Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
2 high-end condo units in prime District 9 have just recently been bought by overseas buyers, despite the latest hikes in additional buyer’s stamp duty (ABSD) that entered into effect on April 27. According to Lee Sze Teck, senior supervisor of research study at Huttons Asia, a crosscheck with URA’s analysis of property acquisitions by nationalities and also residential status present that the units were obtained by Chinese nationals who are not Permanent Residents (PRs).
Based upon the brand-new cooling measures, an ABSD rate of 60% would relate to foreign purchasers. Nonetheless, for deals where the option to investment was approved to the customer on or before April 26 as well as practiced within 21 days (i.e. on or before May 17), the new prices will not apply. For this reason the Chinese investor for the New Futura unit paid for an ABSD cost of 30% or $3.75 million for the purchase.
J’Den Condo Jurong East Central Road
The other high-end flat real estate which was gathered up by a Chinese buyer is a six-bedroom condominium unit at Yong An Park, a property project 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). 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 deal, as the choice was exercised before Might 17.
The retailer 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 profit was $3.37 million (37%) after a five-year holding period. This is one of the most profitable resell deal at New Futura to period. It exceeds the previous gain of $2.96 million set in December 2022. It was for the sale of a 2,691 sq ft unit sold for $12 million ($4,459 psf).
The seller of the unit at Yong An Park raked in a gain of $4.5 million on the purchase. The unit had transformed hands previously for $9.58 million ($1,241 psf) in February 2008. Thus, the dealer made a 47% capital profit just after holding the residential property for 15 years.
Units at New Futura comprise a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom apartments of 2,691 sq ft with double-volume ceilings. There are even two 7,836 sq ft penthouses– one on top of every tower.
Among the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium along Leonie Hill Roadway in District 9. Based on URA data, a caveat was lodged for the sale of the unit, positioned on the 24th level, on May 3 for $12.5 million. At $4,645 psf, it marked a new psf-price high for the 124-unit, freehold progression by developer City Developments Ltd that was carried out in 2017.
New Futura, found throughout Leonie Hill Roadway, is a twin 36-storey tower residential development made by American design firm Skidmore, Owings plus Merrill (SOM), the style designer for luxury developments Wallich Residency and even Skywaters Residences in Tanjong Pagar.
Completed in 1986, Yong An Park has an overall of 288 houses. Regular units comprise one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. Generally there are three- to five-bedroom penthouses with dimensions from 3,466 sq ft and 6,878 sq ft, along with a compilation 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.
