Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
Units at New Futura consist of a mix of two-bedroom condos of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume roofs. There are also two 7,836 sq ft penthouses– one on top of every tower.
Two deluxe condo units in prime District 9 have recently been purchased by international buyers, in spite of the latest hikes in additional buyer’s stamp duty (ABSD) that entered impact on April 27. According to Lee Sze Teck, top director of research study at Huttons Asia, a crosscheck with URA’s review of real estate purchases by nationalities and also residential status reveal that the units were acquired by Chinese nationals who are not Permanent Residents (PRs).
Completed in 1986, Yong An Park has a total of 288 residences. Regular units make up 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 townhouses from 7,718 sq ft. The development is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.
One of the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold apartment around Leonie Hill Road in District 9. Based upon URA records, a caveat was lodged for the sale of the unit, located on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it marked a new psf-price higher for the 124-unit, freehold development by developer City Developments Ltd that was carried out in 2017.
The retailer of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). Thus, the profit from the revenue was $3.37 million (37%) after a five-year holding time period. This is one of the most profitable resell deal at New Futura to period. It surpasses the former gain of $2.96 million embeded in December 2022. It was for the revenue of a 2,691 sq ft unit offered for $12 million ($4,459 psf).
The vendor of the unit at Yong An Park brought 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. Therefore, the dealer made a 47% capital profit after holding the property for 15 years.
New Futura, situated throughout Leonie Hillside Roadway, is a twin 36-storey tower residential project developed by American style firm Skidmore, Owings plus Merrill (SOM), the style designer for deluxe developments Wallich Residency together with Skywaters Residences in Tanjong Pagar.
The other high-end condominium real estate that was gathered up by a Chinese investor is a six-bedroom townhomes unit at Yong An Park, an estate project on River Valley Roadway. A caveat was dwelled on May 5 for the sale of the 7,718 sq ft estate for $14.08 million ($1,824 psf). Similar to the unit at New Futura, the buyer of the Yong An Park unit spent an ABSD of 30% ($4.2 million) on the purchase, as the choice was worked out prior to Might 17.
Based on the brand-new air conditioning steps, an ABSD rate of 60% would put on foreign investors. Nevertheless, for purchases where the choice to acquisition was given to the customer on or before April 26 and exercised inside 21 days (i.e. on or before May 17), the brand-new rates can not apply. Thus the Chinese buyer for the New Futura unit paid for an ABSD rate of 30% or $3.75 million for the acquisition.