Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
Units at New Futura consist of a mix of two-bedroom condos of 1,098 sq ft to four-bedroom apartments of 2,691 sq ft with double-volume roofs. There are even 2 7,836 sq ft penthouses– one at the top of each high rise.
New Futura, situated around Leonie Hill Road, is a twin 36-storey tower non commercial development made by American design company Skidmore, Owings along with Merrill (SOM), the design designer for deluxe property developments Wallich Property and Skywaters Residences in Tanjong Pagar.
Among the properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condo along Leonie Hillside Roadway in District 9. Based upon URA data, a caveat was lodged for the sale of the unit, situated on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it noted a brand-new psf-price higher for the 124-unit, freehold progression by property developer City Developments Ltd that was completed in 2017.
Based upon the brand-new cooling measures, an ABSD rate of 60% would put on international buyers. Nevertheless, for purchases where the alternative to acquisition was given to the customer on or prior to April 26 and worked inside 21 days (i.e. on or prior to May 17), the brand-new prices can not use. Thus the Chinese investor for the New Futura unit paid an ABSD cost of 30% or $3.75 million for the purchase.
Two high-end condominium units in top District 9 have recently been purchased by overseas buyers, despite the latest hikes in additional buyer’s stamp duty (ABSD) that came into result on April 27. According to Lee Sze Teck, top director of research at Huttons Asia, a crosscheck with URA’s analysis of property acquisitions by nationalities as well as residence status show that the units were obtained by Chinese nationals who are not Permanent Residents (PRs).
Completed in 1986, Yong An Park has a total of 288 homes. Normal units comprise one- to four-bedders between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with measurements from 3,466 sq ft and 6,878 sq ft, in addition to a collection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The project is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.
The other high-end flat real estate which was gathered up by a Chinese purchaser is a six-bedroom townhouse unit at Yong An Park, a property development on River Valley Road. A caveat was dwelled on May 5 for the sale of the 7,718 sq ft estate for $14.08 million ($1,824 psf). Very similar to the unit at New Futura, the purchaser of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the purchase, as the option was exercised before May 17.
The seller of the unit at New Futura bought the unit in January 2018 for $9.13 million ($3,395 psf). Thus, the profit from the revenue was $3.37 million (37%) after a five-year keeping duration. This is one of the most rewarding resale transaction at New Futura to date. 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 off for $12 million ($4,459 psf).
The vendor of the unit at Yong An Park generated a gain of $4.5 million on the deal. The unit had actually changed hands previously for $9.58 million ($1,241 psf) in February 2008. Therefore, the seller made a 47% capital profit just after securing the real estate for 15 years.
