What did you own when you were three years old?
Some toys, books, and video games, perhaps. If your parents were feeling particularly generous they might have gotten you a phone to play with, or nowadays, an iPad.
But whatever we received at that age surely can’t compare to what this kid has.
S’pore Crypto Billionaire Buying a $48.8 Million House in Trust Under Their 3-Year-Old Child
The three-year-old child of Singapore crypto billionaire Zhu Su and his wife may soon be the legal owner of a S$48.8 million bungalow in Yarwood Avenue.
The toddler isn’t going to purchase the house himself, of course. Even Einstein needed to wait until his adolescence to make such big financial decisions.
According to 99.co, the affluent couple were recently granted an option to buy a Good Class Bungalow (GCB) in Yarwood Avenue for S$48.8 million, which will be bought in trust under their 3-year-old.
The 2-storey bungalow has 6 bedrooms and sits on 31,862 square feet of land, which costs around S$1,532 per square foot.
Damn.
One reason why parents buy properties in trust under their children’s name might be to avoid the hefty additional buyer’s stamp duty (ABSD) fees, according to 99.co.
In other words, taxes.
Assuming this is the couple’s second property, they would have to fork out an additional S$8.3mil in ABSD, thanks to the recent ABSD increments.
On the other hand, one of the downsides of buying a property in trust under their children’s names is that the child can later act against their wishes; being the legal owner of the property, they will be free to sell the property and pocket the cash if they wish.
But given that the couple’s child probably still hasn’t learned addition and subtraction, this seems quite unlikely.
Another downside is that as a private property owner, the child may later be unable to purchase an HDB or another private property in the future without incurring ABSD.
That is a heavy burden indeed. I suggest buying the house under my name instead. I’m willing to make that sacrifice.
What’s a GCB?
For the unversed, a GCB is essentially the kind of house Crazy Rich Asians call home, the kind we all wish we could live in.
99.co defines a GCB as a property that has at least 1,400 square metres of land area, and is limited to a maximum of two storeys in height, among other things.
There are only 39 gazetted GCB Areas, and this lucky three-year-old will soon be the unknowing owner of one of them.
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Featured Image: Lifestyle Travel Photo / Shutterstock.com (Image is for illustration purpose only)
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