Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
Units at New Futura consist of 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 even two 7,836 sq ft penthouses– one on top of each tower.
New Futura, situated around Leonie Hillside Road, is a twin 36-storey high rise residential project designed by American design company Skidmore, Owings along with Merrill (SOM), the layout designer for deluxe projects Wallich Residency and Skywaters Residences in Tanjong Pagar.
The other deluxe condominium property that was gathered up by a Chinese buyer is a six-bedroom townhouse unit at Yong An Park, a property development on River Valley Roadway. A caveat was dwelled on May 5 for the sale of the 7,718 sq ft property for $14.08 million ($1,824 psf). Quite similar to the unit at New Futura, the investor of the Yong An Park unit spent an ABSD of 30% ($4.2 million) on the deal, as the alternative was worked out before May 17.
The vendor of the unit at Yong An Park raked in a gain of $4.5 million on the transaction. The unit had actually transformed hands previously for $9.58 million ($1,241 psf) in February 2008. Thus, the dealer made a 47% capital acquire just after keeping the real estate for 15 years.
The retailer of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). Thus, the return from the profit was $3.37 million (37%) after a five-year keeping period. This is one of the most successful resale transaction at New Futura to period. It exceeds the past gain of $2.96 million embeded in December 2022. It was for the revenue of a 2,691 sq ft unit sold off for $12 million ($4,459 psf).
Among the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium along Leonie Hillside Roadway 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 noted a new psf-price high for the 124-unit, freehold growth by developer City Developments Ltd that was finished in 2017.
Based on the brand-new cooling actions, an ABSD rate of 60% would relate to overseas purchasers. However, for purchases where the alternative to purchase was provided to the purchaser on or before April 26 and also worked within 21 days (i.e. on or before May 17), the new fees will not use. Hence the Chinese buyer for the New Futura unit settled an ABSD cost of 30% or $3.75 million for the purchase.
Completed in 1986, Yong An Park has a total amount of 288 homes. Regular units comprise one- to four-bedders between 1,023 sq ft and 3,778 sq ft. Generally there are three- to five-bedroom penthouses with dimensions from 3,466 sq ft and 6,878 sq ft, as well as a collection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.
Two deluxe condominium units in top District 9 have lately been purchased by foreign buyers, regardless of the recent hikes in additional buyer’s stamp duty (ABSD) that entered effect on April 27. According to Lee Sze Teck, senior director of research at Huttons Asia, a crosscheck with URA’s review of real estate purchases by nationalities as well as residential state present that the units were gotten by Chinese nationals that are not Permanent Residents (PRs).