Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
The seller of the unit at Yong An Park generated a gain of $4.5 million on the deal. The unit had transformed hands formerly for $9.58 million ($1,241 psf) in February 2008. Because of this, the dealer made a 47% capital gain after keeping the residential property for 15 years.
New Futura, situated throughout Leonie Hillside Roadway, is a twin 36-storey tower residential development created by American style company Skidmore, Owings plus Merrill (SOM), the layout architect for high-end property developments Wallich Property together with Skywaters Residences in Tanjong Pagar.
The dealer of the unit at New Futura acquired the unit in January 2018 for $9.13 million ($3,395 psf). Hence, the profit from the revenue was $3.37 million (37%) after a five-year keeping duration. This is the most profitable resell deal at New Futura to period. 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).
Completed in 1986, Yong An Park has a total amount of 288 residences. 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 sizes from 3,466 sq ft and 6,878 sq ft, along with a selection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The property development is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.
Based on the new cooling measures, an ABSD rate of 60% would put on foreign purchasers. Nevertheless, for transactions where the alternative to investment was given to the purchaser on or prior to April 26 and exercised inside 21 days (i.e. on or before May 17), the brand-new prices will not apply. Therefore the Chinese buyer for the New Futura unit paid for an ABSD rate of 30% or $3.75 million for the purchase.
Two high-end condominium units in top District 9 have just recently been purchased by overseas buyers, despite the more recent increases in additional buyer’s stamp duty (ABSD) that entered into impact on April 27. According to Lee Sze Teck, senior director of research at Huttons Asia, a crosscheck with URA’s evaluation of property acquisitions by nationalities as well as residential state present that the units were obtained by Chinese nationals that are not Permanent Residents (PRs).
One of the properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold apartment near Leonie Hill Roadway in District 9. Based upon URA data, 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 brand-new psf-price top for the 124-unit, freehold progression by property developer City Developments Ltd that was completed in 2017.
The other deluxe condo residence that was scooped up by a Chinese purchaser is a six-bedroom condominium unit at Yong An Park, an estate project on River Valley Roadway. A caveat was lodged on May 5 for the sale of the 7,718 sq ft property for $14.08 million ($1,824 psf). Similar to the unit at New Futura, the investor of the Yong An Park unit paid for an ABSD of 30% ($4.2 million) on the transaction, as the choice was exercised before May 17.
Units at New Futura consist of a mix of two-bedroom condos of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume ceilings. There are even two 7,836 sq ft penthouses– one at the top of every high rise.