Cairnhill Nine penthouse sold to a trust for $7.5 mil
Previously called Zico Allshores Trust (S) Ltd, the firm was integrated in 2012 with a trust company license in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused incorporated service provider of multi-disciplinary professional services and is provided on the Catalist board of the Singapore Exchange.
A property title investigation shows that the 3,186 sq ft penthouse at Cairnhill Nine is carried by Zico Trust (S) Ltd, a separate trustee and fiduciary services firm managed by the Monetary Authority of Singapore.
The IRAS is going to examine whether or not the refund conditions are met, and the procedure takes regarding a couple of months, says Lee Liat Yeang, top partner in Dentons Rodyk’s property practice group. If the receiver is a Singapore person with no various other house, the full 65% can be refunded, he adds.
Positioned on Cairnhill Roadway, just off the prime shopping strip of Orchard Roadway, Cairnhill Nine has a prime District 9 address. It is directly linked to Paragon mall on the 2nd floor through an air-conditioned expenses bridge over Bideford Roadway, simply off the prime Orchard Road.
The complete amount needs to be paid before an ABSD remission application can be made to the Inland Revenue Authority of Singapore (IRAS).
As the penthouse is acquired taking a trust, the purchase needs to be created completely in cash money in advance, involving the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD totals up to $4.875 million and also comes on top of the 6% in customer’s stamp duty, that totals up to $450,000, bringing the complete cash payable upfront to $12.825 million.
The latest purchase at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th ground of the 268-unit, high-end condo on Cairnhill Roadway. The total rate of $7.5 million invested in the penthouse is the highest possible as the venture was introduced in 2016, according to a caveat lodged on July 5.
At Cairnhill Nine, common units are a blend of one- to four-bedroom apartments, with dimensions ranging from 592 to 2,013 sq ft. There are just eight 4-bedroom penthouses at Cairnhill Nine: four are duplexes, and the additional 4 are simplexes with dimensions from 2,400 sq ft to 3,864 sq ft.
“The trust structure is really for the cash-rich since you can not acquire funding for these buys, as well as you need to be prepared to spend 65% ABSD ahead of time aside from the real estate’s investment price,” according to Lee.
Cairnhill Nine belongs to a 99-year leasehold, mixed-use project that features Ascott Orchard Singapore, the 220-suite, deluxe serviced condos. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.
The mixed-use property by CapitaLand Development is a redevelopment of the past serviced flats Somerset Grand Cairnhill, additionally took care of following CapitaLand’s rental accommodations business unit, The Ascott Ltd. Cairnhill Nine was finished in late 2016, while Ascott Orchard Singapore opened in 2017.