Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
The other deluxe apartment property which was scooped up by a Chinese buyer is a six-bedroom townhomes unit at Yong An Park, a freehold development on River Valley Roadway. A caveat was dwelled on May 5 for the sale of the 7,718 sq ft real estate for $14.08 million ($1,824 psf). Quite similar to the unit at New Futura, the buyer of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the transaction, as the option was worked out prior to Might 17.
Based upon the new cooling measures, an ABSD rate of 60% would apply to international consumers. Nevertheless, for deals where the option to purchase was granted to the buyer on or before April 26 and exercised within 21 days (i.e. on or prior to May 17), the brand-new rates can not apply. Hence the Chinese buyer for the New Futura unit paid for an ABSD cost of 30% or $3.75 million for the acquisition.
The retailer of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). For this reason, the return from the profit was $3.37 million (37%) after a five-year keeping time period. This is the most rewarding resell deal at New Futura to period. It surpasses the former 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).
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 roofs. There are even two 7,836 sq ft penthouses– one on top of each high rise.
Two high-end condo units in top District 9 have just recently been bought by overseas buyers, in spite of the more recent increases in additional buyer’s stamp duty (ABSD) that came into result on April 27. According to Lee Sze Teck, senior director of research study at Huttons Asia, a crosscheck with URA’s review of real estate purchases by nationalities as well as residential status present that the units were gotten by Chinese nationals who are not Permanent Residents (PRs).
Finalized in 1986, Yong An Park has an overall of 288 houses. Typical units consist of one- to four-bedders 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 project is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.
New Futura, located throughout Leonie Hillside Roadway, is a twin 36-storey high rise non commercial development developed by American design company Skidmore, Owings along with Merrill (SOM), the design designer for high-end projects Wallich Residence and even Skywaters Residences in Tanjong Pagar.
The vendor of the unit at Yong An Park generated 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. Thus, the dealer made a 47% capital profit just after holding the real estate for 15 years.
One of the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condo along Leonie Hill Roadway in District 9. Based on URA information, 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 marked a new psf-price top for the 124-unit, freehold progression by developer City Developments Ltd that was finished in 2017.
