URA Stops Allowing Landed Homes In Condominiums

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)

Online Article on Business Times “Curb of Backdoors Buys of Landed Homes”

Online Circular from URA “Treatment of Developments Comprising A Mix of Strata Landed Housing and Apartment Units”

New Condo Launch in Punggol Field Soon

As projects in Punggol such as Riversound gets alot of attention lately, a brand new launch is happening as well nearby which offers some unique experiences, and my agency will likely be the sole marketing for this exclusive project at Punggol Field. Continue reading “New Condo Launch in Punggol Field Soon” →

SLP International Welcomes Tony Koe

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!

Redefining Luxury in Reflections at Keppel Bay

Paranoma shot of a sea and bay view of a Reflections Tower — Click to expand the full view

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.

Stunning

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” →

First Look at 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.

First Outlook

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.

Project Details of Reflections at Keppel Bay | Apartments for Sale at Reflections at Keppel Bay

Foreigners Under Singapore Free Trade Agreements to Pay Same Citizen Buyer Stamp Duty

Following with the news of the introduction of Buyer’s Stamp Duty, IRAS has came out with the circular to clear up on the property counts and news of some exemption to the new cooling measure introduced on 8th of December 2011.

Citizens of five countries that have free trade deals with Singapore, including the United States and Switzerland, will be treated as Singaporeans for the purposes of the new stamp duty measures. When they buy a private home, Americans, Swiss and nationals from Liechtenstein, Norway and Iceland will be treated the same as Singapore citizens.

This will enable them to avoid the new 10 per cent additional buyer’s stamp duty that foreigners now have to pay when they buy a private home.

Free trade agreements usually ensure that a country’s citizens are accorded certain trade protections when they are in the partner nation.

The tax guide basically spells most of the scenario how the Buyer’s Stamp Duty will work and which cases could apply for remissions. Fellow Realtors are highly encouraged to download and read it through to understand the different scenarios so you could go through with your clients.

IRAS E-Tax Guide on ABSD 7 December 2011

New Cooling Measure – Additional Buyer’s Stamp Duty

Ministry of National Development has released a heavy cooling measure to curb residential property investments or speculations, with updates as follow:-

The Government announced today an Additional Buyer’s Stamp Duty (ABSD)to be imposed on certain categories of residential property purchases. The ABSD will be imposed over and above the current Buyer’s Stamp Duty, and will apply to the purchase price or market value of the property (whichever is higher) for the following purchases:

a) Foreigners and non-individuals[1] (corporate entities) buying any residential property will pay an ABSD of 10%;

b) Permanent Residents (PRs) owning one[2] and buying the second and subsequent residential property will pay an ABSD of 3%; and

c) Singapore Citizens (Singaporeans) owning two2 and buying the third and subsequent residential property will pay an ABSD of 3%.

The ABSD will take effect on 8 Dec 2011[3]. Remission of ABSD will be given for options granted on or before 7 Dec 2011 and exercised within 3 weeks (i.e. on or before 28 Dec 2011) or the option validity period, whichever is the earlier.

Official Source: MND Website

In Summary

All foreigners buying 1st residential property in Singapore will have to pay 13% Buyer’s Stamp Duty instead of the previous 3% (Additional 10%)

All Permanent Residents 1st residential property will still remain 3% and the 2nd one will be 6% Buyer’s Stamp Duty (Additional 3%)

All Singaporeans 1st and 2nd residential properties will remain at 3% and the subsequent ones to be at 6% Buyer’s Stamp Duty (Additional 3%)

Outlook

This will dampen residential market strongly as foreign buying interest has always been very strong. That said, other property segments such as commercial and industrial should not be affected.

Reflections at Keppel Bay – A Visual Art, Helm of Architecture

View of Reflections at Keppel Bay from Sentosa Cove

Drive along the East Coast Expressway (ECP) and there is no way that you can miss these few blocks of buildings which are seemingly dancing and turning along Keppel Marina. You would imagine how would it look inside, and what kind of views will it get from the inside. Continue reading “Reflections at Keppel Bay – A Visual Art, Helm of Architecture” →

URA Development Charges Revised – Commercial and Industrial Upwards

URA has just revised the development charges for the following groups:-

The DC rates for Group A (Commercial) have increased by an average of 22%, with the largest increase of 32% in Sector 101 (Paya Lebar Central: Paya Lebar / Eunos / Macpherson Road area).

For Group B1 {Residential (landed)}, the DC rates have on average increased by 17%, with the largest increase of 20% in 22 out of 118 geographical sectors.

The DC rates for Group B2 {Residential (non-landed)} have also increased by an average of 12%. The largest increase is 39% in Sector 57 (Serangoon Road / Whampoa / Bendemeer Road area).

For Group C (Hotel/Hospital), the DC rates have an average increase of 7% with the largest increase of 9% in Sectors 1, 2 & 7(Cecil Street / Boon Tat Street / Robinson Road area), and Sectors 19, 20 & 21 (Havelock Road / Clemenceau Avenue / New Bridge / South Bridge Road / Upper Pickering Street area).

The DC rates for Group D (Industrial / Warehousing Use) has increased by 31% on average, with the largest increase of 55% in Sector 114 (Tuas / Pioneer Road / Jurong / Sungei Kadut / Mandai Estate / Woodlands area) and Sector 115 (Woodlands / Sembawang / Yishun area).

The rest remains unchange.

Official press release can be found here.

There’s a lot of activities going on in the commercial/light industrial real estate scene including both sales and rental market. Would we see another spike in their prices?