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29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update Here.

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Mdm Tang

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Are new property measures too little, too late?

By PropertyGuru – September 2nd, 2010


By Khalil Adis (courtesy of PropertyGuru)

The Singapore government has followed in the footsteps of China and Hong Kong to cool down its property market, specifically for public flats.

The latest measures appear to be aimed at speculators who are partly blamed for driving Housing Development Board (HDB) resale prices upwards.

In case you don’t already know, prices of HDB flats are now at a record high.

According to figures from the HDB, the Resale Price Index (RPI) had increased by 4.1 percent to reach 161.3 points in the second quarter. This means HDB resale prices are now at their highest point since the HDB began tracking data on the RPI since the first quarter of 1994.

Meanwhile, the median Cash-Over-Valuation (COV) levels rose by a whopping 20 percent to reach S$30,000 in the second quarter. This is some S$5,000 jump from the first quarter.

The rising prices of HDB flats are a cause for concern as first-time homebuyers like young couples and singles have found themselves priced out of their affordability range.

Some have resorted to renting an HDB flat from the open market which runs counter to HDB’s mission statement to provide affordable homes for all.

With some complaints on the ground and elections looming, it came as no surprise that on 30 August 2010, the HDB finally announced new measures to help ensure flats remain affordable for first time Singaporean homeowners.

Property bubble forming
The fears that a property bubble is forming in the HDB market are very real.

As far back as two years ago, some Singaporeans were already raising alarm bells via online forums that a number of permanent residents were taking advantage of their eligibility to buy resale flats to jack up prices.

According to figures from the HDB, the highest rate of increase occurred in 2008. This corresponded to the year when the government welcomed over 20,000 new citizens and 90,000 permanent residents, but the HDB only built 3,183 flats. In addition, Singaporeans also jumped onto the bandwagon by selling their flats to make a quick profit from the red-hot HDB market.

This drove property prices upwards.

Data from Global Property Guide confirmed that Singapore is the hottest real estate market in the world.

Property prices have soared by 34 percent in the past 12 months ending June this year. Prices of HDB resale flats have been increasing steadily from the second quarter of 2003. It has now risen 60 percent since the second quarter of 2003.

Meanwhile, according to a study by UBS, wages have not gone up in tandem, brought about in part by the influx of foreigners.

Cooling measures
So how will the new cooling measures affect you? Well, it only affects those who already have a home and not first-time homeowners.

For those of you selling your flats within the first three years, a stamp duty will be imposed, up from one year.

If you currently live in an HDB flat and want to buy another, you need to pay 10 percent cash up front, up from the original 5 percent. In addition, you can only borrow up to 70 percent of your HDB flat value, down from 80 percent.

For those of you who already own an HDB flat and want to buy a private property, you are not allowed to buy during the minimum occupation period (MOP) which has been increased from three years to five years.

For those of you who already own a private property and want to buy a non-subsidised HDB flat, you must sell your current property within six months from the date of your flat purchase.

There’s also good news for the sandwiched class as those earning between $8,000 to $10,000 a month can now buy new Design Build and Sell Scheme (DBSS) flats with a $30,000 CPF Housing grant.

The MOP has also been increased for non-subsidised flats from three years to five years. This would deter speculators from flipping their properties and denying an opportunity for those in dire need of a home.

To buy or sell?
While the Singapore government has promised it will offer more than 16,000 new flats this year and 22,000 new flats in 2011, I feel the measures have come a tad bit too late.

A few questions remain. For instance, why did the HDB not have the foresight to build sufficient flats when the government was increasing the size of the population via immigration?

Nevertheless, the new supply coming on-stream is good news for first-time homeowners.

However, you do need to wait for two-and-a-half years before you can move into your home.

The bad news is for those of you trying to sell your flats.

With new supply coming on-stream by 2013 and 2014, prices of resale flats are expected to drop during this period. My advice is to sell before 2013 to 2014, provided you have fulfilled all of HDB’s criterias.

Khalil Adis is an experienced property writer, with in-depth knowledge of Singapore’s and Malaysia’s property market.

Read more property news at PropertyGuru





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Singapore ramps up measures to cool property market

More restrictions for owners of more than one property. -AFP

Mon, Aug 30, 2010


AsiaOne



SINGAPORE - Singapore on Monday announced fresh anti-speculation measures to cool its private property market as the city-state's double-digit economic growth keeps upward pressure on demand.

Owners who sell houses and apartments less than three years after buying them will have to pay a duty of three percent of the resale value - a measure previously applicable to transactions within one year of the purchase.

For buyers with at least one outstanding loan, the minimum cash down payment was raised from five to 10 percent of valuation, while the maximum amount a bank can lend was capped at 70 percent, down from 80 percent.

The balance of the purchase price can be taken from pension savings.

The measures, which take immediate effect, are designed to discourage "flipping" - buying properties on easy credit with low cash down payments, and then reselling them quickly for profit.

They were announced as a traditional lull in the property market in August was about to come to an end.

"The government's objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals," said a joint statement from the central bank and ministries of finance and national development.

"The property market is currently very buoyant," it said, adding that the new measures were designed to "temper sentiment and encourage greater financial prudence among property purchasers."

Properties in land-scarce Singapore are now among the most expensive in Asia, boosted in large part by the building of two massive casino complexes that opened this year.

A typical three-bedroom suburban apartment of around 100 square metres (1,076 square feet) that will be ready for occupancy in only two or three years now costs at least a million US dollars.

