Cairnhill Nine penthouse sold to a trust for $7.5 mil
The most recent transaction at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, premium condo on Cairnhill Roadway. The absolute price of $7.5 million invested in the penthouse is the highest possible since the assignment was launched in 2016, according to a caveat lodged on July 5.
Previously referred to as Zico Allshores Trust (S) Ltd, the business was integrated in 2012 with a trust company license in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused integrated service provider of multi-disciplinary specialist services also is noted on the Catalist board of the Singapore Exchange.
The complete amount of money has to be paid before an ABSD remission request can be secured to the Inland Revenue Authority of Singapore (IRAS).
At Cairnhill Nine, typical units are a mix of one- to four-bedroom apartments, with sizes extending from 592 to 2,013 sq ft. There are just 8 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, and the other four are simplexes with measurements from 2,400 sq ft to 3,864 sq ft.
Sceneca Residences condominium
As the penthouse is purchased using a trust, the acquisition has to be built totally in cash money beforehand, consisting of 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 purchaser’s stamp duty, which amounts to $450,000, carrying the total cash money payable upfront to $12.825 million.
Situated on Cairnhill Roadway, simply off the prime shopping section of Orchard Road, Cairnhill Nine has a prime District 9 address. It is directly connected to Paragon shopping center on the 2nd level using an air-conditioned expenses bridge across Bideford Roadway, simply off the prime Orchard Road.
“The trust structure is actually for the cash-rich since you can’t get financing for these acquisitions, and you need to be prepared to pay for 65% ABSD in advance in addition to the property’s acquisition price,” according to Lee.
A real property title search 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 services company regulated by the Monetary Authority of Singapore.
Cairnhill 9 is part of a 99-year leasehold, mixed-use property development that consists of Ascott Orchard Singapore, the 220-suite, deluxe serviced apartments. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.
The mixed-use project by CapitaLand Development is a redevelopment of the past serviced flats Somerset Grand Cairnhill, additionally managed under CapitaLand’s rental accommodations establishment unit, The Ascott Ltd. Cairnhill Nine was finalized in late 2016, while Ascott Orchard Singapore opened in 2017.
The IRAS is going to assess whether or not the refund issues are met, as well as the process takes about 2 to 3 months, claims Lee Liat Yeang, senior partner in Dentons Rodyk’s property practice team. If the receiver is a Singapore citizen without any other residential property, the complete 65% can possibly be refunded, he adds.
