New Reporter
17-07-23, 11:32
Cairnhill Nine penthouse sold to a trust for $7.5 mil
July 15, 2023
https://i.imgur.com/3VCdsaa.jpg
The 268-unit Cairnhill Nine was completed in 2016, with the adjacent 220-suite Ascott Orchard Singapore opened in 2017
The latest transaction at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th floor of the 268-unit, high-end condo on Cairnhill Road. The absolute price of $7.5 million paid for the penthouse is the highest since the project was launched in 2016, according to a caveat lodged on July 5.
A property title search shows that the 3,186 sq ft penthouse at Cairnhill Nine is held by Zico Trust (S) Ltd, an independent trustee and fiduciary services company regulated by the Monetary Authority of Singapore.
Formerly known as Zico Allshores Trust (S) Ltd, the company was incorporated in 2012 with a trust business licence in 2014. 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.
As the penthouse is purchased using a trust, the purchase has to be made entirely in cash upfront, including the 65% additional buyer's stamp duty (ABSD). The 65% ABSD amounts to $4.875 million and comes on top of the 6% in buyer's stamp duty, which amounts to $450,000, bringing the total cash payable upfront to $12.825 million.
The entire amount has to be paid before an ABSD remission application can be made to the Inland Revenue Authority of Singapore (IRAS).
The IRAS will assess whether the refund conditions are met, and the process takes about two to three 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.
Cairnhill Nine is part of a 99-year leasehold, mixed-use development that includes Ascott Orchard Singapore, the 220-suite, luxury serviced apartments. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.
More at: https://www.edgeprop.sg/property-news/cairnhill-nine-penthouse-sold-trust-75-mil
July 15, 2023
https://i.imgur.com/3VCdsaa.jpg
The 268-unit Cairnhill Nine was completed in 2016, with the adjacent 220-suite Ascott Orchard Singapore opened in 2017
The latest transaction at Cairnhill Nine is for a 3,186 sq ft, four-bedroom penthouse on the 30th floor of the 268-unit, high-end condo on Cairnhill Road. The absolute price of $7.5 million paid for the penthouse is the highest since the project was launched in 2016, according to a caveat lodged on July 5.
A property title search shows that the 3,186 sq ft penthouse at Cairnhill Nine is held by Zico Trust (S) Ltd, an independent trustee and fiduciary services company regulated by the Monetary Authority of Singapore.
Formerly known as Zico Allshores Trust (S) Ltd, the company was incorporated in 2012 with a trust business licence in 2014. 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.
As the penthouse is purchased using a trust, the purchase has to be made entirely in cash upfront, including the 65% additional buyer's stamp duty (ABSD). The 65% ABSD amounts to $4.875 million and comes on top of the 6% in buyer's stamp duty, which amounts to $450,000, bringing the total cash payable upfront to $12.825 million.
The entire amount has to be paid before an ABSD remission application can be made to the Inland Revenue Authority of Singapore (IRAS).
The IRAS will assess whether the refund conditions are met, and the process takes about two to three 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.
Cairnhill Nine is part of a 99-year leasehold, mixed-use development that includes Ascott Orchard Singapore, the 220-suite, luxury serviced apartments. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.
More at: https://www.edgeprop.sg/property-news/cairnhill-nine-penthouse-sold-trust-75-mil