‘Richest man in Inner Mongolia’ pays record price of $5,800 psf for unit at Le Nouvel Ardmore
‘Richest man in Inner Mongolia’ pays record price of $5,800 psf for unit at Le Nouvel Ardmore. Two units at Singapore-listed property company Wing Tai Holdings’ 43-unit Le Nouvel Ardmore were recently sold for $5,800 psf, a new high for the luxury condo designed by celebrated French architect Jean Nouvel.
The first transaction at the coveted $5,800 psf price occurred in late June, when a 3,843 sq ft unit on the 28th floor was sold for an auspicious-sounding $22,288,888. However, no caveat was filed in connection with this transaction. According to a property title search and transfer document, Han Jinghua and his wife Meng Lian purchased the unit in trust for their four-year-old daughter. Han is a Singapore PR and the chairman of the Beijing-based transportation and logistics firm Jiayou International Logistics Co. According to her LinkedIn profile, Meng is the CEO of the company. Jiayou International Logistics was founded in 2005 and went public in February 2018 on the Shanghai Stock Exchange. Zijin International Trading Co, a Hong Kong-listed company, purchased a 14.21 percent stake in Jiayou International Logistics in February of this year.
According to the latest Hurun Rich List 2022, Han is the 2,610th richest person in China, with a net worth of approximately RMB2.2 billion ($450 million). According to a min.news report on August 1, Han is the only person on the Hurun Rich List who is from Ulanqab, Inner Mongolia, earning him the title of “the richest man in Ulanqab.” Han is likely to have paid an additional buyer’s stamp duty (ABSD) of 35%, or $7.8 million, because the apartment on the 28th floor of Le Nouvel Ardmore was purchased through a trust. The ABSD of 35% for residential property purchased through a trust went into effect on May 9. However, if the necessary conditions are met, the trustee may apply to the Inland Revenue Authority of Singapore for a refund of the ABSD.
Han does not own his first unit at Le Nouvel Ardmore. According to a caveat filed in March 2017, he paid $15.175 million ($4,005 psf) for a four-bedroom apartment – a 3,789 sq ft unit on the 23rd floor. Soon after Han’s purchase, the second transaction reached the new record price of $5,800 psf. According to a caveat filed with URA Realis on July 5, it was for a 3,843 sq ft four-bedroom unit on the eighth floor that sold for $22.29 million. A property title search reveals that the buyer is most likely Taiwanese.
Le Nouvel Ardmore, which opened in 2014, only has four-bedroom apartments. The 33-story tower has only two units per floor. There are 34 simplexes ranging in size from 3,789 to 4,273 square feet, and eight duplexes or villas ranging in size from 4,047 to 5,360 square feet. The only duplex penthouse in the development is 13,573 square feet and was the first to be sold. Su Tongyu, one of the co-founders of Alibaba and Taobao, paid $51 million ($3,757 psf) for it in April 2015.
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