Cairnhill Nine penthouse sold to a trust for $7.5 mil

The whole amount of money needs to be paid just before an ABSD remission request may be secured to the Inland Revenue Authority of Singapore (IRAS).

Previously known as Zico Allshores Trust (S) Ltd, the business was integrated in 2012 with a trust service licence in 2014. Zico Trust belongs to Zico Holdings, an ASEAN-focused integrated service provider of multi-disciplinary specialist services also is detailed on the Catalist board of the Singapore Exchange.

A real estate title search reveals that the 3,186 sq ft penthouse at Cairnhill Nine is carried by Zico Trust (S) Ltd, an independent trustee and fiduciary support services firm monitored by the Monetary Authority of Singapore.

As the penthouse is purchased taking a trust, the acquisition has to be made totally in cash money in advance, consisting of the 65% additional buyer’s stamp duty (ABSD). The 65% ABSD totals up to $4.875 million and shows up top of the 6% in customer’s stamp duty, which totals up to $450,000, delivering the complete cash money payable in advance to $12.825 million.

The Continuum Thiam Sew Avenue

The latest purchase at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th level of the 268-unit, premium condominium on Cairnhill Roadway. The absolute rate of $7.5 million paid for the penthouse is the top ever since the project was released in 2016, according to a caveat lodged on July 5.

The mixed-use property by CapitaLand Development is a redevelopment of the former serviced apartments Somerset Grand Cairnhill, also handled following CapitaLand’s lodging establishment unit, The Ascott Ltd. Cairnhill 9 was finished in late 2016, while Ascott Orchard Singapore opened in 2017.

Cairnhill Nine is part of a 99-year leasehold, mixed-use property development that features Ascott Orchard Singapore, the 220-suite, deluxe serviced apartments. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.

At Cairnhill Nine, common units are a mix of one- to four-bedroom condominiums, with sizes ranging from 592 to 2,013 sq ft. There are just 8 4-bedroom penthouses at Cairnhill Nine: 4 are duplexes, plus the additional 4 are simplexes with measurements from 2,400 sq ft to 3,864 sq ft.

The IRAS will definitely evaluate whether or not the refund situations are achieved, and the procedure takes concerning a couple of months, says Lee Liat Yeang, top partner in Dentons Rodyk’s realty practice group. If the recipient is a Singapore citizen with no various other house, the complete 65% can be reimbursed, he includes.

“The trust framework is truly for the cash-rich due to the fact that you can’t obtain funding for these buys, and also you need to be prepared to pay 65% ABSD ahead of time on top of the real property’s purchase cost,” according to Lee.

Located on Cairnhill Road, just off the prime retail section of Orchard Roadway, Cairnhill Nine has a prime District 9 address. It is directly connected to Paragon shopping center on the 2nd level via an air-conditioned expenses bridge across Bideford Road, just off the prime Orchard Road.

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