Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
The seller of the unit at New Futura bought the unit in January 2018 for $9.13 million ($3,395 psf). For this reason, the profit from the sale was $3.37 million (37%) after a five-year keeping time period. This is the most profitable resell transaction at New Futura to period. It exceeds the past 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).
The other high-end condo real estate which was scooped up by a Chinese buyer is a six-bedroom townhomes unit at Yong An Park, a property project on River Valley Road. A caveat was lodged on May 5 for the sale of the 7,718 sq ft property for $14.08 million ($1,824 psf). Similar to the unit at New Futura, the purchaser of the Yong An Park unit spent an ABSD of 30% ($4.2 million) on the purchase, as the choice was exercised prior to May 17.
Units at New Futura consist of a mix of two-bedroom houses 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 vendor of the unit at Yong An Park generated a gain of $4.5 million on the transaction. The unit had actually altered hands previously for $9.58 million ($1,241 psf) in February 2008. Thus, the seller made a 47% capital profit after keeping the real estate for 15 years.
Finished in 1986, Yong An Park has a total of 288 homes. Regular units comprise one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. There are 3- to five-bedroom penthouses with measurements from 3,466 sq ft and 6,878 sq ft, in addition to a selection of six-bedroom, strata-titled townhomeses from 7,718 sq ft. The property development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.
Two deluxe condominium units in top District 9 have recently been purchased by foreign buyers, in spite of the more recent increases in additional buyer’s stamp duty (ABSD) that came into impact on April 27. According to Lee Sze Teck, top director of research study at Huttons Asia, a crosscheck with URA’s analysis of real estate acquisitions by nationalities and residential state show that the units were obtained by Chinese nationals that are not Permanent Residents (PRs).
Based upon the brand-new air conditioning steps, an ABSD rate of 60% would apply to overseas purchasers. However, for transactions where the option to acquisition was provided to the buyer on or before April 26 and worked inside 21 days (i.e. on or before May 17), the brand-new fees can not apply. For this reason the Chinese purchaser for the New Futura unit settled an ABSD price of 30% or $3.75 million for the purchase.
New Futura, located around Leonie Hill Roadway, is a twin 36-storey tower domestic development created by American style company Skidmore, Owings plus Merrill (SOM), the style designer for luxury developments Wallich Residency and Skywaters Residences in Tanjong Pagar.
Among the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium around Leonie Hill Road in District 9. Based on 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 noted a brand-new psf-price high for the 124-unit, freehold growth by property developer City Developments Ltd that was completed in 2017.
