Despite concerns over the global stock market rout, economic uncertainty and interest rate hikes, investors have continued to snap up “value buys” in luxury condos in the traditional prime districts of 9 and 10. Some of these transactions were even done at prices above $3,000 psf.
At the Ritz-Carlton Residences on Cairnhill Road, two 3,057 sq ft, four-bedroom units on the 26th and 33rd floors were sold for $10.6 million ($3,467 psf) and $11.6 million ($3,795 psf) respectively, according to caveats lodged on Feb 5. Both units were said to have been purchased by a mainland Chinese national whose offer prices were even above the developer’s asking prices, says Lydia Wu, associate district director of OrangeTee. “Mainland Chinese buyers tend to be less price-conscious than local buyers, and this particular buyer wanted the units for its lifestyle and prestige,” she adds.