The Ritz-Carlton Residences has two units that sold for S$16.5 Million each, or S$5,397 psf

A 6,179 sq ft second-floor unit in the luxury condo Les Maisons Nassim located in District 10 sold last June for S$32.7million or S$5,300psf.

CCR prices were at their highest on a per square foot basis in 2011, when the price of a 3,089-square-foot unit at The Marq Paterson Hill was S$6,650 or S$20.5 Million. The most expensive apartment sold in Singapore so far is a Les Maison-Nassim penthouse in October 2020 that was sold for S$75 Million or S$6,210/sqf.

Recently, two adjacent units within the luxury residential development The Ritz-Carlton Residences Singapore Cairnhill have been sold for S$16.5m or S$5,397 psf. This marks the first time in 2023 the price of prime housing has exceeded S$5,000 psf.

The two units, which are 3,057 sq. ft. each in size according to URA Realis’ caveats information, are situated on the third floor of this 58-unit development in District 9, on the 33rd. They were bought on January 9 for S$33million.

EdgeProp states that Yuan Yonggang is the chairman of Chinese manufacturing firm Suzhou Dongshan Precision Manufacturing Co. and his wife Wang Wenjuan purchased two Ritz Carltons separately. Both are thought to be Singapore permanent residents.

Foreigners will still have to pay 60 % in ABSD. This has a significant impact on demand. This is especially true of the CCR market’s prime segment, where foreign buyers typically drive demand.

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PropNex facilitated the latest RitzCarlton deals. The buyers bought the property after it met all of their needs and checked off all the boxes.

This being said, one deal is not enough to make a season, and two of them do not mean that wealthy Chinese buyers will be returning in any significant way.

URA Realis revealed that the number foreign homebuyers has plummeted in the CCR since the ABSD rate for foreigners was doubled. In December 2016, only 14 non-landed residential properties were purchased by foreign permanent residents. That number is expected to rise to 74 homes in December 2022.

ABSD rates will remain unaffordable for as long as this trend continues.

China buyers are showing a greater interest in buying large, luxury homes. This has increased since 2024. Many of these buyers have already booked viewings during the Chinese New Year.

ABSD is 5% for the first unit purchased by the couple in Singapore. ABSD amounts to S$825,000 per unit.

Cheong argued that the ABSD rate of 5% for PRs, compared to many other cities, is reasonable. Hong Kong is one example where non-permanent residents pay a Buyers Stamp Duty rate of 7.5%. This was reduced from 15 per cent last October to boost the property market.

While the sale is not a CCR first, it was a new record for the RitzCarlton project. For a unit measuring 3,057 square feet on the 31st level, the psf reached S$4,907, in October of 2021. That unit traded at S$15,000,000.

Still, analysts warned this was unlikely to signify a rebound in the premier sector, where foreign buyers have disappeared since the rise in Additional Purchase Stamp Duty (ABSD) in April last year.

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