Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
Two high-end condo units in top District 9 have just recently been purchased by international buyers, despite the more recent hikes in additional buyer’s stamp duty (ABSD) that came into impact on April 27. According to Lee Sze Teck, top director of research study at Huttons Asia, a crosscheck with URA’s evaluation of real property acquisitions by nationalities and residential status present that the units were gotten by Chinese nationals that are not Permanent Residents (PRs).
New Futura, situated around Leonie Hill Road, is a twin 36-storey high rise domestic development created by American design company Skidmore, Owings along with Merrill (SOM), the layout designer for deluxe developments Wallich Property together with Skywaters Residences in Tanjong Pagar.
One of the properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium around Leonie Hillside Road in District 9. Based on URA data, a caveat was lodged for the sale of the unit, located on the 24th level, on May 3 for $12.5 million. At $4,645 psf, it observed a new psf-price higher for the 124-unit, freehold progression by property developer City Developments Ltd that was completed in 2017.
Based upon the brand-new cooling actions, an ABSD rate of 60% would relate to international buyers. Nevertheless, for deals where the choice to purchase was provided to the purchaser on or prior to April 26 as well as practiced within 21 days (i.e. on or prior to May 17), the brand-new rates can not use. Thus the Chinese buyer for the New Futura unit settled an ABSD price of 30% or $3.75 million for the transaction.
The seller of the unit at Yong An Park generated a gain of $4.5 million on the purchase. The unit had actually altered hands recently for $9.58 million ($1,241 psf) in February 2008. As such, the vendor made a 47% capital acquire right after securing 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 apartments of 2,691 sq ft with double-volume roofs. There are also two 7,836 sq ft penthouses– one at the top of every high rise.
Completed in 1986, Yong An Park has a total amount of 288 houses. Typical units consist of one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. Generally there are three- to five-bedroom penthouses with dimensions from 3,466 sq ft and 6,878 sq ft, as well as a compilation 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.
The retailer of the unit at New Futura acquired the unit in January 2018 for $9.13 million ($3,395 psf). For this reason, the gain from the profit was $3.37 million (37%) after a five-year holding duration. This is the most rewarding resell deal at New Futura to period. It exceeds the previous gain of $2.96 million set in December 2022. It was for the revenue of a 2,691 sq ft unit reselled for $12 million ($4,459 psf).
The other deluxe apartment property that was gathered up by a Chinese buyer is a six-bedroom townhomes unit at Yong An Park, a freehold development on River Valley Road. 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). Very similar to the unit at New Futura, the investor of the Yong An Park unit paid for an ABSD of 30% ($4.2 million) on the purchase, as the alternative was worked out before Might 17.