If you have time to complain about your life and talk about others, you haven’t really been living
SRI5000 DEVELOPMENTS FEATURED
WE HAVE BEEN FEATURED ON THE EDGE SINGAPORE
MINDSET OF A SUCCESSFUL REALTOR
CRITICAL POINTS TO TAKE NOTE AS A REALTOR
OPEN LETTER TO MARINA ONE
WHY MARINA ONE DESERVES ATTENTION
My name is Benson Koh. I am a boutique developer and a full-time professional real estate agent running SRI, one of the most dynamic real estate agency in the Singapore real estate scene. I eat, play and sleep real estate since leaving the full-time national service 9 years ago. You can read my professional profile on me in Linkedin here.
This blog is generally about real estate in general and sometimes (yes, sometimes) about my own personal musings in life.
Following up with the previous guide on ABSD and SSD, Dorothy Tay the principle solicitor for Legalworks has shared with us four more new scenarios which she has posed to IRAS. These are IRAS official answers.
We have a client SC who has sold his HDB property. Option was issued and accepted but 1st appointment has not taken place and HDB’s approval for sale not obtained yet.
If he now buys another property before the 1st appointment and apart from the HDB, he does not own any other residential property, is ABSD payable? Is the issue of whether ABSD is payable dependent on the 1st appointment or a person is deemed to have sold his HDB once the option issued has been accepted.
For the purpose of stamp duty, your client is considered to have sold the HDB flat, when the Buyer exercised his option to purchase. Upon the sale of the flat, your client is therefore not liable for ABSD on the purchase of the next residential property, as he is considered to be acquiring his first residential property.
For a married couple both of whom are SPR, can they apply for a remission if this is there first property.
ABSD may be remitted on the first residential property purchased by a married couple,
involving at least one Singapore Citizen spouse. There is no provision for remission when they are both Singapore Permanent Residents.
If a person is a US citizen and also a SPR. Must he pay ABSD if he buys his first property. Can he choose to use his US citizenship so that he need not pay ABSD.
A Singapore Permanent Resident, who is also a National of USA may apply for a remission of ABSD under the FTA agreement.
If a husband owns a HDB flat and the wife is only listed as an essential occupier but she is not an owner; when the wife buy a property and it is her first property, is ABSD payable? Assuming both are Singapore Citizens.
If wife is a Singapore Citizen, an occupier of a HDB flat, and does not own any residential property; she is not liable for ABSD on the first residential property that she purchases.
Dorothy and her legal team can be reached at +65 63251722 for any conveyancing advisory.
Since the introduction of Seller’s Stamp Duty (SSD) on 22 February 2010 and Additional Buyer Stamp Duty (ABSD) on 7 December 2011, there have been a number of revisions in the rates as the cooling measures intensify throughout the years.
This is the latest rate.
Seller’s Stamp Duty
• Holding period of 1 year : 16% of price or market value, whichever is higher
• Holding period of 2 years : 12% of price or market value, whichever is higher
• Holding period of 3 years : 8% of price or market value, whichever is higher
• Holding period of 4 years : 4% of price or market value, whichever is higher
Properties acquired before 20 Feb 2010 will not be subject to SSD.
Additional Buyer’s Stamp Duty
a) FR and *entities- 15% on the purchase or acquisition of any residential property.
b) SPR – 5% on the purchase or acquisition of their first residential property
SPR who already own# 1 or more residential properties 10% on the purchase or acquisition of another residential property.
c) SC – who already own# one residential property 7% on the purchase or acquisition of the second residential property.
– SC who already own# 2 or more residential properties 10% on the purchase or acquisition of another residential property.
# Whether owned wholly, partially or jointly with others.
* Entity means a person who is not an individual, and includes an unincorporated association, a trustee for a collective investment scheme when acting in that capacity, a trustee-manager for a business trust when acting in that capacity and, in a case where the property conveyed, transferred or assigned is to be held as partnership property, the partners of the partnership whether or not any of them is an individual.
I have invited Ms. Dorothy Tay of LegalWorks Law Corporation to answer some of my questions to clear up some confusing facts of how both of it works. Legalworks is a boutique law firm that specializes solely in conveyancing and has lawyers of more than 20 years experience in the field. Ms. Dorothy Tay is the principle solicitor behind Legal Works.
Additional Buyer Stamp Duty (ABSD)
Q: Many people are very confused for a fact for this mix of spouse. When you have a Singapore Citizen (SC) and a Foreign (FR) Spouse. How much Additional Buyer Stamp Duty you are supposed to pay for your first matrimonial house?
Little India is transforming. With Connexion at Farrer Park live in action, the area has generally became a specialised care area for the privileged. I was having a meal at Sushi Jin (A part of the Les Amis Group) yesterday and had time to slowly walk around to appreciate the brand new white site building (URA MP2013), which is right next Farrer Park MRT Station exit.
Location of Connexion
Modern and posh, this place has the mark of a well planned development and built for long term growth. Spaces were well carved for all the facilities and amenities of a medical hub, including both a medical centre & a hospital. The car park spaces are huge and the easements are wide for any emergencies for the hospitals.
What is stopping your success story in real estate sales? Bruce Lye and I had a deep discussion on this when we were enroute to Myanmar to check out their real estate scene earlier a week back. Some of what we shared among each other were facscinating since they were all common when we were aligning them.
Ps. This applies more to self employed environment to most real estate salesperson in Singapore. If you can relate to it in your market, we do hope this is useful to you.
1) The Ones that has ideas
They have the best planned routes, with back ups and the best text book answers for their real estate sales path. They consulted all the best people in the world for ideas. The ideas eventually… remain as ideas. We have the highest attrition rate here when it comes to this category who joins the industry.
