Chinese buyers paid 30% ABSD for New Futura, Yong An Park, instead of 60% as reported
Residents at The Myst have easy access to a variety of amenities, including shops, cafes, fitness centres and even a swimming pool. The condo’s location also offers plenty of shopping options, including shops at Bukit Timah Plaza, Rail Mall, Beauty World Centre and Bukit Timah Shopping Centre. In addition, there are convenient medical facilities at the nearby Bukit Timah Medical Centre and the nearby Jurong Health Campus. The Myst Condo is an ideal spot for outdoor activities, such as jogging, cycling, sightseeing and even outdoor sports like badminton and tennis. With its lush environment and convenient amenities, The Myst is a great place for families, couples, singles and students to live and enjoy everything it has to offer.
Foreign buyers from China have recently purchased two luxury condo units in Singapore’s prime District 9, despite the increase of the Additional Buyer’s Stamp Duty (ABSD) that was imposed in April of this year. One of the buyers, a Chinese national who is not a Permanent Resident, took the opportunity to purchase a 4-bedroom, 2,691 sq ft unit at New Futura, located along Leonie Hill Road.The unit sold for $12.5 million at $4,645 per square foot. According to the URA, a caveat was lodged for the sale on May 3. The developer of New Futura is City Developments Ltd and the complex finished construction in 2017. As the foreign buyer exercised the option to purchase the unit on or before April 26, they were still able to take advantage of the ABSD rate of 30% and paid $3.75 million.The same foreign buyer also purchased a 6-bedroom townhouse unit at Yong An Park, located on River Valley Road. The unit had a size of 7,718 sq ft and sold for $14.08 million at $1,824 per square foot. Once again, the buyer exercised the option to purchase the property before May 17 and was able to take advantage of the ABSD rate of 30%, bringing the total bill to $4.2 million.The seller of the unit at New Futura originally purchased the unit in January 2018 for $9.13 million. The gain from the sale ended up being $3.37 million (37%) after holding it for 5 years. On the other hand, the 15-year-holding seller of the unit at Yong An Park scored a capital gain of $4.5 million.Foreign buyers were able to take advantage of the ABSD rate of 30% before the imposed additional cooling measures came into effect on April 27, not 60%, as previously reported. Despite the increasing taxes and levies, the two luxury condo transactions successfully closed, securing a capital gain for the sellers and great value for the buyers.