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

The retailer of the unit at New Futura acquired the unit in January 2018 for $9.13 million ($3,395 psf). For this reason, the profit from the profit was $3.37 million (37%) after a five-year holding duration. This is one of the most successful resale deal at New Futura to date. It surpasses the past gain of $2.96 million set in December 2022. It was for the sale of a 2,691 sq ft unit offered for $12 million ($4,459 psf).

Two deluxe condominium units in top District 9 have just recently been bought by international buyers, despite the more recent hikes in additional buyer’s stamp duty (ABSD) that came into effect on April 27. According to Lee Sze Teck, top supervisor of research at Huttons Asia, a crosscheck with URA’s evaluation of property acquisitions by nationalities and also residence state reveal that the units were obtained by Chinese nationals who are not Permanent Residents (PRs).

Finalized in 1986, Yong An Park has a total of 288 houses. Common units make up 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, as well as a compilation of six-bedroom, strata-titled townhouses from 7,718 sq ft. The development is a five-minute stroll to the Great World MRT Station on the Thomson-East Coast Line.

Based upon the brand-new air conditioning steps, an ABSD rate of 60% would relate to foreign consumers. However, for deals where the option to acquisition was provided to the buyer on or before April 26 as well as worked within 21 days (i.e. on or prior to May 17), the brand-new rates can not use. Hence the Chinese investor for the New Futura unit paid for an ABSD cost of 30% or $3.75 million for the transaction.

The other high-end apartment property that was scooped up by a Chinese purchaser is a six-bedroom townhomes unit at Yong An Park, a property development on River Valley Road. A caveat was lodged on May 5 for the sale of the 7,718 sq ft property for $14.08 million ($1,824 psf). Very similar to the unit at New Futura, the buyer of the Yong An Park unit spent an ABSD of 30% ($4.2 million) on the transaction, as the option was worked out prior to May 17.

The Hill @ One North condo

The seller of the unit at Yong An Park brought in a gain of $4.5 million on the transaction. The unit had altered hands recently for $9.58 million ($1,241 psf) in February 2008. Thus, the dealer made a 47% capital gain right after keeping the residential property for 15 years.

Units at New Futura comprise a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom condos of 2,691 sq ft with double-volume ceilings. There are even two 7,836 sq ft penthouses– one on top of each tower.

New Futura, found throughout Leonie Hill Roadway, is a twin 36-storey high rise domestic project made by American architecture firm Skidmore, Owings plus Merrill (SOM), the layout architect for deluxe developments Wallich Residence together with Skywaters Residences in Tanjong Pagar.

One of the residential properties is a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condo near Leonie Hillside Road in District 9. Based upon URA information, a caveat was lodged for the sale of the unit, located on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it noted a brand-new psf-price higher for the 124-unit, freehold development by developer City Developments Ltd that was completed in 2017.

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