Much has been made of the impact of the new property tax measures on high-end developers, but I would say that the hardest hit would be the investors. Under the revised tax rules announced in Budget 2013, investment property owners will face higher tax rates on the assessed annual values (AVs) of the properties from next year. The higher rates will apply even if the units are left vacant. Previously,...
singapore property
The high-end housing segment will be most affected by the recent property curbs, Mr Kwek Leng Beng, Executive Chairman of City Developments (CDL), said yesterday, adding that “some correction” would be needed for the overall market. Responding to a question on Budget 2013 and measures to cool the property market at CDL’s results briefing, Mr Kwek said: “The current economic crisis in Europe and...
Prices of resale private homes rebounded in January, rising 0.3 per cent, reversing the previous month's 0.2 per cent decline, according to the Singapore Residential Price Index flash estimates published by the Institute of Real Estate Studies at the National University of Singapore. The increase in January was led by price growth in the small unit segment, defined as homes below 506 square feet. In...
To provide developers and home-buyers with more choices for private housing, the Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) have launched two residential sites for sale by public tender today under the Confirmed List of the 1st half 2013 (1H2013) Government Land Sales (GLS) Programme. Together, these two sites at Kim Tian Road and Sengkang West Way (Parcel A) can yield...
Landlords of private homes may see the rental market softening when higher property taxes kick in next year, as these investors grapple with higher holding costs. Owning luxury or investment homes will incur higher property taxes starting January 2014. For private homes not occupied by owners, new marginal property tax rates of 12 to 20 per cent will be levied in addition to the current 10 per...
The new set of progressive tax rates introduced in Budget 2013 will see high-end property owners paying more in property taxes. While the tax bill may be higher for the rich in percentage terms, analysts say this may not dampen investor sentiment to buy luxury properties. From January 2014, properties with higher annual values will be taxed at higher rates. With a tax rate of between zero and 15 per...
A more progressive tax structure will be introduced for properties and cars to achieve greater social equity without hurting Singapore's competitiveness. Deputy Prime Minister Tharman Shanmugaratnam, who announced these changes in his Budget Statement on Monday, said 950,000 owner-occupied residential properties will be able to enjoy some tax savings. The zero per cent property tax rate band, which...
Anyone in the research business will appreciate the complexity of the data and the gargantuan efforts involved in producing the Population White Paper and the Urban Redevelopment Authority’s (URA) Land Use Plan. After analysing historical data, projections were made based on a desire for economic growth to arrive at the scenario (or what is now considered the “worst case”) of a 6.9 million...
La Fiesta by EL Development topped the list of best-selling residential projects for the month of January recording sales of 404 units, reported Singapore Business Review. Located in Sengkang, the condo project released 500 units for sale last month at a median price of S$1,163 psf, according to data from the Urban Redevelopment Authority (URA). In January, a total of 2,013 private homes excluding...
Sales of new private homes in Singapore jumped by about 43 per cent on-month in January 2013, despite the latest round of cooling measures introduced last month. According to the Urban Redevelopment Authority (URA), 2,013 units of new private homes - excluding executive condominiums - were sold in January, compared to 1,410 units sold in December 2012. A URA spokesperson said about 60 per cent of the...