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Foreign buyers snatched up two luxury condo units in Singapore’s prime District 9 despite the recent hikes in additional buyer’s stamp duty (ABSD). According to Lee Sze Teck, senior director of research at Huttons Asia, the units were acquired by Chinese nationals who are not Permanent Residents (PRs). One of the properties was a four-bedroom, 2,691 sq ft unit at New Futura, a freehold condo along Leonie Hill Road in District 9. A caveat was lodged for the sale of the unit, located on the 24th floor, on May 3 for $12.5 million at $4,645 psf. The buyer paid an ABSD rate of 30% or $3.75 million for the purchase and the seller made a gain of $3.37 million (37%) after a five-year holding period.

The other property was a six-bedroom townhouse unit at Yong An Park, 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 ($1,824 psf) and the buyer paid an ABSD of 30% ($4.2 million). The seller made a 47% capital gain on the transaction after a 15-year holding period.

Due to the new cooling measures implemented, an ABSD rate of 60% applies to foreign buyers. However, if the option to purchase was granted prior to April 26 and exercised within 21 days (on or before May 17), the new rates will not apply.

AdvertisementNew Futura and Yong An Park are prime developments located along Leonie Hill Road and River Valley Road, respectively. New Futura is a twin 36-storey tower residential development designed by American architecture firm Skidmore, Owings and Merrill (SOM). It comprises a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom apartments of 2,691 sq ft with double-volume ceilings, alongside two 7,836 sq ft penthouses at the top of each tower. Meanwhile, Yong An Park offers a collection of one- to four-bedders between 1,023 sq ft and 3,778 sq ft, in addition to three- to five-bedroom penthouses (3,466 sq ft and 6,878 sq ft) and six-bedroom, strata-titled townhouses from 7,718 sq ft.

The purchase of these two luxury condo units by foreign buyers demonstrates despite the recent cooling measure hikes, the demand for prime properties in Singapore remains strong amongst foreign buyers who paid the ABSD rate of 30%. With the units located close to the Great World MRT Station on the Thomson-East Coast Line, these two luxury condo properties present lucrative investments for their respective buyers.