Developer may sell units in St Regis Residences due to strong interest
The St Regis Residences was completed in 2011 and comprises 58 three- and four-bedroom apartments spread over a 36-storey tower. (Photo: CDL)
City Developments Limited (CDL) has recently received numerous enquiries for St Regis Residences. Hence, it may consider releasing apartment units currently held for investment soon, revealed its parent firm Hong Leong Group on Tuesday (22 Jan).
Since the premiere of “Crazy Rich Asians”, Singapore has been in the global spotlight as the playground for the super-rich, with many of Asia’s wealthiest flocking to the city-state to buy luxury properties, particularly branded residences, said Hong Leong Group, which cited separate reports from Knight Frank and List Sotheby’s International Realty.
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According to Knight Frank’s Brand Residences Report 2019, the branded residence concept started in 1927 with the Sherry-Netherland hotel in New York. But the concept saw rapid expansion across the globe from 2000 to 2018, with more than 400 existing projects globally last year. Of this, 30 percent are in Asia Pacific.
Brand residences are sought-after by the rich due to their premium quality, smooth daily operations and the availability of luxury services, said the consultancy. Basically, property owners get the comfort and permanence of a home with the full benefits of a five-star hotel. This is important for affluent people due to their limited time, given their diverse business interests.
In Singapore, there are two branded residences, namely St Regis Residences and The Ritz-Carlton Residences, revealed List Sotheby’s International Realty’s report entitled “Live Branded – The Rise of Branded Residences”.
Dubbed as Asia’s first freehold Ritz-Carlton Residence in Asia, The Ritz-Carlton Residences was completed in 2011. It comprises 58 units of three- and four-bedroom apartments spread over a 36-storey tower, with units priced from US$7 million to US$9 million, based on Sotheby’s report.
The 999-year leasehold St Regis Residences in District 10 along Tanglin Road was built in 2008. It consists of 173 apartments spread across two 23-storey towers. Adjacent to the residences is The St. Regis Singapore, a five-star hotel with 299 luxury guest rooms. Based on PropertyGuru listings, unit prices range from S$3.95 million to S$16 million.
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“St. Regis Residences is the art of living. It is the mark of luxury and quality service buyers can recognise and cherish. With such brand awareness, it also makes a good long term investment,” said Kwek Leng Beng, Executive Chairman of CDL and Hong Leong Group.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
