hit their highest in 2011, when a 3,089 sq ft unit at The Marq on Paterson Hill went for S$6,650 psf or S$20.5 million. The priciest apartment sold in Singapore to date is a Les Maison Nassim penthouse that went for S$75 million or S$6,210 psf, in October 2021.

    The latest sale, while not a record for the CCR, marked a new high for the Ritz-Carlton project, where the psf price hit S$4,907 in October 2021, for a 3,057 sq ft unit on the 31st floor. That unit transacted at S$15 million.

    Still, some analysts cautioned that this is unlikely to signal a recovery in the prime sector, where foreign buying has evaporated since the hike in Additional Buyer’s Stamp Duty (ABSD) last April.

    According to EdgeProp, the two Ritz-Carlton units were bought separately by Yuan Yonggang, chairman of Chinese manufacturing company Suzhou Dongshan Precision Manufacturing Co, and his wife, Wang Wenjuan. Both are understood to be permanent residents (PRs) in Singapore.

    Alan Cheong, Savills Singapore executive director of research and consultancy, said that if these units are the couple’s first home purchases in Singapore, they would each face an ABSD of 5 per cent. This would amount to around S$825,000 in ABSD for each unit.

    The 5 per cent ABSD for PRs is “quite a reasonable amount” compared to other cities in the world, said Cheong. In Hong Kong, for instance, non-permanent residents now pay Buyer’s Stamp Duty of 7.5 per cent. This was lowered from 15 per cent in October last year to revive the property market.

    “The elephant in the room (remains) the high ABSD ... Foreigners still need to pay 60 per cent in ABSD. This is a real dampener for demand,” Cheong said. This is especially so for the prime CCR market, demand in which is typically driven by foreign buyers.

    The latest Ritz-Carlton deals were brokered by PropNex. Wong Siew Ying, PropNex head of research and content, said the buyers had purchased the property since it “ticked all the boxes” and met their needs.

    “That being said, we reckon one swallow doesn’t make a summer, and two such deals do not necessarily signal that wealthy Chinese buyers are returning in a significant way,” she said.

    Data from URA Realis showed that since the doubling in ABSD rates for foreigners, the number of foreign home buyers in the CCR has plunged. In December last year, just 14 non-landed private homes were bought by foreign non-permanent residents, compared to 74 such buys in December 2022.

    This trend is likely to continue so long as ABSD rates remain “insurmountably” high, said Cheong.

    Nonetheless, Huttons’ senior director of data analytics Lee Sze Teck pointed out that there has been a pickup in interest in large, prime luxury homes among China buyers since the start of 2024. “Many of them have made arrangements to view properties during the Chinese New Year period,” he said.

    https://www.businesstimes.com.sg/pro...h-or-s5397-psf

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