It’s been a long time since you get almost all ticks in a home that could be a great investment in the market.
Avenue South Residence’s Details
Avenue South Residence is located at Silat Avenue with a land parcel size of approximately 22,851 sqm. It comprises of 1,074 dwelling apartments and will come with two towering 56-storey towers, 5 4-storey blocks comprising of apartments, shops and a childcare centre. It’s principle architect is ADDP and the building construction is slated to complete in 2Q 2023.
With immediate effect, the cooling measures shall take place. Attached are summary of how the ABSD (Additional Buyer Stamp Duty) and LTV (Bank Loan to Value) is adjusted in points.
These bittersweet move is somewhat anticipated yet executed very quickly, causing an overnight uproar of sales over showrooms. These measures should hamper existing buying sentiments and should effectively cool en bloc cycle and foreigners’ interest in Singapore residential market.
I’m never one to endorse overseas projects due to this class of investment’s uncertainties as appose to our regular local projects where we know our demography a lot better. However, One18 Residences has piqued my interest knowing the people behind the development and after numerous stress tests on the developer and SRI is proud to be the sole exclusive marketing agency for One18 Residences, Phnom Penh, Cambodia.
Still a third world nation, Cambodia has been enjoying exceptional growth and attention from foreign direct investments (FDI) in recent years. She has enjoyed averagely over 7.2% in GDP growth annually and is set to do the same at least in upcoming years; As for us at home, being a first world and with recent big slump in the financial, oil and gas industry, we are experiencing one of the weakest growth in GDP over the past 7 years.
As with a member of AEC and situated in almost the same latitude of great AEC neighbours, Thailand, Vietnam and Laos. They are growing rapidly with strong young population and transforming quickly into a business hub with attractive favourable conditions for new and established businesses. Continue reading “One18 Residences Phnom Penh by Kingsland Global”→
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…
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!
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.
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.
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. Continue reading “Connexion at Farrer Park Spices Up Little India”→
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.
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.
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. Continue reading “An Open Letter to Marina One”→