Proposed changes to the Housing Developers (Control & Licensing) Act will cover all housing developers and not just those developing projects with more than four units. The Urban Redevelopment Authority (URA) said this is so that buyers of units in these smaller developments can also benefit from the protection accorded under the Act. The suggestion was made during a month-long consultation exercise...
Property Development
The Urban Redevelopment Authority (URA) is encouraging developers of shoebox units to increase the size of their units, up from 28 sq m to 35 sq m, according to a report in The Business Times. Many analysts said that promoting bigger shoebox units may likely help to cool the property market since the micro apartments have been blamed for fuelling increases in psf prices at property launches. A...
The Ministry of National Development (MND) has revised the rates for development charges (DC) for the next six months, as part of its half-yearly review. The increases in the rate of DC, the tax payable by the developer when a property site is developed into a more valuable project, will take effect from March 1. On average, the rates for landed residential property have increased by 18 per cent, with...
Developers will have to work in higher costs for new projects, as the development charge (DC) rates for both non-landed and landed residential homes have been increased. They have gone up by an average of 13 per cent. This is largely within market expectations, given the broad-based recovery in the property sector. But the announcement comes one day after the government announced new measures to cool...
The government has increased the development charge rate for both non-landed and landed residential homes. Analysts said this is in line with the strong rebound in home sales and prices over the last six months. The rise in non-landed residential DC rates, in particular, is expected to add on to developers' land banking cost. Private homes were hot property in 2009. Some 6,300 units have been sold in the...
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...
In the latest signal that the market for private homes has cooled, the Ministry of National Development (MND) yesterday announced minimal changes in the development charges for residential sites. A tax on property developers for site enhancement, the development charges payable in the next six months for non-landed residential sites were raised on average by a marginal 2.6 per cent. The latest hike,...
Developers seeking to raise the plot ratios of properties will be subject to a new definition of the development baseline, used in the computation of the property development charge, from Jan 1. The amendment, announced in 2003, had been deferred to allow the industry to adjust to the change, the Urban Redevelopment Authority said yesterday. “Basically we want to have a more equitable tax system,”...
En bloc prices are set to go up when the new rules in the Land Titles Strata Bill kick in next month. According to the Real Estate Developers’ Association of Singapore (REDAS), this is because property developers will have to pay more as choice sites get harder to come by. REDAS celebrates what it calls an autumn harvest and for good reason. The collective sale market is expected to reach a peak this...
The government is raising property development charges with effect from Saturday. This follows the regular six-monthly review on development charge rates. For non-landed residential use, the charge was raised by an average of 58 percent with prime areas like Cantonment Road seeing the biggest jump of 112 percent. For commercial use, the hike is an average of 42 percent. Market watchers say an increase...