Cairnhill Nine penthouse sold to a trust for $7.5 mil
The most recent purchase at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th floor of the 268-unit, premium condominium on Cairnhill Roadway. The total cost of $7.5 million paid for the penthouse is the highest possible ever since the assignment was released in 2016, according to a caveat lodged on July 5.
“The trust structure is really for the cash-rich since you can’t obtain funding for these purchases, as well as you have to be readied to pay for 65% ABSD in advance on top of the property’s investment rate,” according to Lee.
The mixed-use property by CapitaLand Development is a redevelopment of the past serviced apartments Somerset Grand Cairnhill, additionally handled under CapitaLand’s rental accommodations service unit, The Ascott Ltd. Cairnhill Nine was completed in late 2016, whilst Ascott Orchard Singapore opened up in 2017.
At Cairnhill Nine, typical units are a mix of one- to four-bedroom condominiums, with dimensions extending from 592 to 2,013 sq ft. There are just eight 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, and the some other four are simplexes with dimensions from 2,400 sq ft to 3,864 sq ft.
Located on Cairnhill Roadway, just off the prime shopping section of Orchard Roadway, Cairnhill Nine has a prime District 9 address. It is directly connected to Paragon shopping center on the 2nd floor using an air-conditioned overhead bridge across Bideford Roadway, just off the prime Orchard Road.
Previously referred to as Zico Allshores Trust (S) Ltd, the firm was incorporated in 2012 with a trust organization permit in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused integrated provider of multi-disciplinary specialist solutions also is listed on the Catalist board of the Singapore Exchange.
The complete amount needs to be paid prior to an ABSD remission application can be made to the Inland Revenue Authority of Singapore (IRAS).
A real property title search reveals that the 3,186 sq ft penthouse at Cairnhill Nine is held by Zico Trust (S) Ltd, a private trustee as well as fiduciary support services company regulated by the Monetary Authority of Singapore.
Cairnhill 9 becomes part of a 99-year leasehold, mixed-use development that consists of Ascott Orchard Singapore, the 220-suite, high-end serviced residences. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.
The IRAS is going to assess whether or not the reimbursement conditions are fulfilled, and the process takes concerning two to three months, states Lee Liat Yeang, senior partner in Dentons Rodyk’s property practice group. If the receiver is a Singapore citizen without other residential property, the complete 65% can possibly be refunded, he adds.
As the penthouse is bought using a trust, the acquisition has to be created totally in cash in advance, involving the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD measures up $4.875 million and also shows up top of the 6% in buyer’s stamp duty, which amounts to $450,000, carrying the complete cash money payable in advance to $12.825 million.
