Ritz-Carlton Residences In Singapore A First In Asia

Source : The Strait Times, 04 September 07

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 MrHill.

'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 co-branded 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.

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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.