Cairnhill Nine penthouse sold to a trust for $7.5 mil
The entire amount of money needs to be paid just before an ABSD remission request can be made to the Inland Revenue Authority of Singapore (IRAS).
At Cairnhill Nine, typical units are a mix of one- to four-bedroom condominiums, with dimensions varying from 592 to 2,013 sq ft. There are just 8 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, and the additional 4 are simplexes with sizes from 2,400 sq ft to 3,864 sq ft.
The most recent deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, premium flat on Cairnhill Road. The total price of $7.5 million spent for the penthouse is the highest possible ever since the project was released in 2016, according to a caveat lodged on July 5.
Located on Cairnhill Road, simply off the prime retail strip of Orchard Roadway, Cairnhill Nine has a prime District 9 address. It is directly linked to Paragon shopping mall on the second ground through an air-conditioned expenses bridge over Bideford Roadway, just off the prime Orchard Road.
A real property title search reveals that the 3,186 sq ft penthouse at Cairnhill Nine is supported by Zico Trust (S) Ltd, a private trustee and also fiduciary support services firm managed by the Monetary Authority of Singapore.
The mixed-use venture by CapitaLand Development is a redevelopment of the former serviced flats Somerset Grand Cairnhill, additionally took care of following CapitaLand’s lodging establishment unit, The Ascott Ltd. Cairnhill Nine was completed in late 2016, while Ascott Orchard Singapore opened up in 2017.
“The trust framework is really for the cash-rich because you can not acquire funding for these buys, and also you have to be prepared to pay for 65% ABSD in advance on top of the property’s purchase price,” according to Lee.
As the penthouse is purchased applying a trust, the purchase has to be made completely in cash 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, delivering the overall cash payable upfront to $12.825 million.
Previously referred to as Zico Allshores Trust (S) Ltd, the business was integrated in 2012 with a trust company licence in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused integrated contractor of multi-disciplinary expert solutions also is noted on the Catalist board of the Singapore Exchange.
Cairnhill 9 is part of a 99-year leasehold, mixed-use development that consists of Ascott Orchard Singapore, the 220-suite, luxury serviced condos. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.
The IRAS will definitely analyze whether or not the return conditions are achieved, as well as the procedure takes regarding a couple of months, states Lee Liat Yeang, top partner in Dentons Rodyk’s realty practice group. If the recipient is a Singapore citizen without any other property, the complete 65% can possibly be given back, he includes.