Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
New Futura, located throughout Leonie Hill Road, is a twin 36-storey tower domestic project developed by American architecture company Skidmore, Owings along with Merrill (SOM), the design designer for deluxe property developments Wallich Residency and Skywaters Residences in Tanjong Pagar.
Finished in 1986, Yong An Park has a total amount of 288 residences. Common units consist of one- to four-bedders between 1,023 sq ft and 3,778 sq ft. Generally there are 3- to five-bedroom penthouses with measurements from 3,466 sq ft and 6,878 sq ft, in addition to a selection of six-bedroom, strata-titled townhomeses 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.
Based on the brand-new cooling actions, an ABSD rate of 60% would put on overseas purchasers. Nonetheless, for transactions where the choice to purchase was approved to the buyer on or prior to April 26 as well as worked within 21 days (i.e. on or prior to May 17), the brand-new fees will not apply. Hence the Chinese buyer for the New Futura unit paid an ABSD cost of 30% or $3.75 million for the purchase.
The seller of the unit at Yong An Park raked in a gain of $4.5 million on the transaction. The unit had actually altered hands formerly for $9.58 million ($1,241 psf) in February 2008. Therefore, the vendor made a 47% capital profit right after holding the real estate for 15 years.
Units at New Futura make up a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume ceilings. There are also two 7,836 sq ft penthouses– one at the top of each high rise.
The other high-end apartment real estate that was gathered up by a Chinese purchaser is a six-bedroom condominium unit at Yong An Park, a property project on River Valley Roadway. A caveat was lodged 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 spent an ABSD of 30% ($4.2 million) on the transaction, as the alternative was worked out before Might 17.
Two deluxe apartment units in prime District 9 have lately been acquired by international buyers, despite the more recent hikes in additional buyer’s stamp duty (ABSD) that came into result on April 27. According to Lee Sze Teck, senior director of research study at Huttons Asia, a crosscheck with URA’s review of property purchases by nationalities and also residence status reveal that the units were acquired by Chinese nationals who are not Permanent Residents (PRs).
The seller of the unit at New Futura bought the unit in January 2018 for $9.13 million ($3,395 psf). Thus, the gain from the profit was $3.37 million (37%) after a five-year holding duration. This is one of the most rewarding resell deal at New Futura to period. It goes beyond the past gain of $2.96 million embeded in December 2022. It was for the revenue of a 2,691 sq ft unit sold for $12 million ($4,459 psf).
Among the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold apartment near Leonie Hill Road in District 9. Based upon URA data, a caveat was lodged for the sale of the unit, positioned 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 growth by developer City Developments Ltd that was finished in 2017.
