Cairnhill Nine penthouse sold to a trust for $7.5 mil
The IRAS will evaluate whether the refund issues are met, and also the process takes about a couple of months, says Lee Liat Yeang, top partner in Dentons Rodyk’s realty practice group. If the beneficiary is a Singapore person without any other residential property, the full 65% can be refunded, he adds.
Previously called Zico Allshores Trust (S) Ltd, the firm was integrated in 2012 with a trust company permit in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused integrated contractor of multi-disciplinary specialist solutions and even is detailed on the Catalist board of the Singapore Exchange.
The entire amount has to be paid just before an ABSD remission request may be made to the Inland Revenue Authority of Singapore (IRAS).
At Cairnhill Nine, usual units are a mix of one- to four-bedroom flats, with sizes ranging from 592 to 2,013 sq ft. There are just eight 4-bedroom penthouses at Cairnhill Nine: four are duplexes, plus the some other four are simplexes with sizes from 2,400 sq ft to 3,864 sq ft.
A property title search 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 business regulated by the Monetary Authority of Singapore.
Cairnhill 9 is part of a 99-year leasehold, mixed-use project that consists of Ascott Orchard Singapore, the 220-suite, luxury serviced condos. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.
The current transaction at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th ground of the 268-unit, high-end flat on Cairnhill Road. The total rate of $7.5 million spent for the penthouse is the highest as the assignment was launched in 2016, according to a caveat lodged on July 5.
“The trust framework is actually for the cash-rich since you can’t obtain funding for these buys, and also you need to be readied to spend 65% ABSD ahead of time in addition to the real estate’s investment cost,” according to Lee.
The mixed-use project by CapitaLand Development is a redevelopment of the past serviced flats Somerset Grand Cairnhill, additionally managed following CapitaLand’s accommodations service unit, The Ascott Ltd. Cairnhill Nine was finalized in late 2016, whilst Ascott Orchard Singapore opened up in 2017.
As the penthouse is purchased taking a trust, the purchase needs to be built completely in cash beforehand, involving the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD amounts to $4.875 million as well as shows up top of the 6% in buyer’s stamp duty, which totals up to $450,000, delivering the total cash money payable upfront to $12.825 million.
Located on Cairnhill Road, simply off the prime shopping section of Orchard Roadway, Cairnhill Nine has a prime District 9 address. It is precisely linked to Paragon shopping center on the 2nd floor using an air-conditioned expenses bridge over Bideford Road, just off the prime Orchard Road.