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Redhill GLS – Litmus Test to Singapore Market

The Singapore Government has cut short of supply to their Government Land Sales with the announcement of 7 new sites for next year in H1 2014. Of the 7, 4,630 private apartments can be carved to the supply and it’s one of the lowest supply introduced since 2010. Right next to Wingtai’s “The Crest” (960 psfppr in September 13) would be the only GLS plot (2.37ha) which is at City fringe for H1 2014 and can potentially yield 655 homes would be the highlight of the exercise. URA – First Half 2014 Government Land Sales (GLS) Programme Channel News Asia…

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Cooling Measure for Executive Condominiums

To complete the loop for a sustainable Executive Condominium (ECs) market, Ministry of National Development has introduced 3 primary measures to the EC segment, primarily:- Reduce EC Cancellation Fees – From existing 20% down to 5% Resale Levy for Second-Timer Applicants – Formerly second timers are not required to pay a levy. This is applicable to only new EC land sales which are launched on or after 9th December 2013 Revision of Mortgage Loan Terms – From a previous mortgage servicing ratio (MSR) level of 60% to now 30% of a borrower’s gross monthly income. The MSR cap will apply…

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Prepare for Changes in Housing Policies

Newly sworn in Minister for National Development Mr. Khaw Boon Wan, former Health Minister who has replaced Mr. Mah Bow Tan has pledged in his final outgoing blog post as a Health Minister to make housing and HDB Singaporeans popular icon again. I am only driven by one thought: housing is one of the greatest achievements of Singapore, and our pride. It is very sad to see it being hammered left, right and centre in the lead up to and during GE. I am determined to make housing and HDB Singaporeans’ popular icon again. Please help me, my friends. It…

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New Statutory Group for Singapore Estate Agents

The verdict is finalized with actions taken by Singapore Government. Ministry of National Development will take the reigns over from Inland Revenue of Singapore to create a Council for Estate Agencies (CEA) as the licensing authority for real estate agents. MND will introduce a Bill in Parliament in the second half of this year to set up the new Council and to establish the new regulatory framework. I’ll just highlight the most important point which most fellow agents are keen to know, Arrangements will be made to help existing estate agencies and agents transit to the new licensing and registration…

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Singapore Government Regulating Real Estate Agents Soon

I think this is unevitable, especially with many criticisms and suggestions coming from the public in the recent months after the case of two unethical agents flipping their marketing unit without taking care of the principle’s interest. Whenever discussions and complains come directly at the press especially ST Forums, the statutory boards will be acting quickly on them, which is a good thing. Recently MND Minister Mah Bow Tan and Senior Minister of State for Finance Lim Hwee Hua has mentioned to Parliament on the review of unscrupulous agents. Now what will the government come out with to regulate Realtors?…

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