Singapore buyers set new record for Trump Tower

Muneerah August 31, 2014

A 4,000-square-foot condominium inside Chicago’s Trump Tower was recently sold for US$3.985 million (S$4.971 million), and the buyers are said to be from Singapore, according to media reports.

The sale marks a new record as the highest-priced Trump sale in 2014 was previously at US$3.3 million (S$4.12 million) in July.

The new owners will use the property, located on the 48th-floor, only part-time.

The sellers, Kim Jones and her husband, Jerry Riccioni bought the unit for US$2.88 million (S$3.59 million) in March 2012. In fact, they are moving to the condo directly above on the 49th storey.

The couple bought the 49th-floor unit for just under US$3 million (S$3.74 million) in August 2012 and it had been rented for the past 18 months at US$14,000 (S$17,466) a month. Riccioni said this unit is preferable because it is the highest in its section of the tower, hence the ceilings are higher.

The Trump International Hotel and Tower, also known as Trump Tower Chicago or Trump Tower, consists of residential units as well as a hotel. The record price for a condo there is reportedly US$5.16 million (S$6.44 million).

Overseas property purchases by Singaporeans have increased significantly in recent years. The Monetary Authority of Singapore (MAS) revealed the value of such purchases made through real estate agents in Singapore rose from S$1.4 billion in 2012 to S$2 billion in 2013.

Photo by Victorgrigas; Wikimedia Commons

 

Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

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