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Puteri Harbour Community
- Thread starter Qube3
- Start date
If you are a foreign investor looking to invest in Asia in 2013 prices are not going down and real estate taxes are going up.
All the major property markets such as Singapore, India, Hong Kong and mainland China are set to make it more costly for foreign buyers. This is because they want to curb rising prices and they blame foreign buyers for pricing local people out of the market.
They are also under pressure to make homes more affordable for local people who, especially in places like Hong Kong, cannot afford the prices currently being paid by overseas buyers.
China has a rash of property taxes designed to favour local buyers but also to prevent rich Chinese from buying large numbers of properties with higher taxes for second and third properties and so on.
Singapore is the latest country to introduce price curbs. The government has just announce an increased property tax for foreign buyers as part of a series of new measures to cool its residential housing market which has seen continued strong demand despite previous efforts to curb prices.
Foreigners and corporates who buy residential property in Singapore will now be subject to an additional buyer's stamp duty (ABSD) of 15% of the purchase price, up from the previous 10%.
The new measures, which it says are temporary, also hit Singapore citizens and those buying a second property will be hit with an ABSD of 7% while people with permanent residency status will pay an additional stamp duty of 5% on their first home purchase.
The ABSD had previously applied to citizens buying their third residential property and permanent residents getting their second.
On top of the additional stamp duty, individuals applying for a second or subsequent housing loan will have to make a minimum cash payment of 25%, up from 10%.
The new measures also see the introduction of a new seller's stamp duty of 5 to 15% for those who buy and then sell industrial properties such as warehouses and factories within three years.
The latest available figures show that Singapore private home prices increased by 1.8% in the fourth quarter of 2012, up from 0.6% in the previous quarter. Resale prices of government-built HDB apartments which are generally bought by Singaporeans, increased by 2.5%, quarter on quarter, the fastest gain in five quarters. Interest rates in Singapore have fallen to near record lows with banks charging as little as 1% per annum on housing loans. And industrial property, prices are now double the levels of three years ago.
Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said that the new measures are aimed at bringing down prices to avoid a more serious correction in prices further down the road. He added that the new measures are temporary and will be reviewed in future depending on market conditions.
He also said that most citizens buying their first home will not be hurt by the new measures. Some concessions will also be extended to selected groups of buyers, such as married couples with at least one Singaporean spouse who are purchasing their second property so long as they intend to sell their first residential property.
The increased tax might be good news for another Asian property market, Malaysia, if foreign buyers see it as an alternative to high priced Singapore.
Meanwhile, Hong Kong also has low interest rates and property prices increased around 20% in 2012. Much of this increase is blamed on rich buyers from the Chinese mainland who accounted for around 20% of sales last year. More price curbing cannot be ruled out.
The latest report from Knight Frank suggests that prices will remain steady in 2013. It points out that last month although the government's tightening measures continued to suppress residential sales volume, home prices remained stable. Despite further measures expected to be announced in the coming Policy Address, supply is still expected to lag behind demand in the short to medium term.
Ray Clancy
Editor Property Wire
All the major property markets such as Singapore, India, Hong Kong and mainland China are set to make it more costly for foreign buyers. This is because they want to curb rising prices and they blame foreign buyers for pricing local people out of the market.
They are also under pressure to make homes more affordable for local people who, especially in places like Hong Kong, cannot afford the prices currently being paid by overseas buyers.
China has a rash of property taxes designed to favour local buyers but also to prevent rich Chinese from buying large numbers of properties with higher taxes for second and third properties and so on.
Singapore is the latest country to introduce price curbs. The government has just announce an increased property tax for foreign buyers as part of a series of new measures to cool its residential housing market which has seen continued strong demand despite previous efforts to curb prices.
Foreigners and corporates who buy residential property in Singapore will now be subject to an additional buyer's stamp duty (ABSD) of 15% of the purchase price, up from the previous 10%.
The new measures, which it says are temporary, also hit Singapore citizens and those buying a second property will be hit with an ABSD of 7% while people with permanent residency status will pay an additional stamp duty of 5% on their first home purchase.
The ABSD had previously applied to citizens buying their third residential property and permanent residents getting their second.
