Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
New Futura, situated along Leonie Hillside Road, is a twin 36-storey high rise non commercial project designed by American style company Skidmore, Owings along with Merrill (SOM), the style architect for high-end projects Wallich Property and even Skywaters Residences in Tanjong Pagar.
Completed in 1986, Yong An Park has an overall of 288 homes. Normal units make up one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. Generally there are three- to five-bedroom penthouses with dimensions from 3,466 sq ft and 6,878 sq ft, along with a collection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The development is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.
Two luxury apartment units in prime District 9 have recently been bought by foreign buyers, despite the latest hikes 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 acquisitions by nationalities as well as residential position reveal that the units were acquired by Chinese nationals that are not Permanent Residents (PRs).
Units at New Futura make up a mix of two-bedroom condos of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume roofs. There are in addition two 7,836 sq ft penthouses– one on top of each high rise.
The other high-end condo residence that was scooped up by a Chinese purchaser is a six-bedroom townhomes unit at Yong An Park, a property project on River Valley Road. A caveat was dwelled on May 5 for the sale of the 7,718 sq ft estate for $14.08 million ($1,824 psf). Similar to the unit at New Futura, the purchaser of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the transaction, as the option was worked out before Might 17.
The seller of the unit at Yong An Park brought in a gain of $4.5 million on the deal. The unit had transformed hands recently for $9.58 million ($1,241 psf) in February 2008. As such, the dealer made a 47% capital gain right after securing the real estate for 15 years.
The dealer of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). Therefore, the return from the profit was $3.37 million (37%) after a five-year keeping time period. This is one of the most profitable resale purchase at New Futura to period. It goes beyond the past gain of $2.96 million embeded in December 2022. It was for the transaction of a 2,691 sq ft unit sold for $12 million ($4,459 psf).
Based upon the new cooling measures, an ABSD rate of 60% would apply to overseas consumers. Nevertheless, for deals where the choice to acquisition was provided to the purchaser on or before April 26 as well as exercised inside 21 days (i.e. on or prior to May 17), the new prices can not apply. Thus the Chinese purchaser for the New Futura unit settled an ABSD cost of 30% or $3.75 million for the transaction.
Among the properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold apartment around Leonie Hill Road in District 9. Based upon URA records, a caveat was lodged for the sale of the unit, located on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it noted a brand-new psf-price higher for the 124-unit, freehold development by developer City Developments Ltd that was finished in 2017.