The main problem is with the motivation of this group is not strong enough for them to overcome their physical and mental barrier to act on what was being advised, even if the advice could be sound. They did not act on their own belief or advices that was given.
As buyers are waiting for the market to dip further with news such as Japanese billionaire Katsumi Tada losing $15.8 million (SGD) on his St Regis penthouse, here are some news that is happening around the world and in Singapore that could make you think a little bit more why waiting might not be the best thing to do.
World Stimulus Plans in order
China stimulus plans
These are some abstracts of what happened just a month odd ago in China, the biggest concerned market in the world.
CHINA DATA: Earlier, sentiment was supported by Chinese data showing consumer inflation remained at 1.4 percent in March, well below the government’s official target. That fueled expectations the central bank might launch new stimulus to fend off deflation. Low inflation is a boon to consumers but a bout of potentially damaging deflation could add to fears about the Chinese growth outlook.
CHINA STIMULUS: “We expect possibly the weakest” growth in China this quarter since the 2008 crisis, “and thus more easing,” Citigroup economist Minggao Shen said in a report.
Japan stimulus plans
NIKKEI RECORD: Japan’s Nikkei 225 closed down 0.2 percent to 19,907.63 after rising above 20,000 for the first since April 2000 during the morning session. The gains were based on expectations for Japan’s economic recovery and brisk corporate earnings, following aggressive monetary stimulus. The benchmark index, however, could not sustain that level as investors turned to take profits.
With any stimulus, there will be more money flowing which supports strong inflation for months to come, especially with markets like China and Japan. Real estate no doubt has always shown and is one of the most preferred asset class to combat against inflation.
People are usually curious how a full-time real estate agent schedule looks like, since time is being managed by them freely and they have the rights to choose when, and when not to work. Here’s a glimpse of my typical week.
My schedules are usually packed and yet spaced carefully for more opportunities to appear as the days unfold. What could have helped me and made all these even possible? These are the tools which I’ve embedded in my daily life.
The default calendar works well in my iPhone and Macbook but I’d usually love to spice it up so that it looks colorful and fun. (Would be nice if any app dev does something that breaks down the different calendar to show the number of hours utilised!) This is extremely useful when you’re cooperating with your team mates since you can invite them and vice-versal.
The apps I use are WeekCal for my iPhone 6 Plus that syncs with iCloud. I do use Sunrise occassionally which syncs Evernote and phone reminders in as well for a great quick overview of what needs to be done for the next 3 days.
Rose, my abled assistant also takes care of my working partner Bruce and my time by managing a shared calendar on our personal and joint events.
People who knows me know I’m a strong advocate of Evernote. I practically use this to keep track of all my leads, forecasting, team manage and remind myself of the tasks and big picture ahead. The functions are endless and practical, but these are the most important ones.
Search box allows me to find my things very quickly as a very heavy EN user. Everything in my way gets into a notebook and it gets special attention when I have time to rearrange them later. People don’t really have to know how messy you are as long as you are fast to recall or could get to your documents fast. As the notes get very heavy, tagging is useful.
The OCR recognition has time to time proven it’s worth as well since the team mates and I share a common notebook with articles. These articles are essentially good for us to keep up with the history and latest of what is happening on the search subject and allow us to communicate better with our clients.
MND Minister Khaw Boon Wan has mentioned on Tuesday that the government wants to see ‘soft landing’ for Singapore’s real estate housing. You can read the report from CNA here.
Looking at what was being discussed, especially some key highlights here
“”We want a soft landing for our housing market because a market crash benefits no one,” Mr Khaw said.
“Ms Foo and Er Lee Bee Wah suggested that we adjust the Additional Buyer’s Stamp Duty, especially for Singaporean buyers, when we are ready to unwind the cooling measures. I have also heard Dr Lily Neo’s very thoughtful words of caution.
“Indeed, we should not overkill. The property market is in transition and it is a time that calls for vigilance and nimbleness. We will be careful.”
I would think that the Government would probably do some calls to ease some of the measures already in placed soon, as prices have really eased off quite extensively on the public and private housing sector.
As we know the depressed housing prices was caused mainly by the government policies and measure, natural market forces are changing the scene as mortgage interest rate crepes up steadily for the past quarter as the US dollar continue to strengthen, which stresses Singaporeans and foreign real estate investors as a whole.
A heavily corrected local real estate market prices will not benefit everyone as it defies the initial key goal of HDB by creating wealth for Singaporeans through their homes. As long as homes become more affordable, the measures would have served its purpose. If there’s in-between lines that I am reading or even if not, we should be ready for some measure lifts.
Dear Marina One,
I wish you would have been launched at the time when the loans are easier, at least I know I could leverage myself better to get at least a yummy 1-bedroom unit which you have meticulously designed for any future tenants which I could host. Generous Miele suite for all kitchen appliances, V+S sanitary ware, good size white volaka marble slabs, and even a cute walk-in wardrobe for the 1-bedrooms. Not to mention you have balconies! *sigh* Wish your 1-bedrooms would have a more undesirable facing but almost all of them would be facing a well taken care landscaped HUGE indoor garden of almost 65,000sqft!
I feel jealous when most of the units are snapped up so quickly when you’ve decided to price yourself so fairly especially for the low floor units. I wouldn’t mind snapping up at least one if you would have allowed me to take my loan from the banks. The TDSR is killing almost all of us who fell in love with you. You have disappointed not only me, but many whom have tried talking to the bank and failed to get an in-principal approval. I’ve seen even foreigners wouldn’t mind paying the extra 15% and many of my fellow countrymen who already has more than 2 properties paying 10% on top of their stamp duties just to own at least one of you.
Sharing with you more insights and periodic opportunities in the market.
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