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

Units at New Futura comprise a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom flats of 2,691 sq ft with double-volume ceilings. There are also two 7,836 sq ft penthouses– one at the top of each high rise.

The seller of the unit at Yong An Park raked in a gain of $4.5 million on the purchase. The unit had actually transformed hands formerly for $9.58 million ($1,241 psf) in February 2008. As such, the seller made a 47% capital acquire right after securing the property for 15 years.

New Futura, situated around Leonie Hill Roadway, is a twin 36-storey high rise residential development developed by American style firm Skidmore, Owings plus Merrill (SOM), the layout architect for luxury projects Wallich Property and Skywaters Residences in Tanjong Pagar.

Based upon the brand-new cooling measures, an ABSD rate of 60% would apply to foreign investors. Nevertheless, for transactions where the alternative to acquisition was provided to the customer on or before April 26 and worked inside 21 days (i.e. on or before May 17), the new fees will not use. Thus the Chinese buyer for the New Futura unit paid an ABSD price of 30% or $3.75 million for the purchase.

Completed in 1986, Yong An Park has an overall of 288 homes. Normal units comprise 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, as well as a compilation 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.

Sky Eden condo

The other high-end apartment property that was scooped up by a Chinese investor is a six-bedroom townhouse 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 property for $14.08 million ($1,824 psf). Very similar to the unit at New Futura, the investor of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the purchase, as the alternative was exercised before Might 17.

The seller of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). For this reason, the return from the profit was $3.37 million (37%) after a five-year keeping duration. This is the most lucrative resell transaction at New Futura to date. It exceeds the previous gain of $2.96 million set in December 2022. It was for the transaction of a 2,691 sq ft unit sold off for $12 million ($4,459 psf).

Two deluxe apartment units in top District 9 have lately been bought by foreign buyers, regardless of the latest hikes in additional buyer’s stamp duty (ABSD) that entered effect on April 27. According to Lee Sze Teck, top director of research at Huttons Asia, a crosscheck with URA’s analysis of real estate acquisitions by nationalities as well as residential position present that the units were acquired by Chinese nationals who are not Permanent Residents (PRs).

Among the real estates is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium along Leonie Hillside Roadway in District 9. Based upon URA data, a caveat was lodged for the sale of the unit, located on the 24th level, on May 3 for $12.5 million. At $4,645 psf, it observed a brand-new psf-price higher for the 124-unit, freehold growth by developer City Developments Ltd that was completed in 2017.

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