Cove Developments, owner of The Grangeford condominium, has said it will take legal action against former master tenant Ideal Accomodations which converted some 140 condominium apartments into 600 units. The illegal partitions had been put up at the private development off Orchard Road. But after nearly three months, Cove said it has finally completed all removal works, in time for the August 21 deadline...
2009
The Finance Ministry said the property gains tax was proposed because of earlier feedback. Speaking at a community event on Sunday, Second Finance Minister Lim Hwee Hua said certain property investors had wanted more certainty regarding the current rules. Proposed changes to tax individuals who sell property before a four-year period were designed to shed some light on what defined a trader who sells...
Landmark lawsuit over reverse mortgage dispute will set legal precedent here IN A case that has been touted as the first of its kind in Singapore, a couple have sued NTUC Income for a reverse mortgage deal that turned sour, claiming that the insurer had wrongfully seized their home in 2006. On Friday, NTUC Income filed its defence, setting the stage for a possible court showdown while maintaining that it...
1 Madison Residences by Keppel Land A new luxury project to hit the market, the 56-unit Madison Residences along Bukit Timah Road was launched last week by Keppel Land. According to property agents, prices for the freehold 18-storey development range between $1,600 psf to $1,700 psf. It features three-bedroom apartments of 1,464 square feet, four-bedroom apartments of 1,776sqf and penthouses of 3,218sqf...
IF YOU are thinking of shopping for a private property this weekend, you may find your choices limited, as developers seem to be avoiding the start of the Hungry Ghost month when it comes to launching new projects. The Hungry Ghost month - the seventh month on the lunar calendar - is considered by some to be an inauspicious time to buy new property. This year, the Hungry Ghost month began on Thursday and...
The Ministry of Finance (MOF) said it has decided not to change the income tax framework with regard to individuals who sell their properties. Currently, there is no blanket rule on how property sale gains are taxed as Inland Revenue Authority of Singapore (IRAS) considers the facts and circumstances of each individual case. But a proposal was put up for public consultation between June 22 and July 14...
Singapore-listed conglomerate Straits Trading Co quietly released 10 units at its Gallop Green project for sale last month. The 53-unit, low-rise development on Wollerton Park, off Holland Road, comprises a mix of 13 townhouses and 40 apartments. Since completion of the freehold Gallop Green in 2002, all units had been held by the developer for investment and were fully leased. The apartments are large...
Singapore has been ranked the second most expensive city in Asia, after Tokyo, with Hong Kong taking the third position. In UBS' Prices and Earnings 2009 study released on Thursday, Singapore is ranked 24th globally, in a comparison of living costs in 73 cities around the world. The study was based on data collected between March and April this year. It found Oslo, Zurich, Copenhagen, Geneva, Tokyo and...
GIVEN the pressing housing needs of an elderly population, the Government may want to consider giving the elderly priority when it comes to allocating new HDB flats, such as setting aside a proportion of such flats for them. Such schemes, similar to those used in Hong Kong, could help meet the needs of Singapore's changing demographics, suggested Member of Parliament Lim Wee Kiak (Sembawang GRC) in...
The Housing and Development Board (HDB) has received 13 bids for the land parcel at Chestnut Avenue at the close of its tender on Wednesday. The land parcel has a site area of 22,700 square metres, with a maximum allowable gross floor area of 47,670 square metres. It is set aside for condominium housing, with a lease period of 99 years. Sunny Vista Developments and Hong Realty have jointly submitted the...