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

[xebay11]

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

Why all so happy with cooling of property prices? Don't you know that it implies that going forward, wages will forever be low, remember in the past the Govt was always boasting that property prices were in-line with wage increases? Now they U turn, that means they admit that FTs are and will continue to push down wages, that is why they are doing the corrections in HDB market.

 

[Mdm Tang]

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

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This story was printed from channelnewsasia.com




Title : Recent property cooling measures crucial to prevent repeat of 1990s
crash: Mah By :

Date : 15 September 2010 2122 hrs (SST)

URL : http://www.channelnewsasia.com/stories/singaporelocalnews/view/1081442/1/.html

SINGAPORE : The recent property cooling measures are important to prevent a repeat of the market crash of the late 1990s.

That is according to the National Development Ministry, as it addressed critics against the measures in Parliament on Wednesday.

The property boom of the 1990s was partly fuelled by what has been dubbed the 'upgrading fever.'

That saw more people take on bigger loans in pursuit of new and bigger flats.

According to the National Development Minister, it's a grim reminder of why the latest measures are necessary.

"When prices were at their previous peak in 1996, many flat owners took bigger loans and upgraded to bigger flats. When prices fell sharply the following year during the Asian Financial Crisis, many were caught and ended up with negative equity," said National Development Minister Mah Bow Tan.

"I think we still see a number of cases relating to that in our Meet-the-People sessions, and I hope we don't see this scenario happening again," he added.

The new rules include a longer minimum occupation period, from three to five years.

Another key change which raised concerns is that it is now compulsory to sell off your private property within six months of buying a HDB flat.

While there is no data available on how many people are affected by this new ruling, the ministry estimates that before the measures were introduced, there were about 24,000 people who owned both HDB and private properties.

This is about 3 per cent of all HDB flat owners.

Mr Mah said the measures reinforce the idea of HDB flat as a long-term occupation, not as a mode of investment.

"I do empathise with the concerns of those who wish to sell their private property, and move to an HDB flat. But I wish to say that the rules do not deter them from doing so. They can still downgrade to a smaller flat, provided they don't own both at the same time," said Mr Mah.

"We want to ensure that those who are in urgent need of resale HDB flats would be able to buy them, such as young couples. There would be some who would be inconvenienced, but I hope the (public) can understand there is a need for these changes."

The ministry also played down the influx of new immigrants as a reason for rising prices.

It said the overall economic sentiment was a big driver too. - CNA /ls

 

[Mdm Tang]

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

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This story was printed from channelnewsasia.com




Title : Private residential rentals set to rise with influx of foreign workers
By :


Date : 15 September 2010 2300 hrs (SST)


URL : http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1081453/1/.html



SINGAPORE : Rental rates in the private property market are poised to rise with the expected influx of some 80,000 foreign workers this year.


Analysts said this is because of the shortage of private housing.

And the supply situation may not improve this year as only 5,000 private housing units are expected for completion by year's end.

The government's forecast on the number of foreign workers here comes on the heels of an expected boom in the job market.

And as housing needs for these foreign workers increase, rental rates are likely to follow.

"This could cause rentals to rise anywhere from 2 to 5 per cent for the second half of this year," said Nicholas Mak, executive director of Research and Consultancy at SLP International.

Second-quarter figures from the Urban Redevelopment Authority (URA) showed private property vacancy rates were at 5.4 per cent.

Analysts said private residential property rental yields are currently at 3 to 4 per cent.

With the rise in foreign workers, they expect rental yields for non-landed properties to increase by about 1 per cent.

"Typically, the rental market in Singapore is pretty stable. It will only drop, for example, in times when the economy is in a recession. That's when big numbers of foreign workers may then leave the country," said Eugene Lim, associate director of ERA Asia Pacific.

Analysts said the latest cooling measures are also unlikely to impact the private property rental markets over the short-term.

One of the new measures introduced include a lower loan-to-value ratio at 70 per cent for buyers with more than one mortgage.