On top of the additional stamp duty, individuals applying for a second or subsequent housing loan will have to make a minimum cash payment of 25%, up from 10%.
The new measures also see the introduction of a new seller's stamp duty of 5 to 15% for those who buy and then sell industrial properties such as warehouses and factories within three years.
The latest available figures show that Singapore private home prices increased by 1.8% in the fourth quarter of 2012, up from 0.6% in the previous quarter. Resale prices of government-built HDB apartments which are generally bought by Singaporeans, increased by 2.5%, quarter on quarter, the fastest gain in five quarters. Interest rates in Singapore have fallen to near record lows with banks charging as little as 1% per annum on housing loans. And industrial property, prices are now double the levels of three years ago.
Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said that the new measures are aimed at bringing down prices to avoid a more serious correction in prices further down the road. He added that the new measures are temporary and will be reviewed in future depending on market conditions.
He also said that most citizens buying their first home will not be hurt by the new measures. Some concessions will also be extended to selected groups of buyers, such as married couples with at least one Singaporean spouse who are purchasing their second property so long as they intend to sell their first residential property.
The increased tax might be good news for another Asian property market, Malaysia, if foreign buyers see it as an alternative to high priced Singapore.
Meanwhile, Hong Kong also has low interest rates and property prices increased around 20% in 2012. Much of this increase is blamed on rich buyers from the Chinese mainland who accounted for around 20% of sales last year. More price curbing cannot be ruled out.
The latest report from Knight Frank suggests that prices will remain steady in 2013. It points out that last month although the government's tightening measures continued to suppress residential sales volume, home prices remained stable. Despite further measures expected to be announced in the coming Policy Address, supply is still expected to lag behind demand in the short to medium term.
Ray Clancy
Editor Property Wire
That's a good map. Time to get ready the cannons....
Extracted from the Star article: They have teamed up to buy the freehold land located within Puteri Harbour, Iskandar Malaysia around the Commercial South and Private Marina precincts. What I have circle in RED seems to be one. Correct?
You may be right. Looks like there is conflicting news. Here is another article that says Commercial North.
http://biz.thestar.com.my/news/story.asp?file=/2013/1/10/business/12553554&sec=business
Anyway, I am going to PH on Saturday to sign the loan agreement. I will ask them.
http://www.theedgeproperty.com/news...nd-sells-nusajaya-land-to-liberty-bridge.html
http://www.btimes.com.my/Current_News/BTIMES/articles/20130109112147/20130109112147.pdf
More articles mentioning Commercial North. CN1 and CN2 lands.
http://www.btimes.com.my/Current_News/BTIMES/articles/20130109112147/20130109112147.pdf
More articles mentioning Commercial North. CN1 and CN2 lands.
Trouble brewing...take care
Chamber says Johor Malays poorest due to Iskandar
By Nomy Nozwir
KUALA LUMPUR, Jan 15 — The Malay Chamber of Commerce (DPMM) claimed today Johor Malays are currently the country’s poorest community, a problem it blamed on Iskandar Malaysia.
Its president Datuk Syed Ali Alattas (picture) said Putrajaya’s land privatisation programme and large-scale land sale to foreigners under the project had triggered massive inflation in the state.
This had made it more difficult for the state’s Malay majority, which he described as poor, to cope with the higher cost of living.
“During the 1800s, the Johor Malays were the richest in the country but they are now the poorest. This is caused by foreigners buying up land here (and caused inflation). We can no longer cope with the high cost of living,” he told a press conference here.
“The development of Iskandar is pushing the Malays backwards, making them more marginalised economically,” he said, adding that the economic disparity between the Johor Malays and the non-Malays was one of the key issues raised at its recent congress.
The Iskandar Malaysia project, situated in Nusajaya at the southern tip of Johor, was conceived during the Abdullah administration. It covers 2,217 sq km and is thrice the size of Singapore
Initially seen as competition, a Singapore paper had reported that the Iskandar project had swayed more expatriates into opting to live on this side of the Causeway, drawn by cheaper and bigger homes in Johor, while Malaysians are grappling to find affordable housing.
