Private property developers are offering schemes to help Singapore’s homebuyers amid the current economic recession. One of the schemes is the Interest Absorption Scheme (IAS). It sees developers paying the interest on home loans instead of buyers, until the project receives its Temporary Occupation Permit (TOP). It is similar to the Deferred Payment Scheme which the Singapore government scrapped last...
General
Some developers are getting so “kiasu” (afraid to lose out) that they are getting the original buyers of homes to indemnify them should a sub-purchaser fail to pay. However, the Controller of Housing has told at least one developer, Keppel Land, that this is wrong. The issue was raised when the buyer of an apartment at Park Infinia at Wee Nam Road, just off Keng Lee Road, tried to sell the unit bought...
The offer by United Overseas Land (UOL) for property group United Industrial Corporation (UIC) had lapsed. UIC shareholders refused to accept the S$1.20-per-share offer that was tabled by UOL. While it failed to achieve the required level of acceptances for an unconditional offer, UOL's direct and deemed interest in UIC had risen from about 30 per cent to 45 per cent, after purchases on the open...
Singapore homebuyers can expect more private residential properties to be launched in the coming months and at lower prices. Analysts said that's because developers are now torn between accepting either weaker profits or high costs of holding on to land. Brisk sales seen in recent property launches like the Caspian can be credited to lower prices being offered by developers. Units there were sold at...
With the worsening economy, more landlords could see their tenants defaulting on rents. But one landlord in Queenstown has taken matters into his own hands by posting personal details of his errant tenant all over the neighbourhood. The leaflets stated that this man had left suddenly without informing his landlord. He also allegedly made off with the housekeys and has not returned any calls. The...
I REFER to the report "A plea for survival" (Feb 27) about the Singapore Retailers Association (SRA) asking landlords to reduce rentals significantly to help retailers cope with the severe economic downturn. The report was an eye-opener, showing that while businesses are trying their best to survive these difficult times, some landlords are trying to earn as much as they can in the short-term. The SRA is...
AT 72, Mr Koh Chiong Eng is worried he may lose his job as a petrol pump assistant. That is why he was among the five who signed up for the Lease Buyback scheme, which was officially launched yesterday some two years after Prime Minister Lee Hsien Loong mooted the idea. "I can‚t take the flat with me if I die. It‚s better to sell it to the Government and get some money to meet my daily needs," he...
Designed to emulate a resort living ambience, the elements of pebbles and water are incorporated in this residence to evoke a senses of balance through the use of natural materials and earth-tones. Every room is a testament of class and distinctive taste, with the luxurious spaces furnished in a contemporary style, lavishly appointed with more family-oriented layouts. Take extra delight in the element of...
Singapore's Housing and Development Board Lease Buyback Scheme started on Sunday, after two years in the works. Five applications were received in the first hour. The scheme is designed to help cash-poor, asset-rich seniors meet their retirement needs. 72-year-old Koh Chiong Eng is afraid he may lose his petrol pump attendant job soon because of his age. If that happens, meeting daily expenditure will...
The government has lowered the redevelopment tax on non-landed residential property by 15 per cent on average – a more drastic cut than the 6 per cent it made half a year ago. The biggest reductions affect higher-end properties in prime locations, including Marina Bay, Robertson Quay, River Valley, Orchard Road, Grange/Tanglin, Newton and Holland Road areas. Some market watchers had been hoping for...