Cairnhill Nine penthouse sold to a trust for $7.5 mil
The complete amount of money needs to be paid prior to an ABSD remission request can be made to the Inland Revenue Authority of Singapore (IRAS).
A real estate title investigation reveals that the 3,186 sq ft penthouse at Cairnhill Nine is supported by Zico Trust (S) Ltd, a separate trustee as well as fiduciary support services business regulated by the Monetary Authority of Singapore.
At Cairnhill Nine, common units are a blend of one- to four-bedroom flats, with measurements ranging from 592 to 2,013 sq ft. There are only eight 4-bedroom penthouses at Cairnhill Nine: four are duplexes, including the additional 4 are simplexes with sizes from 2,400 sq ft to 3,864 sq ft.
“The trust structure is really for the cash-rich because you can not obtain funding for these buys, and you have to be readied to pay for 65% ABSD ahead of time in addition to the real property’s acquisition cost,” according to Lee.
As the penthouse is bought applying a trust, the purchase has to be built entirely in money upfront, involving the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD amounts to $4.875 million and also shows up top of the 6% in buyer’s stamp duty, that amounts to $450,000, bringing the complete cash money payable ahead of time to $12.825 million.
Positioned on Cairnhill Road, simply off the prime retail strip of Orchard Roadway, Cairnhill Nine has a prime District 9 address. It is precisely attached to Paragon shopping center on the 2nd floor via an air-conditioned overhead bridge over Bideford Road, simply off the prime Orchard Road.
Cairnhill Nine is part of a 99-year leasehold, mixed-use project that features Ascott Orchard Singapore, the 220-suite, luxury serviced condos. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.
Formerly called Zico Allshores Trust (S) Ltd, the business was integrated in 2012 with a trust service license in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused integrated provider of multi-disciplinary specialist solutions also is noted on the Catalist board of the Singapore Exchange.
The current transaction at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th floor of the 268-unit, high-end flat on Cairnhill Roadway. The absolute price of $7.5 million paid for the penthouse is the highest possible since the project was launched in 2016, according to a caveat lodged on July 5.
The mixed-use venture by CapitaLand Development is a redevelopment of the previous serviced flats Somerset Grand Cairnhill, additionally managed under CapitaLand’s accommodations establishment unit, The Ascott Ltd. Cairnhill 9 was finished in late 2016, while Ascott Orchard Singapore opened in 2017.
The IRAS is going to assess whether the refund conditions are fulfilled, and the process takes about 2 to 3 months, states Lee Liat Yeang, senior partner in Dentons Rodyk’s realty practice group. If the beneficiary is a Singapore resident without any various other home, the full 65% can be refunded, he includes.