When to Pay Stamp Duty in Singapore

An email from a reader who asked when is it exactly do you have to pay stamp duty when buying a property in Singapore.

When do you pay stamp duty on real estate? I have been thinking about this for a while and was hoping you might be able to shed some light on the subject.

A little advice would go a long way right now. Thankyou.

This is the textbook answer from IRAS’s website,

A document can be presented for stamping at any time before executing (signing). However, once a document is executed (signed), stamp duty must be paid within:

14 days from the date of execution if the document is signed in Singapore;

30 days of its receipt in Singapore if the document is signed overseas.

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

To Avoid Penalty

Usually, your conveyancing lawyer will advice you to draft two cheques, one for exercising the option of the property and the other cheque is to pay for your stamp duty to IRAS to avoid penalties.

The late penalty fee is as calculated as 5% per annum calculated on a daily basis on the stamp duty payable

Can I use my CPF Money For Stamp Duty?

Yes, you can! But you’ll have to come out with the amount in your own cash or cheque first before CPF reimburses it back to your bank account; So make sure you have the amount for stamp duty ready first.

How to Calculate Your Stamp Duty Fees

Read this entry which I’ve created for a very easy digest of calculating your stamp duty fees when you’re purchasing your property.

If you have questions with regards to buying or selling a home, feel free to contact me anytime. I won’t bite ;)

Singapore Auctions – DTZ Upcoming Property Auction on 21st July 2009

The list of properties for Singapore DTZ’s auction in July 2009 is out.

Date : 21st July 2009, Tuesday
Venue : Amara Hotel, Connection Room 1, Level 3
Time : 2.30 pm

Interesting Properties to Look At

Mortgagee (Bank) Sale

3-storey cluster terrace house at 577G SEMBAWANG PLACE, D27

#03-40 MANDARIN GARDENS CONDOMINIUM, 5 SIGLAP ROAD, D16

For Sale By Owner

#12-01 LEONIE GARDEN, 23 LEONIE HILL, D09

Download the full list of this upcoming Singapore DTZ’s Auction on 21st July here

Interested parties who wishes to attend the auction can contact me

Singapore Auctions – Knight Frank Upcoming Property Auction on 23rd July 2009

The list of properties for Singapore Knight Frank’s auction in July 2009 is out.

Date : 23rd July 2009, Thursday
Venue : Amara Hotel, Connection Room 1, Level 3
Time : 2.30 pm

Interesting Properties to Look At

Mortgagee (Bank) Sale

#09-02 GRANDE VISTA, 24 Cactus Drive, D28
3-bedroom apartment, 1,238 sf, 999 years

For Sale By Owners

36 Chuan Place, D19
3-storey detached bungalow with swimming pool and koi pond, 4+1
Land Area :6,151 sf, 99 years wef 26/5/1997

#10-07 PARKSHORE 201 Tanjong Rhu Road, D15
2-bedroom, 990 sf, freehold, tenanted

Download the full list of this upcoming Singapore Knight Frank’s Auction on 23rd July here

Interested parties who wishes to attend the auction can contact me

The Edge – Done Deals Between 30th May – 5th June 2009

Download a copy of the latest The Edge’s done deals that focuses on property transactions in Singapore that happened between the dates.

Last week in the limelight, the Edge mentioned some Sky@Eleven units transacted between 1,140psf – 1,200psf in the first week of June.

Download The Edge – Done Deals Between 30th May – 5th June 2009

Tsk, do yourself a favour, subscribe to The Edge if you can as this can be found on your weekly dose of serious business and property news.

Do Not Cut Trees Without Permission in Singapore

Never cut down trees without permission, especially when you’re in areas you are not familiar with that might be protected by the law.

When Mr Foo Suan Pin got a contractor to chop down three fruit trees in his garden in the Holland Road area in September 2007, it did not occur to him that he was committing a crime.

But in February this year, he was slapped with a $6,000 fine after he submitted a plan to the authorities for approval of construction works to his house.
The reason? He had removed trees in a tree conservation area… Sunday Times

Here’s a guideline from Sunday Times as well when it comes to chopping down trees in areas you’re unfamiliar with

1 Do I need to seek NParks’ approval if I want to remove a tree in my garden?

Approval from the National Parks Board (NParks) is needed only if the tree is within one of the two tree conservation areas, or has been deemed a heritage tree. You can call NParks’ helpline on 1800-4717300. If necessary, officers will pay you a visit to inspect the trees.

2 Do private developers need to seek NParks’ approval to remove trees if they wish to develop a plot of land?

Only if the land is within a tree conservation area or has heritage trees.

Private developers must engage a registered architect or professional engineer to submit their proposed layout plans to NParks. These would include the number of trees, tree species, girth and height. The trees to be removed are required to be marked on the plans for NParks’ approval.

3 Does NParks conduct tree pruning or tree removal services for private homes?

No. Residents can get an arborist to do this. A list of aborists certified by the International Society of Arboriculture can be found at http://www.cuge.com.sg/Listing-of-Certified-Arborists

The two conservation tree areas in Singapore are the Tanglin-Bukit Timah-Pasir Panjang area and the other is in Changi. They were chosen because of the large number of clusters of mature trees and wooded areas there.

To prevent such things from happening in the future if you are a Landed apartment owner, do make sure your architect firm is well aware of the conservation acts which might have future implication with the law.

Silversea Tower 4 Reference Layout

Here’s the promised scan version of Far East Organisation’s Silversea which is about to be launched next week. Tower 4 will be the first tower to be released for booking.

You can download a copy of Silversea’s Tower 4 floor plan reference from here (2.0mb).

