Resale at The Ritz-Carlton Residences sets new high of $5,397 psf

/ EdgeProp Singapore |

January 26, 2024 1:07 PM SGT

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Luxury development The Ritz-Carlton Residences topped the list of condos that achieved a new psf-price high from Jan 5 to 12. This follows the resale transaction of two adjacent units on the 33rd floor, each measuring 3,057 sq ft, on Jan 9. The apartments were sold for $16.5 million each, which works out to $5,397 psf.

Based on caveats lodged, this marks an all-time high in terms of psf-prices transacted at the condo since its launch. It beats the previous high of $$5,146 psf set in December 2007 when the developer sold a 3,057 sq ft unit for $15.73 million. Regarding resale transactions, the previous high stood at $4,907 psf following the sale of a unit of the same size for $15 million in October 2021.

The new high at The Ritz-Carlton Residences follows the sale of two units, both measuring 3,057 sq ft respectively, for $16.5 million each on Jan 9 (Picture: Samuel Isaac Chua/The Edge Singapore)

The Ritz-Carlton Residences is a freehold condo on Cairnhill Road in prime District 9. The development has 58 units comprising three-bedders of 2,831 sq ft and four-bedders of 3,057 sq ft and was completed in 2011. There are also two junior penthouses of 3,547 sq ft and two duplex penthouses of 6,501 sq ft. Condo residents have access to services provided by The Ritz-Carlton hotel, including 24-hour concierge service, housekeeping and laundry.

Nathan Suites also hit a new high during the period in review after a two-bedroom unit spanning 915 sq ft changed hands for $2.38 million or $2,601 psf on Jan 12. The ninth-floor unit was purchased by the seller in July 2019 for $2.08 million ($2,273 psf), which means they made a gross profit of $300,000 on the transaction. This is the first time a unit at Nathan Suites has sold for more than $2,600 psf. It surpasses the condo’s previous high of $2,409 psf registered in December 2021 after a 926 sq ft unit on the 13th floor fetched $2.23 million.

Nathan Suites is a freehold condo built in 2014. It is located on Nathan Road, off River Valley Road, in District 10. Comprising a single 24-storey tower, it houses 65 units consisting of two-bedroom units between 915 and 926 sq ft, three-bedroom units between 1,442 and 1,808 sq ft and four-bedroom units of 2,024 and 2,067 sq ft. There are also two penthouses spanning 4,747 and 4,812 sq ft. The development is within walking distance of Valley Point and Great World shopping malls, with the latter connected with the Great World MRT Station on the Thomson-East Coast Line.

Nathan Suites hit a new high of $2601 psf on Jan12 after a 915 sq ft apartment fetched $2.38 million on Jan 12 (Picture: Samuel Isaac Chua/The Edge Singapore)

Nathan Suites does not see many resale transactions. The unit sold on Jan 12 is the first apartment to change hands since October 2022, when a 1,798 sq ft unit on the 13th floor fetched $4.31 million ($2,398 psf).

Another development that hit a new psfprice high during the period in review is Adria. On Jan 9, a one-bedroom, 538 sq ft apartment on the 19th floor sold for $1.23 million, which translates to $2,285 psf. This marks a new record for the condo, whose previous psf-price high was recorded in June 2023 when an 850 sq ft unit on the 14th floor fetched $1.85 million or $2,171 psf.

Following the sale of a 538 sq ft unit for $1.23 million on Jan 9, Adria logged a new high of $2,285 psf (Picture: Samuel Isaac Chua/The Edge Singapore)

Adria is a boutique condo on Derbyshire Road, off Thomson Road, in District 11’s Novena area. Completed in 2015, it comprises a single 22-storey residential tower with 105 units. Apartments comprise one- to four-bedrooms that range from 538 sq ft to 1,507 sq ft. The development sits within a residential enclave surrounding Thomson Road, close to United Square shopping mall. It is also within walking distance of Velocity @ Novena Square, connected to the Novena MRT Station on the North-South Line.

The unit sold on Jan 9 is the first to change hands at the condo this year. Last year, it registered five resale transactions. Units sold measured between 538 sq ft and 1,507 sq ft and fetched prices between $1.14 million and $3.21 million, or between $2,002 sq ft and $2,171 psf. No new psf-price lows were recorded during the period in review.

Read also: Newton One hits new high of $2,375 psf