Cairnhill Nine penthouse sold to a trust for $7.5 mil
By Cecilia Chow
/ EdgeProp Singapore |
The 268-unit Cairnhill Nine was completed in 2016, with the adjacent 220-suite Ascott Orchard Singapore opened in 2017 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - 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 air-conditioned overhead bridge linking Cairnhill Nine to Paragon shopping mall across Bideford Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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.
Cairnhill Nine on Cairnhill Road is in prime District 9, just off Orchard Road shopping strip (Source: EdgeProp Landlens)
The mixed-use project by CapitaLand Development is a redevelopment of the former serviced apartments Somerset Grand Cairnhill, also managed under CapitaLand's lodging business unit, The Ascott Ltd. Cairnhill Nine was completed in late 2016, while Ascott Orchard Singapore opened in 2017.
Situated on Cairnhill Road, just off the prime shopping strip of Orchard Road, Cairnhill Nine has a prime District 9 address. It is directly linked to Paragon shopping mall on the second floor via an air-conditioned overhead bridge across Bideford Road, just off the prime Orchard Road.
At Cairnhill Nine, typical units are a mix of one- to four-bedroom apartments, with sizes ranging from 592 to 2,013 sq ft. There are only eight 4-bedroom penthouses at Cairnhill Nine: four are duplexes, and the other four are simplexes with sizes from 2,400 sq ft to 3,864 sq ft.
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