Cairnhill Nine penthouse sold to a trust for $7.5 million
A premium condo located along prime district 09 , Cairnhill Nine, recently has a 3,186 sq ft, four-bedroom penthouse unit sold located on the 30th floor of the 268-unit, sold for $7.5million to a foreigner. the penthouse paid is the highest since the development was launched in 2K16 according to caveat lodged.
the purchase has to fully paid up in cash inclusive of the 65 percent additional buyer’s stamp duty (ABSD) As the penthouse is bought by way of a trust. The 65% ABSD translates to a heart-throbbing of $4.875 million and comes on top of the 6% in buyer’s stamp duty, which amounts to $450,000, total amounting to a solid cash to be paid upfront to $12.825 million.
Formerly known as Zico Allshores Trust (S) Ltd, the company was incorporated in 2K12 with a trust business licence in 2K14. Zico Trust is a member of Zico Holdings, an ASEAN-focused integrated provider of multi-disciplinary professional services and is listed on the Catalist board of the Singapore Exchange.
Zico Trust (S) Ltd, an independent trustee and fiduciary services company regulated by the Monetary Authority of Singapore, according to the title search deed, held on to the 3,186 sq ft penthouse at Cairnhill Nine.
IRAS will process the remission terms and thoroughly checked through if they make the requirements, and the entire progress takes couple of months, says Lee Liat Yeang, senior partner in Dentons Rodyk’s real estate practice group. If the beneficiary is a Singapore citizen with no other residential property, the full 65% can be refunded, he adds.
“The trust structure is really for the cash-rich because you can’t get funding for these purchases, and you have to be prepared to pay 65% ABSD upfront on top of the property’s purchase price,” according to Lee.
ABSD remission process which takes a few months, can be only made to the Inland Revenue Authority of Singapore (IRAS) only after the payment is made in full.
The condo has multiple configuration ranging from a mix of one- to four-bedroom apartments, with sizes ranging from 592 to 2,013 sq ft. There are only eight 4-bedroom penthouses at Cairnhill Nine: four are duplexes, and the other four are simplexes with sizes from 2,400 sq ft to 3,864 sq ft.
Located in the heart of the popular shopping heaven in Orchard Road, Cairnhill Nine, has a premium District 9 locale. It is nicely linked to Paragon shopping mall on the level 2 via an air-conditioned overhead linked-bridge across Bideford Road, just off the prime Orchard Road.
Cairnhill Nine is a 99-years leasehold mixed-use development that includes Ascott Orchard Singapore, the 220-hotelier rooms, premium serviced apartments. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.
The mixed-use development by CapitaLand Development is a rejuvenation construction of the former serviced apartments Somerset Grand Cairnhill, also managed under CapitaLand’s lodging commercial unit, The Ascott Ltd. Cairnhill Nine was completed in late 2K16, while Ascott Orchard Singapore opened in 2K17.