A billionaire from Indonesia pays 60% ABSD for a four-bedroom at Scotts HighPark
Contrary to popular belief there are foreigners who pay sixty% ABSD for freehold condominiums in Singapore’s most sought-after districts. One of the first to do this are Indonesian billionaire Dewi Kam, who has a net worth that is estimated according to Forbes to be US$4.2 billion. Self-made billionaire Dewi is said to be among the top 21 richest in Indonesia and her wealth is derived from her shareholding in the listed Indonesian coal miner Bayan Resources.
Hillock Green land price winning bid totalled to $481,028,300. Yanlord Land Group Limited’s subsidiary, United Engineers Limited (UEL), through its fully-owned unit, UED Alpha Pte. Ltd
In accordance with a caveat filed on May 18, and the results of a property record search Kam bought a 4112 sq ft, four-bedroom condo apartment located on the 24th level of Scotts HighPark for $12.68 million ($3,084 per square foot). As a foreigner, Kam would have had to pay six% of buyer’s duty ($760,800) since the buyer’s tax (BSD) for any residential properties that exceed $3 million was increased to four% from 4% to% starting February 15th 2023.
Also, she is likely to be hit with also the 60% extra buyer’s stamp tax (ABSD) that increased from 30 to 60% beginning 25 April 2023 as part of the latest round property chilling measures. This is due to the fact that the date of contract (option date) that is recorded within the property title was on May 18, 2023, which is the exact date on which the caveat was registered.
The date of the transaction falls beyond the period of transition, which was over in May. During the transition time, for purchases made with options to buyers prior to April 26 and completed after 21 calendar days (i.e. prior to May 17) and before May 17, the old ABSD amount of 30% was applied. There is however no extension after May 17 to the ABSD as per the Inland Revenue Authority of Singapore (IRAS).
Therefore that therefore, the ABSD which Kam paid will likely at $7.608 million. The total purchase cost, including stamp duty (ABSD as well as BSD) total at $21.0488 million.
Kam’s purchase is also the highest price per square foot that has been recorded for the Scotts HighPark, which has a 73-unit unit. HighPark since the development was announced in August. The condominium project, which is freehold, was designed through CapitaLand Development on the site of the former Melia at Scotts that it bought for $165 million in the mid-1990s.
Scotts HighPark is a 27-story residential tower that is located between Goldbell Towers and Sheraton Towers Singapore Hotel located on Scotts Road in District 9 in prime location. It’s just a short stroll uphill to Newton MRT Interchange station for the Downtown and North-South Lines.
The development is a luxury one with two towers of 19 and 27 stories. The first 19 stories has a mix of two and three-bedroom homes that range from 1,141 sq ft to 2,110 square feet. The tower with a higher 27-storey height has four-bedroom units ranging from 3,466 sq. ft. to 4,112 sq. ft. and penthouses. It has the biggest duplex, which has five bedrooms, measuring 6,545 square feet.