reporter2
06-05-20, 16:59
Vicki Zhao's husband buys S$28m penthouse
Businessman paid about S$3,164 psf for Ardmore Park property sold by RB Capital chief executive Kishin RK
Wed, May 06, 2020
Kalpana Rashiwala
Singapore
HUANG Youlong, the businessman husband of Chinese actress Vicki Zhao, has bought a penthouse at freehold Ardmore Park condo for S$27.65 million or about S$3,164 per square foot based on the strata area of 8,740 sq ft.
The penthouse - on levels 29 and 30 - is one of six penthouses in the development, which was completed in 2001.
Mr Huang, a Singapore citizen, is understood to have made the purchase as trustee; the beneficiary may be his daughter. The couple married in 2008. Their daughter was born in Singapore in 2010.
The couple - both in their 40s and close friends of Alibaba cofounder Jack Ma - are involved in several businesses. Their investment portfolio is said to include property, jewellery and wine. The couple own the Chateau Monlot vineyard in the Saint-Emilion region of south-west France.
Within the Ardmore Park condominium itself, Mr Huang owns at least one other unit, a four-bedroom apartment on a low floor in another block. Ardmore Park has three residential blocks.
BT understands that Mr Huang bought the Ardmore Park penthouse from RB Capital chief executive, Kishin RK.
The latter granted the option to purchase to Mr Huang back in April 2017 with a long exercise period; the option was exercised last month.
Mr Kishin had paid S$19.5 million for the unit earlier in 2017. According to the grapevine, he received an unsolicited offer with a price too good to refuse from Mr Huang shortly after the purchase.
Jacqueline Wong, executive director at Savills Singapore, said the S$3,164 psf deal entered into back in 2017 for the penthouse was considered high at the time as luxury condo prices had just begun to recover following the slowdown in the private housing market after cooling measures in 2013.
"However, prior to the Covid-19 outbreak earlier this year, a price of under S$3,200 psf would not be considered expensive for a freehold penthouse in District 10, and that too in the Ardmore/Draycott area."
Ms Wong also noted that the development has stood the test of time with the functional design and layout of its residences as well as the quality of its finishes and fittings/fixtures which are still retained in many units that are leased.
Businessman paid about S$3,164 psf for Ardmore Park property sold by RB Capital chief executive Kishin RK
Wed, May 06, 2020
Kalpana Rashiwala
Singapore
HUANG Youlong, the businessman husband of Chinese actress Vicki Zhao, has bought a penthouse at freehold Ardmore Park condo for S$27.65 million or about S$3,164 per square foot based on the strata area of 8,740 sq ft.
The penthouse - on levels 29 and 30 - is one of six penthouses in the development, which was completed in 2001.
Mr Huang, a Singapore citizen, is understood to have made the purchase as trustee; the beneficiary may be his daughter. The couple married in 2008. Their daughter was born in Singapore in 2010.
The couple - both in their 40s and close friends of Alibaba cofounder Jack Ma - are involved in several businesses. Their investment portfolio is said to include property, jewellery and wine. The couple own the Chateau Monlot vineyard in the Saint-Emilion region of south-west France.
Within the Ardmore Park condominium itself, Mr Huang owns at least one other unit, a four-bedroom apartment on a low floor in another block. Ardmore Park has three residential blocks.
BT understands that Mr Huang bought the Ardmore Park penthouse from RB Capital chief executive, Kishin RK.
The latter granted the option to purchase to Mr Huang back in April 2017 with a long exercise period; the option was exercised last month.
Mr Kishin had paid S$19.5 million for the unit earlier in 2017. According to the grapevine, he received an unsolicited offer with a price too good to refuse from Mr Huang shortly after the purchase.
Jacqueline Wong, executive director at Savills Singapore, said the S$3,164 psf deal entered into back in 2017 for the penthouse was considered high at the time as luxury condo prices had just begun to recover following the slowdown in the private housing market after cooling measures in 2013.
"However, prior to the Covid-19 outbreak earlier this year, a price of under S$3,200 psf would not be considered expensive for a freehold penthouse in District 10, and that too in the Ardmore/Draycott area."
Ms Wong also noted that the development has stood the test of time with the functional design and layout of its residences as well as the quality of its finishes and fittings/fixtures which are still retained in many units that are leased.