Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
2 luxury apartment units in top District 9 have lately been acquired by foreign buyers, in spite of the recent hikes in additional buyer’s stamp duty (ABSD) that entered impact on April 27. According to Lee Sze Teck, top supervisor of research study at Huttons Asia, a crosscheck with URA’s review of real property investments by nationalities and also residential state show that the units were acquired by Chinese nationals that are not Permanent Residents (PRs).
Units at New Futura comprise a mix of two-bedroom houses of 1,098 sq ft to four-bedroom apartments of 2,691 sq ft with double-volume ceilings. There are also two 7,836 sq ft penthouses– one at the top of every tower.
The vendor of the unit at Yong An Park raked in a gain of $4.5 million on the transaction. The unit had actually altered hands formerly for $9.58 million ($1,241 psf) in February 2008. Thus, the vendor made a 47% capital gain after keeping the real estate for 15 years.
Finalized in 1986, Yong An Park has a total amount of 288 residences. Regular units comprise one- to four-bedders 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 townhomeses from 7,718 sq ft. The development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.
The dealer of the unit at New Futura bought the unit in January 2018 for $9.13 million ($3,395 psf). Hence, the gain from the profit was $3.37 million (37%) after a five-year keeping period. This is the most profitable resale deal at New Futura to period. It surpasses the former gain of $2.96 million embeded in December 2022. It was for the sale of a 2,691 sq ft unit sold for $12 million ($4,459 psf).
One of the properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold apartment near Leonie Hill Road in District 9. Based upon URA information, a caveat was lodged for the sale of the unit, positioned on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it observed a new psf-price high for the 124-unit, freehold development by property developer City Developments Ltd that was finished in 2017.
Based upon the new cooling steps, an ABSD rate of 60% would relate to international purchasers. However, for purchases where the alternative to purchase was granted to the purchaser on or before April 26 and also exercised within 21 days (i.e. on or before May 17), the brand-new fees can not use. Thus the Chinese investor for the New Futura unit settled an ABSD cost of 30% or $3.75 million for the acquisition.
The other deluxe apartment real estate which was gathered up by a Chinese purchaser is a six-bedroom townhouse unit at Yong An Park, an estate project on River Valley Roadway. A caveat was lodged on May 5 for the sale of the 7,718 sq ft property for $14.08 million ($1,824 psf). Quite similar to the unit at New Futura, the buyer of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the purchase, as the alternative was exercised prior to May 17.
New Futura, situated around Leonie Hillside Road, is a twin 36-storey high rise residential project created by American style firm Skidmore, Owings and Merrill (SOM), the layout architect for high-end developments Wallich Property together with Skywaters Residences in Tanjong Pagar.