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 actually changed hands previously for $9.58 million ($1,241 psf) in February 2008. Thus, the dealer made a 47% capital acquire right after keeping the residential property for 15 years.
Finalized in 1986, Yong An Park has a total of 288 homes. Regular units make up one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. There are 3- to five-bedroom penthouses with measurements from 3,466 sq ft and 6,878 sq ft, along with a compilation 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.
Two high-end apartment units in top District 9 have just recently been purchased by overseas buyers, in spite of the latest increases in additional buyer’s stamp duty (ABSD) that came into impact on April 27. According to Lee Sze Teck, senior director of research study at Huttons Asia, a crosscheck with URA’s evaluation of property investments by nationalities and also residence position present that the units were acquired by Chinese nationals that are not Permanent Residents (PRs).
The seller of the unit at New Futura acquired the unit in January 2018 for $9.13 million ($3,395 psf). Hence, the return from the sale was $3.37 million (37%) after a five-year holding time period. This is the most profitable resell deal at New Futura to date. It surpasses the previous gain of $2.96 million set in December 2022. It was for the revenue of a 2,691 sq ft unit sold off for $12 million ($4,459 psf).
New Futura, found around Leonie Hill Road, is a twin 36-storey high rise non commercial development made by American architecture company Skidmore, Owings plus Merrill (SOM), the style architect for luxury developments Wallich Property and Skywaters Residences in Tanjong Pagar.
The other luxury flat real estate that was scooped up by a Chinese buyer is a six-bedroom condominium unit at Yong An Park, a property project on River Valley Roadway. A caveat was dwelled on May 5 for the sale of the 7,718 sq ft estate for $14.08 million ($1,824 psf). Similar to the unit at New Futura, the purchaser of the Yong An Park unit paid for an ABSD of 30% ($4.2 million) on the deal, as the alternative was worked out prior to Might 17.
Units at New Futura make up a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom flats 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.
Among the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condo around Leonie Hill Road in District 9. Based on URA information, a caveat was lodged for the sale of the unit, positioned on the 24th level, on May 3 for $12.5 million. At $4,645 psf, it marked a brand-new psf-price high for the 124-unit, freehold development by property developer City Developments Ltd that was finished in 2017.
Based upon the new cooling actions, an ABSD rate of 60% would apply to foreign investors. Nevertheless, for transactions where the option to acquisition was provided to the customer on or before April 26 as well as practiced inside 21 days (i.e. on or prior to May 17), the brand-new rates will not use. For this reason the Chinese buyer for the New Futura unit settled an ABSD price of 30% or $3.75 million for the purchase.