While Singapore’s expatriates eye the relatively cheaper houses in Malaysia, Malaysians, especially those who have just joined the workforce, complain that they cannot afford to buy houses. The Singapore dollar is worth about 2.5 times more than the Malaysian ringgit.
In the past, conservative Malay leaders had expressed fear that Johor would be swamped by Singaporeans.
Former prime minister Tun Dr Mahathir Mohamad, was also reported to have said that Iskandar would help Singapore expand its sovereignty and “drive” Malays into the “forest”.
But a landmark resolution to the long-standing dispute over Malaysian-owned railway land in Singapore 2010 had led not only to a new era of more cordial relations between the two countries but also several landmark deals including a RM3 billion jointly-developed iconic wellness resort in Iskandar.
Singapore is currently the largest source of investment in Iskandar this year.
According to the Chamber, Malays only own 24,000 from the 500,000 acres land accorded for Iskandar.
Syed Ali said the group is calling on the Najib administration to “revise” its policies on Iskandar by reserving “30 per cent of Nusajaya” for the Malays.
The Chamber also wanted Putrajaya to reserve the land in Iskandar for the Malays instead of “foreigners”.
Chamber says Johor Malays poorest due to Iskandar
By Nomy Nozwir
KUALA LUMPUR, Jan 15 — The Malay Chamber of Commerce (DPMM) claimed today Johor Malays are currently the country’s poorest community, a problem it blamed on Iskandar Malaysia.
Its president Datuk Syed Ali Alattas (picture) said Putrajaya’s land privatisation programme and large-scale land sale to foreigners under the project had triggered massive inflation in the state.
This had made it more difficult for the state’s Malay majority, which he described as poor, to cope with the higher cost of living.
“During the 1800s, the Johor Malays were the richest in the country but they are now the poorest. This is caused by foreigners buying up land here (and caused inflation). We can no longer cope with the high cost of living,” he told a press conference here.
“The development of Iskandar is pushing the Malays backwards, making them more marginalised economically,” he said, adding that the economic disparity between the Johor Malays and the non-Malays was one of the key issues raised at its recent congress.
The Iskandar Malaysia project, situated in Nusajaya at the southern tip of Johor, was conceived during the Abdullah administration. It covers 2,217 sq km and is thrice the size of Singapore
Initially seen as competition, a Singapore paper had reported that the Iskandar project had swayed more expatriates into opting to live on this side of the Causeway, drawn by cheaper and bigger homes in Johor, while Malaysians are grappling to find affordable housing.
While Singapore’s expatriates eye the relatively cheaper houses in Malaysia, Malaysians, especially those who have just joined the workforce, complain that they cannot afford to buy houses. The Singapore dollar is worth about 2.5 times more than the Malaysian ringgit.
In the past, conservative Malay leaders had expressed fear that Johor would be swamped by Singaporeans.
Former prime minister Tun Dr Mahathir Mohamad, was also reported to have said that Iskandar would help Singapore expand its sovereignty and “drive” Malays into the “forest”.
But a landmark resolution to the long-standing dispute over Malaysian-owned railway land in Singapore 2010 had led not only to a new era of more cordial relations between the two countries but also several landmark deals including a RM3 billion jointly-developed iconic wellness resort in Iskandar.
Singapore is currently the largest source of investment in Iskandar this year.
According to the Chamber, Malays only own 24,000 from the 500,000 acres land accorded for Iskandar.
Syed Ali said the group is calling on the Najib administration to “revise” its policies on Iskandar by reserving “30 per cent of Nusajaya” for the Malays.
The Chamber also wanted Putrajaya to reserve the land in Iskandar for the Malays instead of “foreigners”.
If DAP form the new state govt still ok. Look at Penang. Property there still booming even though opposition. But if PAS wins and form the next state govt property will crash. However as of now highly unlikely opposition will take johor. However Najib may change some laws to appease the Malays. Eg landed can only sell back to bumis? $1 million min purchase for foreigners? Price disparity between bumis and international lots be widen? Higher stamp duty for foreign purchase? 50/50 mix for every development?
Hi DC and Newbie:
Here is the Bursa Malaysia announcement on UEMs recent PH land disposal, with the details of the parcels and sizes:
http://announcements.bursamalaysia....D00339EEB/$File/Bursa Ann_Final 080113-CN.pdf
I would think this is a bit more reliable than the different versions we have read in the news.