Latest available government data showed property prices rose 5.3 percent quarter-on-quarter in the April-June period, albeit slower than the 5.6 percent jump in the March quarter.

Even during the recession last year, private property prices rose 1.8 percent despite government measures to dampen the market.

Analysts expect the property market to stay strong in light of the economy's projected expansion of 13-15 percent for 2010, which would make Singapore the world's fastest growing major economy this year.

The credit environment, with lending rates on home loans below one percent in some cases, is another factor boosting buyer sentiment.

The government said the latest announcement was necessary to avert a potential property meltdown should the global economic recovery stall, which would have an impact on Singapore's trade-dependent economy.

If growth falters and the market corrects, "property buyers could face capital losses, with implications on their own finances and the economy as a whole," the government said.

"Moreover, the current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves."

Analysts expect the latest measures to slow down the property price surge, giving "genuine" buyers a chance to purchase private property.

"Today's set of measures safeguard the interest of genuine home buyers, those who are owner-occupiers," said Tay Huey Ying, director for research and advisory with Colliers International real estate consultancy.

"I don't think prices will fall but I think these will help to keep price growth in check," she told AFP.

Chua Yang Liang, head of regional research with Jones Lang LaSalle, expects property prices to rise two to three percent on a quarterly basis with the introduction of the new measures.




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Mdm Tang

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Tougher rules for buying second homes
Amount of loans for second property down to 70 per cent of property value.

Mon, Aug 30, 2010


Reuters

Buyers of 2nd homes can borrow up to 70 pct, from 80 pct

Stamp duty on sellers who buy and sell within 3 years

Aimed at speculators, won't hurt home buyers - analysts

Singapore property stocks fall on new measures

Singapore moves follow similar steps by HK, China



SINGAPORE/HONG KONG - Singapore announced on Monday restrictions on people buying second homes as part of new measures to cool its red-hot residential market, joining Hong Kong and China in taking steps to keep a lid on housing prices.

Home prices in Asia have soared in recent months, fuelled by the region's rapid economic recovery and ultra-low interest rates. The gains have been highest in Singapore, where prices rose 34 per cent in the 12 months to June, followed by Hong Kong which increased 21 per cent, according to Global Property Guide.

Part of the demand has come from wealthy Chinese individuals looking to diversify geographically by putting money into the two ethnically Chinese cities, which impose few restrictions on property investments by overseas investors.

"This latest move is not to discourage home-buying on the whole. It is aimed at property investment, especially short-term ones," said Nicholas Mak, former head of research at Knight Frank in Singapore and now a lecturer at Ngee Ann Polytechnic.

Hong Kong tightened mortgage lending this month for bigger apartments as prices headed for historic highs, while China is clamping down on bank lending to the property sector as well as making sure developers do not hoard land meant for housing development.

However, South Korea is taking a different path, announcing on Sunday it would ease some mortgage borrowing restrictions for low income earners buying homes for their own use.

In Singapore, the new measures included decreasing the amount those with existing mortgages can borrow to buy second properties to 70 per cent from 80 per cent, and extending a stamp duty to sellers who buy and sell within three years.

The stamp duty was previously imposed on speculators who disposed of their homes within one year.

Singapore property stocks fell after the government's announcement, with shares of Southeast Asia's second-largest developer City Developments falling as much as 4.3 per cent and Wing Tai dropping as much as 4.6 per cent.

CapitaLand, Southeast Asia's largest developer, declined as much as 2 per cent.

The worst-hit counters were those with large exposure to Singapore residential property, said DMG & Partners analyst Brandon Lee.

AFFORDABILITY

Analysts said Singapore appeared more concerned about ensuring home prices remained affordable for the majority of citizens rather than asset inflation, noting the new measures did not attempt to stem inflows from overseas.

The measures, they added, come on the back of an announcement by Singapore Prime Minister Lee Hsien Loong on Sunday that the government will build 22,000 new public homes next year, up from 16,000 this year, in a bid to ensure housing remains affordable.

"We've acted twice to cool the market - once last year and once in February this year - but prices are still rising," Lee said. "We need to do more."

Chua Yang Liang, head of Southeast Asia research at Jones Lang LaSalle, noted that while the pace of price increase in private residential property has moderated, resale prices of government-built HDB apartments continued to rise strongly.

"The latest introduction of measures are motivated largely by the unabated rise in public housing prices," he said, noting the 4.1 per cent increase in HDB resale prices in the second quarter exceeded the average of about 3.0 per cent in preceding periods.

Chua predicted Singapore home prices will continue to rise but at a slower pace, with private home prices moderating to 2-3 per cent growth per quarter and HDB prices rising 1-2 per cent.

Singapore said on Monday it introduced the new measures "to ensure a stable and sustainable property market where prices move in line with economic fundamentals".

Singapore interest rates are near record lows despite economic growth that will likely hit 12-15 per cent this year, due to an increase in inflows from overseas.

Malayan Banking, for instance, earlier this month launched home loan packages in Singapore with first-year rates of as low as 0.88 per cent per annum.

"The current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves," the Ministry of Finance, Ministry of National Development and Monetary Authority of Singapore said in a joint statement.





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Mdm Tang

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Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

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More homes, increased occupation period

HDB today announced measures to increase house supply and dampen demand. -AsiaOne

Mon, Aug 30, 2010

AsiaOne

The Housing Development Board (HDB) today announced measures to increase house supply and dampen demand from those not in urgent need of housing.

