Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
The vendor of the unit at Yong An Park brought in a gain of $4.5 million on the deal. The unit had transformed hands previously for $9.58 million ($1,241 psf) in February 2008. Because of this, the vendor made a 47% capital profit after keeping the property for 15 years.
Completed in 1986, Yong An Park has a total of 288 houses. Typical units comprise one- to four-bedders between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with dimensions from 3,466 sq ft and 6,878 sq ft, along with a selection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The property development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.
The other deluxe condo real estate that was gathered up by a Chinese purchaser is a six-bedroom condominium unit at Yong An Park, a property development on River Valley Road. 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 spent an ABSD of 30% ($4.2 million) on the transaction, as the choice was exercised prior to May 17.
The seller of the unit at New Futura acquired the unit in January 2018 for $9.13 million ($3,395 psf). Therefore, the profit from the profit was $3.37 million (37%) after a five-year holding period. This is one of the most lucrative resell purchase at New Futura to period. It surpasses the past gain of $2.96 million embeded in December 2022. It was for the sale of a 2,691 sq ft unit sold for $12 million ($4,459 psf).
Units at New Futura consist of a mix of two-bedroom houses of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume ceilings. There are even 2 7,836 sq ft penthouses– one on top of every high rise.
New Futura, found along Leonie Hillside Roadway, is a twin 36-storey high rise residential project made by American design firm Skidmore, Owings along with Merrill (SOM), the design architect for luxury projects Wallich Residency and Skywaters Residences in Tanjong Pagar.
Two high-end condominium units in top District 9 have just recently been bought by foreign buyers, in spite of the recent hikes in additional buyer’s stamp duty (ABSD) that came into result on April 27. According to Lee Sze Teck, top director of research study at Huttons Asia, a crosscheck with URA’s review of real property investments by nationalities and also residential state reveal that the units were acquired by Chinese nationals who are not Permanent Residents (PRs).
Based on the brand-new air conditioning actions, an ABSD rate of 60% would relate to overseas investors. Nonetheless, for purchases where the option to investment was granted to the customer on or prior to April 26 and exercised within 21 days (i.e. on or prior to May 17), the brand-new prices will not apply. Therefore the Chinese buyer for the New Futura unit paid an ABSD price of 30% or $3.75 million for the acquisition.
Among the properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condo along Leonie Hill Road in District 9. Based on URA data, a caveat was lodged for the sale of the unit, situated on the 24th level, 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.