With effect from 18th April 2012, the new Housing Development Rules changes in the Housing Development Act (HDA) kicks in for greater transparency for the consumers when purchasing a brand new home from the primary sale market. Extracted from URA, these are among the key changes:-
1. Mandatory information to intending home-buyers
Developers will have to provide more information on the housing project and property to home-buyers before the issue of the Option-to-Purchase. The information to be provided would include a drawn-to-scale location plan and site plan of the project, unit floor plan and a breakdown of a unit’s floor area by the various spaces such as bedrooms, balconies and bay windows.
2. Track record of developers
Developers will have to provide information on at least one completed project they had built to home-buyers before the issue of the Option-to-Purchase.
3. Home-buyers’ consent for changes to a housing unit
Developers will have to obtain the home-buyer’s consent for changes in a unit that would affect the home-buyer, e.g. changes to the layout of the unit.
4. Extend controls on advertisements to those on websites
Existing controls on advertisements in newspapers and sales brochures will be extended to advertisements on websites. Similar to advertisements in newspapers and sales brochures, advertisements on websites must not contain any false or misleading information.
This definitely gives a whole new level of transparency to home buyers (especially the first timers), and they would expect what they see is what they mostly will get (minus off the interior design treatment).
I would not think that should affect too much on the property market since they account for less than 1% of the property transactions in Singapore, but MAS has mentioned it will scrap off the Financial Investor Scheme (FIS) from the Global Investor Program soon.
Under the GIP scheme, the foreigner has to invest S$2.5 million in a new company in Singapore or expand an existing business that has an annual turnover of at least S$30 million.
EDB said the details of the changes will be available on the Contact Singapore website next Sunday.
The GIP, along with the Monetary Authority of Singapore’s Financial Investor Scheme are seen as quick ways for wealthy foreigners to obtain permanent resident status in Singapore.
Business Times published today with regards to the “loophole” which the developers has Strata houses which does not require Land Dealings Approval Unit (LDAU) approval for foreigners to buy in.
Some projects mentioned which did very well in their primary sales are euHabitat in Jalan Eunos, Thomson Grand at Upper Thomson, Archipelago at Bedok.
These is niche since apart from Sentosa Cove (LDAU still required, but Fastracked), there are no other areas which allows foreign buyers to purchase a landed type property without approval, even for cluster housings.
These creates a unique selling point as well for great future capital gains with its limited number of its kind since it offers flexibility and features of a landed property and yet has great communal facilities (even better than cluster housings since land parcel is bigger and shares the same condominium facilities as the rest of the apartment condos)
People have been asking me questions about SRI5000 and what is it really all about as a group in an established real estate firm like SLP, a strong leader in commercial and light industrial launches.
I would simply just ask them to add myself or any of our SRI5000 Team Realtors as a friend on Facebook to have a first hand experience of the spirit and the nature behind an outstanding team force in the Singapore real estate industry.
Its scary but true. Everybody is a mentor in SRI5000. Even as an experience Realtor, you have people who are joining us having creative plays in their marketing and their closings which is refreshing since I am constantly learning from the group which has never stopped evolving. Continue reading “The Team SRI5000 Realtor’s Experience”→
SLP has official notice finally of Mr. Tony Koe on board its executive team,
SLP International Property Consultants Pte Ltd, one of Singapore’s leading property agencies, announced the appointment of Mr Tony Koe as Executive Director, with the aim of expanding the company’s residential footprint in Singapore, Indonesia and China.
Prior to this new appointment, Mr Koe served as General Manager of Jones Lang LaSalle Residential Pte Ltd, overseeing the acquisition of Property Edge International where he was also Chief Executive. Mr Koe has over fifteen years of experience in real estate industry encompassing sales and marketing, agency strategic planning, business development, project marketing locally and internationally, as well as integrated digital marketing.
SLP International is currently led by Managing Director, Mr Peter Ow – former Managing Director of Residential Services at Knight Frank Singapore. Incidentally, Mr Koe was roped in by Mr Ow to manage the Residential Agency business at Knight Frank in 2006, where the former established an impressive track record of building Knight Frank’s team of real estate professionals from 100 agents to more than 1,200 agents within four years.
The newly-appointed Executive Director, Mr Koe, said, “It is with great pleasure to be taking on this position. I look forward with great enthusiasm to working closely with the team at SLP International.”
Or rather on a less serious note, Tony has been my General Manager since the days when I was in Knight Frank and was a familiar face whenever I am in the office. Always friendly and approachable, you’d know him and remember him by his constant email updates, his smiling presence in the office and his great working ethics with Realtors be it new or experienced.
I am very sure of his abilities to bring SLP Empire to the next level; And for people whom he has worked with before, I am sure they’d agree too.
Looking forward for you to bring our team SRI5000 to the next level too Mr. Tony Koe! Welcome aboard!
It has been three months since the first key has been distributed to the first owner at Reflections at Keppel Bay. The SRI5000 Reflections Team had the chance to move a number of apartments and checked out the views of what this unique development has to offer. One word to sum up the views of the premium tower units.
Reflections at Keppel truly offers waterfront living in which no other parts of Singapore can offer. You have a great bay view with one of the best yacht club in Asia (Keppel Marina) and a clear unblocked view of the sea, with hint of our neighbor Indonesia right behind. Where else on the main island would you be able to have serene and charming paranomic views of both artificial and natural water scape without major roads in front of you? Absolutely nowhere. Continue reading “Redefining Luxury in Reflections at Keppel Bay”→
Reflections at Keppel Bay has received its TOP (Temporary Occupation Permit) since a week ago, and some owners have already gotten the keys for their apartment. Our team had the chance to visit one of the first few units that has already received the keys.
Great iconic project. World class facilities with a unique sculptured architecture. Very good finishing touch to the apartments, bravo Keppel Land!
The only problem that we spotted was the car park design as there are many sharp turns and it should be quite tight for any expensive or big cars to move around; and that’s the probable only complain about the project that you can find.
We should see many movements of Tenants from Caribbean who wants a new environment, and also some possible sales even during this quiet season after the implementation of Additional Buyer’s Stamp Duty.