During the National Day Rally last night, Prime Minister Lee Hsien Loong announced several measures to ensure that public housing will always remain within the reach of Singaporeans who are buying their first home.

Related link:


» HDB to build up to 22,000 flats next year
These included allowing households earning between $8,000 and $10,000, to buy new DBSS flats with a $30,000 CPF Housing Grant, and increasing the supply of new flats. In a statement issued today, HDB also announced that they will shorten the completion time of Build-To-Order (BTO) flats.

In addition, the government will increase the Minimum Occupation Period (MOP) for non-subsidised flats to five years, and disallow concurrent ownership of both HDB flats and private residential
properties during that period.


More homes for first-time buyers

HDB will be offering more than 16,000 new flats in 2010. If demand remains strong, HDB is prepared to launch up to 22,000 new flats in 2011.

In addition, HDB will release more land for tender in 2010 to yield an estimated supply of 3,000 DBSS flats and 4,000 ECs. In 2011, HDB will release land sites for another 4,000 DBSS flats and 4,000 ECs, if demand is sustained.

Currently, first-timer households with monthly income of between $8,000 and $10,000 may buy an EC with a CPF Housing Grant of $30,000. To widen their housing options, HDB will allow these households to buy new DBSS flats launched for public sale after Aug 30.

Similar to the purchase of ECs, the HDB concessionary loan will not be available for these buyers.

To help households get their new flats faster, HDB has also streamlined the BTO processes to allow flat buyers collect keys to their new homes 6 months earlier. Buyers of projects launched in mid-2011 onwards will generally need to wait for 2.5 years to collect the keys instead of the current 3 years.

Increased occupation period

Currently, buyers of subsidised HDB flats are not allowed to own a private residential property within the minimum occupation period, but buyers of non-subsidised flats can, as long as they live in the HDB flat.

However, to emphasize that HDB flats are meant for long-term owner-occupation, the MOP of non-subsidised flats for resale and subletting of flat will be increased from three to five years. Buyers will also be disallowed from concurrently owning both an HDB flat and a private residential property within the MOP.

Private property owners who buy a non-subsidised HDB flat must now dispose of their private residential property within six months from the date of flat purchase.

The changes will apply to resale transactions where applications are received by HDB from Aug 30 onwards.





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Mdm Tang

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Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

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S'pore home prices up the most


Private home prices has increased by 34 per cent, said the Global Property

Guide.

Sat, Aug 28, 2010


AsiaOne

Singapore private property prices has increased by 34 per cent, claimed a global survey of house prices conducted by the Global Property Guide.

This is the fastest in the world for the year 2010 to June 30, and also the highest recorded year-on-year increase in the country since 1995, according to Global Property Guide.

Hong Kong, Australia and Taiwan took the next three positions. Also in the top 10 is Shanghai, China.

One of the reasons Singapore topped the list of fastest rising house prices is that The Global Property Guide uses data from the Urban Redevelopment Authority, which is only for private homes.

In Singapore, this includes only the top 20 per cent of the homes in Singapore, as 80 per cent of the population here live in public housing.

The report also does not compare the same property types across countries, it says on its website that they "are interested in the sort of properties which will be attractive to foreign renters. This is not always the same type of property in all locations".

The report said Asia's strong economic growth, low interest rates and rising foreign demand fuelled rising house prices in Singapore, Hong Kong, Taiwan and mainland China.

Sky-rocketing prices have already prompted some action on the parts of the government in these countries.

Prices in Hong Kong increased 21.42 per cent up to June 30, Taiwan's house prices were up 11.51 per cent and residential property prices in Shanghai, China rose 5.78 per cent over the same period. China has reported strong price rises since mid-2009.

Within South East Asia, property prices in Thailand, Indonesia and the Philippines fell.



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Harry Lee

Alfrescian
Loyal
Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

Cut and pasted from the nother forum :

"DORSETT RESIDENCE" @ NEW BRIDGE ROAD

Developer : Tang Hotel Singapore

Estimated TOP : Early 2014

Location : 333 New Bridge Road, Singapore

Tenure : 99 years wef 7th Dec 2009

District No. : 2 (Outram)

Plot Size : 46,737 sqft

Distance to MRT : Just on top of Outram MRT

No. of Blocks : 1 block of 6 storey residential apartments (68 units)
1 block of 10 storey hotel with Commercial shops (F&B) on ground floor

Hotel Services: Telephone Operator Housekeeping (Contractual) Wine Cellar Storage
(10 bottles per unit)

Payment Scheme : Normal Progressive

Units Composition : 1, 2 and 2+Study

Total Units : 68 units

Unit Type and Size :

RoomsTypeTotal UnitsSize (Sqft)
1 bedroomA18484
1 bedroom with TerraceA-T1/A-T26484/668
2 bedroomB1/B230678/754
2 bedroom with TerraceB1-T1-4/B2-T110732/807/829/1012
2+StudyC31206
2+Study with TerraceC-T111615
Total 68

Facilities : Swimming pool, Gym, Spa pool, Roof garden, Landscape deck.

The mixed use development comprises hotel, commercial shops and residential. The ten-storey 285 room hotel fronts the prominent main junction of New Bridge Road and Cantonment Road, while the adjoining six storey residential slab block with 68 units is aligned along New Bridge Road offering views over Bukit Pasoh and Outram Park.

FULLY SOLD OUT IN ONE DAY !!!!! 7TH MONTH NO EFFECT !!!!
 
