SINGAPORE: The Government has introduced two new measures that will take effect Saturday to temper sentiments and pre-empt a property bubble from forming in the private residential market.
It said they will help to ensure a stable and sustainable property market.
The first is a Seller's Stamp Duty on all residential properties and residential lands that are bought after Friday and sold within one year from the date of purchase. The stamp duty will be applied at the standard ad valorem stamp duty rates for the conveyance, assignment or transfer of property.
Housing and Development Board (HDB) flats will not be subjected to the stamp duty as they are already subject to a minimum occupation period of at least one year.
The Ministry of National Development (MND) said the objective of this new tax measure is to discourage short-term speculative activity that could distort underlying prices. It stressed that it is not targeted at the purchase of properties for owner occupation or longer term investment.
The housing loan limit will also be capped at 80 per cent of the private property's value, instead of the current 90 per cent.
The 80 per cent Loan-To-Value limit will apply to all housing loans granted by financial institutions for private residential properties, Executive Condominiums, HUDC flats and HDB flats, including those under the Design, Build and Sell Scheme.
Loans granted by the HDB for flats - including those under the Design, Build and Sell Scheme - will still have a cap of 90 per cent.
MND said this is because HDB flats are already subject to other criteria to prevent speculation and encourage financial prudence, such as minimum owner occupation period and restriction on ownership to one flat per household.
Explaining the rationale for the measures, MND said there is a risk that the market could overheat in the next few months, given the optimism fuelled by the economic recovery and low global interest rates.
However, it noted that the current level of speculative activity is still lower than what it was at the height of the property market boom. Overall price levels are below the previous peak.
MND warned that any excessive exuberance will make the property market vulnerable to the continuing risks in the global economy.
The Government described the new measures as "calibrated", saying it prefers to take small steps early, rather than be forced to impose more drastic measures after a bubble has formed.
It will continue to ensure that there is adequate supply of housing to meet demand. Sites that can yield 10,550 private housing units have already made available in the Confirmed and Reserve List of the Government Land Sales (GLS) Programme in the first half of 2010.
This is the highest supply quantum in the history of the GLS Programme.
- CNA/sc
(Source: Channel News Asia, 19 Feb 2010)
Friday, February 19, 2010
Wednesday, February 17, 2010
Master Lynn Yap Tiger Year Feng Shui Forecast 2010
Predict2010 1
View more presentations from Property Buyer Singapore.
Feng Shui forecast for Tiger year 2010 by Master Lynnyap
We are grateful for the support Master Lynn Yap have always given to this website.
Master Lynn Yap never ask for any favours in return for her help. And we at Property Buyer are truly honoured to have Master Lynn Yap as our Anchor Feng Shui master for this website.
It is of no surprise that Master Lynn Yap is well liked and popular because she is not only good in Feng Shui, but has a personality.
Here is her forecast for 2010.
Master Lynn Yap Feng Shui Forecast for Tiger year 2010.
Tuesday, February 16, 2010
Invest in Singapore Property: The Shore residences, Greenwood Terrace
Singapore Property buyer Investors Can buy Freehold land and sell as Leasehold
Contributed By www.PropertyBUYER.com.sg
Our blog is happy to receive articles and materials and publish them for you. In return, we will acknowledge your article with a working link back to your site.
In the last issue http://www.propertybuyer.com.sg/articles/singapore-property-investor-buyer/singapore-property-developers-buys-free-hold-land-and-sells-as-103-years-lease-hold/,
we investigate the possible implications of Singapore Property developers buying freehold land, developing it and then selling it as 103 years leasehold strata titled Condominium.
The Recent Launches such as (but not limited to) Far East's "The Shore residences" in the east coast as well as "Greenwood Terrace" in the prestigious greenwood vicinity of District 10 are such examples of the Singapore property developer buying Freehold land and launching as 103 years leasehold strata titled land.
Why do Singapore Property Buyers and Investors need to know?
