Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
The vendor of the unit at Yong An Park generated a gain of $4.5 million on the deal. The unit had transformed hands previously for $9.58 million ($1,241 psf) in February 2008. Therefore, the vendor made a 47% capital gain after keeping the property for 15 years.
Units at New Futura make up a mix of two-bedroom houses of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume ceilings. There are in addition two 7,836 sq ft penthouses– one at the top of each tower.
Among the real estates is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium around Leonie Hill Road in District 9. Based upon URA information, 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 noted a brand-new psf-price top for the 124-unit, freehold growth by property developer City Developments Ltd that was carried out in 2017.
Two luxury condominium units in prime District 9 have recently been bought by overseas buyers, regardless of the more recent increases in additional buyer’s stamp duty (ABSD) that entered effect on April 27. According to Lee Sze Teck, top supervisor of research at Huttons Asia, a crosscheck with URA’s review of property purchases by nationalities and also residence position show that the units were acquired by Chinese nationals who are not Permanent Residents (PRs).
Finalized in 1986, Yong An Park has a total of 288 houses. Typical units consist of one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with dimensions from 3,466 sq ft and 6,878 sq ft, in addition to a selection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The property development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.
Based upon the brand-new air conditioning steps, an ABSD rate of 60% would apply to overseas buyers. Nevertheless, for transactions where the option to acquisition was approved to the buyer on or before April 26 and also worked within 21 days (i.e. on or before May 17), the brand-new prices can not use. Thus the Chinese purchaser for the New Futura unit settled an ABSD cost of 30% or $3.75 million for the acquisition.
The dealer of the unit at New Futura bought the unit in January 2018 for $9.13 million ($3,395 psf). Thus, the profit from the sale was $3.37 million (37%) after a five-year holding time period. This is one of the most successful resell deal at New Futura to date. 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 reselled for $12 million ($4,459 psf).
The other deluxe flat real estate that was gathered up by a Chinese purchaser is a six-bedroom townhouse unit at Yong An Park, an estate project on River Valley Road. A caveat was lodged on May 5 for the sale of the 7,718 sq ft real estate for $14.08 million ($1,824 psf). Similar to the unit at New Futura, the buyer of the Yong An Park unit paid for an ABSD of 30% ($4.2 million) on the deal, as the choice was worked out before May 17.
New Futura, situated along Leonie Hillside Road, is a twin 36-storey high rise non commercial development designed by American style firm Skidmore, Owings plus Merrill (SOM), the style architect for luxury developments Wallich Residence and Skywaters Residences in Tanjong Pagar.