This may deter buyers who plan to purchase a second property for rental and investment purposes, analysts said. - CNA /ls

 

[Mdm Tang]

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

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Sep 16, 2010


Estate Agents Bill passed

By Jessica Cheam





An Estate Agents Bill was passed, marking an important point in the history of Singapore's real estate industry by regulating property agents for the first time. -- ST PHOTO: CAROLINE CHIA

PARLIAMENT on Wednesday passed the Estate Agents Bill, marking an important point in the history of Singapore's real estate industry by regulating property agents for the first time.

The new statutory board - Council for Estate Agents (CEA) - overseeing the industry will begin operations on Oct 22, said National Development Minister Mah Bow Tan.

From Jan 1 next year, all property agents will have to be registered with the CEA and have to meet certain standards to continue working.

The Bill comes as the Government moves to address the standards of an industry dogged by rising number of complaints against errant agents.

It follows a recent housing Bill sped through Parliament and passed in July to close a loophole which had allowed moneylenders to lodge caveats on HDB flats to claim a stake in sale proceeds.

MPs had highlighted the role of irresponsible housing agents who act in cahoots with moneylenders to mislead home owners as among the other unethical practices seen in recent years as Singapore experienced a property boom.

Many MPs that spoke on the Bill on Wednesday supported it, although they also raised various concerns from foreigners operating as agents, to commission guidelines and consumer awareness.

MPs Ho Geok Choo (West Coast GRC) and Lee Bee Wah (Ang Mo Kio GRC) asked if foreigners without local knowledge of laws should be allowed to work as agents. Mr Ang Mong Seng (Hong Kah GRC) went a step further to ask if foreigners could be banned.

Mr Mah said no, as such measures will contravene the various free trade agreements Singapore has signed with trading partners and would be considered a discrimnatory practice.

However, although foreigners will still be allowed to operate as property agents, they will need to qualify for a work pass from the Manpower Ministry and comply with new rules and be registered with an agency under the new Bill

 

[Mdm Tang]

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

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Oct 1, 2010


HDB resale transactions fall By Amanda Lee


HDB resale prices have also gone up slower in the June to September. -- PHOTO: ST/DESMOND FOO


GOVERNMENT measures to prevent the property market from overheating have cooled transactions of Housing Board resale flats in the third quarter.

The number of resale flats changing hands fell sharply by 25 per cent in September alone, from August.

The estimated number of resale transactions for the third quarter is about 8,299, or 10 per cent less than the previous quarter, according to flash estimates released by the HDB on Friday.

HDB resale prices have also gone up slower in the June to September, rising by 4 per cent, compared to 4.1 per cent in the second quarter.

As most of the transactions for Q3 were submitted to HDB before the announcement of the tougher measures on Aug 30, HDB said the impact of the measures is not fully reflected in the data yet.

But demand for HDB flats, especially from first-time applicants, continue to be strong.

To meet this, the HDB is ramping up new flat supply in the last quarter, and will launch 3,400 flats under the Build-to-Order (BTO) Scheme. This will bring the total BTO flat supply for this year to 16,000.

In the first quarter of next year, HDB will launch about 5,000 BTO flats, as part of the supply of 22,000 new flats planned for 2011.

Read also:
Home prices cool in Q3
>>>>>>>>>>>>>>>>>>>>>>

Cooling measures to curb speculation
* New measures were announced on Aug 30.

* National Development Minister Mah Bow Tan said the 'calibrated' steps are aimed at stabilising the private property market and preventing it from 'over-heating.'



>>>>>>>>>>>>>>>>>>>>

Rule changes for HDB flats for owner-occupation
* HDB flats are meant for long-term owner-occupation. HDB has lengthen the Minimum Occupation Period (MOP) to reinforce this and dampen demand from those who are not in urgent need of housing.

* The MOP of non-subsidised flats for resale and subletting of flat has been increased from three to five years.

* Buyers of non-subsidised flats are now disallowed from concurrently owning both an HDB flat and a private residential property within the MOP 4.

