With the latest Budget released for 2010 by Financial Minister Tharman Shanmugaratnam, property tax computation for home owners will be on a 3-tier progressive scheme.
Based on Annual Value (AV) of your owner occupied home, the tiers are as follows:-
0% on your first $6,000 of AV
4% on the next $59,000 of AV
6% on anything above $65,000 of AV
There is already a new online calculator available based on the new tax tier on IRAS website for you to computate your 2011 property tax should you be able to know the latest AV of your home.
Rationale for New Property Tax Tier
Mr Tharman explains that with a moderately progressive property tax system, together with an income tax system that collects more taxes from better-off individuals and a flat GST rate that everyone pays, will form a fair system of taxes as a whole.
And with such, this tax system will benefit most Singaporeans.
If you happen to pass by Kallang on your way down from town to Geylang for a sumptuous supper, you will definitely see a lone yet very modern condominium standing just right close to the former Kallang Gasworks site.
You would also think this location would be prime since it is located quite closely outside the Central Business District fringeand it should be commanding great views because of the calm and serene Kallang River as well as the landscape of our Singapore Indoor Stadium scape. Latest Update on 5th May 10: VERDICT IS OUT It does command a view which you might not get in any other developments. You get exceptional sea, river and city view.
Introducing Seller’s Stamp Duty (SSD) for Properties Sold Within a Year
Properties that were bought before 20th February 2010 will not be subjected to the SSD. The SSD will be levied on sellers of residential properties and lands bought on or after today.
HDB flats are exclused from the SSD as they do already have a minimum occupancy period of at least one year.
Owners of Grand Duchess at St Patrick’s has started receiving notice from developer UIC on attaining its temporary occupancy permit (TOP) estimating towards the end of February/ early March of this year, which isn’t too far away from now.
Prior to these notices, some owners have managed to sneak into their own Grand Duchess apartment and were happy with what they saw.
Latest Photos of Grand Duchess at St Patrick’s From the Exterior
Grand Duchess at St Patrick's from Marine Parade RoadGrand Duchess at St Patrick's from Marine Parade Road
Grand Duchess at St Patrick’s is looking opulently pleasant from the outside and I’m sure UIC will do a good job in handing over the apartments to many of the excited owners who’re genuinely waiting for own stay.
Stay tune for an in-depth review once the keys are handed over.
Mention to friends about staying in Sentosa Cove and they will prick their ears and start asking what’s so exotic and why people are staying in an island away from the main buzzling city.
Unblock Seaview from one of the Coast Penthouse
“Why do you want to buy Sentosa’s The Coast? Pricing can get you a much bigger unit in River Valley. Freehold some more!”
It’s a choice.
Sentosa offers a lifestyle which no where in Singapore’s main island could be comparable to. As Resorts World is in full steam ahead to get ready this year and Sentosa Cove is still an architect’s playground, having an address which is already very coveted could only mean even more prestige as time goes by.
Here’re some of the questions which potential investors or Sentosa future dwellers will ponder. We’ll decipher it here one by one.
How many residential units are there in Sentosa Cove?
There should be 2,500 units in Sentosa Cove when everything is fully developed.
Where exactly are these residential units?
Sentosa Cove generally is located in the East side of Sentosa and is mainly divided into two main areas, namely the North Cove and the South Cove. Both North and South Cove has a general mix of condominiums and landed plots with most homes configured to face the sea or artificial sheltered waterways.
When is the Resorts World, Sentosa’s Integrated Resort officially opening?
There’s no official dates cited, but according to Channel News Asia, it is on track with their schedule and is set to open in early January 2010.
How much does a condominium apartment in Sentosa Cove cost on average now?
It really depends on the condominium on the age of the project, the finishings and the orientation. As of below, these are the average prices (on per square foot basis) that the projects are calling for the month of October 2009 to January 2010.
The Azure – Frasers Centrepoint Homes ($1,676psf)
The Berth by the Cove – Ho Bee Group ($1,441psf)
The Coast – Ho Bee Group ($2,100psf)
The Oceanfront @ Sentosa Cove – City Development Limited ($1,859psf)
Seven Palms – SCGlobal ($3,300psf)
Marina Collection – Lippo Group ($1,872psf)
Turquoise – Ho Bee Group ($2,658psf)
How much does a landed plot cost on average now?
As quoted by StreetSine on one the latest Ocean Drive house sold, Sentosa Cove landed homes are sold averagely at $1,605 per square foot (psf) for the month of November 2009.
Is that true that only a few architects can be used for construction and even additions & alteration (A&A) works for Sentosa’s landed housing?
No. But your choice of architect will have to follow the guidelines set by Sentosa Cove Pte Ltd. Your designs must first be approved by SCPL before it can be materialised. Guidelines can be downloaded here.
There’s also a list of recommended architects who are familiar with SCPL’s guidelines to facilitate your home design needs.
Can foreigners buy landed properties (restricted residential property) in Singapore? Does Sentosa Cove have some lifted restrictions in landed properties?
Foreigners who wishes to buy a restricted residential properties where a written approval from the Controller of Residential Property Land Dealings is required.
