Posted 10.3.13 @ 10:6
In what is the largest residential real estate transaction in Canadian history, an undisclosed buyer has purchased four adjacent condos at the top of the Fairmont Pacific Rim in Vancouver for an astounding $55 million.
This mega deal includes the two-storey penthouse in the Fairmont Rim’s private residence for $25 million, and the 3 sub penthouses in the luxury hotel. Owning floors 46 through 48, this purchase includes a total of 15,600 square feet of indoor space with a total of 38 rooms and another 3,800 square feet of balcony living space.
These ultra-luxury units are in one of Canada’s most sought after neighbourhoods, with amazing views of the Vancouver Harbour and Stanley Park. Walking into the penthouse unit, you are a swept away by the living area, with 2 storey floor to ceiling windows views as well as an open space, breathtaking interior design.
Although, the buyer’s identity remains confidential, is it widely believed to be by a Middle Eastern prince who purchased the units with cash. Compared to global real estate for other sought after major cities, Vancouver is still considered a bargain to the mega rich. Compared to a similar unit in London, which would cost upwards of $150 million, or Singapore, where it would be close to $80 million, for people who buy properties like this, it’s still considered a relative bargain.
Luxury properties are becoming more sought after by the ultra rich in recent years, seeing investors coming from all parts of the world and not just Asia anymore. Analysts also believe that this purchase alone, will drive up prices of nearby penthouse suites.
Opened in February 2010, the Fairmont Pacific Rim Hotel offers 22 floors of hotel space as well as 26 floors of ultra luxury condominiums.
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