* 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



>>>>>>>>>>>>>>>>>>>>>>>

 

[Mdm Tang]

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

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Oct 1, 2010


Home prices cool in Q3


The anti-speculation measures have put a dampener on HDB resale transactions. -- PHOTO: ST/FRANCIS ONG



GOVERNMENT measures to cool the red-hot property market have slowed prices for both private and Housing Board homes.

Private home prices rose at a slower pace of 3.1 per cent in the third quarter from 5.3 per cent in Q2, while HDB resale flat prices crept up by 4 per cent, from the previous quarter's 4.1 per cent, according to flash estimates released by the Urban Redevelopment Authority and HDB on Friday.

The anti-speculation measures and more cautious market sentiments over an expected economic slowdown in the second half year have put a dampener on HDB resale transactions, which fell by 10 per cent, or 8,200 units, from the earlier quarter.

On the private residential front, prices of non-landed homes in all three regions - Core Central, Rest of Cental and Outside Central - rose at a much slower pace than the second quarter, registering increases of 1.6 per cent, 2.4 per cent and 2.4 per cent respetively.

The prices climbed 5.4 per cent, 4.6 per cent and 5.7 per cent respectively in the second quarter.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first 10 weeks of the quarter, supplemented by information on the number of new units sold.

The statistics will be updated four weeks later when URA releases the full third quarter data.

URA said it will continue to release relevant property market information in a timely manner to allow the public to make informed decisions.


Read also:



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[no_faith]

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

my fren is a 1st timer, married not long ago, applying for new flat.
finally gt one, happy but not really cuz the value is $398,000 for a 5 room flat.
the location is quite ulu for me to cost almost $400k.

guess which location?

 

[no_faith]

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

juz i saw a article in yahoo news, a HDB unit in shunfu road cost S$1.1m.

 

[moolightaffairs]

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

my fren is a 1st timer, married not long ago, applying for new flat.
finally gt one, happy but not really cuz the value is $398,000 for a 5 room flat.
the location is quite ulu for me to cost almost $400k.

guess which location?

i know. woodland. correct? my friend staying there.

 

[no_faith]

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

i know. woodland. correct? my friend staying there.

nope, woodland is better than bukit panjang isnt it?

 

[shOUTloud]

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

nope, woodland is better than bukit panjang isnt it?

for the time being, Woodlands is better than Bt Panjang but in a few year's time when the Downtown line is up, Bt Panjang will be very convenient leow.

 

[silverfox@]

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

my fren is a 1st timer, married not long ago, applying for new flat.
finally gt one, happy but not really cuz the value is $398,000 for a 5 room flat.
the location is quite ulu for me to cost almost $400k.

guess which location?

You want to tell us Sengkang, Ponggol?
If he think 5rm flat is expensive, he should have taken 4rm flat.

I find it funny that a lot of people go for 5rm flat when the configuration is more or less like 4rm except that 5rm has an extra small study area, and they name it as 5rm getting people hooked to it thinking it has an extra bedroom.

 

[no_faith]

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

You want to tell us Sengkang, Ponggol?
If he think 5rm flat is expensive, he should have taken 4rm flat.

I find it funny that a lot of people go for 5rm flat when the configuration is more or less like 4rm except that 5rm has an extra small study area, and they name it as 5rm getting people hooked to it thinking it has an extra bedroom.

it is bukit panjang. i tot i posted earlier than you, u will c.

why 5 rm not 4 rm? i cant rmb clearly. i tink the only choice is 5rm.

a lot of ppl go for 5rm? hw u know and sure abt it?
it could be there is no choices cuz the HDB is building 4 rm and abv unit?

 

[Yip Hon]

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

>


Nov 19, 2010

REINING IN ERRANT PROPERTY AGENTS

6 complaints a day

By Daryl Chin



IN THE 19 days since it was set up, the Council for Estate Agencies (CEA) has received a total of 72 complaints or about six every working day, about errant property agents.

Till Nov 10, about one in two complaints to the CEA was about unprofessional agents or the quality of service they provided.