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Mdm Tang

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Jackie Chan and Emil Chau buy 4 units at Centennia Suites


Jackie Chan bought homes in District 9 last week. We were hoping that he live across the street from Jet Li and become bad neighbors ala Everitt Road. Imagine all the action in Bukit Timah then!

Anyway, Jackie and his buddy Emil Chau snapped up 4 apartments together in Centennia Suites. The homes were worth over $10 million according to the Business Times. Prices were about $2,000-2,100 psf and should probably be much higher now that you could be having two celebrities as neighbors.

Although Jackie is a well known philanthropist and has a big heart, we just hope the agent serving one of the biggest action stars around didn't oversell the units! Your comments here.

via the Business Times - Jackie Chan picks up 3 units at Centennia Suites


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Jackie Chan picks up 3 units at Centennia Suites

Emil Chau also buys one as showbiz stars dip into S'pore property market. -BT



Sat, Mar 27, 2010



The Business Times
By KALPANA RASHIWALA

(SINGAPORE) Hong Kong movie superstar Jackie Chan and his good friend singer/songwriter Emil Chau, who were in town recently for last Sunday's Thong Chai Charity Night, also picked up some properties in Singapore.

The duo bought four apartments at Lippo Group's freehold Centennia Suites worth over $10 million last week. The four units are on the mid- to high floors of the 36-storey condominium project, which is being built on the former Kim Seng Plaza site, opposite Great World City and facing the Singapore River.

Mr Chan is said to have picked up three units - two, three, and four-bedroom apartments - making up an entire floor.

Mr Chau, who is now known as Wakin, purchased a three-bedder. The two men visited the Centennia Suites showflat on Friday last week.

The 97-unit District 9 development, which is expected to be completed in 2013, is now almost half sold.

The average price is about $2,000-2,100 per square foot. The range of prices achieved is $1,900 psf to nearly $2,200 psf. Lippo began selling the project last month.

Mr Chan is no stranger to the Singapore property market. In late 2007, he bought the former Jinriksha Station at Neil Road for $11 million.

Lippo and Mr Chan have also had business dealings before. Mr Chan used to own a unit at Grangeford Apartments, which was sold through an en bloc sale to Lippo's listed arm Overseas Union Enterprise a few years ago.

Mr Chau was born in Hong Kong but lives and works in Taiwan. The singer has a loyal fan base in Singapore. He has also acted in a few of Mr Chan's films, such as Mr Nice Guy and Gorgeous.

Last year, international action star Jet Li bought a Good Class Bungalow at Binjai Rise for $19.8 million. The property has a freehold land area of about 22,700 sq ft.

This article was first published in The Business Times.



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Aug 17, 2010


Council for Estate Agencies
A NEW statutory board will be set up under the Ministry of National Development to serve as a regulator for the real estate industry here,under the Estate Agents Bill tabled in Parliament on Monday.

To be christened the Council for Estate Agencies (CEA), the regulator will take over the Inland Revenue Authority of Singapore's current role in licensing real estate agencies.

The CEA would be empowered to prescribe codes of practice for estate agencies and agents, and ensure that agreements between agencies and clients do not contain unfair clauses.

Estate agents will be required to register with the CEA, pass an examination and possess the necessary qualifications.

Each agency will also be required to appoint a key executive officer, who will be responsible for the overall management of the business and the supervision of all its agents.

The Bill also empowers the CEA to investigate complaints against agencies and agents, and to mete out suitable penalties, including suspensions and fines.

Information on all registered estate agents, including the name of the agency they work for and disciplinary actions taken against them, will be made available on a public register.





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Sep 2, 2010



More teeth in regulating real estate deals



I APPLAUD the appointment of Mr Soh Kee Hean as the deputy executive director of the new Council for Estate Agencies (CEA)
('Top cop to police real estate agencies'; Tuesday).
As the top man at the Corrupt Practices Investigation Bureau, Mr Soh has experience in tackling corruption-related offences and will help establish a no-nonsense approach in regulating the real estate industry.

Many consumer complaints about the real estate industry arise out of the absence of fair and widely accepted written agreements. It is easy for real estate agents to promise the sky and lead consumers to make decisions based on their words.

I recently complained about the conduct of an agent from an accredited real estate company. After hearing my complaint over the phone, the company's senior director was reluctant to initiate a meeting for the parties involved. He said it was a case of my word against his agent's, and that he could do little to help.

With the formation of the CEA and Mr Soh's appointment, I am hopeful again that many such 'verbal' cases can be resolved. Unlike most crimes that present physical evidence, prosecuting offenders in corruption-related offences often involve only verbal testimonials and other collaborating facts. I hope the landscape in which real estate agents ply their trade can be reshaped with the authorities coming in hard and fast.

Henry Ong


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M

Mdm Tang

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Top cop to police real estate agencies


Singapore real estate industry to be policed by high-ranking officer


Posted Date: Sep 01, 2010



By: SPH

A top cop will help helm the new Council for Estate Agencies (CEA) - a regulatory body which is tasked to regulate the property agents.

Mr Soh Kee Hean, director of the Corrupt Practices Investigation Bureau (CPIB) since 2005, will be seconded to the Ministry of National Development (MND) to take up the position of deputy executive director (designate) of the CEA.

The new statutory board will be formed later this year and will take over the Inland Revenue Authority of Singapore's (Iras) role in licensing real estate agencies and their agents.

CEA will have the power to investigate consumer complaints against housing agents and agencies, and will have the authority to mete out penalties, such as suspensions and fines.

