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 generated a gain of $4.5 million on the deal. The unit had changed hands previously for $9.58 million ($1,241 psf) in February 2008. Thus, the seller made a 47% capital acquire right after keeping the property for 15 years.

Based upon the new cooling steps, an ABSD rate of 60% would put on international consumers. Nevertheless, for deals where the choice to purchase was given to the purchaser on or prior to April 26 and exercised within 21 days (i.e. on or prior to May 17), the brand-new prices will not apply. Therefore the Chinese investor for the New Futura unit paid for an ABSD cost of 30% or $3.75 million for the transaction.

New Futura, situated throughout Leonie Hillside Road, is a twin 36-storey tower non commercial project developed by American style company Skidmore, Owings along with Merrill (SOM), the layout architect for deluxe property developments Wallich Residence together with Skywaters Residences in Tanjong Pagar.

The other luxury condominium residence which was scooped up by a Chinese buyer is a six-bedroom townhomes unit at Yong An Park, an estate development on River Valley Roadway. A caveat was dwelled on May 5 for the sale of the 7,718 sq ft real estate for $14.08 million ($1,824 psf). Quite similar to the unit at New Futura, the investor of the Yong An Park unit paid for an ABSD of 30% ($4.2 million) on the deal, as the option was worked out prior to Might 17.

One of the residential 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 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 new psf-price higher for the 124-unit, freehold growth by developer City Developments Ltd that was finished in 2017.

The dealer of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). For this reason, the profit from the profit was $3.37 million (37%) after a five-year holding time period. This is one of the most successful resell deal at New Futura to period. It surpasses the previous gain of $2.96 million set in December 2022. It was for the revenue of a 2,691 sq ft unit offered for $12 million ($4,459 psf).

Leedon Green floor plan

Two deluxe apartment units in prime District 9 have lately been bought by overseas buyers, in spite of the latest increases in additional buyer’s stamp duty (ABSD) that entered into effect on April 27. According to Lee Sze Teck, top director of research at Huttons Asia, a crosscheck with URA’s analysis of property purchases by nationalities and also residential status show that the units were acquired by Chinese nationals that are not Permanent Residents (PRs).

Finalized in 1986, Yong An Park has a total of 288 houses. Normal units consist of one- to four-bedders 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, along with a selection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The project is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.

Units at New Futura comprise a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume ceilings. There are in addition two 7,836 sq ft penthouses– one at the top of every high rise.

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