New Futura, Yong An Park, China sees top dollar & 60% ABSD from Chinese purchasers
Despite the recent increases in extra buyer’s stamp duty (ABSD) that went into effect on April 27, two luxury condo properties in desirable District 9 have recently been acquired by foreign purchasers. A comparison with URA’s study of property acquisitions by nationality and residence status reveals that the apartments were bought by Chinese purchasers who are not permanent residents, says Lee Sze Teck, senior director of research at Huttons Asia.
A Freehold condo located on Leonie Hill Road in District 9 near to Tembusu Grand along with the Tembusu Grand Floor Plan with four bedrooms and 2,691 square feet is one of the listings. According to URA records, a caveat was filed on May 3 for the sale of the 24th-floor condo for $12.5 million. The 124-unit freehold property by City Developments Ltd set a new psf price record of $4,645 in 2017.
The Chinese purchaser forked out $7.5 million in ABSD based on the current ABSD rate of 60% applicable to foreigners. Buyer’s stamp duty and ABSD are both due within 14 days of the earlier of the day an option to purchase is exercised or the date the sale and purchase agreement is executed. The customer paid a grand amount of $20,000,000.
The current owner paid $9.13 million ($3,395 psf) for the New Futura condo they are selling in January of 2018. After five years, the profit from the transaction amounted to $3.37 million (37%). To date, this is New Futura’s most lucrative sales deal. It’s a higher increase than the $2.96 million recorded in December of 2022. A 2,691-square-foot condo went for $12 million ($4,459 per square foot).
Located on Leonie Hill Road, the residential complex New Futura has twin 36-story towers built by the same American company responsible for the design of Tanjong Pagar’s exclusive Wallich Residence and Skywaters Residences.
The apartments at New Futura range in size from 1,098 square feet for a two-bedroom unit to 2,691 square feet for a four-bedroom unit with double-volume ceilings. One penthouse in each tower is 7,836 square feet in size.
A six-bedroom townhouse in the freehold Yong An Park complex on River Valley Road was the other luxury condo property purchased by a Chinese buyer. The sale of the 7,718-square-foot property for $14.08 million ($1,824 psf) was subject to a caveat filed on May 5. In addition to the initial purchase price of $14.08 million, the buyer paid an additional $8.45 million in ABSD. The grand sum of the deal was $22.53 million.
The Yong An Park condo’s previous owner made a profit of $4.5 million on the sale. Prior to its current sale, the unit had been sold in February 2008 for $9.58 million ($1,241 psf). After 15 years, the vendor realized a net gain of 47% due to appreciation.
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