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

New Futura, situated around Leonie Hill Roadway, is a twin 36-storey tower residential project made by American style firm Skidmore, Owings and Merrill (SOM), the style architect for deluxe projects Wallich Residence and even Skywaters Residences in Tanjong Pagar.

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 formerly for $9.58 million ($1,241 psf) in February 2008. Thus, the vendor made a 47% capital profit right after keeping the property for 15 years.

Based upon the new air conditioning measures, an ABSD rate of 60% would apply to foreign purchasers. Nonetheless, for purchases where the alternative to investment was approved to the customer on or prior to April 26 as well as practiced within 21 days (i.e. on or prior to May 17), the brand-new prices will not use. Therefore the Chinese buyer for the New Futura unit paid an ABSD price of 30% or $3.75 million for the transaction.

The dealer of the unit at New Futura bought the unit in January 2018 for $9.13 million ($3,395 psf). Therefore, the return from the profit was $3.37 million (37%) after a five-year keeping period. This is the most successful resell purchase at New Futura to period. It surpasses the past gain of $2.96 million embeded in December 2022. It was for the sale of a 2,691 sq ft unit offered for $12 million ($4,459 psf).

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

Two luxury condominium units in top District 9 have lately been purchased by international buyers, regardless of the more recent hikes in additional buyer’s stamp duty (ABSD) that entered into result on April 27. According to Lee Sze Teck, top director of research study at Huttons Asia, a crosscheck with URA’s review of real estate purchases by nationalities and also residence position show that the units were acquired by Chinese nationals that are not Permanent Residents (PRs).

The other luxury flat residence that was scooped up by a Chinese buyer is a six-bedroom townhomes unit at Yong An Park, an estate development on River Valley Road. 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 buyer of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the purchase, as the alternative was exercised prior to Might 17.

Midtown Modern condo

Finished in 1986, Yong An Park has an overall 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, in addition to a collection of six-bedroom, strata-titled townhomeses from 7,718 sq ft. The development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.

Among the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium along Leonie Hillside Road in District 9. Based on URA data, a caveat was lodged for the sale of the unit, situated on the 24th level, on May 3 for $12.5 million. At $4,645 psf, it noted a new psf-price top for the 124-unit, freehold progression by developer City Developments Ltd that was finished in 2017.

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