The Chinese buyer of a unit at New Futura paid an ABSD of 30% on the transaction, instead of the previously reported 60% (Picture: Samuel Isaac Chua/The Edge Singapore).SINGAPORE (EDGEPROP) - Two luxury condo units in prime District 9 have recently been purchased by foreign buyers, despite the recent hikes in additional buyer’s stamp duty (ABSD) that came into effect on April 27. According to Lee Sze Teck, senior director of research at Huttons Asia, a crosscheck with URA’s analysis of property
The Chinese buyer of a unit at New Futura paid an ABSD of 30% on the transaction, instead of the previously reported 60% .
The seller of the unit at New Futura purchased the unit in January 2018 for $9.13 million . Hence, the gain from the sale was $3.37 million after a five-year holding period. This is the most profitable resale transaction at New Futura to date. It surpasses the previous gain of $2.96 million set in December 2022. It was for the sale of a 2,691 sq ft unit sold for $12 million .
The other luxury condo property that was scooped up by a Chinese buyer is a six-bedroom townhouse unit at, a freehold development on River Valley Road. A caveat was lodged on May 5 for the sale of the 7,718 sq ft property for $14.08 million . Similar to the unit at New Futura, the buyer of the Yong An Park unit paid an ABSD of 30% on the transaction, as the option was exercised prior to May 17.The seller of the unit at Yong An Park raked in a gain of $4.5 million on the transaction.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
2023 Forbes 30 under 30 Asia list: 30 Singapore personalities and entities featuredNotable Singapore names in the Forbes 30 under 30 list include Gwyneth Ang, founder of One Prawn & Co., and King of Fried Rice founder Lester Li. Who are the others?
Read more »
Ukraine says it shot down 29 of 30 missiles in overnight Russian attacksFalling debris from missiles hit by air defences set off fires in eastern parts of Kyiv. Read more at straitstimes.com.
Read more »
With China looming, Biden plans new Pacific islands summit after no-show in Papua New GuineaMr Biden cancelled the Papua New Guinea visit due to the US debt ceiling crisis. Read more at straitstimes.com.
Read more »
New York, New Jersey promise 2026 World Cup spectacle equal to 'eight Super Bowls'NEW YORK : New York/New Jersey stepped up their bid to host the final of the 2026 World Cup by promising a spectacle on par with 'eight Super Bowls' at a launch event on Thursday for the tournament which will be co-hosted by the United States, Mexico and Canada.FIFA president Gianni Infantino gave no indi
Read more »
Chinese fishing vessel capsizes in Indian Ocean with 39 missingNo missing persons have been found so far. Read more at straitstimes.com.
Read more »
Chinese fishing vessel capsizes in Indian Ocean with 39 missingBEIJING: A Chinese fishing vessel has capsized in the central Indian Ocean, state media reported on Wednesday (May 17), with its crew of 17 Chinese, 17 Indonesian and five Filipino sailors missi
Read more »