Cairnhill Nine penthouse sold to a trust for $7.5 mil

As the penthouse is acquired using a trust, the acquisition needs to be created completely in money beforehand, including the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD measures up $4.875 million and also comes on top of the 6% in buyer’s stamp duty, that amounts to $450,000, delivering the overall cash money payable in advance to $12.825 million.

The entire amount of money has to be paid prior to an ABSD remission application can be made to the Inland Revenue Authority of Singapore (IRAS).

Situated on Cairnhill Road, just off the prime shopping strip of Orchard Road, Cairnhill Nine has a prime District 9 address. It is directly connected to Paragon shopping center on the second level through an air-conditioned overhead bridge across Bideford Roadway, just off the prime Orchard Road.

A real estate title investigation reveals that the 3,186 sq ft penthouse at Cairnhill Nine is held by Zico Trust (S) Ltd, an independent trustee and also fiduciary services business managed by the Monetary Authority of Singapore.

Cairnhill Nine belongs to a 99-year leasehold, mixed-use project that includes Ascott Orchard Singapore, the 220-suite, luxury serviced flats. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.

The IRAS will definitely assess whether the return issues are achieved, as well as the procedure takes about two to three months, says Lee Liat Yeang, senior partner in Dentons Rodyk’s property practice team. If the beneficiary is a Singapore resident with no other property, the full 65% can be refunded, he adds.

At Cairnhill Nine, common units are a blend of one- to four-bedroom condominiums, with dimensions ranging from 592 to 2,013 sq ft. There are just eight 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, including the some other 4 are simplexes with sizes from 2,400 sq ft to 3,864 sq ft.

Formerly referred to as Zico Allshores Trust (S) Ltd, the company was integrated in 2012 with a trust company licence in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused incorporated provider of multi-disciplinary professional services also is detailed on the Catalist board of the Singapore Exchange.

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“The trust framework is really for the cash-rich due to the fact that you can’t acquire financing for these purchases, and you have to be readied to spend 65% ABSD upfront on top of the real estate’s purchase cost,” according to Lee.

The most recent deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th ground of the 268-unit, high-end condo on Cairnhill Roadway. The absolute rate of $7.5 million paid for the penthouse is the top as the assignment was released in 2016, according to a caveat lodged on July 5.

The mixed-use venture by CapitaLand Development is a redevelopment of the past serviced flats Somerset Grand Cairnhill, additionally took care of following CapitaLand’s accommodations service unit, The Ascott Ltd. Cairnhill 9 was finished in late 2016, whilst Ascott Orchard Singapore opened in 2017.

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