Exclusive Living In Singapore
Not for the first time, a collective sale has hit a stumbling block, after a small number of residents of the Shunfu Ville estate raised objections and opposed the sale. Two subsequent mediation attempts failed to reach an agreement forcing the Strata Titles Board to order the collective-sale committee to halt proceedings, and the dispute is now headed for the high court.
Offshore demand for Singapore Properties
The number of foreigners interested in Singapore’s private residential units has gone up. The demand could be attributed to the capital gains which are deemed to be long-term. China leads in the foreign country’s quest for housing in Singapore.
Hong Kong developers were known for building larger flats in the past, but right now, they’re rushing to building ever tinier homes. There is an old-age saying that “small is beautiful”, which suggests the reason why some people choose smaller homes; but in the case of these Hong Kong developers who have now adopted the idea of building ever smaller apartments, this saying could be rephrased by investors as “small is ugly”.
If the analysts’ prediction for the next half year is anything to go by, a housing boom could be seen with new housing sites being released next year. There are two main factors which have contributed to the surge in the demand for housing.
The price of owning a property in China has increased rapidly in the recent months. In September this year, the price of an average property increased to about 11% in the major cities in China. This was according to National Bureau of Statistics in China. Meanwhile, in the province of China in Hefei the capital of Anhi, the price of property increased to about 47% and same was the case in Beijing which increased to 28%.
It is a crisis time for property developers as they face a strict deadline of completing and selling all their units at their residential projects that is due by next year. Developers who failed to sell all their apartment units within the first 5 years of purchasing the residential plot will be charged with Additional Buyer Stamp Duty (ABSD).
The recent developments in economic systems will see owners of public housing paying lower property tax and all private residential home owners will have much lower or no charge to their bills starting next year. This is the latest news from IRAS (Inland Revenue Authority of Singapore).
Depending on who you speak to, or which articles you read, there are differing opinions on the state of the housing market in Singapore, specifically in terms of whether there is a housing shortage or if in fact we have a glut. So both arguments can’t be right, or can they? Here we examine both sides of the story.
When it comes to Singapore’s coolest, hippest neighbourhood, there are always the same usual suspects that trip of the nation’s collective tongue: Tiong Bahru, Keong Saik, Everton Park, Jalan Basar and Kampong Glam’s Haji Lane. There is another one however, one that has kept itself to itself, and has been more than happy to fly under the radar. That place is Siglap, and despite its lack of appearances and mentions in “Singapore’s top 5…” lists it has more than enough style, hip and downright cool to give those that do feature, a run for their money.
One of the results of having a successful nation – a fully developed one – is that the nature and make up of that nation’s population changes. The population of developing nations can be represented by a pyramid, with the age of the populace increasing as you go up the levels. There are significantly fewer elderly members of society in proportion to those lower down the pyramid, those who are of working age. There comes a time in a country’s development however, when this pyramid suddenly flips. This means that there are more elderly people – those that have contributed to society, but no longer are able, or want to, at least financially – than there are those of traditional working age.
After almost three years, Hong Kong, is rising stamp duties on property transaction. Their real estate is one of the most expensive in the world, and many experts have suggested it will rise more this year. The skyrocketing prices, has contributed towards the already growing discontent. The widening wealth gap, and rising living costs had people under pressure.
Builders have been branching out much more in extension fees, compared to last year; for their shortcoming on their ability to sell all their apartments during a fixed time frame.
On, October 27, reports taken from the Singapore Land Authority (SLA) showed that local government has collected $58.2 million in extension fees this year. Which in comparison to last years $24.9 million, is more than double.
These extension fees are related to QC (Qualification Certificate), whose rules apply to both foreign and local developers.
The government of Singapore is working very seriously on turning it into a “car-lite” nation. By 2030, the city is aiming to achieve this by starting the “Walk, Cycle, Ride” campaign, hoping that more locals with switch to public transport instead of driving their own vehicles.
Punggol, a beautiful town in Singapore, is the country’s seventh cycling town. The government of Singapore is planning for easy travelling in the town. These routes will help people reach their destination in less time. The environment of the city will be preserved by reducing car usage. Before Punggol, Government of Singapore has launched the cycling paths in six other cities which include Tampines, Pasir Ris, Taman Jurong, Yishun and Changi.
The most important factor in any case of buying properties – and always is the first concern of the potential customers – is the location of the project. Other factors are outweighed by this single entity, a good location may overlook other flaws in the system while a bad location may become the reason of ignoring other up-sides of the system.