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

2 luxury condominium units in prime District 9 have just recently been acquired by international buyers, in spite of the more recent hikes in additional buyer’s stamp duty (ABSD) that entered result on April 27. According to Lee Sze Teck, top supervisor of research study at Huttons Asia, a crosscheck with URA’s analysis of real property investments by nationalities and also residence position show that the units were acquired by Chinese nationals who are not Permanent Residents (PRs).

One of the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium near Leonie Hillside Roadway in District 9. Based on URA data, 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 observed a brand-new psf-price top for the 124-unit, freehold growth by developer City Developments Ltd that was carried out in 2017.

Units at New Futura consist of a mix of two-bedroom condos of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume ceilings. There are even two 7,836 sq ft penthouses– one on top of every tower.

Based on the new cooling steps, an ABSD rate of 60% would relate to international consumers. Nevertheless, for transactions where the alternative to acquisition was provided to the buyer on or prior to April 26 and exercised within 21 days (i.e. on or before May 17), the new rates can not use. Therefore the Chinese buyer for the New Futura unit paid an ABSD rate of 30% or $3.75 million for the transaction.

The other high-end apartment property that was gathered up by a Chinese investor is a six-bedroom townhomes unit at Yong An Park, a property development on River Valley Road. A caveat was lodged 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 purchaser of the Yong An Park unit spent an ABSD of 30% ($4.2 million) on the transaction, as the alternative was exercised prior to May 17.

The vendor of the unit at Yong An Park brought in a gain of $4.5 million on the purchase. The unit had actually changed hands previously for $9.58 million ($1,241 psf) in February 2008. Thus, the dealer made a 47% capital profit just after securing the property for 15 years.

Lentor Modern condo

New Futura, found throughout Leonie Hill Road, is a twin 36-storey high rise non commercial development made by American style firm Skidmore, Owings and Merrill (SOM), the layout designer for high-end developments Wallich Residency and even Skywaters Residences in Tanjong Pagar.

The dealer of the unit at New Futura acquired the unit in January 2018 for $9.13 million ($3,395 psf). Thus, the profit from the sale was $3.37 million (37%) after a five-year holding duration. This is the most lucrative resell deal at New Futura to period. It goes beyond the past gain of $2.96 million embeded in December 2022. It was for the sale of a 2,691 sq ft unit reselled for $12 million ($4,459 psf).

Finished in 1986, Yong An Park has an overall of 288 residences. Normal units make up one- to four-bedders between 1,023 sq ft and 3,778 sq ft. There are 3- to five-bedroom penthouses with dimensions from 3,466 sq ft and 6,878 sq ft, along with a selection of six-bedroom, strata-titled townhomeses from 7,718 sq ft. The project is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.

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