Cairnhill Nine penthouse sold to a trust for $7.5 million

Cairnhill Nine luxurious condo recently has a 3,186 sq ft, four-bedroom penthouse unit located on the 30th floor of the 268-unit, on Cairnhill Road, exchanged hand for $7.5million. the penthouse paid by a foreigner is the highest since the project was launched in 2K16 according to lodgement of caveat.

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, according to the title search deed.

Formerly known as Zico Allshores Trust (S) Ltd, the company was incorporated in 2K12 with a trust business licence in 2K14. 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 bought by way of a trust, the purchase has to fully paid up in cash, including the 65 percent additional buyer’s stamp duty (ABSD). The 65% ABSD equates to a jaw-dropping of $4.875 million and comes on top of the 6% in buyer’s stamp duty, which amounts to $450,000, total amounting to a hard cash to be paid upfront to $12.825 million.

ABSD remission application can be made to the Inland Revenue Authority of Singapore (IRAS) only after the full cash payment is made.

the remission terms will be thoroughly scrutinized by IRAS if they are eligible, and the  process takes couple of 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 mixed-use 99-years leasehold development that includes Ascott Orchard Singapore, the 220-hotelier rooms, premium serviced apartments. Ascott Orchard Singapore has a mix of studios to two-bedroom suites.

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 2K16, while Ascott Orchard Singapore opened in 2K17.

just off the popular shopping belt in Orchard Road, Cairnhill Nine, has a prime District 9 address. It is seamlessly connected 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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