Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
The other deluxe flat property which was scooped up by a Chinese purchaser is a six-bedroom condominium unit at Yong An Park, a property development 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). Similar to the unit at New Futura, the investor of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the deal, as the option was worked out prior to Might 17.
Two luxury condominium units in prime District 9 have recently been purchased by foreign buyers, in spite of the recent hikes in additional buyer’s stamp duty (ABSD) that entered into impact on April 27. According to Lee Sze Teck, senior director of research study at Huttons Asia, a crosscheck with URA’s analysis of real property purchases by nationalities as well as residential position present that the units were obtained by Chinese nationals who are not Permanent Residents (PRs).
New Futura, situated throughout Leonie Hill Roadway, is a twin 36-storey tower domestic project made by American style firm Skidmore, Owings plus Merrill (SOM), the style designer for luxury developments Wallich Residence together with Skywaters Residences in Tanjong Pagar.
Finished in 1986, Yong An Park has a total amount of 288 homes. Typical 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, in addition to a collection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.
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 also 2 7,836 sq ft penthouses– one on top of each high rise.
The dealer of the unit at New Futura bought the unit in January 2018 for $9.13 million ($3,395 psf). For this reason, the gain from the revenue was $3.37 million (37%) after a five-year holding period. This is the most rewarding resale transaction at New Futura to date. It goes beyond the past gain of $2.96 million set in December 2022. It was for the transaction of a 2,691 sq ft unit offered for $12 million ($4,459 psf).
The seller of the unit at Yong An Park generated a gain of $4.5 million on the transaction. The unit had actually changed hands previously for $9.58 million ($1,241 psf) in February 2008. As such, the seller made a 47% capital gain after keeping the property for 15 years.
Based upon the brand-new air conditioning steps, an ABSD rate of 60% would apply to foreign investors. Nonetheless, for transactions where the alternative to acquisition was granted to the customer on or before April 26 and also exercised inside 21 days (i.e. on or before May 17), the new prices can not apply. Thus the Chinese buyer for the New Futura unit paid for an ABSD price of 30% or $3.75 million for the purchase.
One of the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condo along Leonie Hillside Roadway in District 9. Based on URA data, 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 observed a brand-new psf-price higher for the 124-unit, freehold development by developer City Developments Ltd that was finished in 2017.
