Cairnhill Nine penthouse sold to a trust for $7.5 mil
The IRAS will definitely analyze regardless if the return conditions are achieved, and also the procedure takes about two to three months, states Lee Liat Yeang, top partner in Dentons Rodyk’s real estate practice group. If the receiver is a Singapore person without other home, the full 65% can be given back, he includes.
The latest purchase at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th ground of the 268-unit, high-end condominium on Cairnhill Road. The absolute price of $7.5 million invested in the penthouse is the top since the project was launched in 2016, according to a caveat lodged on July 5.
A property title search reveals that the 3,186 sq ft penthouse at Cairnhill Nine is supported by Zico Trust (S) Ltd, a separate trustee as well as fiduciary support services business monitored by the Monetary Authority of Singapore.
Cairnhill Nine belongs to a 99-year leasehold, mixed-use project that includes Ascott Orchard Singapore, the 220-suite, luxury serviced condos. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.
“The trust structure is truly for the cash-rich since you can’t obtain funding for these purchases, and also you need to be prepared to pay for 65% ABSD in advance on top of the estate’s acquisition price,” according to Lee.
The entire amount of money needs to be paid prior to an ABSD remission application can be secured to the Inland Revenue Authority of Singapore (IRAS).
At Cairnhill Nine, common units are a mix of one- to four-bedroom apartments, with sizes varying from 592 to 2,013 sq ft. There are just 8 4-bedroom penthouses at Cairnhill Nine: four are duplexes, plus the some other four are simplexes with measurements from 2,400 sq ft to 3,864 sq ft.
Previously referred to as Zico Allshores Trust (S) Ltd, the business was integrated in 2012 with a trust business license in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused integrated contractor of multi-disciplinary specialist solutions also is detailed on the Catalist board of the Singapore Exchange.
As the penthouse is bought using a trust, the acquisition needs to be made entirely in money beforehand, consisting of the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD amounts to $4.875 million and shows up top of the 6% in buyer’s stamp duty, that amounts to $450,000, delivering the complete cash payable ahead of time to $12.825 million.
The mixed-use venture by CapitaLand Development is a redevelopment of the previous serviced flats Somerset Grand Cairnhill, also managed following CapitaLand’s accommodations business unit, The Ascott Ltd. Cairnhill Nine was completed in late 2016, while Ascott Orchard Singapore opened up in 2017.
Positioned on Cairnhill Road, simply off the prime shopping section of Orchard Road, Cairnhill Nine has a prime District 9 address. It is precisely connected to Paragon shopping mall on the second level using an air-conditioned overhead bridge across Bideford Roadway, simply off the prime Orchard Road.