Tag Archives: property

SOME FOREIGNERS ENJOY SINGAPOREAN-ONLY BENEFIT OF BUYING PROPERTY WITHOUT PAYING 15% STAMP DUTY

The Government introduced the Additional Buyer’s Stamp Duty (ABSD) to be paid by people who buy or acquire residential properties in Singapore. If Singaporean citizens are buying property for the first time, they do not have the pay the expensive ABSD. But to my surprise, when I checked out the IRAS website, some foreigners are exempt from the 15% ABSD and are free to buy their property in Singapore without having to pay the additional stamp duty tax. Will this exemption not cause the property market to heat up again?

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PROPERTY OWNERS BEWARE: KEY INTEREST RATES IN SINGAPORE RISE SHARPLY

A key interest rate that housing loans in Singapore are pegged to rose sharply for a second day, indicating home owners may face higher mortgage payments. Bloomberg data showed the three-month Singapore Interbank Offered Rate (Sibor) was fixed at 0.62052 per cent at 11.30am on Tuesday (Jan 6), up from 0.57762 per cent on Monday.

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US BANK REPORT: S’PORE PROPERTY PRICES TO FALL BY 20% FROM NOW TILL 2016

Home prices in Singapore will decline at a steeper pace, falling by 20 per cent between this year and 2016, as economic restructuring as well as property and loan curbs continue to weigh on the housing market, Bank of America Merrill Lynch (BAML) said in its research report released Tuesday (Sep 9). “Overly tight population policies will imply the dominance of ageing-resident demographics over the influx of younger non-resident workforce. Delays in relaxing property measures would imply a greater negative impact from rising mortgage rates,” said BAML economist Chua Hak Bin.

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EMPTY HOMES ON THE RISE IN SINGAPORE

The number of vacant private homes in Singapore is steadily rising, climbing 10.3 percent to 21,268 units in Q2 2014 from 19,284 units in the previous quarter, revealed a Savills report. Notably, the vacancy rate rose to 7.1 percent from 6.6 percent in Q1. The greater number of empty units on the market comes despite strong leasing demand in Q2, with rental deals reaching a record 15,053 transactions, or a 12.2 percent increase from the quarter before.

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IT IS NOT EASY TO PROFIT FROM YOUR HOME ANYMORE.

People who think that they can make some cash out of their HDB flat have probably forgotten one important thing: HDB is a government home ownership scheme to meet the housing need of Singaporeans. It is never meant to be sold as an asset for investment or for speculation. There is definitely no guarantee that owners can ‘make a profit’ when they sell it one day. Over the last few decades, the housing market has benefited from the rapid growth of Singapore’s economy. Prices of private properties have increased by leaps and bounds. The costs of HDB flats have followed suit. However, Singapore has long passed the stage of growing from a developing to a developed country. It is therefore unrealistic for anyone to expect the value of properties to jump tenfold like those flats bought by Singaporeans decades ago.

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PROPERTY AGENT: “WE DON’T HAVE STABLE INCOME EVEN IN GOOD MARKETS AND NOW, IT’S EVEN WORSE.”

Agents often outnumbered viewers at showflats. In one case, there were at least 15 agents in attendance but only two families turned up over one hour. At another, 20 agents stood around with only a family of five at the showflat in over an hour. Mr Ng said he has encountered buyers who want multiple viewings at showflats without real intentions to commit. Another agent, Ms Loh, said: "Agents don't have a stable income even in good markets and now, it's even worse for us."

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Shoddy workmanship at new Yishun EC The Canopy

After nearly four years of waiting, residents of The Canopy, an executive condominium (EC) project in Yishun, were glad to receive their keys earlier this year. However, for some residents, the joy turned to shock when they saw the workmanship at their new homes: There were scratches on glass surfaces, cracks on walls and ceilings, uneven flooring, paint stains, poorly plastered walls and water-damaged tiles, among other defects.

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