Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
The dealer of the unit at New Futura bought the unit in January 2018 for $9.13 million ($3,395 psf). Therefore, the gain from the revenue was $3.37 million (37%) after a five-year holding duration. This is one of the most successful resale purchase at New Futura to period. It goes beyond the previous gain of $2.96 million embeded in December 2022. It was for the sale of a 2,691 sq ft unit offered for $12 million ($4,459 psf).
Two deluxe condominium units in top District 9 have just recently been acquired by international buyers, regardless of the more recent hikes in additional buyer’s stamp duty (ABSD) that entered effect on April 27. According to Lee Sze Teck, top director of research study at Huttons Asia, a crosscheck with URA’s review of real estate investments by nationalities and also residential state reveal that the units were acquired by Chinese nationals that are not Permanent Residents (PRs).
Units at New Futura consist of a mix of two-bedroom houses of 1,098 sq ft to four-bedroom apartments of 2,691 sq ft with double-volume ceilings. There are even 2 7,836 sq ft penthouses– one at the top of every high rise.
The Botany at Dairy Farm condo price
Among the 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 records, a caveat was lodged for the sale of the unit, situated 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 completed in 2017.
Based upon the brand-new cooling steps, an ABSD rate of 60% would apply to international investors. Nonetheless, for transactions where the option to investment was granted to the purchaser on or before April 26 and exercised inside 21 days (i.e. on or prior to May 17), the new fees can not use. Hence the Chinese buyer for the New Futura unit paid an ABSD cost of 30% or $3.75 million for the transaction.
The vendor of the unit at Yong An Park brought in 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 seller made a 47% capital profit right after keeping the real estate for 15 years.
The other high-end apartment real estate which was scooped up by a Chinese investor is a six-bedroom condominium unit at Yong An Park, an estate development on River Valley Roadway. A caveat was dwelled on May 5 for the sale of the 7,718 sq ft property for $14.08 million ($1,824 psf). Quite similar to the unit at New Futura, the investor of the Yong An Park unit spent an ABSD of 30% ($4.2 million) on the transaction, as the alternative was worked out prior to May 17.
Finished in 1986, Yong An Park has a total of 288 houses. 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 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 walk to the Great World MRT Station on the Thomson-East Coast Line.
New Futura, located around Leonie Hill Roadway, is a twin 36-storey tower domestic project developed by American style company Skidmore, Owings and Merrill (SOM), the design architect for high-end projects Wallich Property together with Skywaters Residences in Tanjong Pagar.