Rogue housing agents have plagued the property market of late, with the Consumers Association of Singapore (Case) receiving an average of over 1,000 complaints a year.

In the first four months of this year, Case received 358 complaints. Last year, 1,079cases were brought to its attention, while the figure was 1,100 in 2008.

Complaints ranged from agents failing to give proper advice and using misleading sales tactics, to the non-honouring of agreements. There were other questionable practices, such as agents taking commissions from both buyers and sellers of flats.

There are about 25,000 real estate agents and 1,700 agencies in Singapore.

When contacted, local real estate companies welcomed the news.

ERA Asia-Pacific associate director Eugene Lim felt that Mr Soh's new appointment will benefit the industry, by weeding out the crooks.

He said that as 'Mr Soh comes from a background dealing with corrupt practices'; he believed the intention was to tackle the problem of 'shady agents'.

Likewise, PropNex chief executive Mohamed Ismail felt that this move showed the determination of the MND in ensuring that the new council 'will work effectively in upgrading the professionalism of the real estate industry'.

When contacted, Mr Soh declined to comment as he has yet to take up his new role.







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Mdm Tang

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Boutique developer buys Sentosa Cove site for $79m
It beats 7 others for landed property plot; plans to build 20 houses there.
Joyce Teo

Wed, Sep 26, 2007
The Straits Times

A YOUNG entrepreneur who became a full-time polo player after selling his Silicon Valley dot.com firm has emerged as a successful property developer here.

Indian-born Satinder Garcha, 36, signalled his growing status in the industry yesterday when his company paid $78.68 million for a 200m-long landed plot in Sentosa Cove.

Boutique developer Elevation Developments beat seven other bidders in what Sentosa Cove, which is marketing the land, said was a highly competitive process.



ORGANIC DESIGN: Developer Elevation Developments owns two Nassim Road bungalows which boast "very organic" forms, says Mr Garcha, who unveiled a model of the curious-looking design (above).

These houses, with a built-up space of 10,000 sq ft, will probably sell for $40 million to $50 million.

They are now at the design stage and are expected to be ready by 2010.

The bungalows are the first residential project in Asia designed by world-renowned architect Zaha Hadid. The Iraqi-born architect is known for projects such as the classic Vitra Fire Station in Germany.


Its price for the 71,589 sq ft plot, which faces the Sentosa Golf Club's Tanjong course, works out to $1,099 per sq ft of potential gross floor area.

This surpassed the $771.25 psf collective sale price paid for the enclave's Sandy Island in March.

Sentosa Cove now has just one last landed parcel to be sold en bloc to developers.

Mr Garcha's property portfolio will be worth $400 million to $500 million once the developments are completed.

He has 22 other properties - about half of which are good class bungalows - in prime areas such as Swettenham Road and Gallop Road. Most are in various stages of development.

Mr Garcha, who is the captain of the Singapore polo team, plans to build 20 houses on the Sentosa site, each with a rooftop pool.

The houses will have 10m glass frontages giving residents a clear view of the golf course.

Many of the homes the firm is building around Singapore will be rented out but Mr Garcha intends to sell the Elevation Golf Villas for $9 million to $10 million each once they are completed around 2010.

These numbers are dwarfed by the price tag of two other properties he owns - bungalows in Nassim Road designed by world-renowned architect Zaha Hadid.

These houses, with a built-up space of 10,000 sq ft, will probably sell for $40 million to $50 million, he said.

The bungalows, now at the design stage, are expected to be ready by 2010. They are Ms Hadid's first residential project in Asia, said Mr Garcha.

'She was very excited about Singapore,' he said.

The Iraqi-born architect, known for projects such as the classic Vitra Fire Station in Germany, had worked on the masterplan for Singapore's science hub one-north.

When Mr Garcha first came to Singapore, he was intent only on playing polo.

He had sold his information technology company people.com in late 2000 to TMP Worldwide, a recruitment advertising business.

He then set up his own polo team that competed around the globe.

Mr Garcha used part of his dot.com windfall - he will not disclose his firm's sale price - to enter property development about three years ago when he saw the opportunities.

'I saw a lot of value in the property market. Prices were at a 10-year low,' he said.

Mr Garcha, who is of Indian descent, has become a Singapore citizen.


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Mdm Tang

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Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

Posted on August 30, 2010


The Singapore Government announced the following measures to cool down the residential property market in Singapore. The details have been attached for your reference. We believe that the major impact would be felt on the public housing and the private mass market segment. We see better value in the high end segment that is less susceptible to government measures.

Measures affecting Private housing

1.increase in the holding period for sellers’ stamp duty from the current 1 year to 3 years.
1.increase in the minimum cash down payment from 5% to 10% of the valuation limit for property purchasers who have one or more outstanding housing loan; and
1.reduction of the loan-to-value ratio from 80% to 70% for the second and subsequent private residential property loans;
Measures affecting Public housing

1. Increase the Minimum Occupation Period (MOP) for non-subsidised flats to 5 years,
1.Disallow concurrent ownership of both HDB flats and private residential properties within the MOP,
1.Allow households earning between $8,000 and $10,000, to buy new DBSS flats with a $30,000 CPF Housing Grant,
1.Increase the supply of new flats, Design, Build and Sell Scheme (DBSS) flats, and Executive Condominiums (EC) (16,000 units for 2010 and 22,000 in 2011); and
1.Shorten the completion time of Build-To-Order (BTO) flats.
Filed under: Singapore Property News | Leave a Comment »
MEASURES TO MAINTAIN A STABLE AND SUSTAINABLE PROPERTY MARKET
Posted on August 30, 2010 by SgRealtySearch.com


1 The Government announced today the following measures to maintain a stable and sustainable property market:

1.Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.
2.For property buyers who already have one or more outstanding housing loans1 at the time of the new housing purchase:
1.Increase the minimum cash payment from 5% to 10% of the valuation limit2; and
2.Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.
The measures will take immediate effect on 30 August 2010.

