Unit at The Ritz-Carlton Residences hits $4,580 psf, highest since launch in 2007

SINGAPORE (EDGEPROP) - A 3,057 sq ft, four-bedroom unit on the 30th floor of The Ritz-Carlton Residences changed hands in mid-August for $14 million. The price translates to $4,580 psf, which is the highest since the 58-unit luxury condo was launched in late 2007. (See also: Conservation terraced house at Cairnhill Road for sale at $10.8 mil)

Back in December 2007, three similar-sized, four-bedroom, high-floor units were sold at prices above $5,000 psf. A unit on the 25th floor fetched $15.45 million ($5,053 psf), while a unit on the 30th floor was sold for $15.55 million ($5,088 psf) and the unit on the 31st floor went for $15.73 million ($5,146 psf).

The Ritz-Carlton Residences was developed by KOP Properties and completed in 2011. Despite being 10 years old today, the project has been able to maintain its prices because “the whole development was built with very luxurious quality materials, and well-designed unit layout”, says Leny Suparman, group CEO of KOP.

The buyer of the 3,057 sq ft unit on the 30th floor that had changed hands for $14 million earlier this month is a Chinese national.

The previous owner of the unit was Royce Properties, a private investment vehicle owned by Ong Chih Ching, executive chairman of KOP, and Suparman.

Located at 65 Cairnhill Road, the 36-storey The Ritz-Carlton Residences contains 56 typical apartments: three-bedroom units of 2,831 sq ft and four-bedroom units of 3,057 sq ft.

A three-bedroom unit on the 13th floor was sold for $10 million ($3,532 psf), according to a caveat lodged in July. Prior to that, two adjacent units on the fifth floor that were amalgamated to create a 5,662 sq ft unit was sold for $20.28 million ($3,582 psf) in May.

The development boasts services by Ritz-Carlton Hotel, such as 24-hour concierge service, café lounge with complimentary coffee and tea available throughout the day, and complimentary breakfast on weekdays. Residents will have access to the Ritz-Carlton reservation hotel system too. A la carte services available to residents include housekeeping, laundry, limousine, babysitting, catering and event management.

The two penthouses at The Ritz-Carlton Residences will be launched for sale sometime towards the end of September: a junior penthouse of 3,574 sq ft on the 34th floor, and the superior penthouse of 6,501 sq ft which spans the 35th and 36th floors as well as the roof terrace. The price tags on these penthouses have yet to be released.