Couple Sues Agency Firm After Buyer Flips For Profit

Ethical issues?

WHEN a married couple sold their downtown apartment for $688,000 in 2007, they thought it was the best deal they were going to find.

But soon after they granted the buyer the right to purchase the property, the two-bedroom Keng Cheow Street apartment was re-sold for $945,000.

It was only later that Mr Yuen Chow Hin and Madam Wong Wai Fan found out about the second deal.

They also learnt that the woman who bought their flat – and flipped it for a healthy profit – was married to the boss of their real estate agent.

The couple cried foul, and are now suing ERA Realty Network in the High Court, seeking $257,000 – the difference between the two sale prices – and the return of about $7,300 in commission.

Source: The Straits Times

The first sellers didn’t know the second deal till CPF Board contacted them and asked about the disparity between the selling price and the new valuation submitted by the new banker’s buyer.

The Agent’s Responsibility

I wouldn’t think that there’s a problem between the agency and the first sellers’ stance since the agent involved is an independant contractor, as most agencies always have a clear standing on contracting their sales people.

If the sellers’ could prove that there’s not much initial effort was being made by the agent to advertise their unit and had already proved that there was a link between the agent and the current new buyer, be it even whether immediate family or just friends, the first sellers’ would have a much stronger case since the agent was not acting in all interest of the sellers’.

As of now, the case is still on-going and going through it’s 3rd day. Every fellow realtors are now watching this case closely and should again serve as a warning for unscrupulous agents who might try to secretly profit from property transactions.

More litigation cases of such will surface as we’re facing economic crisis. My only wish is for our kind to stay more prudent and make sure we stay afloat together amidst the bad times.

Grand Duchess At St Patrick’s – The Epitome of St Patrick’s Road

Saint Patrick’s Road has always been a good and serene area to stay in. I know since I’ve been living in the East for 15 years. I’ve always dreamt of how its like to be staying in a quiet area which is near to my school and the sea during my school days. St Patrick’s is a breeze, sea, food and school friendly area.

Grand Duchess at St Patrick’s

Rare 4-Bedroom Duplex
2,573 sqft
Excellent layout
Brand New!

Contact me or call 91253045

Grand Duchess At St Patrick’s (District 15)

Elegant Grand Duchess logo which is embedded almost everywhere in the project

Grand Duchess At Saint Patrick’s is sitting just next to Saint Patrick’s School, and it won’t be an understatement to say Grand Duchess at St Patrick’s would be the best condominium development as compared to Tierra Vue, St Patrick’s Residences and smaller boutique apartments such as St Patrick’s Loft. The main builder is Lian Beng.

Here are some of Grand Duchess development photos:

View of Grand Duchess from St Patrick's Road

View from the back of the conservation clubhouse with lap pool

More Grand Duchess Development photos

Grand Duchess at St Patrick’s

3-Bedroom Type B2
1,356 sqft
Excellent layout
Serious seller

Contact me or call 91253045

Realtor’s Project Information on Grand Duchess At St Patrick’s

To assist fellow realtors, I’ve uploaded a full scanned pdf of Grand Duchess At St Patrick’s. If you need a clean version of the pdfs without my watermark, feel free to email me to request what you need.

Grand Duchess At Saint Patrick’s (126 St Patrick’s Road)

Grand Duchess Receives TOP Status – Ready for Occupation
Low-Rise 3 Blocks 5-Storey, 2 Blocks 8-Storey Condominium with 2 Conservative Bungalow development by UIC
Architect, ADDP
The site area is 12251.50 sqm, 131,826 sqft
121 units only

Various Sizes

2 Bedroom (1044 sqft only)
3 Bedroom (1356 sqft – 1410 sqft)
4 Bedroom (1668 sqft – 1970 sqft)
4 Bedroom Duplexes ( 2508 sqft – 3218 sqft)
Penthouses (2766 sqft – 3875 sqft)

– Facilities – Chess Garden, Children’s Pool, Children’s Wet Play Area, Swimming Pool/ Lap Pool, Fitness Station, Gymnasium, Spa & Treatment Rooms, Reading Room, Threatre Lounge, Games Room

Download Brochure of Grand Duchess At St Patrick’s (PDF Version – 18.8MB)

This would be the most unique and classy project alongside of St Patrick’s Road.