2 The Government’s objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals. The property market is currently very buoyant. While the rate of price increase of private residential properties has moderated in the last 3 quarters, prices have still increased significantly by 11% in the first half of 2010, and price levels have now exceeded the historical peak in the second quarter of 1996.

3 While Singapore has enjoyed strong economic growth in the first half of 2010, our economic growth is expected to moderate in the second half of the year. There are also still uncertainties in the global economy. Should economic growth falter and the market corrects, property buyers could face capital losses, with implications on their own finances and the economy as a whole. Moreover, the current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves. Therefore, the Government has decided to introduce additional measures now to temper sentiments and encourage greater financial prudence among property purchasers.

Extending the Holding Period for Imposition of Seller’s Stamp Duty (SSD) on Residential Properties Sold from 1 Year to 3 Years
4 The Government imposed in February 2010 a seller’s stamp duty (SSD) for sellers who buy residential properties3 on or after 20 February 2010 and sell them within a year of purchase.

5 For residential properties bought4 on or after 30 August 2010, SSD will be imposed if these properties are sold within three years of purchase. Specifically, the SSD levied on residential properties will be revised to as follows:

1.Sold within the first year of purchase, i.e. the property is held for 1 year or less from its purchase date – The full SSD rate (1% for the first $180,000 of the consideration, 2% for the next $180,000, and 3% for the balance) will be imposed.
2.Sold within the second year of purchase, i.e. the property is held for more than 1 year and up to 2 years – 2/3 of the full SSD rate.
3.Sold within the third year of purchase, i.e. the property is held for more than 2 years and up to 3 years – 1/3 of the full SSD rate.
No SSD will be payable by the vendor if the property is sold more than 3 years after it was bought. Please see Annex for examples of how the SSD will be computed.

6 The extended SSD will not affect HDB lessees as the required Minimum Occupation Period for HDB flats is at least 3 years.

7 IRAS will be releasing an updated e-tax guide on the circumstances under which SSD will apply and the procedures for paying SSD. The e-tax guide will be available at www.iras.gov.sg. Taxpayers with enquiries may call IRAS at 6351 3697 or 6351 3698.

Increase the Minimum Cash Payment from 5% to 10% of the Valuation Limit for Property Purchasers with one or more outstanding Housing Loans
8 Previously, property buyers have to make cash payment of at least 5% of the valuation limit5. With effect from 30 Aug 20106, the cash payment is increased from 5% to 10% of the valuation limit7. This measure is applied only to buyers of private residential properties, Executive Condominiums, HUDC flats and HDB flats (including those under the Design, Build and Sell Scheme, or DBSS flats) who are taking housing loans from financial institutions regulated by MAS and who already have one or more outstanding housing loans at the time of applying for a housing loan for the new property purchase.

Decrease the LTV limit for housing loans granted by financial institutions regulated by MAS from the current 80% to 70% for Property Purchasers with one or more outstanding Housing Loans
9 The LTV limit is lowered from 80% to 70% with effect from 30 Aug 20108 for borrowers who have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan for the new property purchase. Borrowers who do not have any outstanding housing loans continue to have an LTV cap of 80%. These rules apply to housing loans granted by financial institutions for private residential properties, Executive Condominiums, HUDC flats and HDB flats (including DBSS flats).

10 Loans granted by HDB for HDB flats (including DBSS flats) will still have an LTV cap of 90%. HDB loans are offered to eligible first-time flat buyers and second-timers who are right-sizing their flats to meet their housing needs. They are required to utilise all of their CPF Ordinary Account balance before HDB loans will be granted. Furthermore, those taking a second concessionary HDB loan must use the CPF refund and 50% of the cash proceeds from the sale of their previous flat before they are granted an HDB loan. This is in line with HDB’s home ownership policy of helping eligible buyers, especially first-time buyers, purchase public housing in a financially prudent manner.

11 Financial institutions’ lending standards have remained prudent and the asset quality of housing loans has stayed robust, with the non-performing loans ratio at less than 1% as at Q2 2010. Nonetheless, there are signs that more housing loans are originating at higher LTV bands of above 70%. In line with the objective of ensuring a stable and sustainable property market, lowering the LTV limit sends a clear signal to financial institutions to maintain credit standards, and encourages greater financial prudence among property purchasers already servicing one or more outstanding housing loans.

Adequate Supply in the Pipeline
12 The Government will also continue to ensure that there is adequate supply of housing to meet demand. In the second half 2010 GLS Programme, we have made available sites that can yield about 13,900 private housing units, of which about 8,100 units will be from sites on the Confirmed List. This is the highest potential supply quantum in the history of the GLS Programme. We will inject an even larger supply of private housing in the first half 2011 GLS Programme, if demand continues to be strong.