Complaints about misrepresentation, alleged fraud, disputes on commission and bickering between agents made up the rest.

The council can now only refer complaints involving disputes on commissions and contractual matters back to the agents, who will be tasked to provide the CEA with a report within 14 days.

Said a spokesman: 'If they are unable to resolve the dispute, CEA will advise consumers to go to mediation centres such as the Consumers Association of Singapore (Case) or the Singapore Mediation Centre.'

The council can also issue warning letters to errant agents for acts such as distributing fliers containing misleading information.

Read the full story in Friday's edition of The Straits Times.

 

[Mdm Tang]

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

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Business Times - 01 Dec 2010


Exec condo surprises with DPS option



By EMILYN YAP

(SINGAPORE) NTUC Choice Homes Co-operative (NCH) and Chip Eng Seng (CES) are launching an executive condominium (EC) project in Punggol with a surprising feature - a deferred payment scheme (DPS).

Many in the property industry had assumed that the DPS was entirely scrapped in the boom year of 2007 to curb speculation. The two developers' move could trigger owners of other EC projects to also offer DPS.

NCH and CES are behind the 99-year-leasehold Prive, the first EC to come up in Punggol. The site is at the junction of Punggol Field and Punggol Road, and average selling prices will be between $660 and $690 per square foot (psf).

There will be 680 apartments ranging from two to four-bedders, located across four 17-storey towers. The developers bought the plot from the government in June this year.

The developers will open the sales gallery on Dec 3 and allow viewings and applications up until Dec 7. Bookings will start on Dec 10 and home seekers have to gain entry to the gallery that day through a ballot.

Buyers can finance their homes through a normal payment scheme (NPS) or the DPS. Under the DPS, they need to pay only a 5 per cent booking fee and 15 per cent of the purchase price. They will not need to make further payments until the development obtains its Temporary Occupation Permit.

Developers of two earlier EC projects - Esparina Residences and The Canopy - did not offer DPS.

Several developers and consultants whom BT spoke to were surprised to learn that DPS was allowed for EC projects.

In October 2007, the government withdrew DPS for the sale of uncompleted private residential, commercial and industrial properties. The news release made no mention of ECs then.

Some industry players seem to have assumed that DPS was also disallowed for ECs. After all, ECs are seen as a hybrid of public and private housing. They have facilities comparable to private condominiums but carry public housing restrictions which are lifted only after 10 years.

Few might have thought of clarifying the rule change with the authorities, since the last EC launch happened some time back in May 2005.

Following some checks yesterday, BT understands that the withdrawal of DPS in 2007 did not apply to ECs. Some in the industry could have been 'a little presumptuous', said one developer who declined to be named.

Also, EC buyers have to fulfil a minimum occupation period of five years. This means that speculation would be minimal to begin with.

Knight Frank chairman Tan Tiong Cheng said it is possible that other EC developers will follow suit to offer DPS, now that they are aware of the option.

MCC Land is currently exploring the viability of offering both DPS and NPS for The Canopy. It has sold 190 out of 406 units at an average price of around $590 psf.

United Engineers is also working towards offering DPS for its upcoming EC project, Austville Residences. It could launch the site this month or next.

Response to ECs has been warm this year. Frasers Centrepoint has sold 508 out of 573 units at Esparina Residences, at an average price of $740 psf.

DMG & Partners analyst Brandon Lee expects to see good take-up for Prive as it is just a few minutes' walk from Punggol MRT station.


Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.




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[Mdm Tang]

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

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Top 10 ‘cheapest’ homes in Singapore


By PropertyGuru – December 3rd, 2010



By Mr. Propwise (courtesy of PropertyGuru)

Based on the comments from my last article on the Top 10 Most Expensive Houses in Singapore, it seems many readers feel it would be useful to look at the most affordable choices instead. I have thus compiled this list of the 10 most affordable homes currently on the market in Singapore. Just like the previous article, I used PropertyGuru to filter these out (the prices below are the asking prices).

