Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
The seller of the unit at Yong An Park brought 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 acquire just after keeping the property for 15 years.
New Futura, located around Leonie Hillside Roadway, is a twin 36-storey tower non commercial development developed by American design company Skidmore, Owings plus Merrill (SOM), the design architect for deluxe property developments Wallich Residence and even Skywaters Residences in Tanjong Pagar.
The dealer of the unit at New Futura acquired the unit in January 2018 for $9.13 million ($3,395 psf). Therefore, the return from the sale was $3.37 million (37%) after a five-year holding time period. This is the most successful resell purchase at New Futura to date. It surpasses the former gain of $2.96 million embeded in December 2022. It was for the revenue of a 2,691 sq ft unit offered for $12 million ($4,459 psf).
Based on the new cooling actions, an ABSD rate of 60% would apply to overseas investors. Nonetheless, for deals where the choice to investment was provided to the purchaser on or prior to April 26 as well as exercised inside 21 days (i.e. on or before May 17), the new prices can not use. Thus the Chinese investor for the New Futura unit paid an ABSD price of 30% or $3.75 million for the transaction.
Finished in 1986, Yong An Park has an overall of 288 residences. Regular units comprise one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with sizes from 3,466 sq ft and 6,878 sq ft, along with a collection of six-bedroom, strata-titled townhomeses from 7,718 sq ft. The development is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.
Newport Residences condominium
Two luxury apartment units in top District 9 have recently been bought by international buyers, despite the recent hikes in additional buyer’s stamp duty (ABSD) that came into impact on April 27. According to Lee Sze Teck, senior director of research at Huttons Asia, a crosscheck with URA’s review of property acquisitions by nationalities and also residence state reveal that the units were gotten by Chinese nationals that are not Permanent Residents (PRs).
The other high-end flat residence which was scooped up by a Chinese investor is a six-bedroom condominium unit at Yong An Park, a property project 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). Very 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 deal, as the option was worked out prior to Might 17.
Units at New Futura make up a mix of two-bedroom houses of 1,098 sq ft to four-bedroom flats of 2,691 sq ft with double-volume ceilings. There are in addition 2 7,836 sq ft penthouses– one at the top of every high rise.
Among the real estates is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold apartment along Leonie Hillside Roadway in District 9. Based upon URA information, a caveat was lodged for the sale of the unit, situated on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it observed a brand-new psf-price higher for the 124-unit, freehold growth by property developer City Developments Ltd that was carried out in 2017.
