Cairnhill Nine penthouse sold to a trust for $7.5 mil

As the penthouse is bought taking a trust, the purchase needs to be made completely in money upfront, consisting of the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD amounts to $4.875 million and also comes on top of the 6% in buyer’s stamp duty, that totals up to $450,000, carrying the complete cash payable ahead of time to $12.825 million.

Cairnhill Nine is part of a 99-year leasehold, mixed-use project that features Ascott Orchard Singapore, the 220-suite, high-end serviced residences. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.

Formerly known as Zico Allshores Trust (S) Ltd, the company was incorporated in 2012 with a trust business permit in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused integrated provider of multi-disciplinary specialist solutions and is detailed on the Catalist board of the Singapore Exchange.

The whole amount of money has to be paid before an ABSD remission application can be secured to the Inland Revenue Authority of Singapore (IRAS).

A real estate title search reveals that the 3,186 sq ft penthouse at Cairnhill Nine is carried by Zico Trust (S) Ltd, a separate trustee as well as fiduciary services firm monitored by the Monetary Authority of Singapore.

Lakegarden Residences floor plan

The mixed-use project by CapitaLand Development is a redevelopment of the past serviced apartments Somerset Grand Cairnhill, additionally managed under CapitaLand’s lodging establishment unit, The Ascott Ltd. Cairnhill Nine was finished in late 2016, while Ascott Orchard Singapore opened in 2017.

“The trust framework is truly for the cash-rich due to the fact that you can not acquire financing for these purchases, as well as you have to be prepared to spend 65% ABSD ahead of time in addition to the real property’s acquisition price,” according to Lee.

The IRAS is going to assess whether the reimbursement situations are fulfilled, as well as the process takes regarding two to three months, says Lee Liat Yeang, senior partner in Dentons Rodyk’s realty practice team. If the beneficiary is a Singapore person without other home, the complete 65% can possibly be reimbursed, he includes.

Located on Cairnhill Roadway, just off the prime shopping section of Orchard Road, Cairnhill Nine has a prime District 9 address. It is directly linked to Paragon shopping mall on the 2nd ground via an air-conditioned expenses bridge across Bideford Roadway, simply off the prime Orchard Road.

At Cairnhill Nine, typical units are a blend of one- to four-bedroom flats, with sizes varying from 592 to 2,013 sq ft. There are only eight 4-bedroom penthouses at Cairnhill Nine: four are duplexes, plus the some other 4 are simplexes with dimensions from 2,400 sq ft to 3,864 sq ft.

The current deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, premium flat on Cairnhill Road. The absolute cost of $7.5 million paid for the penthouse is the highest possible ever since the venture was released in 2016, according to a caveat lodged on July 5.

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