S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Five biggest money-making transactions by quantum in Q1 are in prime Core Central Region
THE sale of a 3,057 square foot (sq ft) unit at The Ritz-Carlton Residences Singapore, Cairnhill was the most profitable resale deal in absolute terms in the first quarter of 2024, giving the seller a tidy S$4.9 million gain.
According to data crunched for The Business Times by real estate consultancy Cushman & Wakefield, the 33rd floor unit at the freehold luxury development in District 9 was sold for S$16.5 million or S$5,397 per square foot (psf) in January. That was the first time since June 2023 that prices in the prime residential market crossed the S$5,000 psf mark, BT had earlier reported.
The seller reaped a gain of S$4.9 million or 42 per cent over the initial purchase price of S$11.6 million (S$3,795 psf).
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