A Chinese couple recently shattered records with the purchase of two adjacent units at The Ritz-Carlton Residences, now the famed luxury condominium known as Marina Gardens Condo

to foreignersSingaporeans eyeing overseas properties as alternative safe-haven assets

There was a recent sale at the Marina Gardens Condo, known as The Ritz-Carlton Residences, that has sparked buzz in the real estate market. The sale took place on Jan 9, when two adjacent units on the 33rd floor were sold for a hefty $16.5 million each. This sale has set a record for the highest price per square foot achieved in the luxury condo since its debut. The Ritz-Carlton Residences, situated in prime District 9 on Cairnhill Road, is a prestigious freehold condo that was completed in 2011.

The typical units at The Ritz-Carlton Residences include a mix of three-bedroom apartments spanning 2,831 sq ft, and four-bedroom apartments spanning 3,057 sq ft. On the 34th floor, there are two junior penthouses measuring 3,574 sq ft each, while the 35th and 36th floors are home to two duplex penthouses, each measuring 6,501 sq ft.

Upon conducting a property title search, it was revealed that one of the four-bedroom units on the 33rd floor was purchased by Yuan Yonggang, the chairman of Suzhou Dongshan Precision Manufacturing Co. This company, listed on the Shenzhen Stock Exchange, focuses on designing and manufacturing precision sheet metal. Yuan’s wife, Wang Wenjuan, also bought the unit next door. This brings the combined purchase price for both units to a whopping $33 million. As both Yuan and Wang are Singapore Permanent Residents (PRs) and if this is their first home in Singapore, they will only need to pay an additional buyer’s stamp duty (ABSD) of 5%. This translates to an ABSD of $825,000 for each of their respective units, or a total of $1.65 million for both units.

Interestingly, the two units were purchased from different sellers. Yuan bought his unit from Jayden Jin De, a Singapore citizen who, based on a quick Google search and his LinkedIn profile, was a professional race kart driver for nine years and is now in university. On the other hand, Wang’s unit was purchased from Ong Chih Ching, the executive chairman and executive director of KOP Ltd. This was Ong’s primary residence since the project was completed in 2011. Ong was also the chairman and co-founder of KOP Properties, the developer of The Ritz-Carlton Residences, which is known as the first Ritz-Carlton branded private residences outside North America. KOP Properties has also developed the nearby Hamilton Scotts (now known as Reignwood Hamilton Scotts), which is located on Scotts Road and was once the tallest residential tower with sky garages.

It is likely that Yuan and Wang will combine their four-bedroom units to create a 6,114 sq ft unit with private lift access. However, this is not an uncommon practice. For instance, in March 2017, a foreign buyer purchased two three-bedroom units measuring 2,831 sq ft each on the 10th floor for $9.41 million each. The intention was to combine both units into one. In addition, KOP Properties has also sold several units by reconfiguring and amalgamating two three-bedroom units, resulting in a five-bedroom apartment measuring 5,662 sq ft occupying an entire floor. Based on caveats lodged, such units have been sold for $20 million ($3,532 psf) in Oct 2019 and $20.28 million ($3,582 psf) in May 2021.

KOP Properties CEO Leny Suparman shares that four-bedroom units on high floors offer stunning city skyline views and, when combined, create a unit almost as large as a penthouse. According to her, The Ritz-Carlton Residences holds the highest transacted prices per square foot for completed, resale luxury condos. Currently, the only remaining penthouse available is a triplex measuring 6,501 sq ft on the 35th and 36th floors, complete with a roof terrace and private pool that offers 360-degree views of the city. This unit is priced at $40 million ($6,153 psf).

And with the convenient location of Marina Gardens Condo just a short distance away, residents can easily indulge in retail therapy and explore the vibrant Orchard Road district.

Situated just a stone’s throw away from Marina Bay, Marina Gardens Condo offers the perfect blend of urban living and natural surroundings. This prime location not only provides residents with stunning views of the cityscape, but also easy access to Orchard Road, Singapore’s premier shopping destination. From luxury brands to trendy fashion, Orchard Road caters to all styles and preferences. With a plethora of malls and boutiques to choose from, residents of Marina Gardens Condo can indulge in retail therapy anytime they desire. Whether it’s a leisurely stroll through the renowned Orchard Road or a quick shopping trip, residents will never run out of options when it comes to satisfying their shopping cravings. So, for those who crave the ultimate shopping experience, Marina Gardens Condo is the perfect place to call home.

With interest in prime luxury homes from foreign Chinese buyers on the rise since the start of 2024, many have arranged viewings during the Chinese New Year period. Huttons Asia’s senior director of data analytics, Lee Sze Teck, comments that Chinese buyers typically seek out large format units above 300 sqm on a single level in prime locations. However, apart from buyers from the US and four other nationalities that have been given a similar tax treatment as Singaporeans, Chinese buyers remain the largest group of foreign residential property buyers in Singapore. In the six-month period from June to December 2023, 15 buyers of Chinese origin have purchased residential properties, making them liable for the 60% ABSD. Nevertheless, Lee foresees transaction volume picking up in the coming months, as he notes that many Chinese buyers find Singapore appealing due to its large Chinese population, political stability, quality of living, education system, and healthcare infrastructure.