Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
Finished in 1986, Yong An Park has an overall of 288 homes. Normal units consist of one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. There are 3- to five-bedroom penthouses with sizes from 3,466 sq ft and 6,878 sq ft, as well as a collection of six-bedroom, strata-titled townhomeses from 7,718 sq ft. The development is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.
The other luxury condo residence which was scooped up by a Chinese investor is a six-bedroom townhouse unit at Yong An Park, a freehold 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). Quite similar to the unit at New Futura, the buyer of the Yong An Park unit spent an ABSD of 30% ($4.2 million) on the deal, as the alternative was worked out before May 17.
Based upon the new cooling measures, an ABSD rate of 60% would apply to overseas buyers. Nevertheless, for transactions where the alternative to acquisition was granted to the customer on or prior to April 26 as well as practiced inside 21 days (i.e. on or before May 17), the new fees will not use. Therefore the Chinese buyer for the New Futura unit paid for an ABSD price of 30% or $3.75 million for the purchase.
Among the real estates is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condo around Leonie Hillside Road in District 9. Based on URA records, a caveat was lodged for the sale of the unit, positioned 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.
Units at New Futura comprise a mix of two-bedroom condos of 1,098 sq ft to four-bedroom flats of 2,691 sq ft with double-volume ceilings. There are also two 7,836 sq ft penthouses– one at the top of every tower.
The seller of the unit at Yong An Park brought in a gain of $4.5 million on the transaction. The unit had actually transformed hands formerly for $9.58 million ($1,241 psf) in February 2008. Thus, the seller made a 47% capital acquire just after holding the property for 15 years.
New Futura, situated around Leonie Hillside Roadway, is a twin 36-storey tower non commercial project designed by American architecture firm Skidmore, Owings and Merrill (SOM), the design designer for luxury developments Wallich Residence together with Skywaters Residences in Tanjong Pagar.
The dealer of the unit at New Futura bought the unit in January 2018 for $9.13 million ($3,395 psf). Hence, the return from the profit was $3.37 million (37%) after a five-year keeping time period. This is the most lucrative resell transaction at New Futura to date. It goes beyond the previous gain of $2.96 million set in December 2022. It was for the sale of a 2,691 sq ft unit offered for $12 million ($4,459 psf).
Two deluxe condo units in prime District 9 have recently been purchased by foreign buyers, despite the latest hikes in additional buyer’s stamp duty (ABSD) that entered into impact on April 27. According to Lee Sze Teck, top supervisor of research at Huttons Asia, a crosscheck with URA’s evaluation of property investments by nationalities as well as residence state show that the units were obtained by Chinese nationals that are not Permanent Residents (PRs).
