Cairnhill Nine penthouse sold to a trust for $7.5 mil
At Cairnhill Nine, common units are a blend of one- to four-bedroom apartments, with sizes extending from 592 to 2,013 sq ft. There are only eight 4-bedroom penthouses at Cairnhill Nine: four are duplexes, including the some other four are simplexes with sizes from 2,400 sq ft to 3,864 sq ft.
The IRAS will examine whether or not the reimbursement situations are fulfilled, and also the process takes concerning a couple of months, claims Lee Liat Yeang, top partner in Dentons Rodyk’s property practice group. If the receiver is a Singapore citizen with no various other house, the complete 65% can be given back, he adds.
As the penthouse is bought applying a trust, the purchase needs to be built completely in cash money beforehand, including the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD amounts to $4.875 million and comes on top of the 6% in buyer’s stamp duty, that totals up to $450,000, carrying the complete cash payable in advance to $12.825 million.
The mixed-use property by CapitaLand Development is a redevelopment of the past serviced apartments Somerset Grand Cairnhill, also took care of following CapitaLand’s rental accommodations service unit, The Ascott Ltd. Cairnhill 9 was completed in late 2016, whilst Ascott Orchard Singapore opened up in 2017.
“The trust structure is really for the cash-rich because you can not acquire financing for these purchases, as well as you need to be readied to pay for 65% ABSD upfront aside from the property’s acquisition price,” according to Lee.
Formerly known as Zico Allshores Trust (S) Ltd, the firm was incorporated in 2012 with a trust company permit in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused incorporated contractor of multi-disciplinary professional services and is noted on the Catalist board of the Singapore Exchange.
The whole amount of money has to be paid before an ABSD remission request can be made to the Inland Revenue Authority of Singapore (IRAS).
The most up to date purchase at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, premium condo on Cairnhill Road. The absolute cost of $7.5 million invested in the penthouse is the highest possible since the venture was introduced in 2016, according to a caveat lodged on July 5.
Located on Cairnhill Roadway, simply off the prime retail strip of Orchard Road, Cairnhill Nine has a prime District 9 address. It is precisely connected to Paragon mall on the 2nd level by means of an air-conditioned overhead bridge over Bideford Road, just off the prime Orchard Road.
A real property title search shows that the 3,186 sq ft penthouse at Cairnhill Nine is held by Zico Trust (S) Ltd, an independent trustee as well as fiduciary support services business managed by the Monetary Authority of Singapore.
Cairnhill 9 belongs to a 99-year leasehold, mixed-use development that includes Ascott Orchard Singapore, the 220-suite, luxury serviced apartments. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.