My findings? Amongst the top 10, all but one are HDB flats, which no surprise, but they tend to be in the faraway corners of Singapore such as Yishun, Marsiling and Boon Lay, although there are also flats in prime neighbourhoods such as Ang Mo Kio. The cheapest home on the market in Singapore is, surprise surprise, a landed property — but with a fatal flaw (read on to find out more).

Here are the 10 cheapest homes in Singapore in descending order:




10. For $252,000, you get a 721 sqft ($350 psf) 3NG (New Generation) HDB flat at Blk 118, Potong Pasir Avenue 1. It comes with 2 bedrooms and bathrooms and is a windy, bright and unblocked unit that is near to amenities and Saint Andrew’s, an SAP school. The asking price implies a Cash Over Valuation (COV) of around $22,000.

9. For $250,000, you get a 740 sqft ($338 psf) 3I HDB flat at Block 25 Tanglin Halt Road. It comes with 2 bedrooms and 1 bathroom, is a corridor unit in “simple move in condition”, and is near to amenities and a school.

8. Also for $250,000, you can get a 721 sqft ($347 psf) 3NG (Modified) HDB flat at Blk 111, Yishun Ring Road. It has 2 bedrooms and bathrooms, is a corner unit on a high floor, and has designer décor. There is no COV payable.

7. In seventh place is a 3NG (Modified) HDB flat at Block 202 Marsiling Drive, also going for $250,000. At 731 sqft ($342 psf), it has 2 bedrooms and bathrooms, has a great unblocked view, and is in move-in condition. You will be minutes away from amenities and within walking distance of the Woodlands checkpoint.

6. In sixth place is a 3NG (New Generation) HDB flat at Blk 565, Ang Mo Kio Avenue 3, going for $247,000. For that price, you get 2 bedrooms and bathrooms and 743 sqft ($332 psf) of space. The $235,000 valuation implies a COV of $12,000.

5. For just $238,000, you can buy a 3NG (Modified) HDB flat at Block 103 Yishun Ring Road. At 721 sqft ($330 psf), you get a flat which has 2 bedrooms and bathrooms, and is near to the MRT, shops and schools. The apartment is in move-in condition, and is near to amenities and schools.

4. In fourth place is a $238,000 721 sqft ($330 psf) 3NG (Modified) HDB flat at Block 24 Marsiling Drive. It has 2 bedrooms and bathrooms, is on a high floor, and is near to Admiralty MRT station and the Woodlands checkpoint.

3. On another end of the island, you can pick up a 3I (Improved) HDB flat in Blk 185, Boon Lay Drive for $235,000. Space will be a bit tighter as it is only 624 sqft ($377 psf), but still has 2 bedrooms and 1 bathroom. The asking price implies a COV of $20,000. It is near to the market, schools and Boon Lay MRT.

2. For $215,000, you can buy a 3I (Improved) HDB flat at Block 187 Boon Lay Avenue. The ad claims that you get 2 bedrooms and bathrooms in 635 sqft ($339 psf) of space. The apartment is next to Boon Lay MRT and Boon Lay Shopping Centre, and can achieve a potential rental yield of 5 percent.

1. And the cheapest property currently being marketed on PropertyGuru is, unexpectedly, a landed property. How much would you pay for a 3+1 double-storied terrace house at Geylang Lorong 3 with 1,100 sqft of built-in area and sitting on 725 sqft of land? At an asking price of $188,000 you are paying just $171 psf (built-in) and $259 psf (land). You are located just minutes away from Kallang MRT and town, and have amenities and a community centre nearby. Sounds too good to be true? Well, this property does have a fatal flaw – it has only 9+ years of lease left. So if you buy it, you’ll be house hunting again before the decade is up…

Mr. Propwise is the founder of Singapore property blog www.propwise.sg, which aims to help people make better real estate buying, selling, renting and investing decisions




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[Mdm Tang]

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

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Business Times - 09 Dec 2010


Industry churns, real estate agents jump ship



Major shake-up sees some firms beef up while others lose top talent

By UMA SHANKARI

(SINGAPORE) Property firms here are jostling for the best agents as enforcement by new regulatory body the Council for Estate Agencies (CEA) kicks in.

