Cairnhill Nine penthouse sold to a trust for $7.5 mil
A real property title search presents that the 3,186 sq ft penthouse at Cairnhill Nine is carried by Zico Trust (S) Ltd, a separate trustee and also fiduciary support services business regulated by the Monetary Authority of Singapore.
As the penthouse is bought applying a trust, the acquisition has to be created entirely in cash upfront, consisting of the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD measures up $4.875 million and shows up top of the 6% in customer’s stamp duty, which totals up to $450,000, carrying the total cash payable ahead of time to $12.825 million.
Situated on Cairnhill Roadway, simply off the prime retail strip of Orchard Road, Cairnhill Nine has a prime District 9 address. It is precisely connected to Paragon mall on the 2nd floor using an air-conditioned expenses bridge across Bideford Roadway, just off the prime Orchard Road.
The entire amount needs to be paid just before an ABSD remission request could be made to the Inland Revenue Authority of Singapore (IRAS).
The IRAS will analyze regardless if the reimbursement issues are achieved, as well as the process takes about two to three months, says Lee Liat Yeang, senior partner in Dentons Rodyk’s realty practice team. If the recipient is a Singapore citizen without various other property, the full 65% can be given back, he includes.
At Cairnhill Nine, common units are a mix of one- to four-bedroom flats, with sizes ranging from 592 to 2,013 sq ft. There are only 8 4-bedroom penthouses at Cairnhill Nine: four are duplexes, including the some other 4 are simplexes with dimensions from 2,400 sq ft to 3,864 sq ft.
The most recent deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th ground of the 268-unit, premium condominium on Cairnhill Roadway. The total rate of $7.5 million invested in the penthouse is the top since the assignment was launched in 2016, according to a caveat lodged on July 5.
Previously referred to as Zico Allshores Trust (S) Ltd, the business was integrated in 2012 with a trust business licence in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused integrated provider of multi-disciplinary professional solutions and even is noted on the Catalist board of the Singapore Exchange.
The mixed-use project by CapitaLand Development is a redevelopment of the former serviced apartments Somerset Grand Cairnhill, also took care of following CapitaLand’s accommodations establishment unit, The Ascott Ltd. Cairnhill 9 was finished in late 2016, whilst Ascott Orchard Singapore opened up in 2017.
Cairnhill Nine belongs to a 99-year leasehold, mixed-use project that consists of Ascott Orchard Singapore, the 220-suite, high-end serviced condos. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.
“The trust structure is actually for the cash-rich because you can’t acquire financing for these acquisitions, and you have to be readied to pay for 65% ABSD ahead of time in addition to the estate’s purchase rate,” according to Lee.