Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
The seller of the unit at Yong An Park raked in a gain of $4.5 million on the deal. The unit had actually changed hands previously for $9.58 million ($1,241 psf) in February 2008. Thus, the dealer made a 47% capital gain right after keeping the real estate for 15 years.
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New Futura, situated throughout Leonie Hill Road, is a twin 36-storey high rise domestic project made by American design firm Skidmore, Owings and Merrill (SOM), the style designer for high-end developments Wallich Property together with Skywaters Residences in Tanjong Pagar.
Two luxury condominium units in top District 9 have recently been acquired by foreign buyers, in spite of the latest hikes in additional buyer’s stamp duty (ABSD) that came into effect on April 27. According to Lee Sze Teck, senior supervisor of research study at Huttons Asia, a crosscheck with URA’s evaluation of property investments by nationalities and residential status reveal that the units were gotten by Chinese nationals that are not Permanent Residents (PRs).
The other deluxe condominium real estate that was gathered up by a Chinese investor is a six-bedroom condominium unit at Yong An Park, a property development on River Valley Roadway. A caveat was dwelled on May 5 for the sale of the 7,718 sq ft estate for $14.08 million ($1,824 psf). Very similar to the unit at New Futura, the buyer of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the transaction, as the alternative was worked out before Might 17.
Finalized in 1986, Yong An Park has a total amount of 288 houses. Common units consist of one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with sizes from 3,466 sq ft and 6,878 sq ft, along with a collection of six-bedroom, strata-titled townhomeses from 7,718 sq ft. The development is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.
Among the real estates is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium near Leonie Hillside Roadway in District 9. Based upon URA information, a caveat was lodged for the sale of the unit, positioned on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it marked a new psf-price high for the 124-unit, freehold development by property developer City Developments Ltd that was finished in 2017.
Based upon the new air conditioning measures, an ABSD rate of 60% would relate to foreign consumers. Nonetheless, for transactions where the choice to acquisition was given to the purchaser on or prior to April 26 and worked within 21 days (i.e. on or before May 17), the brand-new fees can not apply. Therefore the Chinese investor for the New Futura unit paid for an ABSD cost of 30% or $3.75 million for the acquisition.
The dealer of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). Hence, the gain from the profit was $3.37 million (37%) after a five-year keeping time period. This is the most rewarding resale deal at New Futura to date. It exceeds the previous gain of $2.96 million set in December 2022. It was for the transaction of a 2,691 sq ft unit sold off for $12 million ($4,459 psf).
Units at New Futura make up a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom apartments of 2,691 sq ft with double-volume ceilings. There are in addition two 7,836 sq ft penthouses– one on top of every high rise.