Under new rules, agents can only work with one real estate firm. This means that those who formerly represented multiple firms now have to pick just one.

This has led to an industry shake-up here, with agents being drawn to firms with a track record of high-profile residential launches that help them earn more in commissions.

Over the past few months, the number of residential brokers at firms including Savills Singapore and Huttons Real Estate Group has climbed swiftly.

Other firms, including Knight Frank, PropNex and ERA, have seen falls in headcount numbers as agents either left to work for competitors or exited the business entirely, put off by more stringent regulations.

At Savills, the residential team has grown from about 35 people two months ago to around 550 brokers now. The group's South-east Asia chief executive Chris Marriott is expanding his team to take advantage of market opportunities.

'There are a large number of projects coming through, both in terms of new launches as well as completions (when projects receive their Temporary Occupation Permit),' he said.

The beefed-up sales team will focus on marketing properties in Singapore's prime districts and handle new launches, sub-sales and re-sales.

Savills' new agents are all experienced, Mr Marriott stressed. According to sources, a significant number of Savills' new agents used to work for Knight Frank.

Huttons is also hiring aggressively. The firm, which was formed in 2002, has grown from a small team of associates to more than 2,000 consultants now. And it is still looking to hire, sources said.

In fact, Huttons' success has even led to a spin-off unit. Last year, a group of its agents left to set up a new firm, Black Diamond Real Estate Group. Black Diamond has since grown from about 100 agents to 300.

Other property firms muscling in on established firms' turf include ECG Property. The firm, which was set up last year, has more than 1,000 agents.

Firms that have seen a fall in headcount admit that some of their ex-agents have left to join competitors. Also, some inactive and inexperienced agents have chosen to leave the industry, they said.

ERA, for example, registered some 4,800 salespeople with CEA during a recent registration exercise. This is a drop from the 5,800 agents the firm had at the beginning of the year. But ERA Asia-Pacific associate director Eugene Lim said that before the registration exercise, just 3,800 of the sales team were 'performing agents'.

PropNex has around 4,500 agents now, down from 6,000 at the beginning to the year. And over at Knight Frank, the number of property agents tumbled from 1,250 at the beginning of the year to just under 700 now.

Danny Yeo, group managing director of Knight Frank, said that most of the agents who have left were inactive.

'Some of our agents shifted around to other agencies, but we have also taken some from other firms,' Mr Yeo said. 'The bulk of the agents who left had low trading volumes and were inactive.'

Explained CB Richard Ellis (CBRE) executive director for residential Joseph Tan: 'The recruitment drive is now focused on hiring experienced agents. There is some movement across agencies. We are very selective in hiring as we operate on a slightly different business model.'

The number of agents at CBRE has dipped by less than 10 per cent, he said.

The industry shake-up has also hit some of the smaller property firms in Singapore, such as Sotheby's International Realty.

Sources said that the owner of the US-based luxury property firm's Singapore franchise is looking to sell the franchise. According to the sources, the value of deals handled by the firm has fallen since the 2007 property boom, when the brand was first introduced to Singapore. Some of Sotheby's agents have also left.

Property firms here submitted a list of about 32,800 existing salespeople who satisfied all CEA requirements at the Oct 22 cut-off date.

And over the past month, the firms have also submitted applications for licences to operate and registration forms for their agents. But the total number of firms and agents is not available yet, as CEA is still processing the applications. Previous estimates put the number of property firms and agents at 1,700 and 30,000 respectively.



Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.





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[Mdm Tang]

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

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Business Times - 04 Dec 2010


More HDB resale matters available online
By LYNN KAN

THE Housing and Development Board (HDB) is making resale transactions easier by moving more processes online.

This would be lead to lower online application fees for customers when compared with hard copy applications, and is also more environmentally friendly, said the HDB in a press release yesterday.

