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

Based on the brand-new air conditioning steps, an ABSD rate of 60% would put on overseas purchasers. Nonetheless, for purchases where the choice to investment was approved to the customer on or prior to April 26 and exercised 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 an ABSD price of 30% or $3.75 million for the purchase.

New Futura, situated throughout Leonie Hill Road, is a twin 36-storey high rise residential project designed by American architecture firm Skidmore, Owings and Merrill (SOM), the design architect for high-end projects Wallich Residency and even Skywaters Residences in Tanjong Pagar.

Units at New Futura make up a mix of two-bedroom houses of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume roofs. There are also two 7,836 sq ft penthouses– one on top of each tower.

One of the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold apartment along Leonie Hill Roadway in District 9. Based on URA data, 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 growth by property developer City Developments Ltd that was carried out in 2017.

The seller of the unit at Yong An Park brought in a gain of $4.5 million on the deal. The unit had actually changed hands formerly for $9.58 million ($1,241 psf) in February 2008. Thus, the vendor made a 47% capital profit after keeping the property for 15 years.

Blossoms By The Park floor plan

The other high-end flat property which was scooped up by a Chinese purchaser is a six-bedroom condominium unit at Yong An Park, an estate project on River Valley Road. 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 investor of the Yong An Park unit paid for an ABSD of 30% ($4.2 million) on the deal, as the choice was worked out before Might 17.

Completed in 1986, Yong An Park has a total of 288 houses. Typical units comprise one- to four-bedders between 1,023 sq ft and 3,778 sq ft. There are 3- to five-bedroom penthouses with dimensions from 3,466 sq ft and 6,878 sq ft, in addition to a collection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The project is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.

Two high-end apartment units in top District 9 have lately been purchased by international buyers, despite the latest increases in additional buyer’s stamp duty (ABSD) that came into effect on April 27. According to Lee Sze Teck, senior director of research at Huttons Asia, a crosscheck with URA’s evaluation of property purchases by nationalities and also residence status present that the units were acquired by Chinese nationals that are not Permanent Residents (PRs).

The dealer of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). For this reason, the gain from the sale was $3.37 million (37%) after a five-year keeping duration. This is the most lucrative resale 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 off for $12 million ($4,459 psf).

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