13 Apart from the supply from the GLS Programme, there are also 61,800 uncompleted units of private housing from projects in the pipeline as at 2Q20109. Of these, 32,600 units were available or could be made available for sale. These comprised units that had been launched for sale by developers, units that had pre-requisite conditions for sale10 and which could be launched for sale immediately, as well as units with planning approvals for which pre-requisite conditions for sale could be obtained quickly from the Government and made available for sale11.

14 The Government will continue to monitor the property market closely and will introduce additional measures if required later, to promote a stable and sustainable property market.

*****

1 Financial institutions are required to conduct checks with HDB and with one or more credit bureaus on whether the buyer has an outstanding housing loan at the time of applying for a housing loan for the new property purchase. For joint buyers, if either buyer has an outstanding housing loan, the joint buyers will be considered as having an outstanding housing loan.

2 This is in addition to the cash over valuation amount that has to be paid in cash.

3 The SSD will apply to the transfer or disposal of interest (including sale and gifts) of residential lands and residential units (whether completed or uncompleted).

4 The date of purchase for computation of the holding period for SSD shall be the date when a buyer (i.e. Buyer A) exercises the option to purchase the property, or signs the sale and purchase agreement, whichever is earlier. The date of resale of the property shall be the date when the subsequent buyer (i.e. Buyer B) exercises the option to purchase the property from Buyer A, or signs the sale and purchase agreement, whichever is earlier.

5 The amount of CPF monies plus housing loan taken for the purchase of the property cannot exceed 95% of the valuation limit (defined as the lower of property value or property price).

6 The 10% minimum cash payment will apply to transactions where the date on which the option to purchase (OTP) was granted falls on or after 30 August 2010; or if there is no OTP, where the date of the sale and purchase agreement falls on or after 30 August 2010.

7 Therefore, the amount of CPF monies plus housing loan that can be used for the purchase of the property will be reduced from 95% to 90%.

8 The 70% LTV limit will apply to transactions where the date on which the option to purchase (OTP) was granted falls on or after 30 August 2010; or if there is no OTP, where the date of the sale and purchase agreement falls on or after 30 August 2010.

9 These refer to new development and redevelopment projects with planning approvals, i.e. either a Provisional Permission (PP) or Written Permission (WP).

10 These refer to private residential developments with Housing Developer Licence and Building Plan Approval. Under the Housing Developer (Control and Licensing) Act, a sale licence must be obtained for a project with more than 4 units, if the developer intends to sell uncompleted residential units in the development. However, the sale of the residential units can only commence with the approval of the building plans of the development.

11 These refer to uncompleted private residential developments without pre-requisites for sale but with WP or PP granted. The sale licences could be obtained within 5 working days and building plan approvals could be obtained within 7 working days from the date of application for cases where clearances from various technical agencies are obtained and relevant documents are in order during formal submissions.

Issued by:

Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore
 

Harry Lee

Alfrescian
Loyal
Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

Do you need high flying scholar ex-CPIB Director to look after real estate agencies..... hmmm.... something is not quite right.....

Is it Siberia for this civil servant? He did not spend too long in CPIB either before kena transferred out....
 
M

Mdm Tang

Guest
Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

Top-end home sells defines gravity in a cautious property market

AMID the caution that has crept into the market for mainstream condos since last month, a record price has been set for a top-end bungalow on Sentosa Cove. The property at Paradise Island changed hands in the resale market for $36 million or $2,403 per square foot on land area last month. In terms of both, the absolute amount and unit land price, this is believed to be the priciest bungalow deal in the upscale waterfront housing district, based on caveat records captured by the URA Realis system.

The $2,403 psf unit land price is also probably the highest for a bungalow transaction anywhere in Singapore, property agents say. The deal is understood to have been brokered by DTZ. The two-and-a-half storey bungalow fronting the waterway has a private pool and a berth for a yacht. Homes on Sentosa Cove are sold on 99-year leasehold tenure sites.

The new owner of the Paradise Island bungalow is believed to be a Chinese national who is a Singapore permanent resident. The sellers, who are understood to be Singaporeans, have reaped a handsome profit. According to caveats data, the house was last transacted in September last year at $20.18 million or $1,347 psf. The property was first sold in April 2007 by Ho Bee, the developer of Paradise Island, for $18.1 million or $1,208 psf. The bungalow has a land area of 14,983 sq ft and a built up area of about 17,000 sq ft.

A nearby property on Paradise Island also changed hands in March at $2,390 psf in the resale market but as its land area was smaller at about 8,105 sq ft, the lumpsum price was lower at $19.38 million. Ho Bee’s Pardise Island project received Temporary Occupation Permit (TOP) in May last year.

A new record bungalow price could be set for the location if Satinder Garcha’s Elevation Developments gets the $3,000 psf it is looking at for its three-storey bungalow at 81 Ocean Drive, which has been completed. With a land area of 9,436 sq ft, the total price would work out to $28.3 million sq ft. The unit’s built-up area is 11,500 sq ft. According to KH Tan, managing director of Newsman Realty, which is marketing the property, an offer for $2,700 psf from an American has been received, but Elevation is waiting for its target price.

The unit comes with a glass lift, two master suites, three smaller en-suite bedrooms, an infinity pool, a home theatre room and a spacious lawn. Elevation is offering the property furnished and fitted.

Foreign buyers, including mainland Chinese, have been active buying landed homes in Sentosa Cove, say property agents.

In March, four members of a Liu family from Liaoning are said to have acquired a bungalow each at Kasara – The Lake collection at Sentosa Cove from YTL Corporation. Their purchase prices range from about $15.9 million to nearly $26 million per bungalow or $1,731-1,780 psf on land area. The villas are slated to receive TOP in June 2012.