One of the changes made is that HDB is allowing all buyers, sellers and licensed housing agencies to book their first appointment dates for resale on HDB's e-Resale page from Jan 3, 2011.

Currently, buyers and sellers may only indicate their preferred date on e-Resale.

Previously, only agencies accredited by the Singapore Accredited Estates Agencies (SAEA) could set first appointment dates on the Internet by subscribing to ResaleNet.

HDB said that as of yesterday, ResaleNet was changed to allow all licensed housing agencies to be subscribers and set appointment dates.

The third major change is that from Jan 3, 2011, buyer and sellers, or their agents, may submit portions of the resale application separately rather than jointly.

Once HDB receives the first party's portion of the application, it would notify the other party through their MyHDBPage on the HDB website. The other party should submit their forms within seven days to book the first appointment. After that, the submission would then lapse and a fresh application would have to be made.

HDB has modified the rules after receiving feedback that buyers and sellers 'are not comfortable divulging their personal particulars to the other party, or their housing agents'.

HDB said that it would no longer be accepting hard copy resale applications and valuation requests from Jan 3, 2011.

HDB customers without Internet access may submit applications online at the e-Lobby at HDB Hub or at any HDB branch office.

Members of the public who require more information may e-mail [email protected] or call its enquiry line at 1800-866-3066 from 8am to 5pm, Mondays to Fridays.


Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.





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[halsey02]

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

>(SINGAPORE) NTUC Choice Homes Co-operative (NCH) and Chip Eng Seng (CES) are launching an executive condominium (EC) project in Punggol with a surprising feature - a deferred payment scheme (DPS)>

'Members' companies, can change any regulations at the click of the fingers, ARE YOU A MEMBER!.

 

[Mdm Tang]

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

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EFFECTIVE TODAY 14 Jan 2011​

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Jan 14, 2011

New measures to curb property speculation

By Esther Teo


The Government announced the fourth round of property cooling measures to 'maintain a stable and sustainable property market'. -- ST PHOTO: NG SOR LUAN


A CHILL is set to descend on Singapore's property market after the Government unveiled tough new measures on Thursday that analysts say will effectively kill off short-term speculation and make most property investors look before they leap.

They include hiking seller's stamp duty to a new maximum of 16 per cent, up from 3 per cent previously, and making it payable for up to four years from the date of purchase of a property.

Anyone with an existing home loan looking to buy a second property for investment will also now need to fork out more cash and Central Provident Fund savings.

That is because the loan limit for such properties is now 60 per cent of the property's value, down from 70 per cent previously.

The measures take effect on Friday.

Thursday's announcement marked the fourth time in less than two years that the Government has stepped in to cool the property market here.

Read the full story in Friday's edition 14 jan 11 of The Straits Times.



Business Times - 14 Jan 2011


New steps rain on speculators' parade

Big hike in seller's stamp duty and mortgage restrictions to cool property market

By UMA SHANKARI

(SINGAPORE) Starting today, speculators in the Singapore property market will find their ardour cooled by a severe new regime. The seller's stamp duty for private homes will rise to as high as 16 per cent, from up to 3 per cent previously, while tighter mortgage restrictions will be put in place.

The government yesterday unveiled a new and stronger round of demand-side cooling measures - the third set in less than 12 months.

The killer move, according to analysts, is a sharp hike in the seller's stamp duty to 16 per cent, 12 per cent, 8 per cent and 4 per cent respectively for properties that are bought on or after Jan 14 this year and are sold in the first, second, third and fourth year after purchase.

Previously, owners who sold houses and apartments less than three years after buying them had to pay a seller's stamp duty of only up to 3 per cent.

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Business Times - 14 Jan 2011

New steps rain on speculators' parade


Big hike in seller's stamp duty and mortgage restrictions to cool property market

By UMA SHANKARI

(SINGAPORE) Starting today, speculators in the Singapore property market will find their ardour cooled by a severe new regime. The seller's stamp duty for private homes will rise to as high as 16 per cent, from up to 3 per cent previously, while tighter mortgage restrictions will be put in place.

