Cairnhill Nine penthouse sold to a trust for $7.5 mil
Formerly known as Zico Allshores Trust (S) Ltd, the company was incorporated in 2012 with a trust business licence in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused integrated contractor of multi-disciplinary specialist solutions also is detailed on the Catalist board of the Singapore Exchange.
At Cairnhill Nine, usual units are a mix of one- to four-bedroom flats, with sizes varying from 592 to 2,013 sq ft. There are only 8 4-bedroom penthouses at Cairnhill Nine: four are duplexes, and the additional 4 are simplexes with measurements from 2,400 sq ft to 3,864 sq ft.
The IRAS will analyze regardless if the return situations are fulfilled, and the process takes about 2 to 3 months, claims Lee Liat Yeang, senior partner in Dentons Rodyk’s realty practice team. If the beneficiary is a Singapore citizen without any various other home, the complete 65% can possibly be refunded, he includes.
The most up to date purchase at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th ground of the 268-unit, premium flat on Cairnhill Roadway. The absolute rate of $7.5 million paid for the penthouse is the top since the project was released in 2016, according to a caveat lodged on July 5.
The mixed-use project by CapitaLand Development is a redevelopment of the former serviced apartments Somerset Grand Cairnhill, also handled following CapitaLand’s lodging establishment unit, The Ascott Ltd. Cairnhill Nine was finalized in late 2016, whilst Ascott Orchard Singapore opened in 2017.
Cairnhill Nine is part of a 99-year leasehold, mixed-use project that features Ascott Orchard Singapore, the 220-suite, luxury serviced residences. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.
As the penthouse is purchased applying a trust, the acquisition needs to be built entirely in money in advance, consisting of the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD totals up to $4.875 million and shows up top of the 6% in buyer’s stamp duty, which amounts to $450,000, delivering the overall money payable upfront to $12.825 million.
“The trust framework is really for the cash-rich due to the fact that you can not acquire financing for these purchases, and you have to be readied to spend 65% ABSD in advance in addition to the real estate’s investment price,” according to Lee.
A real estate title search shows that the 3,186 sq ft penthouse at Cairnhill Nine is carried by Zico Trust (S) Ltd, a private trustee as well as fiduciary support services business monitored by the Monetary Authority of Singapore.
The entire amount of money needs to be paid just before an ABSD remission request may be secured to the Inland Revenue Authority of Singapore (IRAS).
Located on Cairnhill Road, just off the prime shopping section of Orchard Roadway, Cairnhill Nine has a prime District 9 address. It is precisely connected to Paragon mall on the 2nd level through an air-conditioned expenses bridge over Bideford Road, just off the prime Orchard Road.