A trust purchased the Cairnhill Nine penthouse for $7.5 million
The most recent deal of Cairnhill Nine will be for 3,186 square foot penthouse with four bedrooms at the top of the 30-floor in the two-unit luxury condo located situated on Cairnhill Road. The total price of $7.5 million for the penthouse is the most expensive since the condo was built in the year 2016 according to an agreement filed on the 5th of July.
The property title search reveals that the 3,186 square feet penthouse located at Cairnhill Nine is owned through Zico Trust (S) Ltd, an independent trustee and fiduciary company that is regulated by Monetary Authority of Singapore.
Pinetree Hill showroom look forward to the elegant and sophisticated finishing on these condominiums.
Formerly called Zico Allshores Trust (S) Ltd The company was established in 2012, and was granted an trust business licence in the year 2014. Zico Trust is a member of Zico Holdings, an ASEAN-focused multi-disciplinary provider of professional services. The company has been listed on Catalist boards of Singapore Exchange.
Because the penthouse was purchased by trust, it is to be completed in cash at the time of purchase, which includes tax of 65% additional buyer’s stamp duty (ABSD). This 65% ABSD amount to $4.875 million, and is on the top of six% of buyer’s stamp duties, which is $450,000, bringing the total cash due up front up to $12.825 million.
The total amount must be paid prior to when an ABSD Remission request can be submitted for the Inland Revenue Authority of Singapore (IRAS).
The IRAS will examine whether the conditions to refund are fulfilled and the process can take approximately two to three months, according to Lee Liat Yeang, senior partner of Dentons Rodyk’s Real property practice. In the event that a beneficiary an Singapore citizen who has no other residence property and the entire 65% is refundable in full, he says.
“The trust arrangement is designed for cash-rich people because there is no way to finance these purchases. Additionally, you must be ready for a payment of 65% ABSD in advance on the top of the property’s purchase price” according Lee. Lee.
Cairnhill Nine is part of a 99-year leasehold mixed-use development which comprises Ascott Orchard Singapore, 220-suite luxury serviced apartments. Ascott Orchard Singapore offers an array of studios and two-bedroom suites.
The mixed-use development by CapitaLand Development is an redevelopment of the old apartment buildings that were serviced by Somerset Grand Cairnhill, also operated by CapitaLand’s lodging unit. The Ascott Ltd. Cairnhill Nine was completed in the latter half of 2016 while Ascott Orchard Singapore opened in 2017.
The building is situated at Cairnhill Road, just off the most popular shopping area that is Orchard Road, Cairnhill Nine is an ideal district 9 location. It is directly connected with the Paragon shopping mall on the second floor by an overhead air-conditioned bridge that spans Bideford Road, just off the primary Orchard Road.
The residence at Cairnhill Nine, common homes are made up of one-to-four-bedroom apartments that range from 592 to 2,013 square feet. There are just eight four-bedroom penthouses in Cairnhill Nine. Four are duplexes and four are simplyxes ranging in size between 2,400 sq ft and 3,864 square feet.