Mongolia’s Richest man pays record price of $5,800 psf for unit at Le Nouvel Ardmore – Blossoms By The Park Condo at Slim Barracks Rise By EL Developments (Hot Launch 2022)

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The 43-unit Le Nouvel Ardmore built in Singapore by the listed property business Wing Tai Holdings, two units were recently sold at $5,800 per square foot which is a record for the luxurious condo created by the renowned French architectural firm Jean Nouvel.

The first deal that was sold at the highly coveted price of $5,800 per square foot was completed in the latter part of June when the 3,843 square feet unit located on the 28th floor was sold for an impressive $22,288,888. There was no caveat filed for the transaction. An property record search of the title and transfer documents showed that the property was acquired through an trust with Han Jinghua and his wife.

The most recent edition of the Hurun Rich List 2022 published by the Hurun Research Institute, ranks Han as the 2610th richest in China and has an estimated net worth of RMB2.2 billion ($450 million). Han is the only person listed on this edition of the Hurun Rich List that hails from Ulanqab, Inner Mongolia, which earned him the title of “the richest person of Ulanqab”, Inner Mongolia according to the min.news report from August 1.

Since the property located on the 28th floor in Le Nouvel Ardmore acquired by trust agreement, Han will likely be liable for the 35% extra buyer’s stamp duty (ABSD) that is an additional $7.8 million in cash upfront. This 35% ABSD for residential property that is purchased through a trust began to take effect on May 9. However, the trustee can make an application for a refund to the Inland Revenue Authority of Singapore to get a refund of the ABSD subject to the conditions are satisfied.

It’s not the first unit in Le Nouvel Ardmore that Han owns. Han had bought the apartment with four bedrooms – which was an area of 3,789 square feet located on the 23rd floor at $15.175 million ($4,005 per square foot) as per an order filed at the end of March in 2017.

The second sale to break the record price of $5,800 per square foot was made immediately after the purchase of Han. The deal was for 3,843 sq . ft four-bedroom apartment located on the eighth floor. It was purchased for $22.29 million according to the caveat filed in conjunction with URA Realis on July 5. An property title search reveals that the buyer is likely be Taiwanese.

In 2014, the building was completed. Le Nouvel Ardmore contains exclusively four-bedroom apartment units. There are just two units per floor of the 33-storey building. It has 34 basicxes which range between 3,789 sq ft and 4,273 sq feet; and eight duplexes, or villas that range from 4,047 sq ft up to 5,360 sq feet. There is a single duplex penthouse measuring 13,573 square feet. It is this was the very first penthouse to be sold during the development. It was bought from billionaire Su Tongyu, one of the co-founders of Alibaba and Taobao in April of 2015, at a price of $51 million ($3,757 per square foot).