DEAL WATCH: Four-bedroom unit at The Ritz-Carlton Residences Singapore for sale at $11 mil

A 3,057 sq ft, four-bedroom unit at luxury condominium The Ritz-Carlton Residences Singapore is on the market at an asking price of $11 million ($3,599 psf). The partially furnished unit on the 28th floor of the 36-storey tower is being sold with an existing tenancy.

The Ritz-Carlton Residences is a 58-unit boutique condo that sits on a 50,000 sq ft plot. It was developed by KOP Properties and completed in 2013. Typical units are three-bedroom apartments of 2,831 sq ft and four-bedroom apartments of 3,057 sq ft. There are only two units per floor and they come with private lift access.

At The Ritz-Carlton Residences, high-floor units are going for above $3,500 psf (Credit: Samusel Isaac Chua/ The Edge Singapore)

When the project was first previewed in December 2007, units were sold at prices starting from $4,500 psf and hit a high of $5,146 psf when a 3,057 sq ft, four-bedroom unit on the 31st floor was sold for $15.73 million. The project was relaunched in 2009 at prices starting from $3,000 psf, or above $9 million.

The owner of the unit that is up for sale is a Singaporean who is believed to have purchased the property in 2009 for $9.44 million ($3,087 psf). The owner is said to be an investor with a multiple-property portfolio. “This is just one of them,” says Jaime Lim, a PropNex Realty manager who is marketing the unit. It is currently tenanted at the prevailing market rent of $20,000 to $22,000 a month, she adds.

According to Lim, the unit offers views of the CBD all the way to Marina Bay Sands and Gardens by the Bay. It boasts a ceiling height of 3.1m and designer fittings and appliances. All four bedrooms are en suite. In addition to 24-hour concierge service at the boutique condo, residents will also enjoy special privileges at Ritz-Carlton hotels worldwide.

The condo is located on Cairnhill Road, just a short distance from the Orchard Road shopping belt, with the CBD and Marina Bay just a five- to 10-minute drive away.

The latest transaction of a four-bedroom unit at The Ritz-Carlton Residences was that of a 31st-floor unit that was sold for $11.48 million ($3,755 psf at the beginning of 2018. A three-bedroom unit on the 19th floor also changed hands in January and fetched $9 million ($3,179 psf).

Given that new luxury condos such as New Futura are being sold at prices above $3,500 psf, investors can see the value of buying a unit at The Ritz-Carlton Residences, which is a five-star hotel branded development, says Lim.

The four-bedroom unit at The Ritz-Carlton Residences will be put up for auction on April 27.

Find the most affordable listing at edgepr.link/TheRitzCarltonResidences.

This article appeared in the EdgeProp Pullout, Issue 828 (April 30, 2018)

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