The club house plays an important essence in the whole development. If we were to compare on household products, just think of what does your living room furniture like your sofa points to?

Yes, the television would be the focal point. The club house is exactly like the television or the heart of Grand Duchess at St Patrick’s.

The sizes for the layouts are excellent; you don’t see odd shaped layouts at all which means enough practical space.

St Patrick’s is a good living area with vicinity that’s walking distance to East Coast Parkway and good schools such as Tao Nan, St Patrick’s, CHIJ, Ngee Ann Primary, Victoria JC. Food is a bliss here with all the eateries in Tanjong Katong, Dunman Food Court, whole stretch of East Coast Road and more.

UIC is a good developer which doesn’t scrimp and save on finishings as I’ve seen some of its products like The Paterson before. You’ll be satisfied by the quality given to the new owners. ~~We’ll be looking at the end of 2009 the earliest or the mid of 2010 before Grand Duchess at St Patrick’s receives its Temporary Occupancy Permit (TOP)~~

Grand Duchess has received its TOP status and is ready for viewing. Feel free to contact me fast for any of my listings for sale or rental.

Contact Benson Koh

http://bensonkoh.com/

Interested Buyers and Tenants can contact me at +65 9125 3045 or via my contact form for a no obligation discussion on the units that I have for sale or rental

DBS Eases Borrowers’ Burden for 6 to 18 Months

The people’s bank of Singapore did it again.

HOME owners with mortgages at DBS Bank can ease some of their financial burden by opting to pay only the interest on their loans for periods of up to 18 months.

The bank sees the scheme as a way of helping cash-strapped borrowers who are worried about their ability to repay their mortgages amid the deepening economic gloom.

The scheme could potentially benefit ‘tens of thousands’ of borrowers with home loans at DBS.

It can mean an immediate reduction in the monthly amount a borrower must fork out as a key portion of the payment – the loan principal – can be set aside.

Take a 25-year home loan of $500,000 pegged at an interest rate of 3.5 per cent.

A borrower will have to pay $2,504 a month – covering both interest and principal.

But by opting to pay the interest only, his monthly payment drops to $1,439, putting an extra $1,065 into his pocket.

So even if a working couple loses one income, which is a growing threat in the downturn, they can likely keep paying their mortgage – and keep their home.

… Source: The Straits Times

According to the article, other local banks are open with the idea of talking to them as well should you have any problems servicing your loan. The last thing that banks want to do is to take back your property to foreclose. So contact your bank if you have any problems and be honest with them.

They’ll listen.

Singapore Developers Gearing For Price Slash?

If you’re starting a new family or already are looking at buying a new place, this is almost the best time to do so. Forget about the high prices that you’ve seen and remembered in 2007, 2009 would be one of the better years in a 7 – 10 years recession period retraction time to get a good bargain.

It really all boils down to whether developers have the holding power to wait out and launch at the right time. According to Business Times, this year we would see whether how Deferred Payment Scheme (DPS) will be affecting buyers who hasn’t take up loans from the banks. A year ago, you could take up loan of up to 90% of the property value easily. If you haven’t secure a loan then, you would have difficulty sometimes even getting loan of up to 80%. Now assuming you have secured an 80%, your cash layout would have increased additionally to 10% to make up the difference of what you could have last year.

Weekend Today actually sent a team to developer project launches and tried to ‘purchase’ a number of units to see how much discounts they could get from the developer.

BARELY an hour into the showflat tour, the senior executive of a property consultancy firm, brokering a private condominium, decided it was time to reveal his trump card.