DTZ executive director (consulting) Ong Choon Fah is not expecting bungalow prices on Sentosa Cove to keep climbing at the same pace, given the more cautious global economic climate which could dent foreign interest. ‘However, there is limited supply of just 400 landed homes on Sentosa Cove. And long-term investors may draw the conclusion that putting their money in the Singapore property market is a good investment when you consider the alternatives,’ she added. Some market watchers say that the opening of Resorts World Sentosa has also boosted the appeal of owning a home on Sentosa Cove to some foreigners.

Sentosa Cove is the the only place where foreigners who are not Singapore permanent residents are allowed to buy landed homes, although this is still subject to approval from the Land Dealings (Approval) Unit. Also, foreigners buying a landed home on Sentosa Cove do not have to hold the property for at least three years before they can resell it, unlike the case when they buy a landed property on the mainland.

Whether on the mainland or on Sentosa Cove, foreigners may at any one time own just one landed home in Singapore and that too for owner occupation only.

Source : Business Times – 12 Jun 2010
 
M

Mdm Tang

Guest
Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

Do you need high flying scholar ex-CPIB Director to look after real estate agencies..... hmmm.... something is not quite right.....

Is it Siberia for this civil servant? He did not spend too long in CPIB either before kena transferred out....



Do not be surprised by the huge info and experience CPIB has ...:smile:
 
M

Mdm Tang

Guest
Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

>

Jet Li buys $20m bungalow in Bukit Timah



Actor's new Binjai Rise home was once owned by FJ Benjamin founder. -ST



Sat, Jun 20, 2009


The Straits Times

By Joyce Teo

MARTIAL arts movie star Jet Li and his wife, former actress Nina Li Chi, have bought a sprawling bungalow in Bukit Timah for $19.8 million.

The freehold property is a 22,723 sq ft good class bungalow (GCB) in Binjai Rise - a house with past links to another global celebrity, football star David Beckham.

Related links:
» Top-end bungalows going, going, gone » Jet Li buys $20m Binjai Rise bungalow
GCBs are a prestigious class of bungalows in limited supply here, found only in gazetted prime residential areas such as Nassim Road and Ridley Park. They have a minimum land area of 15,000 sq ft.

Li, 46, who is taking a break from acting to focus on charity work, launched the Jet Li One Foundation Project in April last year jointly with the Red Cross Society of China to raise funds for victims of natural disasters worldwide.

The Beijing-born actor, whose Chinese name is Lianjie, then set up a branch of One Foundation in Singapore last year.

In 2007, he had moved his wife and two younger daughters to Singapore. He is now understood to be a Singapore citizen, according to the Business Times, which broke news of the sale yesterday.

The two younger daughters - he has two other teenage daughters from an earlier marriage - attend the Singapore American School.

Li, who previously lived in Los Angeles, has starred in numerous Hollywood and Chinese movies. Recent releases include The Mummy: Tomb Of The Dragon Emperor (2008) and Fearless (2006).

His first Hollywood leading role was in the hip hop, gongfu film Romeo Must Die.

A check yesterday showed that Li's GCB deal was sealed in the middle of last month. The seller had suffered a loss of $1.2 million on the deal.

The seller, who has a pre-school childcare business, had bought the property in the fast-rising market of early 2007 for $21 million, or $924 per sq ft (psf). The sale price to Li works out to $871 psf.

Market sources said the previous owner had bought it from the founder of luxury goods retailer FJ Benjamin, Mr Frank Benjamin, who had lived there for many years. He now lives in the high-rise condominium Ardmore Park.

In 2001, Mr Benjamin hosted a party at this Binjai Rise house, where two models claimed in media reports to have met football star David Beckham and later had separate trysts with him. The football star did not comment on the allegations.

Market observers said the price that Li paid for the GCB is fair. With prices rising amid improved property market sentiment, the value of the Binjai Rise GCB could even be a bit higher now, said one.

Li's purchase and the 2007 deal are the only occasions the bungalow has changed hands since 1995 - the period when records are available.

Foreigners cannot easily buy a GCB or any other landed home here as the Government restricts foreign ownership of residential property.

Permanent residents are permitted to buy landed property, but only with permission from the Government. Foreigners who take out Singapore citizenship may also buy landed property.

The exception to the restrictions is the gated residential enclave of Sentosa Cove, where ownership rules were eased to allow foreigners who are not PRs to buy landed homes or land plots, though permission is still needed.

Other Asian movie stars living in Singapore include Chinese actress Gong Li, who is married to a Singaporean. She became a Singapore citizen late last year.

Another famous gongfu star, Jackie Chan, also owns properties here, though he is not based here.

This article was first published in The Straits Times.




>
 

krafty

Alfrescian (Inf)
Asset
Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

I think hor...property agents may be in for a hard time.

KnightFrank.jpg
 
M

Mdm Tang

Guest
Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

bro . yr creative side ... nice posting ...:smile:
 
M

Mdm Tang

Guest
Re: 29 Aug 2010 : Singapore Property Latest News ( HDB & PRIVATE ) , Please Update He

.


Sep 4, 2010


Have an exit clause in property transactions

THE Government has frequently introduced policies to cool the property market, which have implications on affordability.

Given this, it is worthwhile to introduce into legislation an exit clause in Option to Purchase agreements, so that sellers and buyers can avoid the costly legal process when one side has to back out as a result of a change in government policy.

Patrick Sio
 
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