Singapore property buyers and Investors need to know this because the future value of their condominium and cluster landed properties with Strata titles will be affected some 20 to 30 years down the road when the development becomes run-down.
What about Singapore property owners with Freehold or 999 Leasehold land titles?
For current Singapore property owners who owned landed properties with freehold or 999 leaasehold land titles, this means a potential future bonanza. Please read on, we have got the reply from Singapore land authority.
Reply from Singapore Land Authority (SLA) On Freehold land being sold as Leasehold strata titled developments.
"www.PropertyBUYER.com.sg:
We are doing a research for the benefit of our readers. Our website is at www.PropertyBUYER.com.sg and our readers have been urging us to enquire about how Far East and numerous others have been able to acquire FREE HOLD land from the government (could be SLA) and then develop and sell the properties as a 99 years property. Could you please help us understand under what circumstances are Developers allowed to buy Free Hold land and re-sell as Lease hold land? We appreciate if you could point us to any such literature, web link, sites which explains these in greater details.
Singapore Land Authority:
Developers can buy freehold land through the private market. You should approach the developers for details on your queries as these are all private transactions.
"www.PropertyBUYER.com.sg:
Thank you for your reply. We understand that developers can buy from the private market. But having said that, our readers would like to understand under what statute does it allow the developer to buy Free Hold land and then sell it as a 99 years lease? Hope you can point us in the right direction.
Singapore Land Authority:
We refer to your enquiry dated 11 Jan 2010.
Common Law provides that a smaller interest in land can be carved out from a larger interest in land, with the registered proprietor/developer retaining a reversionary interest.
The duration of this smaller interest is not governed by any statutory provision. Hence it is acceptable for a developer to retain the reversionary Freehold title in a development and merely sell the strata lots in the development with a 103-year lease or any determinate number of years out of the Freehold title.
"
Good News for Singapore Property Owners with Freehold land
Singapore land authority has clarified that "Common Law provides that a smaller interest in land can be carved out from a larger interest in land, with the registered propietor/develop retaining a reversionary interest."
This means that you can possibly sell your landed property on a 99 years lease or any numbers of years lease as you deem fit if you sort out the legal paperwork.
This would mean that you will be able to pass on wealth to your descendants while selling properties while retaining the reversionary rights to freehold land.
Maybe you are stting on 3 or 4 Semi-detaches or Bungalows, you can't really lease it out to get a good cashflow and yet you don't want to sell it as you may not be able to buy another property in a similar good location and you need to grow your business.
What could you do?
Perhaps you can sell one or two of your Semi-detaches as leasehold while you maximise and free up capital and at the same time share in the upside the land can possibly provide.
Sad day for Singapore Property buyers
For Singapore property buyers, it means that more and more property developers will likely get in on the strategy to retain the freehold title while selling developments as Strata title leasehold. Freehold land may gradually disappear into the hands of the well funded and rich property developers.
About Property Buyer Contact Property Buyer
www.PropertyBUYER.com.sg
We are a Research-focused Singapore Mortgage Consultant which helps you compare Singapore Home loans either for new home loans or refinance home loans, we balance risks versus rewards for each home loan to match your risk profile and financing needs.
Buying property is a serious affair, we do NOT advocate a Greed or fear based buying approach, we emphasize that you need to check your property home loan affordability. Check out the mortgage calculators or call us so as to do your sums right.
Not Simply Cheap, but what Fits. We Research, You Save!
Tel: 6100 - 0608
SMS: 9782 - 8606
Email: loans@propertyBUYER.com.sg
Contributed By www.PropertyBUYER.com.sg
Our blog is happy to receive articles and materials and publish them for you. In return, we will acknowledge your article with a working link back to your site.
In the last issue http://www.propertybuyer.com.sg/articles/singapore-property-investor-buyer/singapore-property-developers-buys-free-hold-land-and-sells-as-103-years-lease-hold/,
we investigate the possible implications of Singapore Property developers buying freehold land, developing it and then selling it as 103 years leasehold strata titled Condominium.
