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

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 two 7,836 sq ft penthouses– one on top of each high rise.

Among the properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condominium around Leonie Hill Roadway in District 9. Based on URA information, 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 brand-new psf-price high for the 124-unit, freehold progression by property developer City Developments Ltd that was carried out in 2017.

The vendor of the unit at Yong An Park raked in a gain of $4.5 million on the purchase. The unit had altered hands formerly for $9.58 million ($1,241 psf) in February 2008. Thus, the dealer made a 47% capital gain right after holding the real estate for 15 years.

Two high-end apartment units in top District 9 have just recently been bought by overseas buyers, despite the recent increases in additional buyer’s stamp duty (ABSD) that entered impact on April 27. According to Lee Sze Teck, senior director of research at Huttons Asia, a crosscheck with URA’s evaluation of property acquisitions by nationalities and also residence position show that the units were obtained by Chinese nationals who are not Permanent Residents (PRs).

New Futura, located around Leonie Hill Roadway, is a twin 36-storey tower domestic project created by American design company Skidmore, Owings along with Merrill (SOM), the style architect for luxury property developments Wallich Property together with Skywaters Residences in Tanjong Pagar.

The seller of the unit at New Futura purchased the unit in January 2018 for $9.13 million ($3,395 psf). Hence, the gain from the sale was $3.37 million (37%) after a five-year keeping duration. This is one of the most rewarding resale deal at New Futura to date. It exceeds the former gain of $2.96 million set in December 2022. It was for the sale of a 2,691 sq ft unit reselled for $12 million ($4,459 psf).

The other deluxe flat residence which was scooped up by a Chinese buyer is a six-bedroom townhomes unit at Yong An Park, a property project on River Valley Roadway. A caveat was lodged on May 5 for the sale of the 7,718 sq ft estate for $14.08 million ($1,824 psf). Very similar to the unit at New Futura, the buyer of the Yong An Park unit paid for an ABSD of 30% ($4.2 million) on the purchase, as the option was worked out before Might 17.

Kassia Condo Singapore

Finalized in 1986, Yong An Park has a total amount of 288 homes. Normal units make up one- to four-bedders in between 1,023 sq ft and 3,778 sq ft. Generally there are 3- to five-bedroom penthouses with dimensions from 3,466 sq ft and 6,878 sq ft, as well as a selection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The project is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.

Based on the brand-new air conditioning procedures, an ABSD rate of 60% would apply to foreign investors. Nevertheless, for transactions where the option to purchase was granted to the customer on or prior to April 26 and practiced inside 21 days (i.e. on or prior to May 17), the brand-new fees will not use. Thus the Chinese investor for the New Futura unit settled an ABSD price of 30% or $3.75 million for the acquisition.

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