Cairnhill Nine penthouse sold to a trust for $7.5 mil
A real estate title search reveals that the 3,186 sq ft penthouse at Cairnhill Nine is carried by Zico Trust (S) Ltd, a private trustee as well as fiduciary services business regulated by the Monetary Authority of Singapore.
The mixed-use property by CapitaLand Development is a redevelopment of the past serviced flats Somerset Grand Cairnhill, additionally handled following CapitaLand’s rental accommodations establishment unit, The Ascott Ltd. Cairnhill Nine was completed in late 2016, while Ascott Orchard Singapore opened up in 2017.
Cairnhill 9 belongs to a 99-year leasehold, mixed-use property development that features Ascott Orchard Singapore, the 220-suite, deluxe serviced apartments. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.
As the penthouse is acquired applying a trust, the acquisition has to be made totally in cash upfront, including the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD measures up $4.875 million as well as comes on top of the 6% in buyer’s stamp duty, which totals up to $450,000, bringing the total cash payable in advance to $12.825 million.
Positioned on Cairnhill Roadway, simply off the prime shopping strip of Orchard Road, Cairnhill Nine has a prime District 9 address. It is precisely attached to Paragon mall on the 2nd level via an air-conditioned expenses bridge over Bideford Road, just off the prime Orchard Road.
“The trust structure is actually for the cash-rich because you can not acquire financing for these buys, and you have to be readied to pay 65% ABSD upfront aside from the real property’s acquisition rate,” according to Lee.
Previously called Zico Allshores Trust (S) Ltd, the company was integrated in 2012 with a trust organization license in 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused incorporated contractor of multi-disciplinary expert solutions and is provided on the Catalist board of the Singapore Exchange.
At Cairnhill Nine, usual units are a mix of one- to four-bedroom apartments, with sizes ranging from 592 to 2,013 sq ft. There are just eight 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, plus the additional four are simplexes with measurements from 2,400 sq ft to 3,864 sq ft.
The whole amount of money needs to be paid before an ABSD remission application can be secured to the Inland Revenue Authority of Singapore (IRAS).
The IRAS is going to analyze whether or not the refund situations are fulfilled, and the process takes regarding 2 to 3 months, says Lee Liat Yeang, top partner in Dentons Rodyk’s realty practice team. If the receiver is a Singapore person with no various other home, the complete 65% can be refunded, he includes.
The current purchase at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th ground of the 268-unit, premium flat on Cairnhill Road. The total cost of $7.5 million spent for the penthouse is the highest as the assignment was launched in 2016, according to a caveat lodged on July 5.