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SG 2-year-old gets $6.5m apartment

Property Here - Wednesday, March 27, 2013

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By Shabnam Muzammil:

A Chinese woman has reportedly purchased a US$6.5 million (around S$8 million) apartment in New York City's uber posh One57 development (pictured) for her two-year old daughter. 

The property’s broker revealed that the mother bought the unit for her toddler, “who was planning on going to Columbia or NYU, maybe Harvard, so she needed to be in the centre of the city, which is why she was picking this one particular apartment”.

Recently, China nationals have been snapping up luxury apartments in the city, contributing to about 11 percent of international sales.

“Right now they (Chinese buyers) make up a quarter of my dollar volume, and what’s more interesting is that two years ago it was only 15 percent, and before that it was only five percent,” the broker said.

One57 is a 90-storey skyscraper located at 157 West 57th Street in Midtown Manhattan. Developed by US-based Extell Development and set to be completed this year, the 306-metre tall tower will become the city’s tallest residential building.

The project's buyers include a few “significant Forbes billionaires” from China, Canada, Nigeria and the UK.

 

Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg