Smaller turnout at upmarket showflats
Despite the additional cooling measures announced last week, property showflats still welcomed a steady stream of visitors last Saturday.Property agents, however, reported smaller and more subdued turnouts, unlike previous weekends, according to The Straits Times.The high-end market has been...
Continue Reading • 12 Dec 2011
Storefriendly opens first self-storage outlet in S'pore
Storefriendly has launched its first flagship outlet in Singapore at Bukit Batok. As Asia’s largest self-storage network, it boasts an award-winning and revolutionary franchise-based approach to self-storage. The venture is a collaboration between two self-storage industry titans —...
Continue Reading • 12 Dec 2011
Govt defends build and sell ruling
The government has defended its new rule which requires developers to pay a stamp duty of 10 percent if they fail to build and sell all on-site residential units within five years.In answering a query raised by The Straits Times, the Ministry of Finance (MOF) noted that the five-year limit is...
Continue Reading • 12 Dec 2011
Aussie home loans up for 7th consecutive month
The number of mortgages approved in Australia rose for a seventh consecutive month in October, offering hope that the country’s housing market will improve.According to a report by the Australian Bureau of Statistics (ABS), home loans climbed 0.7 percent to 51,981 in October, compared to a...
Continue Reading • 12 Dec 2011
Developers offer discounts to help buyers
Some property developers are offering discounts to prospective home buyers to offset the effect of the new stamp duty measures implemented by the government last week.According to The Straits Times, Far East Organization (FEO) will offer a five percent relief package to all affected buyers of its...
Continue Reading • 12 Dec 2011
Henry Park site sold for S$175.9m
Kentish View Pte Ltd, a unit of Far East Organization (FEO), has acquired a mixed-use site at Henry Park, off Holland Road for around S$175.9 million, making it the biggest en bloc deal in terms of value this year.According to its marketing agent Credo Real Estate, the District 10 site attracted...
Continue Reading • 12 Dec 2011
Singapore Real Estate Exchange officially launches
Eleven real estate agencies have joined hands to launch the Singapore Real Estate Exchange (SRX), an online network that will provide transaction details and exclusive property listings in real time.According to Channel NewsAsia, the SRX network will enable agents to access up-to-date information...
Continue Reading • 9 Dec 2011
Local banks brace for drop in home loans
With the introduction of new measures to cool the property market, banks are bracing themselves for slower home loan growth, but unlike property developers and agents, are not in a state of panic. The policy changes will affect mainly foreigners who, according to banks, are not the chief...
Continue Reading • 9 Dec 2011
Agents, developers rush to do damage control
Property agents and developers were rushing yesterday to stop jittery buyers from backing out of deals and calming fearful sellers about where prices might head in the wake of the new cooling measures.Some agents said they were rushing to find alternatives for local and foreign buyers to acquire...
Continue Reading • 9 Dec 2011
Citizens of five countries unaffected by new ruling
Citizens of five countries, including the United States and Switzerland, could avoid the newly imposed additional stamp duty when buying private homes in Singapore, due to their free trade deals with Singapore, according to The Straits Times.The report added that similar treatment may also be...
Continue Reading • 9 Dec 2011
New measures to affect en bloc market
The latest government measures will have a major impact on developers acquiring residential land, particularly those involved in collective sales sites.Under the new regulations, property developers who want to avoid paying the 10 percent additional buyer’s stamp duty (ABSD) will have to...
Continue Reading • 9 Dec 2011
Chestnut Ave site draws 22 bids
The tender for a 99-year leasehold residential site has attracted a substantial 22 bids, despite the latest measures to rein in the housing market.According to the URA, the land parcel at Chestnut Avenue/Almond Avenue saw a top bid of S$70.83 million (S$5,493.74 psm of the site area) from...
Continue Reading • 9 Dec 2011
China keen to expand property tax project
The ongoing property tax pilot project in Chongqing and Shanghai will eventually expand to other cities, according to a finance ministry official in China. Although the government has decided on the overall direction of the property tax roll-out, Jia Kang, Director of the Ministry of Finance's...
Continue Reading • 8 Dec 2011
14100 potential private homes under GLS 1H2012
The Ministry of National Development (MND) has announced that the GLS Programme for 1H 2012 will comprise 27 reserve list sites and 14 confirmed list sites. The 14 confirmed list sites are allocated for private residential developments, including five executive condominium (EC) sites, translating...
Continue Reading • 8 Dec 2011
US mortgage delinquency expected to decline
Barring another setback in the US economy, TransUnion said mortgage delinquencies in the country should decline significantly by end 2012.According to the credit reporting agency, the mortgage delinquency rate —the ratio of borrowers 60 days or more behind on their payments — will...
Continue Reading • 8 Dec 2011
Singapore to help lead growth in Asia: Savills
Singapore, along with Hong Kong, Macau, Taiwan and Australia, is expected to lead the growth in the Asia Pacific region next year, according to Jeremy Helsby, Chief Executive of property consultancy Savills. He added that Asia will provide almost 50 percent of the global revenue at Savills this...
Continue Reading • 8 Dec 2011
S'pore home prices to drop 20%: Morgan Stanley
Residential property prices in Singapore are expected to drop 20 percent, according to a report by Morgan Stanley Research.Though sales of new homes have been holding up well, with 1,632 units sold in October, it was observed that the bulk of transactions came from the Outside Central Region...
Continue Reading • 8 Dec 2011
Luxury developers to be greatly affected by new measures
While the new government measures could make private homes. more affordable to Singaporeans, it is expected to affect prices and sales volumes. Many developers have since come forward to call the new rule untimely.Effective today, corporate entities and foreigners acquiring private homes in...
Continue Reading • 8 Dec 2011
Complaints of misleading property ads on the rise
Complaints about misleading property advertisements have been increasing of late, according to The Straits Times.In a joint statement, the Consumers Association of Singapore (Case) and the Advertising Standards Authority of Singapore (ASAS) said the rising number of complaint cases is attributed...
Continue Reading • 8 Dec 2011
Govt imposes additional tax for private property
The government has implemented additional cooling measures intended to curb excessive investment in the property market.From today, foreigners and corporate entities will have to pay an additional 10 percent ‘Additional Buyers Stamp Duty’ (ABSD) , the government said in a statement...
Continue Reading • 8 Dec 2011