Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported

2 luxury condo units in top District 9 have just recently been purchased by overseas buyers, in spite of the recent increases in additional buyer’s stamp duty (ABSD) that came into result on April 27. According to Lee Sze Teck, senior supervisor of research study at Huttons Asia, a crosscheck with URA’s analysis of property investments by nationalities and also residential state reveal that the units were gotten by Chinese nationals who are not Permanent Residents (PRs).

New Futura, located throughout Leonie Hillside Roadway, is a twin 36-storey tower non commercial development developed by American style firm Skidmore, Owings along with Merrill (SOM), the layout designer for high-end developments Wallich Residency and even Skywaters Residences in Tanjong Pagar.

The other high-end flat property that was scooped up by a Chinese investor is a six-bedroom condominium unit at Yong An Park, a property project on River Valley Road. A caveat was lodged on May 5 for the sale of the 7,718 sq ft property for $14.08 million ($1,824 psf). Very similar to the unit at New Futura, the buyer of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the transaction, as the option was exercised prior to May 17.

Based on the brand-new air conditioning measures, an ABSD rate of 60% would put on international buyers. Nevertheless, for deals where the alternative to investment was granted to the purchaser on or prior to April 26 and also exercised within 21 days (i.e. on or prior to May 17), the new fees can 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 transaction.

Tembusu Grand Jalan Tembusu

Units at New Futura make up a mix of two-bedroom houses of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume ceilings. There are also 2 7,836 sq ft penthouses– one at the top of each high rise.

The vendor of the unit at Yong An Park raked in a gain of $4.5 million on the purchase. The unit had transformed hands recently for $9.58 million ($1,241 psf) in February 2008. Because of this, the vendor made a 47% capital gain just after keeping the residential property for 15 years.

The retailer of the unit at New Futura acquired the unit in January 2018 for $9.13 million ($3,395 psf). Hence, the profit from the revenue was $3.37 million (37%) after a five-year keeping time period. This is one of the most successful resale transaction at New Futura to date. 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).

Among the real estates is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium near Leonie Hillside Road in District 9. Based upon URA data, a caveat was lodged for the sale of the unit, located on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it observed a new psf-price top for the 124-unit, freehold development by developer City Developments Ltd that was completed in 2017.

Finalized in 1986, Yong An Park has an overall of 288 residences. Common units make up one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with measurements from 3,466 sq ft and 6,878 sq ft, as well as a selection of six-bedroom, strata-titled townhomeses from 7,718 sq ft. The project is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.

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