Ritz-Carlton
Residences in Singapore a first in Asia
September 4, 2007
Premier
hotel brand will build 58 high-end homes in Cairnhill on former Horizon
View site.
WELL-HEELED
fans of the Ritz-Carlton’s luxury accommodation will soon be
able to buy homes in Singapore that come stamped with the five-star
hotel brand.
Asia’s
first Ritz-Carlton Residences will be launched for sale in Singapore
late next month, with 56 apartment units and two penthouses up for
grabs.
The 36-storey
tower will be built in Cairnhill Road on the former Horizon View site,
and will be completed by early 2010.
Residents
will enjoy a 24-hour concierge service, housekeeping and sommelier
service. All the staff will be trained and managed by Ritz-Carlton.
While
the apartment prices have not yet been finalised, Ritz-Carlton’s
vice-president of international hotel development, Mr Shawn Hill,
said the hotel’s branded apartments usually fetch up to 50 per
cent more than comparable non-branded homes.
‘Typically,
comparing against non-branded residential properties, we see a 20
to 50 per cent premium over the highest-end homes in each market,’
he told The Straits Times.
There
are currently 32 other Ritz-Carlton Residences around the world, including
in New York, Boston, Hawaii and the Bahamas. Similar projects are
in the pipeline in Europe and the Middle East, Mr Hill said. In Asia,
Singapore was chosen for the residences’ debut over cities such
as Kuala Lumpur and Tokyo, where Ritz-Carlton has service apartments.
‘We
chose Singapore because we consider it to be a pace-setter in the
region, and it’s a highly sought-after city to live in,’
explained Mr Hill. ‘Singapore,
as a city, has some of its own branding and a very strong international
appeal. It represents a high quality of living as well as stability.’
But the
group is also looking at building more of such homes in other ‘gateway
cities’ in Asia, including Hong Kong, Shanghai, Tokyo, Ho Chi
Minh City and Jakarta, Mr Hill added.The
Singapore project is a partnership between Ritz-Carlton and Hayden
Properties - a 50:50 joint venture between real estate firm KOP Capital
and Emirates Investment Group unit Emirates Tarian Capital.
Hayden,
which was set up last October, is also the developer behind the luxury
project at 37 Scotts Road that boasts a garage in every apartment.
The Ritz-Carlton Residences in Singapore will offer units in three
sizes. The three-bedroom units will be 2,800 sq ft while the four-bedders
will be 3,100 sq ft and the penthouses will weigh in at more than
5,000 sq ft.
Each unit
will have designer fittings and appliances. The property will also
have a lap pool, library, wine cellar, and a kitchen and entertainment
area managed by the Ritz-Carlton.
Monthly
maintenance fees for the apartments may add up to between $2,000 and
$3,000, said Ms Ong Chih Ching, Hayden’s founder and lead director.
She said
the trend of hotel-branded residences is set to grow in Asia, as homebuyers
become more affluent.
‘Apart
from the luxurious hardware that you will see in buildings, the other
thing that buyers will look for is service. A lot of the hotel chains
have good reputations for their service.’
Other
hotel-branded residences in Singapore include Four Seasons Park and
St Regis Residences.
Mr Ku
Swee Yong, director of marketing and business development at Savills
Singapore, agreed that more cobranded apartments will emerge, and
not just involving hotels.
‘The
co-branding trend includes architects, designers, fashion labels such
as Armani and Versace, and these will put Singapore on the world map.’
He expects
foreigners to make up most of the buyers of the Ritz-Carlton apartments.
These could ‘definitely fetch a minimum’ of $4,000 per
sq ft, which is at least 20 per cent more than current prices in Cairnhill,
he said.
Luxury living
Ritz-Carlton Residences in Singapore will offer 56 apartment units
and two penthouses.
The 36-storey
tower in Cairnhill will be completed by early 2010.
Residents
will enjoy a 24-hour concierge service, housekeeping and sommelier
service.
Similar
projects are in the pipeline in Europe and the Middle East.
The group
is also eyeing other ‘gateway cities’ in Asia such as
Hong Kong, Shanghai, Tokyo, Ho Chi Minh City and Jakarta.