“Don’t say I said it,” he said, almost whispering, as he pushed across the table to us a piece of paper with a blow-by-blow breakdown of his offer. The latest scribbled figure was 15 per cent just beside the previous offer of 11 per cent.

Buyers could also be offerred freebies such as waiver of stamp duty fees and substantial furniture vouchers to even sweeten the deal.

Buyers with Cash

Ah, you’re in luck. With the falling lending rates especially with loan packages that’s packed with Singapore InterBank Offered Rate (SIBOR), you’d be saving quite substantially in the long run of 20 – 30 years of borrowing.

A UBS report says that according to URA data, four recent sub-sales have been transacted at 20 per cent below launch prices.

Two units at Ardmore II were sub-sold for $2,000 per sq ft, compared with the last-transacted price of $2,400 psf. One unit at Scotts Square was sold at $3,050 psf, compared with the last-transacted price of $3,850 psf in the second quarter of last year.

And one unit at Sky @ Eleven was sold at $880 psf, compared with the last transacted price of $1,270 psf in Q2 2007.

Business Times, 9th January 2009

Buying opportunities now are reigning especially in the Core Central Region (CCR). If you’re thinking of upgrading and shifting to a better location, this slump would be a very good time. Some older projects you can look out for in D09 would be Aspen Heights, Valley Park, Mutiara View or Mutiara Crest which is residing around River Valley for a good buy.

Flip through property listings today and start hunting ;)

St Patrick’s Loft Receives Temporary Occupancy Permit (TOP)

St Patrick’s Loft (District 15)

I’ve been hanging around St Patrick’s area more often than not lately with the recent St Patrick’s Loft owners getting their keys just two weeks back. Here’re some photos (credits to Nicholas) to share with everyone on the whole outlook of the project. It’s a pretty small boutique project by Roxy Homes who specialises in many boutique developments around Telok Kurau area.

Project View from the Outside, Next to St Patrick's Green

Pool View of St Patrick's Loft from one of the Unit

There’re a number of units that’s putting up for sale or rental. Those who generally knows St Patrick’s area well knows that this is a good living area with vicinity that’s walking distance to East Coast Parkway and good schools such as Tao Nan, St Patrick’s, CHIJ, Ngee Ann Primary, Victoria JC. Food is a boon here with all the eateries in Tanjong Katong, Dunman Food Court, whole stretch of East Coast Road and more.

We can’t just explain totally why people who lives in this part of the east will always prefer to reside back in the east (District 15 in general).

Realtor’s Project Information on St Patrick’s Loft

To assist fellow realtors, I’ve uploaded a full scanned pdf of St Patrick’s Loft. If you need a clean version of the pdfs without my watermark, feel free to email me to request what you need.

St Patrick’s Loft (41-45 Saint Patrick’s Road)
– Dec 2008 TOP
– Low-Rise (5 floors) boutique development by Roxy Homes
– 37 Units
– Various sizes, from 2 bedrooms to 4
– Swimming Pool/ Gym
– Brochure of St Patrick’s Loft (PDF Version – 7.6MB)

This is the most affordable new project that you can find in St Patrick’s area as compared to our neighbours like Tierra Vue by MCL Land, Grand Duchess at St Patricks by UIC and St Patrick’s Residences by TG Development.

As with it’s affordability compared, it has it’s own little flaws here and there which is justifiable by the asking price (you might be able to get a unit here with the range of $600 – 650psf on average with the current market, about at least $200 – $250 cheaper psf as compared with Grand Duchess at Saint Patrick’s)

The Good

Units are surprisingly breezy despite being a low-rise. +
Freehold
Location +++
Value for money ++

The Uhm Not So Good

Finishings could be better (Grills, Sliding Doors) —
No Basement carparks –
Minimal Facilities (Swimming pool and a probable dingy gym) —

More Information?

