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 held by Zico Trust (S) Ltd, a private trustee and also fiduciary services business regulated by the Monetary Authority of Singapore.
The most up to date purchase at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, high-end flat on Cairnhill Roadway. The absolute price of $7.5 million paid for the penthouse is the highest possible ever since the venture was launched in 2016, according to a caveat lodged on July 5.
The mixed-use property by CapitaLand Development is a redevelopment of the previous serviced apartments Somerset Grand Cairnhill, additionally handled under CapitaLand’s lodging establishment unit, The Ascott Ltd. Cairnhill 9 was completed in late 2016, whilst Ascott Orchard Singapore opened up in 2017.
Cairnhill Nine belongs to a 99-year leasehold, mixed-use property development that features Ascott Orchard Singapore, the 220-suite, high-end serviced residences. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.
As the penthouse is acquired applying a trust, the acquisition needs to be made entirely in cash money in advance, involving the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD totals up to $4.875 million and comes on top of the 6% in customer’s stamp duty, which amounts to $450,000, bringing the overall money payable ahead of time to $12.825 million.
Positioned on Cairnhill Road, just off the prime shopping section of Orchard Road, Cairnhill Nine has a prime District 9 address. It is precisely linked to Paragon mall on the 2nd level using an air-conditioned overhead bridge across Bideford Roadway, just off the prime Orchard Road.
Formerly known as Zico Allshores Trust (S) Ltd, the firm was integrated in 2012 with a trust organization license in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused incorporated provider of multi-disciplinary expert solutions also is detailed on the Catalist board of the Singapore Exchange.
The IRAS will definitely assess whether the return issues are fulfilled, as well as the procedure takes about a couple of months, says Lee Liat Yeang, top partner in Dentons Rodyk’s property practice team. If the receiver is a Singapore resident without other property, the full 65% can be reimbursed, he includes.
The complete amount has to be paid just before an ABSD remission request could be made to the Inland Revenue Authority of Singapore (IRAS).
“The trust structure is truly for the cash-rich because you can not acquire financing for these acquisitions, and also you have to be readied to pay for 65% ABSD upfront aside from the real property’s purchase rate,” according to Lee.
At Cairnhill Nine, usual units are a blend of one- to four-bedroom apartments, with sizes ranging from 592 to 2,013 sq ft. There are just eight 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, including the additional 4 are simplexes with sizes from 2,400 sq ft to 3,864 sq ft.