A New Start with Singapore Realtors Inc

Winning together is important isn't it?

It’s coming close to 10 years embarking this journey.

Remembering the time when things were simpler, the consistent struggle as an individual; the happiness and disappointments when I first started out in team building. The adrenaline rush when closing the first deal, the satisfaction of seeing my clients happily settling down with their homes and garnering property returns in the long haul still excites me till this day.

With the formation of SRI5000 from the blessings of my former team in Knight Frank and a stroke of fate in a penthouse sale, Bruce Lye and I thereafter came together in SLP Empire (now known as SLP Realty) where we then had the chance to work with many great people. We are still counting our blessings.

People always ask us how did we maintain the bond so tightly for such a long time. It’s really an open secret. With the hard and the good times that a team stays together, forging a bond that could withstand the test of time. You have people that’s willing to give, you would receive in aplenty. You take care of the circle around you and the circle takes care of the ones that’s around them. It’s just plain karma at work.

Singapore Realtors Inc (SRI) embeds the spirit of the group’s vigor and tight friendship, with the willingness to share and assist one another be it in good or bad times. The pivotal reason to have make the decision with Bruce was to ensure that everyone that we cared for have a place where we can continue to grow and learn together. Veteran Tony Koe whom I’ve known for a decade who knows exactly how to run an excellent agency with his experience and with our combined vision of achieving a good ratio of quality versus quantity for our elites in the industry, there’s a high level of confidence that this is another milestone that has yet to cast.

Also not forgetting a strong support from Legalworks that the elites enjoy a peace of mind when assisting their clients and Nick Tan, our current KEO who has been actively participating in growing. Last but not the least, the strong iron fist administrative support from Angeline Quek and Rose Khoo, whom has already forged their bonds with the team years back.

Moving ahead, our people would be seeing more and more initiatives as we have already etched them to SRI’s work plan. As of current, it’s already very encouraging to see our elites embracing new changes quickly such as using new tech work chat, and enrolling in crash courses for foreign language like Bahasa Indonesia. With blessings with all my friends, clients and colleagues, I’m already on the sunny side and it’s time to win together :) After all, it’s all about the experience…

ps. Like our Facebook page if you pop by!

SRI5000 Sets Record in Pebble Bay at $1,501psf

The Edge property had just featured this transaction. SRI5000 is responsible for the closed sale and is proud to acknowledge it. People would call it a challenging market but with a great profile client whom take our advice seriously and with the right network of buyers and co-operative colleagues from the industry, this was done properly.

You can read more about it in The Edge here.

Innovative Marketing Video for 28 Cove Way

SRI5000 is appointed the exclusive marketing agency for 28 Cove Way in Sentosa Cove. Just look at this interesting video from The Propertician to find out more about this beautiful water way house.

p.s. It comes with a free swanky new Lamborghini Huracán.

You can contact any of our SRI5000 Elites or myself for an exclusive no obligation arrangement to view the place.

SRI5000 Developments Get Featured in The Edge Singapore

We’re quite honoured to be featured in The Edge Singapore today on our two developments which we have developed. This has been such a fun journey thus far and we will continue to learn and strive to build more quality houses which our customers will be proud to own.

Find out more about the 2 plots (2A Andrews & 9A/B Berwick) by contacting any of our SRI5000 Elites or myself at +659091 5000 anytime!

4 More Scenarios for Additional Buyer Stamp Duty (ABSD)

_DSC8097 copy

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.

SCENARIO 1

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.

IRAS REPLY

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.

SCENARIO 2

For a married couple both of whom are SPR, can they apply for a remission if this is there first property.

IRAS REPLY

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.

SCENARIO 3

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.

IRAS REPLY

A Singapore Permanent Resident, who is also a National of USA may apply for a remission of ABSD under the FTA agreement.

SCENARIO 4

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.

IRAS REPLY

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.

legalworks-edited

Additional Buyer Stamp (ABSD) & Seller Stamp Duty (SSD) Explained

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. (you can find out about the latest ABSD and LTV adjustment here since 5th July 2018)

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.

LegalWorks Law Corp

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? Continue reading “Additional Buyer Stamp (ABSD) & Seller Stamp Duty (SSD) Explained”

Connexion at Farrer Park Spices Up Little India

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.

DSC09555

Location of Connexion

connexion location

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. Continue reading “Connexion at Farrer Park Spices Up Little India”