Cheers,
IR
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I think there a lot of people looking to the outcome of the Elections!
If a Business and Development Friendly Party wins.... We will see more investments!
If not, be prepared to see projects failing and a exodus of money out. :(
I think there a lot of people looking to the outcome of the Elections!
If a Business and Development Friendly Party wins.... We will see more investments!
If not, be prepared to see projects failing and a exodus of money out. :(
DAP is sister party of PAP. If DAP takes over Johore, good.
DAP originated frm the PAP branch in Malaysia when SG was part of Malaysia. Ever since the split and especially in recent years, DAP has been very conscious not to be seen as linked to SG PAP for fear of being accused as a puppet party of the SG govt. You know how the Dumno folks can make a mountain out of the molehill and start making accusations. So better not play up any linkages DAP wit PAP
Thanks for the info. The document stated that the billionaires are investing in commercial south which is just next to imperia, Encorp and Teega.
I spoke to the UEM sales staff today. It's not commercial south. It's almost the entire commercial north. The plot of land that you circled is still belongs to UEM. Very likely that they will be launching this year.
Yes, with 43 acres, I would imagine it would be entire Commercial North.
BTW, Here is the source of confusion. This was in the Bursa Malaysia communication:
7. RATIONALE FOR THE PROPOSED DISPOSAL
7.1 The Company, via its subsidiaries and joint venture companies, is currently developing or planning to develop a significant portion of the lands within Puteri Harbour, centred around the Commercial South and Private Marina precincts. The Proposed Disposal would allow the Company to focus its resources in developing the abovementioned land parcels.
7.2 The participation of other developers in Commercial North would help accelerate development momentum in Puteri Harbour and the economic activities created are expected to result in spillover benefits for the Company’s remaining lands in Nusajaya.
Here, The Company is UEM, and 7.1 is talking about its current developments, such as Imperia, etc. However, the media picked this up as the future developments on disposed land. However, in reality, the disposed land is under 7.2.
That is good news. PH will be fully developed by 2020.
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That is good news. PH will be fully developed by 2020.
I echoed that as well. Will be well ahead of Danga Bay.
Cos a big part of the center land is Kota Iskandar.
Residential north already taken care by BRDB and Commercial
North taken care by the new big boys.
UEM really just need to concentrate on the exisitng parcels, marina facilties
and beautifying the place.
Looking at the recent land sale, it is indeed very good news for us,
those whom are vested in Puteri harbour.
That is good news. PH will be fully developed by 2020.
within eight years? Wow it will still be in my hay days!
Guys, I know I am gonna get shot left, right and centre, but I just want to offer a flipside view that I think PH prices are overkill right now for bare empty land yet asking for current KL prices at psf levels.
Yes, PH has alot of potential but i think the 1000psf is reach abit too soon loh. KL will remain the premier financial capital of Malaysia and I dont see PH getting there anytime soon even till 2020, unless MNCs start relocating their back office operations/corporate functions to PH by 2020.
http://www.starproperty.my/index.ph...ils-luxury-development-the-horizon-residences
Strategically located on prime freehold land adjacent to Royal Selangor Golf Club along Jalan Tun Razak, The Horizon Residences is only a short distance away from the upcoming Tun Razak Exchange, a multi-billion ringgit world-class international financial district.
The planned Pasar Rakyat Mass Rail Transit (MRT) station is 500 metres away.
Yes, PH has alot of potential but i think the 1000psf is reach abit too soon loh. KL will remain the premier financial capital of Malaysia and I dont see PH getting there anytime soon even till 2020, unless MNCs start relocating their back office operations/corporate functions to PH by 2020.
http://www.starproperty.my/index.ph...ils-luxury-development-the-horizon-residences
Strategically located on prime freehold land adjacent to Royal Selangor Golf Club along Jalan Tun Razak, The Horizon Residences is only a short distance away from the upcoming Tun Razak Exchange, a multi-billion ringgit world-class international financial district.
The planned Pasar Rakyat Mass Rail Transit (MRT) station is 500 metres away.
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