Cairnhill Nine penthouse sold to a trust for $7.5 mil

A property title search shows that the 3,186 sq ft penthouse at Cairnhill Nine is supported by Zico Trust (S) Ltd, an independent trustee and also fiduciary support services company managed by the Monetary Authority of Singapore.

Previously referred to as Zico Allshores Trust (S) Ltd, the company was incorporated 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 expert solutions also is detailed on the Catalist board of the Singapore Exchange.

Cairnhill Nine becomes part of a 99-year leasehold, mixed-use development that includes Ascott Orchard Singapore, the 220-suite, luxury serviced apartments. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.

The IRAS will evaluate whether or not the return issues are achieved, and the procedure takes regarding a couple of months, states Lee Liat Yeang, senior partner in Dentons Rodyk’s realty practice group. If the beneficiary is a Singapore resident without other house, the complete 65% can possibly be refunded, he adds.

The entire amount needs to be paid before an ABSD remission application may be secured to the Inland Revenue Authority of Singapore (IRAS).

As the penthouse is bought applying a trust, the purchase has to be created totally in cash money in advance, consisting of the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD amounts to $4.875 million and also comes on top of the 6% in buyer’s stamp duty, that amounts to $450,000, bringing the overall cash payable in advance to $12.825 million.

Located on Cairnhill Road, just 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 floor using an air-conditioned expenses bridge over Bideford Roadway, just off the prime Orchard Road.

At Cairnhill Nine, typical units are a mix of one- to four-bedroom apartments, with dimensions extending from 592 to 2,013 sq ft. There are only 8 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, and the some other 4 are simplexes with dimensions from 2,400 sq ft to 3,864 sq ft.

“The trust structure is truly for the cash-rich because you can not acquire financing for these acquisitions, and you need to be prepared to spend 65% ABSD upfront on top of the estate’s purchase price,” according to Lee.

Tembusu Grand condo price

The mixed-use project by CapitaLand Development is a redevelopment of the past serviced apartments Somerset Grand Cairnhill, also took care of under CapitaLand’s rental accommodations establishment unit, The Ascott Ltd. Cairnhill 9 was completed in late 2016, whilst Ascott Orchard Singapore opened up in 2017.

The current purchase at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, premium condominium on Cairnhill Roadway. The absolute cost of $7.5 million spent for the penthouse is the top ever since the venture was introduced in 2016, according to a caveat lodged on July 5.

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