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...
General
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...
Marina Bay Sands has leased about 75 per cent of its retail space, or 225 units of the 300 stores at the Marina Bay Sands Shoppes. The integrated resort provides over 800,000 square feet of retail and restaurant space. Sands said about half of the total retail space will be ready by the first phase of its opening in early 2010. And 80 per cent of the stores that are due to open has already been...
A STRONG revival in property sentiment has propelled real estate investment sales in Singapore to surge in the second quarter to hit a total of $1.35 billion, according to latest statistics in a report by Colliers International. This was the highest level achieved since the third quarter of last year, said the property consultancy firm yesterday. The residential sector made up the bulk of the activity,...
Retail landlords are turning to more creative ways to charge rent amid the current downturn and market watchers are also expecting changes in rental structures. This is due to factors such as the increased presence of institutional landlords. The economic slowdown is also expected to lead to falls in retail rentals by up to 20 per cent by the end of the year. An expected glut in retail space, especially...
Property developer CapitaLand has channelled an additional capital of S$1 billion to its wholly owned China, Vietnam and Ascott businesses. The developer said it intends to sharpen its focus for the next phase of growth. The funds came from its recent S$1.8 billion rights issue. Out of the S$1 billion, half will be allocated to CapitaLand China Holdings, while S$299 million will be deployed to its...
Construction firm Lian Beng has clinched a contract worth S$101 million to build a residential project at Bedok Reservoir called Waterfront Key. The contract was awarded by FCL Peak, a joint venture between Frasers Centerpoint and Far East Organization. It covers the construction of about 440 apartment units in eight blocks, together with a basement car park, swimming pool and other facilities. Work on...