Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
The seller of the unit at Yong An Park raked in a gain of $4.5 million on the transaction. The unit had actually changed hands recently for $9.58 million ($1,241 psf) in February 2008. Because of this, the vendor made a 47% capital profit after securing the real estate for 15 years.
Based on the new cooling measures, an ABSD rate of 60% would apply to foreign investors. Nonetheless, for purchases where the choice to acquisition was approved to the purchaser on or before April 26 as well as practiced within 21 days (i.e. on or before May 17), the brand-new prices can not use. For this reason the Chinese investor for the New Futura unit paid for an ABSD price of 30% or $3.75 million for the purchase.
The dealer of the unit at New Futura acquired the unit in January 2018 for $9.13 million ($3,395 psf). Hence, the gain from the profit was $3.37 million (37%) after a five-year holding duration. This is the most successful resell purchase at New Futura to date. It goes beyond the previous gain of $2.96 million embeded in December 2022. It was for the transaction of a 2,691 sq ft unit sold for $12 million ($4,459 psf).
The other luxury apartment residence that was scooped up by a Chinese purchaser is a six-bedroom townhouse unit at Yong An Park, a freehold project on River Valley Road. A caveat was lodged 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 for an ABSD of 30% ($4.2 million) on the transaction, as the option was worked out before May 17.
Two luxury apartment units in prime District 9 have recently been purchased by overseas buyers, regardless of the recent hikes in additional buyer’s stamp duty (ABSD) that entered into effect on April 27. According to Lee Sze Teck, top supervisor of research study at Huttons Asia, a crosscheck with URA’s evaluation of real property investments by nationalities as well as residential state present that the units were gotten by Chinese nationals who are not Permanent Residents (PRs).
Finished in 1986, Yong An Park has an overall of 288 homes. Regular units consist of one- to four-bedders between 1,023 sq ft and 3,778 sq ft. Generally there are three- to five-bedroom penthouses with measurements from 3,466 sq ft and 6,878 sq ft, in addition to a selection of six-bedroom, strata-titled townhomeses from 7,718 sq ft. The project is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.
Units at New Futura comprise a mix of two-bedroom houses of 1,098 sq ft to four-bedroom apartments of 2,691 sq ft with double-volume roofs. There are also two 7,836 sq ft penthouses– one on top of each tower.
One of the real estates is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold apartment near Leonie Hill Road in District 9. Based on URA data, a caveat was lodged for the sale of the unit, located on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it observed a new psf-price top for the 124-unit, freehold growth by developer City Developments Ltd that was completed in 2017.
New Futura, found around Leonie Hill Road, is a twin 36-storey tower non commercial development developed by American design company Skidmore, Owings and Merrill (SOM), the style designer for deluxe developments Wallich Residence and even Skywaters Residences in Tanjong Pagar.
