Chinese couple buys two Ritz-Carlton Residences units for S$33 million

Two adjacent units located on the 33rd floor of The Ritz-Carlton Residences, a luxurious condominium, were recently sold for S$16.5 million each, according to lodged caveats.

These units are both expansive, measuring 3,057 sq ft and featuring four bedrooms. The combined transaction for both units amounted to S$33 million (US$24.6 million).

The Edge Prop reported that a property title search unveiled the identity of the buyers.

One of one of the four-bedroom apartments was bought by Yuan Yonggang, a Chinese billionaire.

He is the chairman of Suzhou Dongshan Precision Manufacturing Co (苏州东山精密制造股份有限公司), a company listed on the Shenzhen Stock Exchange (SZ002384) specializing in the design and manufacturing of precision sheet metal.

Simultaneously, the neighbouring unit was purchased by Yuan’s wife, Wang Wenjuan(王文娟).

Being Singapore Permanent Residents (PRs), the couple will incur an additional buyer’s stamp duty (ABSD) of 5% if this is their first home in Singapore.

This translates to an ABSD of $825,000 for each of their respective units.

According to public records published by the Urban Redevelopment Authority concerning the private residential property transaction, the $16.5 million price equates to S$5,397 per square foot.

Since its debut in December 2007, The Ritz-Carlton Residences on Cairnhill Road in prime District 9 has achieved its highest per square foot (psf) price with the recent transactions. This 58-unit, freehold condominium was completed in 2011.

The residences offer a mix of typical units, including 36 three-bedroom apartments of 2,831 sq ft each and 18 four-bedroom apartments of 3,057 sq ft each.

Additionally, the 34th floor features two junior penthouses of 3,574 sq ft each, while the 35th and 36th floors boast two duplex penthouses of 6,501 sq ft each.

Yuan Yonggang acquired his unit from Jayden Jin De, a Singapore citizen known for his previous career as a professional race-kart driver spanning nine years. Currently, Jin is a student at UCL, as indicated by a Google search and his LinkedIn profile.

Wang’s unit was reportedly purchased from Ong Chih Ching, executive chairman and executive director of listed company KOP Ltd.

It was Ong’s primary residence since the project was completed in 2011. Ong was also the chairman and co-founder of KOP Properties, the developer of The Ritz-Carlton Residences, regarded as the first Ritz-Carlton branded private residences outside North America.

A second generation of wealthy Chinese

According to reports from Chinese media, Yuan Yonggang, now 44, commenced his career at his father Yuan Gugen’s company in 1998 when he was just 19 years old.

In a pivotal turn of events in 2007, Yuan Fugen, the patriarch of the family, retired, paving the way for Yuan Yonggang to officially assume leadership at Dongshan Precision. Since then, he has held the position of chairman, steering the company to its current status.

Beyond his role at Dongshan Precision, Yuan Yonggang is also actively engaged as a director in several other companies. His adept leadership was particularly evident when Dongshan Precision went public on the Shenzhen Stock Exchange in 2010.

Presently, the company boasts a market value of 25.46 billion yuan (approximately US$3.5 billion) as of the latest available information.

Yuan Yonggang’s elder brother, Yuan Yongfeng, presently serves as the general manager of the company.

Together with their father, Yuan Fugen, they collectively hold a controlling stake in the company, amounting to 28.28%.

Notably, in 2022, the Yuan Fugen family secured the 399th position on the Hurun Rich List, boasting a wealth of 15 billion yuan (approximately US$2.08 billion). This recognition solidifies their standing as a prominent and affluent family in Tongling, China.