Cairnhill Nine penthouse sold to a trust for $7.5 mil
As the penthouse is bought taking a trust, the purchase has to be created completely in cash in advance, consisting of the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD totals up to $4.875 million and also comes on top of the 6% in buyer’s stamp duty, that amounts to $450,000, delivering the total cash money payable upfront to $12.825 million.
Formerly referred to as Zico Allshores Trust (S) Ltd, the firm was incorporated in 2012 with a trust organization licence in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused incorporated contractor of multi-disciplinary specialist services also is listed on the Catalist board of the Singapore Exchange.
The most recent deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th ground of the 268-unit, high-end condominium on Cairnhill Road. The absolute price of $7.5 million paid for the penthouse is the highest as the venture was introduced in 2016, according to a caveat lodged on July 5.
The mixed-use property by CapitaLand Development is a redevelopment of the previous serviced flats Somerset Grand Cairnhill, also handled following CapitaLand’s rental accommodations establishment unit, The Ascott Ltd. Cairnhill Nine was finished in late 2016, while Ascott Orchard Singapore opened in 2017.
The complete amount of money has to be paid prior to an ABSD remission application can be made to the Inland Revenue Authority of Singapore (IRAS).
Situated on Cairnhill Road, simply off the prime shopping strip of Orchard Road, Cairnhill Nine has a prime District 9 address. It is directly attached to Paragon shopping mall on the 2nd level using an air-conditioned overhead bridge over Bideford Roadway, simply off the prime Orchard Road.
The IRAS will definitely analyze regardless if the refund conditions are fulfilled, and the procedure takes regarding 2 to 3 months, states Lee Liat Yeang, top partner in Dentons Rodyk’s real estate practice team. If the receiver is a Singapore citizen without any other property, the complete 65% can be refunded, he adds.
A real estate title investigation shows that the 3,186 sq ft penthouse at Cairnhill Nine is supported by Zico Trust (S) Ltd, a private trustee and fiduciary support services company managed by the Monetary Authority of Singapore.
Cairnhill Nine is part of a 99-year leasehold, mixed-use property development that includes Ascott Orchard Singapore, the 220-suite, high-end serviced apartments. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.
“The trust framework is truly for the cash-rich since you can’t get financing for these acquisitions, as well as you have to be prepared to pay 65% ABSD in advance in addition to the real estate’s purchase rate,” according to Lee.
At Cairnhill Nine, usual units are a mix of one- to four-bedroom flats, with sizes extending from 592 to 2,013 sq ft. There are just eight 4-bedroom penthouses at Cairnhill Nine: four are duplexes, and the other 4 are simplexes with sizes from 2,400 sq ft to 3,864 sq ft.
