New Futura, Yong An Park, was purchased by Chinese buyers for 30% ABSD as opposed to the advertised 60%
Two luxurious condos located in the District 9 area were recently bought by foreign buyers despite recent increases in stamp duty for additional buyers (ABSD) that went in effect on the 27th of April. Based on Lee Sze Teck, senior director of research at Huttons Asia, a crosscheck with URA’s analysis on property purchase by nationalities and residence status shows these units have been purchased by Chinese citizens who aren’t permanent residents (PRs).
TMW Maxwell enbloc will also benefit from the planned rejuvenation of Tanjong Pagar and the planned developments of the Greater Southern Waterfront precinct.
A single properties includes a five-bedroom 2,691 square feet unit in The New Futura which is an undeveloped condo with freehold rights located along Leonie Hill Road in District 9. Based on URA information an agreement was signed to sell the building, which is located at the 24th floor the 3rd of May, to $12.5 million. At $4,645 per sq ft the unit set the highest price for psf in the freehold development of 124 units from developer City Developments Ltd that was completed in the year 2017.
In accordance with the latest cooling measures In light of the new cooling measures ABSD percentage of 60% applies on foreign buyers. However, for transactions in which buyers were granted the right to buy before April 26 and was exercised in 21 days (i.e. by May 17) the rates that are being revised will not be applicable. So on or before May 17th, the Chinese buyer of on or before May 17th, the New Futura unit paid an ABSD rate of 30% or $3.75 million to purchase the unit.
The buyer of the unit in New Futura purchased the unit in January of 2018 at $9.13 million ($3,395 per square foot). Thus, the net gain of the transaction is $3.37 millions (37%) after a five-year period of holding. This is the highest-profit deal for resales for New Futura to date. This is more than the previous gain of $2.96 million, which was announced for December of 2022. It was due to an auction of 2,691 sq. ft unit that was sold for $11 million ($4,459 per square foot).
New Futura, located along Leonie Hill Road, is an imposing twin-36-story residential development developed by American architectural company Skidmore, Owings and Merrill (SOM) SOM, the designer for the luxury development Wallich Residence, and Skywaters Residences situated in Tanjong Pagar.
The units at New Futura include a range of two-bedroom homes that measure 1,098 square feet up to four-bedroom units of 2,691 square feet with ceilings that double in volume. There are two penthouses of 7,836 square feet located at the highest point on each building.
Another luxury condominium property that was bought by an Chinese buyers is a townhouse with six bedrooms located in Yong An Park that is an open-air development located situated on River Valley Road. A caveat was registered on May 5 to facilitate selling the 718 square foot property at $14.08 million ($1,824 per square foot). Like the property at New Futura, the buyer of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the deal since an option had been exercised prior May 17.
The owner of the unit located at Yong An Park raked in the sum of $4.5 million from the sale. The property had been sold before in the past for $9.58 million ($1,241 per square foot) during February of 2008. The seller earned an estimated 47% capital gain after having held this property over 15 years.
In 1986, the park was completed. Yong An Park has a total of 288 dwellings. The typical units are one-to four-bedders that range between 1,023 sq feet and 3,778 square feet. There are threeto five bedroom penthouses ranging between 3,466 sq ft to 6,878 sq ft and a selection of townhouses with six bedrooms, strata-titled starting at 7,718 square feet. The development is just a five-minute walk from the Great World MRT Station on the Thomson East Coast Line.
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