Cairnhill Nine penthouse sold to a trust for $7.5 mil
At Cairnhill Nine, common units are a blend of one- to four-bedroom flats, with dimensions varying from 592 to 2,013 sq ft. There are only 8 4-bedroom penthouses at Cairnhill Nine: four are duplexes, including the other four are simplexes with sizes from 2,400 sq ft to 3,864 sq ft.
Positioned on Cairnhill Road, simply off the prime shopping strip of Orchard Road, Cairnhill Nine has a prime District 9 address. It is directly linked to Paragon shopping center on the second ground through an air-conditioned overhead bridge over Bideford Roadway, simply off the prime Orchard Road.
The most up to date transaction at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, high-end flat on Cairnhill Roadway. The absolute cost of $7.5 million paid for the penthouse is the highest since the project was launched in 2016, according to a caveat lodged on July 5.
“The trust structure is actually for the cash-rich because you can not acquire funding for these acquisitions, and also you need to be readied to pay 65% ABSD upfront in addition to the real estate’s acquisition rate,” according to Lee.
The entire amount of money needs to be paid prior to an ABSD remission request may be made to the Inland Revenue Authority of Singapore (IRAS).
Previously referred to as Zico Allshores Trust (S) Ltd, the company was integrated in 2012 with a trust organization permit in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused integrated company of multi-disciplinary professional solutions and even is detailed on the Catalist board of the Singapore Exchange.
As the penthouse is bought applying a trust, the acquisition needs to be made completely in money in advance, including the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD measures up $4.875 million and also comes on top of the 6% in customer’s stamp duty, that amounts to $450,000, delivering the complete money payable upfront to $12.825 million.
A real property title investigation reveals that the 3,186 sq ft penthouse at Cairnhill Nine is supported by Zico Trust (S) Ltd, a private trustee as well as fiduciary services firm managed by the Monetary Authority of Singapore.
The mixed-use project by CapitaLand Development is a redevelopment of the past serviced flats Somerset Grand Cairnhill, also handled following CapitaLand’s rental accommodations business unit, The Ascott Ltd. Cairnhill 9 was finalized in late 2016, whilst Ascott Orchard Singapore opened in 2017.
The IRAS will definitely assess whether or not the return situations are fulfilled, and also the process takes concerning a couple of months, states Lee Liat Yeang, senior partner in Dentons Rodyk’s real estate practice team. If the recipient is a Singapore citizen with no various other house, the full 65% can possibly be refunded, he adds.
Cairnhill Nine becomes part of a 99-year leasehold, mixed-use property development that includes Ascott Orchard Singapore, the 220-suite, deluxe serviced apartments. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.