Cairnhill Nine penthouse sold to a trust for $7.5 mil
Situated on Cairnhill Road, simply off the prime retail section of Orchard Road, Cairnhill Nine has a prime District 9 address. It is directly connected to Paragon mall on the 2nd level using an air-conditioned overhead bridge across Bideford Road, simply off the prime Orchard Road.
At Cairnhill Nine, typical units are a blend of one- to four-bedroom condominiums, with sizes varying from 592 to 2,013 sq ft. There are just 8 4-bedroom penthouses at Cairnhill Nine: four are duplexes, and the other 4 are simplexes with dimensions from 2,400 sq ft to 3,864 sq ft.
“The trust framework is really for the cash-rich due to the fact that you can not obtain financing for these purchases, and also you have to be readied to pay 65% ABSD upfront in addition to the property’s purchase rate,” according to Lee.
The IRAS will definitely evaluate whether or not the reimbursement conditions are fulfilled, and also the procedure takes concerning two to three months, states Lee Liat Yeang, top partner in Dentons Rodyk’s real estate practice group. If the recipient is a Singapore person without any various other home, the full 65% can be refunded, he includes.
Previously called Zico Allshores Trust (S) Ltd, the company was incorporated in 2012 with a trust business license in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused incorporated company of multi-disciplinary professional solutions and even is detailed on the Catalist board of the Singapore Exchange.
The mixed-use project by CapitaLand Development is a redevelopment of the former serviced apartments Somerset Grand Cairnhill, also took care of following CapitaLand’s lodging business unit, The Ascott Ltd. Cairnhill 9 was finalized in late 2016, whilst Ascott Orchard Singapore opened in 2017.
The complete amount needs to be paid prior to an ABSD remission application can be made to the Inland Revenue Authority of Singapore (IRAS).
The current deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th ground of the 268-unit, premium flat on Cairnhill Road. The total cost of $7.5 million spent for the penthouse is the top as the assignment was introduced in 2016, according to a caveat lodged on July 5.
A property title investigation presents that the 3,186 sq ft penthouse at Cairnhill Nine is supported by Zico Trust (S) Ltd, an independent trustee and fiduciary support services company managed by the Monetary Authority of Singapore.
Cairnhill Nine is part of a 99-year leasehold, mixed-use property development that features Ascott Orchard Singapore, the 220-suite, high-end serviced flats. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.
As the penthouse is purchased using a trust, the acquisition has to be created entirely in cash upfront, consisting of the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD totals up to $4.875 million and also shows up top of the 6% in purchaser’s stamp duty, which totals up to $450,000, delivering the total money payable ahead of time to $12.825 million.
