Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
Based on the brand-new air conditioning actions, an ABSD rate of 60% would apply to foreign purchasers. Nonetheless, for transactions where the choice to acquisition was approved to the purchaser on or before April 26 as well as exercised within 21 days (i.e. on or before May 17), the brand-new fees can not use. Therefore the Chinese investor for the New Futura unit paid an ABSD price of 30% or $3.75 million for the acquisition.
The seller of the unit at Yong An Park generated a gain of $4.5 million on the transaction. The unit had actually altered hands formerly for $9.58 million ($1,241 psf) in February 2008. Therefore, the dealer made a 47% capital gain right after holding the property for 15 years.
Units at New Futura make up a mix of two-bedroom houses of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume ceilings. There are in addition two 7,836 sq ft penthouses– one at the top of each high rise.
Finalized in 1986, Yong An Park has a total amount of 288 homes. Regular units consist of one- to four-bedders between 1,023 sq ft and 3,778 sq ft. Generally there are 3- to five-bedroom penthouses with dimensions from 3,466 sq ft and 6,878 sq ft, as well as a selection of six-bedroom, strata-titled townhomeses from 7,718 sq ft. The project 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 condo along Leonie Hill Road in District 9. Based upon URA records, 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 new psf-price top for the 124-unit, freehold progression by property developer City Developments Ltd that was finished in 2017.
The retailer of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). Hence, the gain from the profit was $3.37 million (37%) after a five-year keeping time period. This is the most lucrative resale purchase at New Futura to date. It surpasses the former gain of $2.96 million embeded in December 2022. It was for the transaction of a 2,691 sq ft unit sold for $12 million ($4,459 psf).
Two deluxe apartment units in prime District 9 have just recently been acquired by overseas buyers, in spite of the recent increases in additional buyer’s stamp duty (ABSD) that came into effect on April 27. According to Lee Sze Teck, top supervisor of research at Huttons Asia, a crosscheck with URA’s review of property acquisitions by nationalities and residence status present that the units were obtained by Chinese nationals that are not Permanent Residents (PRs).
The other deluxe condominium real estate that was gathered up by a Chinese investor is a six-bedroom condominium unit at Yong An Park, a property project on River Valley Roadway. A caveat was lodged on May 5 for the sale of the 7,718 sq ft estate for $14.08 million ($1,824 psf). Very 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 option was exercised prior to Might 17.
New Futura, found around Leonie Hill Road, is a twin 36-storey tower non commercial development developed by American architecture firm Skidmore, Owings plus Merrill (SOM), the design designer for high-end property developments Wallich Residence and Skywaters Residences in Tanjong Pagar.