Cairnhill Nine penthouse sold to a trust for $7.5 mil
The IRAS will evaluate regardless if the return situations are fulfilled, and the process takes about a couple of months, says Lee Liat Yeang, top partner in Dentons Rodyk’s realty practice group. If the receiver is a Singapore person with no other property, the full 65% can be given back, he adds.
Cairnhill 9 is part of a 99-year leasehold, mixed-use 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.
A real property title investigation shows that the 3,186 sq ft penthouse at Cairnhill Nine is carried by Zico Trust (S) Ltd, a separate trustee as well as fiduciary support services firm regulated by the Monetary Authority of Singapore.
Located on Cairnhill Roadway, just off the prime retail section of Orchard Roadway, Cairnhill Nine has a prime District 9 address. It is directly linked to Paragon shopping mall on the 2nd level via an air-conditioned expenses bridge across Bideford Road, simply off the prime Orchard Road.
The complete amount needs to be paid prior to an ABSD remission request can be made to the Inland Revenue Authority of Singapore (IRAS).
At Cairnhill Nine, common units are a mix of one- to four-bedroom condominiums, with sizes ranging from 592 to 2,013 sq ft. There are just 8 4-bedroom penthouses at Cairnhill Nine: four are duplexes, including the additional four are simplexes with measurements from 2,400 sq ft to 3,864 sq ft.
Previously known as Zico Allshores Trust (S) Ltd, the company was integrated in 2012 with a trust company licence in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused integrated contractor of multi-disciplinary expert solutions and even is provided on the Catalist board of the Singapore Exchange.
“The trust framework is really for the cash-rich because you can not obtain financing for these buys, as well as you need to be prepared to pay 65% ABSD ahead of time aside from the estate’s purchase cost,” according to Lee.
As the penthouse is acquired taking a trust, the acquisition has to be made completely in money upfront, involving the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD amounts to $4.875 million and also comes on top of the 6% in purchaser’s stamp duty, that amounts to $450,000, bringing the complete cash money payable ahead of time to $12.825 million.
The mixed-use venture by CapitaLand Development is a redevelopment of the past serviced flats Somerset Grand Cairnhill, additionally managed under CapitaLand’s accommodations business unit, The Ascott Ltd. Cairnhill Nine was finished in late 2016, whilst Ascott Orchard Singapore opened in 2017.
The current deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, premium condominium on Cairnhill Roadway. The absolute price of $7.5 million invested in the penthouse is the highest possible as the venture was released in 2016, according to a caveat lodged on July 5.