Blog

Property cooling steps net $500m for taxman

September 25, 2012 at 12:01 pm

THE taxman has collected more than half a billion dollars from additional stamp duties imposed as part of property cooling measures.

The additional buyer’s stamp duty (ABSD) has contributed the bulk of that – $450million between its inception on Dec8 last year and the end of last month.

A further $51million has come from the seller’s stamp duty since it was implemented in February 2010, the Inland Revenue Authority of Singapore (Iras) said.

According to Iras’ annual report, it collected $2.5 billion in stamp duty from sale and purchase agreements in its financial year ended March 31, 2011.

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Pinnacle@Duxton residents won’t sell, even for S$3 million

September 23, 2012 at 7:10 pm

With all the news of resale HDB flats being sold at record prices, the majority of homeowners at Pinnacle@Duxton (pictured) have come forward to say they’re reluctant to sell their units, The New Paper reported.

Eight out of 10 residents said they are unwilling to sell. Similar sentiments were also expressed by residents living near the top floor.

For instance, C.M. Foo, a resident on the 49th floor, said she would not sell her flat for S$1 million, or even S$3 million, because of the view available from the unit.

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Developers hold back on luxury projects

September 4, 2012 at 8:33 pm

Several property developers are holding back their new launches and the completion of high-end residential projects in the hope that luxury property prices will soon appreciate.

While suburban homes have set price records, the luxury sector has seen both prices and sales volumes decline over the past year. In Q2, prices of new non-landed luxury homes fell six percent to S$2,230 psf, noted Savills Singapore.

In the meantime, some developers have opted to sell their high-end developments through private previews, including Bishopsgate Residences, Le Nouvel Ardmore and Tomlinson Heights, where units cost more than S$3,000 psf with overall prices of at least S$5 million, according to a consultant.

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Private Residential Properties in Choa Chu Kang

August 12, 2012 at 12:32 am

Dear Readers,

I have created a website which focus on private residential properties in Choa Chu Kang. Having lived in the area for the past 22 years, this is my circle of competence.

The website is an online resource which focuses on giving the home owner or investor all the necessary information to purchase private residential properties in this area.

Thank you and have a good week ahead!

Gratefully,

Justin Chua

Landed homes continue to shine

July 30, 2012 at 1:12 pm

Landed home prices grew 0.4 percent according to the Urban Redevelopment Authority (URA) Index, indicating that demand for such homes remains healthy.

Terraced homes saw the biggest price rise at 1.2 percent, followed by semi-detached houses at 0.6 percent, while detached residences fell by 0.4 percent.

Several consultants noted that landed property prices have significantly exceeded those of non-landed private homes since Q3 2010.

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S’pore millionaires have no problems getting home loans

July 19, 2012 at 8:03 pm

The Internet has been buzzing lately with news that Facebook founder Mark Zuckerberg acquired a loan to refinance his US home, with many wondering why a billionaire such as himself would take out a loan when he can buy the property outright.

Interestingly, the practice is not uncommon, even in Singapore where many wealthy home buyers are taking advantage of the low interest rate environment to acquire loans.

According to Desmond Chua, Head of LoanGuru, rich consumers usually pay a down payment of 30 to 40 percent of the property’s purchase price before taking up a loan.

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More buyers opting for private resale homes

July 19, 2012 at 8:00 pm

Private resale homes attract more buyers as they offer better value compared to new launches, according to analysis by Dennis Wee Group (DWG).

The report noted that the gap in prices between new and resale homes has tightened. Caveats for secondary homes rose 33 percent in Q2 2012 from the previous quarter.

The central region saw the largest increase in resale transactions at 37.4 percent. The northern region followed with 32.7 percent while the west posted a 30.9 percent rise.

The gap in median resale prices rose to 4.6 percent from S$981 psf in Q1 to S$1,026 psf in Q2 while median prices for new projects were stable at S$1,160 psf.

DWG also noted that the median size of units sold in the primary market rose from 807 sq ft in Q1 to 947 sq ft in Q2 due to lower sales of small units.

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Malaysians now the top buyers of Singapore properties

July 6, 2012 at 12:18 am

Malaysians have outpaced the Chinese as the top overseas buyers of Singapore properties, according to data compiled by the Urban Redevelopment Authority (URA) and CBRE Research.

In 1H2012, Malaysians accounted for 27.6 percent of all foreign purchases, while buyers from China comprised 20.3 percent.

In comparison, the Chinese took pole position in 2H2011 at 29.6 percent with Malaysia trailing at 18.7 percent.

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New condo launches expected to revive Jurong

June 27, 2012 at 6:32 pm

A number of new projects are now in the pipeline that will provide residents in the Jurong and Lakeside areas with more housing options.

For more than a year, there was no new condo launched in the vicinity despite a lot of buzz taking place in suburbs across the island. This will change as the whole Jurong Lake District is set to become the biggest commercial hub outside the city centre.

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New vision for Kallang

June 18, 2012 at 1:30 am

In a bid to rejuvenate the Kallang area, the Singapore government is keen to review existing development plans for the precinct.

Smaller development sites may be integrated into larger ones to transform them into major mixed-use development projects.

In addition, the unoccupied Kallang Airport site may be incorporated into the redevelopment sites. The plot once housed the People’s Association (PA) headquarters.

The issue surfaced after the Ministry for National Development (MND) announced that it would remove two Kallang Riverside hotel sites from the reserve list under the Government Land Sales (GLS) Programme for the second half of the year, saying that both sites will be put under review.

The sites were made available for sale in June 2009 and June last year. However, they failed to attract any acceptable bids from property developers