Reflections at Keppel Bay owner resells unit for S$6.6m higher - just one year on
Seller’s stamp duty for properties held up to a year is typically 12%; and 8% if held for over a year but up to two years.
THE seller of a 7,050 square foot (sq ft), 40th floor unit at 99-year-leasehold Reflections at Keppel Bay divested the unit for some S$6.6 million more in the space of about a year, making the deal the largest profit-maker by quantum in the secondary market in the third quarter this year.
However, according to data collated for The Business Times by Cushman & Wakefield, the seller would have to pay seller’s stamp duty (SSD) – which suggests that the actual profit is lower – since the unit was bought for S$11 million (S$1,560 psf) on Sep 10, 2021 and sold for nearly S$17.63 million (S$2,500 psf) on Sep 12 this year. SSD for properties held up to a year is typically 12 per cent; and 8 per cent for properties held for over a year but up to two years.
Still, at 60 per cent (prior to transaction costs, such as SSD), the annualised profit for the top-floor unit is nothing to sneeze at.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Distressed builder Taeyoung wins debt restructuring vote
China Evergrande to delay 2023 annual results; shares remain suspended
Dubai ruler’s firm refinances US$8.2 billion to tap property boom
US home prices jump by most in nearly two years in February
UK’s second biggest mortgage lender pulls offers over flood risk
China state firm to sell 20 Shanghai office towers in downturn