Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported

2 high-end condominium units in top District 9 have recently been acquired by foreign buyers, regardless of the latest increases in additional buyer’s stamp duty (ABSD) that entered into impact on April 27. According to Lee Sze Teck, senior supervisor of research study at Huttons Asia, a crosscheck with URA’s analysis of real property acquisitions by nationalities and also residence status reveal that the units were obtained by Chinese nationals who are not Permanent Residents (PRs).

The retailer of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). Therefore, the return from the revenue was $3.37 million (37%) after a five-year keeping time period. This is one of the most rewarding resell purchase at New Futura to date. It surpasses the former gain of $2.96 million embeded in December 2022. It was for the revenue of a 2,691 sq ft unit sold off for $12 million ($4,459 psf).

Based upon the brand-new air conditioning steps, an ABSD rate of 60% would apply to foreign purchasers. However, for transactions where the alternative to acquisition was given to the buyer on or prior to April 26 and exercised inside 21 days (i.e. on or prior to May 17), the new rates can not use. Therefore the Chinese investor for the New Futura unit paid an ABSD rate of 30% or $3.75 million for the purchase.

The vendor of the unit at Yong An Park generated a gain of $4.5 million on the deal. The unit had transformed hands recently for $9.58 million ($1,241 psf) in February 2008. Therefore, the dealer made a 47% capital profit after keeping the residential property for 15 years.

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

Finalized in 1986, Yong An Park has an overall of 288 homes. Normal units comprise one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. There are 3- to five-bedroom penthouses with measurements from 3,466 sq ft and 6,878 sq ft, as well as a compilation of six-bedroom, strata-titled townhouses from 7,718 sq ft. The development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.

Lakegarden Residences Yuan Ching Road price

The other luxury condominium real estate that was scooped up by a Chinese buyer is a six-bedroom condominium unit at Yong An Park, a property 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). Very similar to the unit at New Futura, the investor of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the deal, as the choice was exercised prior to Might 17.

Among the real estates is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condo near Leonie Hillside Road in District 9. Based on URA data, a caveat was lodged for the sale of the unit, positioned on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it observed a new psf-price higher for the 124-unit, freehold progression by property developer City Developments Ltd that was carried out in 2017.

New Futura, found around Leonie Hillside Roadway, is a twin 36-storey tower non commercial project made by American architecture firm Skidmore, Owings and Merrill (SOM), the design architect for deluxe projects Wallich Property together with Skywaters Residences in Tanjong Pagar.

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