One of three ethnic enclaves in Singapore (the other two being Kampong Glam and Little India), Chinatown still remains culturally and historically significant, a fact recognised by the URA who have designated many parts of the area as national heritage sites. Though it celebrates the past, it is an area very much looking to the future, and is a fantastically thriving, pulsating district right in the heart of Singapore.
ABSD – A Double Edged Sword
A piece of legislation introduced at the back end of 2011 is going to have a dramatic effect on the Singaporean property market – meaning potential bargains for house hunters and on the flip side sizeable losses for developers.
It all stems from the ABSD – additional buyers stamp duty. This ticking time bomb, set in motion on the 8th December 2011, stated that developers had to not only complete all residential projects, but sell all of their units within 5 years of purchasing the land. Any units remaining unsold would then be liable to a levy of 10% of the purchase price of the site. That percentage was increased to 15% in January 2013.
Jewel in the East
Changi Airport was recently voted the best airport in the world – for the fourth year in a row. The airport, like Singapore itself, is not one to rest on its laurels however, and its current redevelopment looks like it isn’t going to relinquish its crown for some time to come. Scheduled for completion in 2018, Jewel Changi looks set to become one of the most incredible developments – never mind airport.
New HDB Scheme for rental flats families
Singapore families who have been staying in rental flats may now be eligible to purchase smaller 2-room flexi flats now. Under this new Scheme, the eligible families will be given a housing grant of up to $35,000. Besides the normal 99-year lease 2-room flat, the applicants will also be given an option to choose shorter lease periods ranging from 45 to 65 years . However, unlike the 5-year Minimum Occupation Period(MOP), the MOP for 2-room flexi flats is 20 years. This is to ensure that the applicants will not be selling the flats too early and the children in the families will also get to stay in a stable home environment.
In order to be eligible for this scheme, the family will have to prove that they have been having a stable income and occupation and their children are attending school regularly. This new scheme will be commencing in late 2016 and more information will be updated again.
Below are some of the upcoming New launch Condo in the housing market now
Existing new launches
Despite countless requests by many including two members of the Parliament, the Minister of National Development had once again emphasised that it was still premature to call for a removal of the cooling measures. Some reckoned that the estate market in Singapore had mellowed down with the property bubble much deflated now, it was the right time to tweak the measures to prevent further deterioration and create a negative impact.
However, according to Mr Lawrence Wong the Minster of MND, the housing property had remained bright with strong demand, removing the property curbs could have led to a rebound instead. The prices of the resale HDB flats were actually more affordable compared to the past. With the softening of the market, property buyers were also given more attractive options.
Mr Wong also added that the property market could also be affected by external factors such as the global economy. Hence, they would definitely monitor the situation closely and ensured that appropriate actions would be taken when necessary.
CEL Residential Development by Chip Eng Seng had recently been rewarded the tender for a land parcel at Tanah Merah. There were a total of 8 bidders for this land parcel and CEL was rewarded the tender and beat the rest of the 7 bidders at a bidding price of S$419.38 million (S$718 psf ppr). The bidding price is only mildly lower than its neighbour land parcel (The Glades Condo) in 2012 by 3.8%. Being situated close to Tanah Merah MRT station could be one of the main reasons why a number of bidders from several reputable developers were attracted.
The land parcel which has an area of 23,000 square metres and a plot ratio of 2.1 is estimated to be able to house about 720 condominium units. Full condo facilities along with a child care centre are part of the proposed development within this upcoming new launch condo.
High Park Residences, which was one of the best selling projects in Singapore 2015, is another residential development by CEL. Up to January 2016, High Park Residences had already sold 94% of its 1390 units. Other upcoming new launches in 2017 are
HDB flats are public residential development by the Singapore Housing Development Board (HDB). New HDB flats are sold at a subsidised price and this is only exclusively meant for Singapore Citizens. They are open for application either during Build-To-Order (BTO) sales launches or Sale of Balance Flats (SBF) sales launches. Both Singapore Citizens and Permanent Residents that meet HDB eligibility conditions can also purchase HDB flats in the resale market.
Gone are the days when a Singaporean couple could just do a decoupling on their existing HDB flat to avoid the Additional Buyer Stamp Duty (ABSD). If you have vaguely heard about HDB Decoupling, are interested to find out more or have the intention of doing it so that you pay lesser stamp duty in your next property purchase, unfortunately you are way too late.