Cairnhill Nine penthouse sold to a trust for $7.5 mil
Situated on Cairnhill Roadway, just off the prime shopping section of Orchard Road, Cairnhill Nine has a prime District 9 address. It is directly connected to Paragon shopping center on the second floor by means of an air-conditioned expenses bridge across Bideford Road, simply off the prime Orchard Road.
As the penthouse is bought taking a trust, the acquisition needs to be built totally in cash beforehand, involving the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD measures up $4.875 million and shows up top of the 6% in buyer’s stamp duty, which amounts to $450,000, carrying the total cash money payable ahead of time to $12.825 million.
“The trust structure is truly for the cash-rich since you can not obtain funding for these acquisitions, and you need to be prepared to pay for 65% ABSD in advance in addition to the estate’s investment cost,” according to Lee.
Cairnhill Nine becomes part of a 99-year leasehold, mixed-use project that features Ascott Orchard Singapore, the 220-suite, luxury serviced residences. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.
A real estate title search presents that the 3,186 sq ft penthouse at Cairnhill Nine is carried by Zico Trust (S) Ltd, a private trustee as well as fiduciary services business monitored by the Monetary Authority of Singapore.
At Cairnhill Nine, typical units are a mix of one- to four-bedroom flats, with measurements ranging from 592 to 2,013 sq ft. There are just eight 4-bedroom penthouses at Cairnhill Nine: four are duplexes, plus the additional 4 are simplexes with dimensions from 2,400 sq ft to 3,864 sq ft.
The whole amount of money has to be paid prior to an ABSD remission application could be made to the Inland Revenue Authority of Singapore (IRAS).
The mixed-use venture by CapitaLand Development is a redevelopment of the former serviced flats Somerset Grand Cairnhill, also took care of under CapitaLand’s accommodations business unit, The Ascott Ltd. Cairnhill Nine was completed in late 2016, while Ascott Orchard Singapore opened up in 2017.
The latest deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, high-end flat on Cairnhill Road. The total rate of $7.5 million invested in the penthouse is the highest possible ever since the assignment was released in 2016, according to a caveat lodged on July 5.
Formerly called Zico Allshores Trust (S) Ltd, the company was incorporated in 2012 with a trust company permit in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused integrated service provider of multi-disciplinary expert services also is provided on the Catalist board of the Singapore Exchange.
The IRAS will definitely examine regardless if the refund issues are met, and the process takes about 2 to 3 months, claims Lee Liat Yeang, senior partner in Dentons Rodyk’s real estate practice team. If the receiver is a Singapore resident without various other residential property, the complete 65% can possibly be reimbursed, he includes.