Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported

Two premium luxurious private homes have recently been purchased by foreign buyers in prime District 9 Orchard River Valley locale in spite of the recent revision in the tax rate , namely the additional buyer’s stamp duty (ABSD) that took immediate effect on April 27. According to Lee Sze Teck, senior director of research at Huttons Asia, a crosscheck with URA’s analysis of property purchases by nationalities and residential status show that the units were acquired by Chinese nationals who are not Permanent Residents (PRs).

A four-bedroom unit freehold New Futura with square footage 2,691 sq ft unit which is situated along Leonie Hill Road near prime Orchard area. a caveat was lodged for the sale of the unit, located on the 24th floor, on May 3 for $12.5 million Based on URA data. it marked a new psf-price high for the freehold 124-unit At $4,645 psf development by developer City Developments Ltd that was completed in 2K17.

The revision of the ABSD rate of 60% Based on the new cooling measures would apply to foreign buyers. However, for transactions where the option to purchase was granted to the buyer on or before April 26 and exercised within 21 days (i.e. on or before May 17), the new rates will not apply. Hence the Chinese New Futura buyers unit paid an ABSD rate of thirty percent or $3.75 million for the property deal done.

The New Futura seller purchased the unit in January 2K18 for $9.13 million ($3,395 psf). Hence, the capital profits from the sale was $3.37 million (37%) after holding period of five absolutely year. This resale transaction at New Futura is the most profitable to date. It surpasses the previous gain of $2.96 million set in December 2K22. It was for the sale of a 2,691 sq ft unit sold for $12 million ($4,459 psf).

Located along Leonie Hill Road, New Futura is a twin 36-storey tower residential development designed by American architecture firm Skidmore, Owings and Merrill (SOM), the design architect for luxury developments Wallich Residence and Skywaters Residences in Tanjong Pagar.

New Futura units comprise a combination of two-bedroom apartments of 1,098 sq ft to four-bedroom apartments of 2,691 sq ft with double-volume ceilings. There are also two 7,836 sq ft penthouses – one at the top of each tower.

The second premium condo property that was snapped up by a Chinese buyer is a six-bedroom townhouse at Yong An Park which Is a development located along River Valley Road. A caveat for this freehold development 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 buyer of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the transaction, as the option was exercised prior to May 17.

The seller of the unit at Yong An Park scooped in a hefty profits of $4.5 million for this sale. The unit had changed hands previously for $9.58 million ($1,241 psf) in February 2008. As such, the seller made a 47% capital gain after holding the property for 15 years.

Completed in 1986, Yong An Park has a total of 288 private homes. Typical units comprise one- to four-bedders between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with sizes from 3,466 sq ft and 6,878 sq ft, as well as a collection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The currently recently completed Great World MRT Station on the Thomson-East Coast Line is a five-minute walk to the freehold premium residential dwelling.

 


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