Cairnhill Nine penthouse sold to a trust for $7.5 mil
The mixed-use project by CapitaLand Development is a redevelopment of the previous serviced flats Somerset Grand Cairnhill, additionally took care of under CapitaLand’s lodging establishment unit, The Ascott Ltd. Cairnhill Nine was finalized in late 2016, whilst Ascott Orchard Singapore opened up in 2017.
“The trust structure is actually for the cash-rich since you can not obtain financing for these buys, and you need to be prepared to pay for 65% ABSD in advance in addition to the estate’s acquisition price,” according to Lee.
The whole amount of money needs to be paid prior to an ABSD remission application could be made to the Inland Revenue Authority of Singapore (IRAS).
The most recent deal at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th floor of the 268-unit, premium condominium on Cairnhill Roadway. The absolute cost of $7.5 million invested in the penthouse is the highest possible since the assignment was released in 2016, according to a caveat lodged on July 5.
Previously known as Zico Allshores Trust (S) Ltd, the company was integrated in 2012 with a trust service permit in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused integrated service provider of multi-disciplinary expert services and even is listed on the Catalist board of the Singapore Exchange.
Cairnhill Nine becomes part of a 99-year leasehold, mixed-use project that includes Ascott Orchard Singapore, the 220-suite, high-end serviced condos. Ascott Orchard Singapore has a blend of studios to two-bedroom suites.
As the penthouse is acquired using a trust, the acquisition has to be created entirely in cash in advance, including the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD totals up to $4.875 million as well as comes on top of the 6% in buyer’s stamp duty, that totals up to $450,000, bringing the complete cash money payable in advance to $12.825 million.
The IRAS will evaluate regardless if the refund conditions are met, as well as the procedure takes about two to three months, claims Lee Liat Yeang, top partner in Dentons Rodyk’s property practice team. If the beneficiary is a Singapore person without various other house, the complete 65% can be refunded, he includes.
Situated on Cairnhill Road, simply off the prime shopping section of Orchard Road, Cairnhill Nine has a prime District 9 address. It is precisely attached to Paragon mall on the 2nd floor through an air-conditioned expenses bridge over Bideford Road, simply off the prime Orchard Road.
A real estate title investigation shows that the 3,186 sq ft penthouse at Cairnhill Nine is supported by Zico Trust (S) Ltd, a separate trustee and fiduciary services business managed by the Monetary Authority of Singapore.
At Cairnhill Nine, common units are a mix of one- to four-bedroom flats, with sizes extending from 592 to 2,013 sq ft. There are only eight 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, plus the some other 4 are simplexes with dimensions from 2,400 sq ft to 3,864 sq ft.