Private Homes Slide 5.9% in 2Q 2009

The Urban Redevelopment Authority (URA) has flashed its figures for the 2nd quarter, showing a softer slide as compared to the previous quarter this year.

Based on the estimated price index of private residential property, prices fell from 139.9 points in the 1st Quarter 2009 to 131.7 points in the 2nd Quarter 2009. This represents a decline of 5.9%, compared with the 14.1% decline in the previous quarter .. (source, URA)

Despite having such results which surprised many analysts, we know that the market was moving tremendously towards the 2nd half of the 2nd quarter as primary sales surges and developers readjusting their launch prices upward.

It’s a dilemma situation where sentiments over-rule the current economy situation as local buyers are now pouring back into the market to avoid missing any possible bubble that our local real estate industry might be creating.

Buying, anyone? ;)

Far East Organization Silversea is Relaunching; MEIER Suites & Ascentia Sky Launching Soon

Silversea (D15) Relaunches

Far East has just given an agent briefing this afternoon about the upcoming relaunch for The Silversea (District 15) next week with some indicative prices and a tour of the showroom on the finishing and furnishings provided by the developer.

This 99-year leasehold project definitely occupies on of the best plot of land with a never to be blocked sea view in East Coast. Brochures will be available soon here as soon as they’re being scanned.

New Launch in Meyer (D15)

Knight Frank will have also another upcoming new launch for a small project MEIER Suites in Meyer (D15) the former Margate Mansions, with indicative prices from 1,200psf onwards, to register interest, you can call me at +65 9125 3045 or contact me.

Wingtai’s Ascentia Sky (D03) Launching

Capitaland’s Metropolitan has TOP last month, with transaction prices asking as high as 1,100psf. Some of the owners actually held back their units sales in anticipation on next door neighbour’s Ascentia Sky by Wingtai on their price launching to determine how much they should be pricing their existing units.

Ascentia Sky is also a 99 years leasehold property that enjoys almost the same proximity as Metropolitan and has great views of Orchard, Sentosa and Marina Bay.

CapitaLand’s Latitude Relaunches

Artiste Impression of The Latitude - Winner of BCA's Green Mark Gold Award

Amidst the heat in the primary market, new launches and relaunches are back, here’s another highly anticipated lovely project rekindled by Capitaland this 2nd of July, The Latitude.

Artiste Impression Latitude - Living Room

Latitude Project Details

Type – 1 block of 22-storey & 2 blocks of 23-storey residential towers with condominium facilities & basement car-parking lots
Developer – Phoenix Realty Pte Ltd (CapitaLand)
District – 10
Tenure – Freehold
TOP – Estimated June 2011
Address – 31, 33, 35 Jalan Mutiara
Number of units – 127
Type of units are

2-bedroom (1,324 sqft)
3-bedroom (1,615 sqft & 1,927 sqft)
4-bedroom (2,680 sqft)
Penthouse (5,317 sqft)

Plot size – 125,135 sqft
Facilities include

Children’s Playground
Tennis Court
Fitness Areas
Children’s Pool
Gymnasium
Feature Pond
Clubhouse
BBQ Area
Jacuzzi
Reflecting Pool

Estimated Maintenance Fees

2-bedroom – $588
3-bedroom – $588 – $756
4-bedroom – $756 – $840
Penthouse – $1,176 – $1,260

Download a copy of the black & white version of Latitude brochure with all available layouts here (3.2mb)

Location is Ace and Quiet

The layout and sizes of the units in The Latitude is impressive, not to mention its no-frill location. Walking out of Jalan Mutiara, you have good eateries like Boon Tong Kee chicken rice, indian stalls selling good indian food and more.

Within 10 minutes driving distance, you’ll be in the Central Business District (CBD), and don’t forget about Orchard Road, which is just minutes away.

Indicative Launch Price

2-bedrooms 1,324sf from $1,645psf ($2,177,980)
3-bedrooms 1,615sf/1,927sf from $1,700psf ($2,745,500 & $3,275,900)
4-bedrooms 2,659sf from $1,823psf ($4,847,357)

Contact Benson To Find Out More About Latitude

If you’re interested in visiting the show-room or enquire more about The Latitude, feel free to fix an appointment with me by calling +65 91253045 or send me a message.

Rent Protection? Go Directly To Insurance Company

With effect from 1st July 2009, Landlords who’s interested in the Renter’s Protection Insurance will have to directly liase with JLT as the old method of distributing the policy is in conflict with MAS’s policy.

Dear Estate Agent,

Subject: Rent Protection Insurance – Revision in Distribution Method

We regret to inform that the Monetary Authority of Singapore (MAS) has recently determined that estate agents cannot promote insurance products for referral fee unless the estate firms are registered with General Insurance Association of Singapore (GIA) as Trade Specific Agents. To register as GIA’s trade specific agents, the agents of estate firms have to undergo training in lieu of an examination to comply with MAS’ competency requirements. Estate firm will also need to enter into an agency agreement with the insurer.

Hence, it has been decided that the distribution model for our Rent Protection Insurance (RPI) shall be modified so as not to breach MAS’ requirements. With effect from 1 July 2009, landlords will now purchase the RPI themselves directly from the website, instead of applying through estate agents. Your login userid and password will cease to be valid at our website and no referral fee shall be paid to estate agents for policies purchased from 1 July 2009.

For those policies which have already been purchased through estate agents before 1 July 2009, we will ensure that referral fees are paid to the respective estate agents accordingly.

We apologise for the inconvenience caused and thank you for your support thus far. Going forward, should your landlord requires clarification on the RPI, please inform them to visit our website or contact our RPI hotline directly at 64119301.