If you’re not an agent and would like to view the development, feel free to buzz/text me at +6591253045, or if you are a fellow colleague, feel free to call me as well to arrange for viewing to some of my 2 and 3 bedroom apartments I have on my listings here in St Patrick’s Loft.

Will be updating here with photos of one of the units that I’m marketing to let everyone have a general feel of the apartment.

URA Gazettes Master Plan 2008

Alas, the Urban Redevelopment Authority (URA) of Singapore has finally gazetted the Master Plan 2008. The draft version of the plan has been online since months back and has already interestingly piped the way that our country will be shaped the next 10 years.

Sunrise from The Sail on 34th floor, construction of Sands Integrated Resort (photo credit:Tom Bodley)

If you have trouble understanding what is Master Plan from URA, here’s the official textbook definition

“Statutory land use plan that guides physical development of the country for the next 10 to 15 years”

It’s law for developers and anyone that has got to do with land, buildings in the next 10 – 15 years according to the plan.

The online version of Master Plan 2008 was much better than the former 2003 in terms of use. Much clearer when you can actually search for the specific place rather than zooming in to look at the map. I like this change particularly ;)

Plot Ratio Change? Nay

Well, not much plot ratio change has been introduced as compared to former MP 2003. The focus for this plan is to introduce 3 regional hubs into our heartland, Jurong Lake District, Kallang Riverside and Paya Lebar Central.

I’m no good forecaster, but should this three hubs be established decently and effectively, we can probably see plot ratio increase for buildings that are around the new circle line entrances of new stations that is springing up around the hubs in the next MP 2013.

What’s Gonna Happen In 5 Years Time?

I’ve actually seen work already happening and working around my residential area in Geylang. Part of the leisure plan for water body has already started since months back. We’ll expect to see the landscape of our country changed yet again for the better.

I can’t see any reason why this plan could fail with the successes of the previous MPs, that said with the additional help not only from planners but even the public floor, where 300 feedbacks were taken into serious consideration after the draft Master Plan 2008 exhibition was up since 6 months ago.

Live. Work. Play.

Singapore will evolve for the better. I’m excited with the new changes coming up, are you?

Is it A Good Time to Get Your Properties Again?

Uber Construction Costs

First off we’re facing with high construction costs which is being forecasted to grow imminently because of high inflation rates and the shortage in raw materials, we should expect our property prices in Singapore to tag along with the cost since developers will definitely pass this to the consumers.

Hi-End Residences Performing at an Uber Cool Pace

Then we have CBRE (in fact many of CBRE’s reports) reporting that the high-end residential sectors are doing extremely well. With 50 luxury apartments (upscale luxury developments such as Nassim Park Residence, Cliveden at Grange, The Tomlinson, The Grange, and the Orange Grove condos ) going above the 10 million dollar mark, the forecast for these projects are suppose to hike.

Healthy Weekend Home Sales

ST701 reported on the recent weekend home sale is moving really well.

Suites 123 at Rangoon Road was sold out – a rarity these days – while Oxley Ventures offloaded 50 units of Parc Sophia in Adis Road. Sales were also healthy at Dakota Residences in Dakota Crescent.

Market watchers said the sales at these mid-market projects show that homebuyers can be drawn off the sidelines if prices are attractive.

There’re in fact plenty of buyers just waiting for the right time to get the right property at the right price and chances are they’re just waiting on the fence to see the general market direction on whether it’s the right time to buy.

Sub-Prime Isn’t An Issue?

We kept hearing about complains on US sub-prime issues and on the depths of how serious it has impacted the US. I know, I know, we don’t really know the extent of the damage. But how much has it really impacted Asian countries?

Through Asian crisis (Asians are well known to be more conservative, and most are still, in the business sector), most Asian countries, especially Singapore and Hong Kong, who were once known as the Asian Tigers suffered massive blow has probably learnt from mistakes that they shouldn’t just solely depend on the US for import/ export/ trades.

