New Futura, Yong An Park sold to Chinese purchasers for 30% ABSD rather than 60%
Despite the recent increases in extra buyer’s stamp duty (ABSD), which went into effect on April 27th, two luxury condo units in prestigious District 9 have recently been acquired by foreign purchasers. A comparison with URA’s study of property acquisitions by nationality and residence status reveals that the apartments were bought by Chinese nationals who are not Permanent Residents (PRs), as reported by Lee Sze Teck, senior director of research at Huttons Asia.
Freehold condo located on Dunman Grand, Dunman Grand Balance Unit Chart in District 9 with four bedrooms and 2,691 square feet is one of the listings. According to URA records, a caveat was filed on May 3 for the sale of the 24th-floor condo for $12.5 million. It set a new psf record for the 124-unit, freehold complex by City Developments Ltd which was finished in 2017 at $4,645 psf.
The new restrictions will result in an ABSD rate of 60% for international purchasers. However, the higher rates won’t be implemented until after May 17 for any deals where the buyer’s option to purchase was given on or before April 26 and was exercised within 21 days (i.e., before May 17). That’s why the Chinese bidder for the New Futura apartment shelled up ABSD 30%, or $3.75 million.
The current owner paid $9.13 million ($3,395 psf) for the New Futura condo they are selling in January of 2018. After five years, the profit from the transaction amounted to $3.37 million (37%). This is the most lucrative sale of used items at New Futura. It’s a bigger increase than the $2.96 million recorded in December of 2022. A 2,691-square-foot condo went for $12 million ($4,459 per square foot).
The American architectural firm Skidmore, Owings & Merrill (SOM) is responsible for the design of the opulent Tanjong Pagar high-rises Wallich Residence and Skywaters Residences, as well as the 36-story residential towers at New Futura on Leonie Hill Road.
The apartments at New Futura range in size from 1,098 square feet for a two-bedroom unit to 2,691 square feet for a four-bedroom unit with double-volume ceilings. Each tower’s penthouse is a whopping 7,836 square feet in size.
A six-bedroom townhouse in the freehold Yong An Park complex on River Valley Road was the other luxury condo property purchased by a Chinese buyer. A caveat was filed on May 5 for the $14.08 million ($1,824 psf) sale of the 7,718-square-foot property. The buyer of the Yong An Park property, like the buyer of the New Futura lot, forked up an additional 30% ABSD ($4.2 million) since the option was exercised before May 17.
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