Cairnhill Nine penthouse sold to a trust for $7.5 mil

The entire amount has to be paid just before an ABSD remission application could be secured to the Inland Revenue Authority of Singapore (IRAS).

A real property title search shows that the 3,186 sq ft penthouse at Cairnhill Nine is carried by Zico Trust (S) Ltd, a separate trustee as well as fiduciary services firm regulated by the Monetary Authority of Singapore.

The most recent deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, premium condo on Cairnhill Road. The total rate of $7.5 million paid for the penthouse is the highest as the venture was introduced in 2016, according to a caveat lodged on July 5.

Situated on Cairnhill Road, just off the prime shopping section of Orchard Roadway, Cairnhill Nine has a prime District 9 address. It is precisely linked to Paragon shopping center on the 2nd level using an air-conditioned overhead bridge across Bideford Road, simply off the prime Orchard Road.

At Cairnhill Nine, usual units are a mix of one- to four-bedroom flats, with sizes extending from 592 to 2,013 sq ft. There are only eight 4-bedroom penthouses at Cairnhill Nine: four are duplexes, and the some other four are simplexes with measurements from 2,400 sq ft to 3,864 sq ft.

The mixed-use project by CapitaLand Development is a redevelopment of the previous serviced apartments Somerset Grand Cairnhill, additionally managed under CapitaLand’s accommodations business unit, The Ascott Ltd. Cairnhill Nine was completed in late 2016, while Ascott Orchard Singapore opened in 2017.

Cairnhill Nine is part of a 99-year leasehold, mixed-use development that features Ascott Orchard Singapore, the 220-suite, high-end serviced residences. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.

As the penthouse is acquired taking a trust, the acquisition has to be made totally in cash in advance, including the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD amounts to $4.875 million as well as shows up top of the 6% in customer’s stamp duty, that totals up to $450,000, carrying the complete money payable in advance to $12.825 million.

Lentor Hills Residences Lentor Hills Road

Previously known as Zico Allshores Trust (S) Ltd, the firm was integrated in 2012 with a trust service license in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused integrated contractor of multi-disciplinary specialist services also is listed on the Catalist board of the Singapore Exchange.

The IRAS will definitely analyze whether or not the reimbursement conditions are met, and also the process takes about 2 to 3 months, claims Lee Liat Yeang, top partner in Dentons Rodyk’s realty practice team. If the beneficiary is a Singapore resident without any other property, the complete 65% can be given back, he includes.

“The trust structure is truly for the cash-rich due to the fact that you can’t acquire funding for these purchases, and also you need to be readied to pay for 65% ABSD ahead of time aside from the real estate’s purchase price,” according to Lee.

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