Things have certainly changed way back since 1997 times. With rising tigers like China and India doing extremely well themselves, most Asian countries has more dealings with their own network internally. Usually impacts like a crisis, we could feel the difference, such as the lifestyle of a normal man on the street.. it hasn’t changed much even after the sub-prime issue has surfaced.

Well, is it the right time to buy Singapore properties now for investment or even your own stay? You be the judge.

Fancy Winning $100 From HDB For Submitting Ideas?

This reminds me alot about SAF when they reward serviceman who submits good WITS idea and more if the idea is implemented.. in cash.

The Housing Development Board (HDB) is calling out for Singapore Polytechnic students to contribute ideas to Punggol’s remake over (dubbed as the Waterfront Town of the 21st Century). Architecture poly students and even public can contribute ideas by heading to HDB’s Call for Ideas page. Deadline for submission is on the 30th of June.

– Top 10 submissions will be given $1,000 cash each.
– Good and feasible ideas will be translated into actual design.
– Publication of selected entries.
– Selected ideas will be posted online in the Ideas Gallery.

On also another serious side, HDB has also opened another competition for Urban Planners, Architects and Landscape Architects to come out with designs that can suit the waterway theme. They’ll have to buy a Design Competition Package from HDB, more details can be found here.

Letting the public who’s living in Punggol to shape the landscape, smart!

Calculating Stamp Duty for Sale of Property in Singapore

So you’re about to purchase a property in Singapore, you’ve probably heard about Stamp Duty, a tax which the Inland Revenue of Singapore (IRAS) collects upon a new sale or tenancy of a real estate.

Stamp duty is a tax on documents relating to properties or shares.

How do you actually calculate your stamp duty for sale of property? Let’s find out.

Stamp Duty for Sale of Property

I’m referring to the IRAS website on Stamp Duty and you’re suppose to pay this tax if:

You have purchased a HDB Flat
You have purchased a completed property issued with Temporary Occupation Permit
You have purchased a property under construction
You have purchased a property by way of a sub-sale
You have acquired properties an enbloc purchase

The Formula

For Realtors, we simply use the formula of (Sale Price multiply by 3%) minus $5,400.0 for a quick guide, but if the price of the property falls below $360,000, this would be inaccurate. Remember we also have to round up to the nearest hundred dollar before calculating.

Example

Peter bought a walk up apartment at the price of $500,000.00, his stamp duty fees will be [($500,000 x 3%) – $5400] = $9,600

The real formula would be,

1% of the first $180,000, 2% of the next $180,000 and 3% of the remaining amount balance.

Let’s use the same formula for the above mentioned property Peter bought.

[3% of ( $500,000 – $180,000 – $180,000)] + (2% of $180,000) + 1% of ($180,000) = ( 3% of remaining $140,000 ) + (2% of 180,000) + (1% of 180,000) = $4,200 + $3,600 + $1,800 = $9,600

Who To Pay?

Most of the time, the purchaser will be responsible for paying the stamp duty fees unless otherwise stated on the Sales & Purchase or Option to Purchase terms and conditions.

The persons liable to pay stamp duty will be in accordance to the terms of the document. If the terms of the document are silent on this, under the Stamp Duties Act (Cap 312), the transferee or grantee has to pay stamp duty.

When To Pay?

Please take note that upon execution of Sales and Purchase agreement in most cases, you’ll have to get your documents stamped within 14 days or within 30 days if you are overseas. Late stamping would be subjected to penalties for violating the Stamp Duties Act (Cap. 312)

Penalties will be imposed on documents that are stamped late or for which stamp duty is underpaid.

If the delay does not exceed 3 months, the penalty is $10 or equal to the amount of the deficient duty, whichever is higher.

If the delay exceeds 3 months, the penalty is $25 or 4 times the amount of deficient duty, whichever is the higher.

Now that’s pretty hefty, so please make sure your Realtor gets this properly done up upon a sale of your new home or property!