Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported

Finished in 1986, Yong An Park has a total of 288 homes. Regular units consist of one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with measurements from 3,466 sq ft and 6,878 sq ft, as well as a collection of six-bedroom, strata-titled townhomeses from 7,718 sq ft. The property development is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.

The other high-end apartment residence which was gathered up by a Chinese buyer is a six-bedroom townhomes unit at Yong An Park, a property development 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). Quite similar to the unit at New Futura, the buyer of the Yong An Park unit spent an ABSD of 30% ($4.2 million) on the purchase, as the option was worked out before Might 17.

Based on the new cooling measures, an ABSD rate of 60% would apply to international purchasers. Nonetheless, for purchases where the alternative to acquisition was provided to the purchaser on or before April 26 and also worked inside 21 days (i.e. on or before May 17), the new fees will not use. For this reason the Chinese buyer for the New Futura unit paid for an ABSD rate of 30% or $3.75 million for the acquisition.

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New Futura, situated throughout Leonie Hill Roadway, is a twin 36-storey high rise non commercial project designed by American architecture company Skidmore, Owings and Merrill (SOM), the style designer for deluxe property developments Wallich Property together with Skywaters Residences in Tanjong Pagar.

Units at New Futura make up 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 also 2 7,836 sq ft penthouses– one at the top of every high rise.

Two luxury apartment units in prime District 9 have recently been purchased by international buyers, in spite of the latest hikes in additional buyer’s stamp duty (ABSD) that entered impact on April 27. According to Lee Sze Teck, senior supervisor of research study at Huttons Asia, a crosscheck with URA’s review of property purchases by nationalities and residential status show that the units were gotten by Chinese nationals that 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). Therefore, the profit from the sale was $3.37 million (37%) after a five-year keeping time period. This is one of the most successful resell purchase at New Futura to date. It exceeds the previous 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).

One of 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 upon 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 observed a brand-new psf-price top for the 124-unit, freehold development by developer City Developments Ltd that was carried out in 2017.

The vendor of the unit at Yong An Park brought in a gain of $4.5 million on the purchase. The unit had actually altered hands recently for $9.58 million ($1,241 psf) in February 2008. Thus, the vendor made a 47% capital profit after securing the real estate for 15 years.

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