Homes in the primary market, or new ones sold by developers to owners, traditionally cost five to eight per cent more than those in the secondary or resale market. But this gap is growing to between 10 and 20 per cent as the Singapore property market heats up. Developers have sold more than 10,000 new private homes to date in 2009, more than double the total in 2008. And while sales in the secondary...
singapore property
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...
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...
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,...
SALES of private homes hit a new high for the second straight month in July, surging about 52 per cent from June. Low interest rates, relatively lower prices and a fear of missing the bottom are some reasons behind the strong sales. Although there were also signs of speculation, a significant portion of the sales was backed by real demand, said analysts. According to the Urban Redevelopment Authority,...
The most coveted address among the traditional prime residential districts is district 9, in the neighbourhood of Claymore Road and Claymore Hill, Ard more Park and Draycott Park and in the vicinity of the American Club and Tanglin Club, just off Orchard Road. Luxury condominiums in both existing and new developments in that area have soared above $2,000 psf in the last two months — which is pretty much...
Sales of uncompleted private homes reached a new high last month. The number of units sold surged more than 50 per cent from June, as improving market sentiments spurred more home buyers to snap up properties. A total of 2,767 units were sold in July, up from 1,825 in June. The developments that sold the most units last month were The Gale, Meadows@ Peirce, Waterfront Key, Sophia Residences and Parc...
WHEN National Development Minister Mah Bow Tan warned against property speculation recently, many - especially those in the real estate business - thought he was being a party pooper coming in to spoil the fun. He had said: "Some of the practices and habits that you saw in the last property boom are beginning to come back, so I think we'll have to be careful." The note of caution was appropriate and...