Buyer & Seller Must Know

Rent for the main office spaces in Singapore is said to drop to about 14%, somewhere towards the end of 2015 and 2019. Which comes through as the second worst rental drop in over 31 cities around the globe. This was brought to peoples notice when Knight Frank’s real estate company did a report on it yesterday.

Among the large supply that’s due to hit the market anytime this year or the next, the need for good office spaces still remains unsettled. This can be because of the rather slow economic growth and a not-so-supportive technological sector that seems to be thriving. These are the very organisations that are starting up shops outside of the centralised business districts.

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The MRT is starting to become more and more dependable, the network managing to record more than double the distance it covered during the same period last year, before having to deal with delay within the first 5 months of the current year. Ng Chee Meng, who is the Second Minister for Transport, stated these days that the numbers indicate a good progress of the network. If from January from May 2016, the network covered only 168,000 train-km, this year, during the same months, it recorded 387,000 train-km. This statement was made at the Tuas Link MRT station, with the occasion of inaugural ceremony of the new Tuas West Extension, Ng Chee Meng saying that SBST and SMRT worked hard as operators and managed to make considerable progresses. He also reminded the fact that the future project of the Jurong Region Line is also enjoying progresses, the line being programmed to be completed in 2025.

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The latest bidding which is now in alert is the residential site which is at Woodleigh lane situated near the Bidadari housing estate. Around 15 bidders had taken part in putting a tremendous bid of $700.7 million with CEL unique development, Heeton & KSH and making it about $1,110 per square foot on a per plot ratio. Hereby clean and clear competition is seen with proof as the fight between the two bids of first and second were under a tight margin of about 0.8 percent. Not only these two bids but the other top four bids were on a tight competition as well with a 3.6 percent tight margin.

At present, units which are available near to this place are indeed being sold for a lesser price than this. At just an average price of $1,400 per square feet Forest Woods and Poiz residences were offering this rate as a fairly good mark. A mixed used Bidadari site was put to bid by Kajima development and Singapore press holdings at a rate of $1,181 per square feet.

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Since the invention of money, there has been financial insecurity, bad debts and economic collapse, and over the last century or so, rarely has a decade passed without some area of the world reeling from one financial crisis or another. More often than not, these are short lived and only affect a specific region/industry/market (for example the dotcom bubble, the Indian Economic Crisis of 1990/91, and the Chinese Stock Market crashes of 2015 and 2016). It is when it spreads to other nations, economic systems and even becomes a global phenomenon that it really makes the economists and historians sit up. Here we look back at three of the biggest to hit the world and Asia over the last three decades.

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The landlord of the Hub Synergy Point near Anson Road in Tanjong Pagar district has future plans of redeveloping the entire tower by 2018. Therefore the tenants of this tower have been asked to leave soon. The office tower is said to be 44 years old situated within the financial district. It is an unfortunate situation for some tenants who have moved in recently by spending around $100,000 on renovation and now being asked to leave. It has brought unhappiness to these tenants who have to sacrifice all their newly renovated area and leave the place.

Late period of May, notifications have been sent to the tenants of this office tower. The notifications of this situation have reached around 30 or so tenants. The owner of the 28 storey office tower has indeed taken the responsibility to inform all of his tenants about the change about to happen next year. The new building is planned and suggested to be completed within the year of 2020. As soon as all the tenants leave this space, work will soon begin as planned.

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It has been confirmed and finally announced formally by the Urban Redevelopment Authority (URA) that the minimum rental period would be made shorter from six months to three months. This statement was formally announced on the 30^th of June 2017 in a press release.

This this decision has been declared by the Urban Redevelopment Authority (URA) due to a rapid increase in demand by groups and individuals looking for accommodation for very short periods which ranges from three to six months. Students who visit local institutes, professionals on working projects, academics are some other common parties who are included to join in these short term stay in Singapore.

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Though the property market in Singapore as a whole is still sluggish, there are pockets within it that are performing well, one of those being Executive Condos (EC’s). The government’s decision to widen the pool of perspective investors/buyers by raising the income ceiling of anyone interested in purchasing one from S$12,000 to S$14,000 has certainly helped demand, and their position, neatly situated in between traditional HDB properties and private condos does make them an attractive proposition for an increasing number of people, particularly those with one eye on an investment.

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Stamp duty is not just something that needs to be paid when buying a property, it is also something that needs to be taken into consideration – and indeed paid – when renting a Singapore property or part of a property. Here is a comprehensive guide, on what to pay, when to pay, and how to pay, plus some important advice on avoiding potential legal issues if any dispute arises.

Who has to pay the Stamp Duty in a Rental Agreement?

It is the tenant who is liable for stamp duty in Singapore, when he or she rents part or the whole of a residential property, or when they agree to extend or renew the tenancy agreement for said property.

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The real-estate sector was away from embracing the rapid technological developments, but their interest has shifted towards the technological revolution as many of the traditional industries who didn’t embrace the technology have shifted to a whole new level of technological involvement. Some people believe that this change is being driven by the digital natives and the executives from the new generation. The all new term to define this theory is known to be “proptech” which is similar to “fintech”. It should be noted that big data in the form of distributed databases (block chain technology) plays a crucial role in the context of technology within the property sector. They have also shifted their attention towards employing robots as receptionists.

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The luxury property market in Singapore is definitely looking bright, especially at the elite Sentosa Cove. Amid reports of million-dollar property losses building up and the apparent vacant units, it seems that sales at this exclusive site is picking up.

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One of the advantages of freehold property as opposed to leasehold is that the building and the land is yours, there is no clock ticking meaning decisions will have to be made some time in the future, and the value is dependent almost purely on market forces, not the ever decreasing amount of time that remains on the lease. Or so we have always been led to believe. It is not quite that black and white however, just ask the residents of Merpati Road in MacPherson.

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China’s increasingly tough clampdown on money flowing out of its borders is having far reaching implications not just for its own citizens, but also for property developers across South East Asia, with Forest City in Johor being one prominent project starting to feel the effects.

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Just few weeks back, two Singapore Condos (Privatised HUDC estate), Rio Casa and Eunosville were sold via collective sales. And now, another two new private HUDC estates are up in the market and determined to sell! The Tampines Court which comprises of 560 residential units is expected to be launched in the early July. On the other hand, there is the Florence Regency in Hougang with 336 units that is already in the initial sales process.

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Kajima development (SPH) which is linked to the Singaporean Press Holdings has put forward its highest bid ever recorded in a tender. The bid is for a 99 year-old lease that combines both residential and commercial sites in Bidadari.

The company came out to a bidding price of a whopping $1.132 billion which translates to about $1,181 for each square foot (per plot). This building can be located at the upper corner of serangoon road.

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Singapore was facing a long downtrend in its property market for the past few years. However, recently Singapore’s housing market has been assembling its forces for a major comeback. Judging from the real estate activity, Singapore’s unenthusiastic property market is finally showing some signs of animation.

The Singapore government has made quite a few moves to ease the difficulties faced by the property market. Since the government has loosened its hold on the market, people now have more incentives to buy Singapore property.

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