Cairnhill Nine penthouse sold to a trust for $7.5 mil
At Cairnhill Nine, typical units are a blend of one- to four-bedroom condominiums, with dimensions extending from 592 to 2,013 sq ft. There are only 8 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, and the some other four are simplexes with measurements from 2,400 sq ft to 3,864 sq ft.
Previously known as Zico Allshores Trust (S) Ltd, the firm was integrated in 2012 with a trust business license in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused incorporated contractor of multi-disciplinary specialist services also is detailed on the Catalist board of the Singapore Exchange.
Situated on Cairnhill Road, simply off the prime retail strip of Orchard Road, Cairnhill Nine has a prime District 9 address. It is directly attached to Paragon mall on the second ground through an air-conditioned expenses bridge over Bideford Road, simply off the prime Orchard Road.
As the penthouse is acquired using a trust, the purchase has to be made totally in cash upfront, including the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD totals up to $4.875 million and also shows up top of the 6% in customer’s stamp duty, which totals up to $450,000, bringing the total cash money payable upfront to $12.825 million.
The current transaction 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 total price of $7.5 million spent for the penthouse is the highest possible as the project was launched in 2016, according to a caveat lodged on July 5.
The IRAS is going to examine whether the return issues are achieved, and also the process takes regarding a couple of months, claims Lee Liat Yeang, top partner in Dentons Rodyk’s real estate practice team. If the recipient is a Singapore person without any other house, the complete 65% can be refunded, he adds.
A property title investigation shows that the 3,186 sq ft penthouse at Cairnhill Nine is carried by Zico Trust (S) Ltd, a separate trustee and also fiduciary support services company monitored by the Monetary Authority of Singapore.
“The trust structure is actually for the cash-rich since you can not get financing for these buys, as well as you have to be readied to pay for 65% ABSD ahead of time aside from the real estate’s purchase cost,” according to Lee.
The complete amount of money needs to be paid prior to an ABSD remission application could be secured to the Inland Revenue Authority of Singapore (IRAS).
Cairnhill Nine becomes part of a 99-year leasehold, mixed-use development that features Ascott Orchard Singapore, the 220-suite, high-end serviced apartments. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.
The mixed-use venture by CapitaLand Development is a redevelopment of the past serviced apartments Somerset Grand Cairnhill, also took care of under CapitaLand’s lodging establishment unit, The Ascott Ltd. Cairnhill Nine was finalized in late 2016, while Ascott Orchard Singapore opened in 2017.