Property Tax is seen as something of a minefield, especially because when people refer to property tax they may not always be speaking about the same thing. There are 4 different types of property tax that anyone who owns property in Singapore, or is investing in property needs to be aware of.
Mustafa to Close Serangoon Plaza after 30 Years Cutting Retail Space
Mustafa Center is known to be the biggest 24-hour mall in Singapore. However, the mall’s branch that covers 65,000sqf at Serangoon will be closing next month. As a result, the total retail space will be reduced by a quarter. The reason behind the closing down is beings stated as the redevelopment that will take place at the site.
The Chairman of United Industrial Corporation (UIC) and United Overseas Bank (UOB), Mr Wee Cho Yaw, has bought about 45 of the unsold units in an upmarket Singapore condominium, The Nassim. The total paid price of this property is $411.6 million. Mr Wee who is one of the wealthiest businessman in Singapore has bought this property through Kheng Leong Co (Pte Ltd), another property company lead by Mr Wee and his family.
This bulk sales could have gotten developer CapitaLand off the hook due to the Qualifying Certificate (QC) penalties attached to it. The amount of these penalties could have reached to millions of dollars if Mr Wee does not focus on it.
Income tax is one of those facts of life, essential but not something anyone is particularly happy about, or inclined to talk about. In Singapore however we do have one of the lowest rates of personal income tax in the world, despite having the benefits of a first world economy, infrastructure and lifestyle. Singapore is also rare in that there is no capital gains tax, or inheritance tax levied on its citizens or residents.
Bullish Bids for Residential Plots at Perumal Road
The Perumal Road site is showing clear signs of developers hungry for sites as bullish bids are lodged for its residential plot.
The plot was released for Government Land Sales (GLS) in 29 November 2016 by Urban Redevelopment Authority (URA). A total of 11 bids were lodged including an offer of $174.08 million from Low Keng Huat (Singapore) Limited. The tenderers also include renowned developers Allgreen Properties Limited, MCL Land, Hoi Hup Realty Pte Ltd etc. The award of tender to its highest bidder, Low Keng Huat (Singapore) Limited has been confirmed by the URA.
Though there are many challenges in real estate market of Singapore, there are some positive signs as well. According to DBS Group Research, there are some indications of rebound noted in the luxury residential and office sectors which can be a good sign for the property market.
It appeared like the streak of negative inflation was ending in Singapore. It took 2 years for the end to be in sight. In October 2016, the Consumer Prices Index (CPI) which is a measurement of the changes in the prices of goods and services purchased by consumers had shown 0.3 % drop. The CPI went flat in November and the negative inflation eventually ended last month in December 2016, paving way for a promising 2017.
Raffles Country Club to Become Site for KL-Singapore HSR
The Raffles Country Club (RCC) is the second club in Singapore to make way for the Kuala Lumpur-Singapore High-Speed Rail (HSR). In the future, it will also become a site for the Cross Island Line’s (CRL) western post.
The RCC began in 1988 and is considered to be of the oldest clubs in Singapore. However, the club will now be handed over to the Singapore Land Authority (SLA). The handing over is to take pace by July 31, 2018, which happens to be 10 years before the lease of the site expires.
In the second of our articles on the wide variety of private housing available in Singapore, we explore the different types of landed property on the market today, detailing what makes them unique and the advantages and disadvantages of each.
Good Class Bungalows (GCB’s)
Regarded as the most prestigious properties on the island, like all landed property GCB’s are only available for sale to Singaporeans. Prices start at around $10 milion, but larger properties with additional facilities such as swimming pools, can and do go for more than treble that figure. The GCB market in Singapore is seen as a bell weather for the economy as a whole.
In order for a property to be labelled a GCB, it needs to fulfil certain criteria. First of all, it must be located within a designated GCB area. It also must have a land area of at least 1,400sqm and can be no more than two storeys high (not including an attic and basement). Currently there are approximately 2,700 GCB’s, located in 39 GCB areas in Singapore.
Navigating the Singapore housing market can be tricky at the best of times. With industry specific jargon, numerous acronyms and an ever changing landscape – both figuratively and literally – it is sometimes hard to know where to begin. In this, the first of two articles, we hold your hand and take you through the different kinds of private properties that are available, highlighting the differences and pros and cons between them all.
Why Singapore is one of the Costliest Cities for Expats?
Singapore is currently ranked at position 16 among the costliest cities for expats, inching closer to Hong Kong which is at position 11. One would ask: what has led Singapore to such a position? There is one main reason for this: the appreciation of the Singaporean Dollar. The explanation is as given below:
Strength of the Singaporean dollar
The Singaporean dollar has strengthened to the extent of pushing the country to two spots up from its previous position. Though the currencies are not changed to other currencies, this has not prevented the goods and services from going up. The inflation has remained at 1% but the cost of living in terms of the country’s dollar currency has risen as to make the cost of living to be high for the expats.
Not for the first time, a collective sale has hit a stumbling block, after a small number of residents of the Shunfu Ville estate raised objections and opposed the sale. Two subsequent mediation attempts failed to reach an agreement forcing the Strata Titles Board to order the collective-sale committee to halt proceedings, and the dispute is now headed for the high court.
The number of foreigners interested in Singapore’s private residential units has gone up. The demand could be attributed to the capital gains which are deemed to be long-term. China leads in the foreign country’s quest for housing in Singapore.