The Recent Launches such as (but not limited to) Far East's "The Shore residences" in the east coast as well as "Greenwood Terrace" in the prestigious greenwood vicinity of District 10 are such examples of the Singapore property developer buying Freehold land and launching as 103 years leasehold strata titled land.
Why do Singapore Property Buyers and Investors need to know?
Singapore property buyers and Investors need to know this because the future value of their condominium and cluster landed properties with Strata titles will be affected some 20 to 30 years down the road when the development becomes run-down.
What about Singapore property owners with Freehold or 999 Leasehold land titles?
For current Singapore property owners who owned landed properties with freehold or 999 leaasehold land titles, this means a potential future bonanza. Please read on, we have got the reply from Singapore land authority.
Reply from Singapore Land Authority (SLA) On Freehold land being sold as Leasehold strata titled developments.
"www.PropertyBUYER.com.sg:
We are doing a research for the benefit of our readers. Our website is at www.PropertyBUYER.com.sg and our readers have been urging us to enquire about how Far East and numerous others have been able to acquire FREE HOLD land from the government (could be SLA) and then develop and sell the properties as a 99 years property. Could you please help us understand under what circumstances are Developers allowed to buy Free Hold land and re-sell as Lease hold land? We appreciate if you could point us to any such literature, web link, sites which explains these in greater details.
Singapore Land Authority:
Developers can buy freehold land through the private market. You should approach the developers for details on your queries as these are all private transactions.
"www.PropertyBUYER.com.sg:
Thank you for your reply. We understand that developers can buy from the private market. But having said that, our readers would like to understand under what statute does it allow the developer to buy Free Hold land and then sell it as a 99 years lease? Hope you can point us in the right direction.
Singapore Land Authority:
We refer to your enquiry dated 11 Jan 2010.
Common Law provides that a smaller interest in land can be carved out from a larger interest in land, with the registered proprietor/developer retaining a reversionary interest.
The duration of this smaller interest is not governed by any statutory provision. Hence it is acceptable for a developer to retain the reversionary Freehold title in a development and merely sell the strata lots in the development with a 103-year lease or any determinate number of years out of the Freehold title.
"
Good News for Singapore Property Owners with Freehold land
Singapore land authority has clarified that "Common Law provides that a smaller interest in land can be carved out from a larger interest in land, with the registered propietor/develop retaining a reversionary interest."
This means that you can possibly sell your landed property on a 99 years lease or any numbers of years lease as you deem fit if you sort out the legal paperwork.
This would mean that you will be able to pass on wealth to your descendants while selling properties while retaining the reversionary rights to freehold land.
Maybe you are stting on 3 or 4 Semi-detaches or Bungalows, you can't really lease it out to get a good cashflow and yet you don't want to sell it as you may not be able to buy another property in a similar good location and you need to grow your business.
What could you do?
Perhaps you can sell one or two of your Semi-detaches as leasehold while you maximise and free up capital and at the same time share in the upside the land can possibly provide.
Sad day for Singapore Property buyers
For Singapore property buyers, it means that more and more property developers will likely get in on the strategy to retain the freehold title while selling developments as Strata title leasehold. Freehold land may gradually disappear into the hands of the well funded and rich property developers.
About Property Buyer Contact Property Buyer
www.PropertyBUYER.com.sg
We are a Research-focused Singapore Mortgage Consultant which helps you compare Singapore Home loans either for new home loans or refinance home loans, we balance risks versus rewards for each home loan to match your risk profile and financing needs.
Buying property is a serious affair, we do NOT advocate a Greed or fear based buying approach, we emphasize that you need to check your property home loan affordability. Check out the mortgage calculators or call us so as to do your sums right.
Not Simply Cheap, but what Fits. We Research, You Save!
Tel: 6100 - 0608
SMS: 9782 - 8606
Email: loans@propertyBUYER.com.sg
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