Cairnhill Nine penthouse sold to a trust for $7.5 mil
Situated on Cairnhill Road, just off the prime shopping section of Orchard Road, Cairnhill Nine has a prime District 9 address. It is directly connected to Paragon shopping center on the 2nd ground via an air-conditioned overhead bridge over Bideford Road, simply off the prime Orchard Road.
The latest deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th floor of the 268-unit, premium flat on Cairnhill Roadway. The total price of $7.5 million paid for the penthouse is the highest as the assignment was launched in 2016, according to a caveat lodged on July 5.
As the penthouse is purchased using a trust, the purchase has to be created entirely in cash money upfront, involving the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD measures up $4.875 million and comes on top of the 6% in customer’s stamp duty, that amounts to $450,000, delivering the complete cash money payable in advance to $12.825 million.
The IRAS will definitely analyze whether or not the refund conditions are fulfilled, and also the process takes concerning 2 to 3 months, states Lee Liat Yeang, senior partner in Dentons Rodyk’s realty practice team. If the receiver is a Singapore resident with no various other home, the complete 65% can be refunded, he adds.
A real estate title search shows that the 3,186 sq ft penthouse at Cairnhill Nine is supported by Zico Trust (S) Ltd, a separate trustee and also fiduciary support services company managed by the Monetary Authority of Singapore.
The entire amount of money needs to be paid just before an ABSD remission request may be secured to the Inland Revenue Authority of Singapore (IRAS).
The mixed-use project by CapitaLand Development is a redevelopment of the former serviced apartments Somerset Grand Cairnhill, additionally handled under CapitaLand’s accommodations service unit, The Ascott Ltd. Cairnhill Nine was finalized in late 2016, while Ascott Orchard Singapore opened up in 2017.
Cairnhill 9 is part of a 99-year leasehold, mixed-use project that includes Ascott Orchard Singapore, the 220-suite, deluxe serviced flats. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.
At Cairnhill Nine, common units are a blend of one- to four-bedroom flats, with sizes varying from 592 to 2,013 sq ft. There are just eight 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, plus the other 4 are simplexes with measurements from 2,400 sq ft to 3,864 sq ft.
“The trust framework is really for the cash-rich due to the fact that you can not acquire financing for these purchases, and also you have to be prepared to pay 65% ABSD upfront aside from the property’s purchase price,” according to Lee.
Previously referred to as Zico Allshores Trust (S) Ltd, the business was integrated in 2012 with a trust service licence in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused integrated contractor of multi-disciplinary specialist services also is detailed on the Catalist board of the Singapore Exchange.