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 purchase. The unit had actually transformed hands previously for $9.58 million ($1,241 psf) in February 2008. Because of this, the vendor made a 47% capital acquire just after holding the real estate for 15 years.
Units at New Futura consist of a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume ceilings. There are also two 7,836 sq ft penthouses– one at the top of each tower.
Among the properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold apartment along Leonie Hill Road in District 9. Based upon URA information, a caveat was lodged for the sale of the unit, located on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it noted a new psf-price high for the 124-unit, freehold progression by developer City Developments Ltd that was completed in 2017.
The retailer of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). Hence, the gain from the revenue was $3.37 million (37%) after a five-year holding period. This is the most successful resale deal at New Futura to period. It goes beyond the former gain of $2.96 million set in December 2022. It was for the revenue of a 2,691 sq ft unit offered for $12 million ($4,459 psf).
New Futura, found throughout Leonie Hill Road, is a twin 36-storey high rise domestic project made by American style firm Skidmore, Owings along with Merrill (SOM), the design designer for high-end projects Wallich Residency and Skywaters Residences in Tanjong Pagar.
Two luxury apartment units in prime District 9 have recently been purchased by international buyers, despite the more recent increases in additional buyer’s stamp duty (ABSD) that entered into effect on April 27. According to Lee Sze Teck, top supervisor of research study at Huttons Asia, a crosscheck with URA’s review of real property purchases by nationalities and also residential position present that the units were gotten by Chinese nationals that are not Permanent Residents (PRs).
Finalized in 1986, Yong An Park has a total of 288 residences. Regular units make up one- to four-bedders between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with measurements from 3,466 sq ft and 6,878 sq ft, as well as a selection 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.
Based on the new air conditioning procedures, an ABSD rate of 60% would put on overseas buyers. However, for transactions where the option to acquisition was granted to the purchaser on or prior to April 26 and also worked within 21 days (i.e. on or prior to May 17), the brand-new fees can not apply. Hence the Chinese purchaser for the New Futura unit settled an ABSD rate of 30% or $3.75 million for the transaction.
The other high-end flat property that was scooped up by a Chinese buyer is a six-bedroom townhouse unit at Yong An Park, a property development on River Valley Roadway. A caveat was lodged on May 5 for the sale of the 7,718 sq ft real estate for $14.08 million ($1,824 psf). Quite similar to the unit at New Futura, the investor of the Yong An Park unit spent an ABSD of 30% ($4.2 million) on the transaction, as the alternative was worked out prior to Might 17.
