Exclusive Living In Singapore
The advantages and disadvantages of the CPF (Central Provident Fund) is a debate that’s been raging since it was introduced in 1955. As has the best ways to manage your money in the fund and whether it’s best to transfer funds into the Special Account as opposed to having it sat in the Ordinary Account. Here we take an impartial look at exactly what the CPF is, and the pros and cons of moving your money across.
The West Coast Vale land parcel site, conveniently located next to the West Coast Highway and Ayer Rajah Expressway and boasting beautiful water views of the Sungei Pandam River, recently sold to China Construction Development for a total of $292 million. The second closest bid was not much lower at $289.9 million by MCC Land.
The Urban Redevelopment Authority released this residential site for sale to nine hopeful developers who put in bids for the parcel of land. The interest ran high and the piece of real estate went through a fierce bidding cycle. In the end, the land parcel sold for $292 million which equated to $592 per square feet. The final price was at the upper end of the expected sale range which was anywhere between $450 to 600 per square feet.
The rise in the sales of new private homes
A high percentage of private home sales has been noticed in 2016 as the market prices as a whole fell. A lot of new buyers has taken advantage of the falling price trend in the market. It has been noticed that the developers were succeeded in selling out 8136 of new units in the last year. If compared to the rates of 2015, the selling increased by 9.4 percent in 2016 i.e. total 7440 units was sold last year and 8136 are sold this year. Although the number specified does not include the new executive condominiums (ECs). If we talk about the sales of last year i.e. 2015, they were quite high as compared to the sales of 2014.
Singapore has been experiencing low inflation rates for quite some time now. Surveys show that July 2016 marked 21 consecutive months for lowering inflation rates and Singapore has recently been experiencing its lowest inflation rate in 30 years. What does this all mean for the economy, businesses, and the average person?
Globalization is the process in which businesses develop international influence and/or start operating on a global scale across international borders. When globalization occurs, it opens up free markets internationally.
Singapore has been experiencing a housing slump for the past 3 years with steady home prices dropping and a real problem for the real estate market. The dwindling equity in its real estate has created some problems for retail rentals, office space rentals, as well as homes.
Since first being conceptualized back in 2010, it has undergone several consultations involving both the local community and stakeholders, but Health City Novena was finally given the official go ahead recently, when it was announced that the 17 hectare project is targeted to be completed by 2030. The first phase is scheduled to be finished by 2020, and maybe even as early as 2018.
Urban Redevelopment Authority (URA) data has shown the highest bid of S$301.2 million for a mixed commercial-cum-residential site in Bukit Batok located in Singapore which has released from the Confirmed List of the Government Land Sales (GLS) in the first half of this year. The bid has come from Chinese developer Qingjian Realty. The site has attracted a strong response from developers by the close of tender yesterday, but the highest bid has come from the Chinese developer.
The domestic and global economic situation continues to be a cause for concern, but there is good news amongst all of the doom and gloom. Yes, Singapore’s economy is having a rough time, and short to midterm projections don’t predict improvements anytime soon, but a recent study has shown that household wealth on the island is increasing, and will continue to increase.
Property Tax is seen as something of a minefield, especially because when people refer to property tax they may not always be speaking about the same thing. There are 4 different types of property tax that anyone who owns property in Singapore, or is investing in property needs to be aware of.
Mustafa Center is known to be the biggest 24-hour mall in Singapore. However, the mall’s branch that covers 65,000sqf at Serangoon will be closing next month. As a result, the total retail space will be reduced by a quarter. The reason behind the closing down is beings stated as the redevelopment that will take place at the site.
The Chairman of United Industrial Corporation (UIC) and United Overseas Bank (UOB), Mr Wee Cho Yaw, has bought about 45 of the unsold units in an upmarket Singapore condominium, The Nassim. The total paid price of this property is $411.6 million. Mr Wee who is one of the wealthiest businessman in Singapore has bought this property through Kheng Leong Co (Pte Ltd), another property company lead by Mr Wee and his family.
This bulk sales could have gotten developer CapitaLand off the hook due to the Qualifying Certificate (QC) penalties attached to it. The amount of these penalties could have reached to millions of dollars if Mr Wee does not focus on it.
Income tax is one of those facts of life, essential but not something anyone is particularly happy about, or inclined to talk about. In Singapore however we do have one of the lowest rates of personal income tax in the world, despite having the benefits of a first world economy, infrastructure and lifestyle. Singapore is also rare in that there is no capital gains tax, or inheritance tax levied on its citizens or residents.
The Perumal Road site is showing clear signs of developers hungry for sites as bullish bids are lodged for its residential plot.
The plot was released for Government Land Sales (GLS) in 29 November 2016 by Urban Redevelopment Authority (URA). A total of 11 bids were lodged including an offer of $174.08 million from Low Keng Huat (Singapore) Limited. The tenderers also include renowned developers Allgreen Properties Limited, MCL Land, Hoi Hup Realty Pte Ltd etc. The award of tender to its highest bidder, Low Keng Huat (Singapore) Limited has been confirmed by the URA.
Though there are many challenges in real estate market of Singapore, there are some positive signs as well. According to DBS Group Research, there are some indications of rebound noted in the luxury residential and office sectors which can be a good sign for the property market.