The government yesterday unveiled a new and stronger round of demand-side cooling measures - the third set in less than 12 months.

The killer move, according to analysts, is a sharp hike in the seller's stamp duty to 16 per cent, 12 per cent, 8 per cent and 4 per cent respectively for properties that are bought on or after Jan 14 this year and are sold in the first, second, third and fourth year after purchase.

Previously, owners who sold houses and apartments less than three years after buying them had to pay a seller's stamp duty of only up to 3 per cent.

Singapore also further slashed the Loan-To-Value (LTV) limit on housing

loans for both individual and corporate buyers.

Its move follows Hong Kong's, which in late November 2010 announced some of its toughest-ever measures to cool the property market - including a stamp duty of as high as 15 per cent on apartments sold within six months of purchase. Hong Kong also tightened mortgage restrictions.

Analysts expect the higher seller's stamp duty will wipe out most speculators' gains and keep them out of Singapore's property market.

'For those buyers who intend to flip their properties within one or two years, the increased seller's stamp duty erases their potential gains,' said Merrill Lynch economist Chua Hak Bin. 'So this measure is pretty targeted and will take away a big chunk of these potential investors.'

But most analysts found the unexpected sharp hike in the seller's stamp duty to be harsh. In addition to hindering short and medium-term investors, it could also hurt genuine owner-occupiers looking to change homes.

International Property Advisor chief executive Ku Swee Yong said that a staggered-down capital gains tax - one that could perhaps be imposed only on capital gains from real estate - might have been more advisable. This would spare those who sell their properties at a loss.

'The government's intention of forcing people to treat real estate as a long-term investment is admirable,' said Mr Ku. 'But this (the higher seller's stamp duty) will force people to hold, including some genuine cases where there might be a real need to sell off a property.'

In addition, Singapore lowered the LTV limit on housing loans from 70 per cent to 60 per cent for individual buyers with one or more outstanding housing loans at the time of the new home purchase.

And for corporate purchasers (such as firms, trusts and collective investment schemes), the LTV limit has been cut to an even lower 50 per cent - regardless of the number of outstanding housing loans at the time of the new home purchase.

In August 2010, the government reduced the LTV ratio from 80 per cent to 70 per cent.

Yesterday's measures follow three gentler sets in September 2009, and February and August 2010.

'Previous government measures have to some extent moderated the market, but sentiment remains buoyant,' said the National Development and Finance Ministries in a joint statement with Singapore's central bank, the Monetary Authority of Singapore.

'Low interest rates plus excessive liquidity in the financial system, both in Singapore and globally, could cause prices to rise beyond sustainable levels based on economic fundamentals.'

Private home prices rose 17.6 per cent last year, according to flash estimates. A record 15,500-16,500 new private homes are also estimated to have been sold in 2010.

In a statement, the Real Estate Developers' Association of Singapore (Redas) said it has 'taken note' of the latest measures.

The measures will discourage speculative demand and will encourage longer-term holding of properties which will contribute to the stability of the market, Redas said: 'It is in the interest of the market to see a more gradual trend in growth and value for genuine home owners and investors.'

Merrill Lynch's Dr Chua also said that in addition to curbing speculators, the government could be concerned by aggressive mortgage lending by banks.

Analysts expect the volume of new home sales to fall in 2011 but were spilt on whether the new measures will cause private home prices to decline.

'There will be a sense of uncertainty in the market leading to hesitation among buyers and sellers and we can expect to see transactions easing in the short term,' said Credo Real Estate executive director Ong Teck Hui.

But the measures may not lead to an immediate price decline in Q1 2011, he said. This round of measures is still not as severe as the anti-speculation measures announced in May 1996, which resulted in a 1.9 per cent drop in prices in Q3 1996. But any upside in prices in Q1 2011 will be 'minimal', Mr Ong added.

But in any case, analysts said that the 5-10 per cent growth in private home prices for the whole of 2011, which they predicted just one week ago, now looks highly unlikely. They also expect property stocks to fall today in reaction.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.





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