1) Any landed residential properties including detached houses, semi-detached houses and terrace house
2) Any vacant land zoned for residential use
Foreign buyer can apply for a written approval from the Controller of Residential Property Land Dealings. The duly filled applications are evaluated on a case-by-case basis, and the entire process should take about three months.
The Only Exception for Sentosa Cove Homes
Foreign individual who wish to buy/ acquire a Restricted residential property in Sentosa Cove can obtain fast track approval (within 48 hours) from Singapore Land Dealing Unit. You can download the form here.
Remember, you cannot rent out a restricted residential property and it is bought solely for your own occupancy.
I heard there is a long term visit pass for foreigners specially catered for Sentosa Cove buyers. Is that true?
Foreigners who have bought a restricted residential property (comprising of either land only or land with building) at Sentosa
Cove, Singapore for the purpose of owner-occupation will be allowed to apply for a long term social visit pass which could allow the owner (and his/her immediate family) to stay in Singapore for up to 3 years.
You have been talking about lifestyle. What kind of lifestyle does it offer?
This isn’t the best photo, but you can’t recognise any of such scenes on Singapore main land for sure.
Is it prudent to invest in Sentosa? Why?
Land is scarce in Singapore and there’re many restrictions that hinders foreigners to buy a piece of land in Singapore.
Sentosa Cove offers a very different lifestyle compared with the main island and which only rich individuals can only afford, and with the alternative that the Singapore Government is offering to wealthy individuals to buy a restricted residential property in Sentosa Cove, the prices in Sentosa could only head north in the long run.
IRAS will raise the annual value of HDB flats with effect from 1st January 2010.
AV increase for HDB flats
IRAS reviews the AVs of all properties, including HDB flats, annually to ensure that they reflect prevailing market rental values for the purpose of determining property tax.
The last AV revision for HDB flats was however done two years ago on 1 January 2008, based on rental values in 2007. AVs for HDB flats were not revised on 1 January 2009, notwithstanding that HDB rentals had increased significantly (by between 31% and 37%) in 2008 relative to 2007. The adjustment in AVs was deferred in view of the uncertainty in market rental trends in the midst of the economic recession. There was evidence of declines in rental values from late 2008, with the risk of further significant declines in 2009 given the negative economic outlook at the time.
HDB rentals have stabilised after a moderate decline from late 2008 to the middle of 2009, and have since begun to rise. As a result, current values of HDB rentals, as well as HDB resale prices, are still significantly higher than levels observed in 2007. The AVs of HDB flats will therefore have to be adjusted, beyond the last revision in January 2008. IRAS will therefore revise the AVs of all HDB flat types with effect from 1 January 2010.
And another piece of land was sold. The parcel where The Parisian was formerly sitting has been sold for S$283M.
The deal was brokered by CB Richard Ellis and was sold to China Sonangol Land, part of China Sonangol international holding company in Hong Kong.
Oversesa Union Enterprise (OUE) formerly bought the site through a collective sale for S$228.1M in December 06, which netted them S$54.9M for over 2 years. With this sale, the net tangible assets per share has risen for FY 2008.
CBRE said the purchase price of S$283 million will translate to about S$2,058 per square foot per plot ratio (psf ppr), with break even price estimated at S$2,500 to $2,600 psf. The future selling price could be around $3,500 psf depending on the launch date.
With a plot ratio of 2.8, the site could be built up to 36-storey of 52 three and four-bedroom units and two penthouses.
It may even be the largest freehold residential site sold since two years ago.
Credo has successfully brokered a piece of land size of 207,000sqft through private treaty off Sims Avenue (towards the end of Jalan Senang and Lengkong Tujuh) to Hoi Hup & Sunway Group of Malaysia at $158 Million dollars.
That works out to be $445 per square feet per plot ratio (psf ppr) of potential gross floor area and development charge payable to the Government.
This will be upcoming an upcoming condominium site comprising of 400 to 500 units of apartments, of mostly 2 and 2+study bedroom type, a spokesman from Hoi Hup mentioned.
The site has a plot ratio of 2.1 and a maximum of 12-storey height according to MP2008.
According to Mr. Kramjit Singh, Managing Director of Credo, the break even price would be 800-psf, and they would be expecting to sell at 900-psf on average.
Dragon Mansion - Will it be the first successful en bloc this year?
Roxy-Pacific has agreed to acquire the site at Spottiswoode Park, but at a price below the estate’s original reserved asking price of $120 million (1,020psf ppr). The developer has offered $100.8 million (860psf ppr).
To make the en bloc a success, the sales committee will have to get 80% signature consent from the owners again to reduce the reserve price to get a fresh sale order from the Strata Titles Board. This scenario is exactly the same for Laguna Park, which has rumored to have consider reducing its reserve price down from 1.2 billion to 950million or 1 billion.
Roxy-Pacific cites that it needs to replenish its land bank, and will look at Dragon Mansion as the third land site to acquire. It has done two sites this year, both in Joo Chiat area totalling 1,966sqm of land.
