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Subscribe to this list via RSS Blog posts tagged in absd

Posted by on in Residential

The Singapore government will continue to monitor the property market closely and consider suitable adjustments to its cooling measures when necessary, said a Ministry of Finance (MOF) spokesman.

These actions are aligned with the government's objective to promote a stable and sustainable property market, she said.

MOF was responding to a BT query about strong market sentiments that there will be changes to cooling measures - in particular, the additional buyer's stamp duty (ABSD) - in the near term.

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Posted by on in Uncategorized
About 80 per cent of the units in a condominium being developed in Kovan will be dual-key apartments, which suit multi-generational families - and owners aiming to avoid stamp duty.

All 94 of the three- and four-bedders at the 222-unit Trilive, and 88 of the 124 two-bedders, will feature two separate entrances.
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The property cooling measures adopted by Singapore from 2009-13 - known to economists as "macroprudential measures" - were an essential complement to monetary policy and have succeeded in containing the property market bubble, according to Monetary Authority of Singapore (MAS) managing director Ravi Menon.

However, they were introduced during a "highly unusual situation". As such, they will not be a permanent feature of policy and will only be used from time to time.
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Regulatory measures taken to cool the property market have raised the purchase costs of luxury residential developments to the second-highest in the world for foreign buyers.

Singapore was second only to Hong Kong when it came to the purchase cost of new-build prime residential property.
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Despite the recent amendments to the Housing Developers (Control and Licensing) Act, units sold by developers in projects which have been delicensed will continue to escape the radar of monthly sales information submissions to the Urban Redevelopment Authority (URA).

Developers who have obtained a Certificate of Statutory Completion for a private residential project and individual titles for all units in the development may apply to the Controller of Housing (COH) to have the project delicensed. This enables the developer to take out the remaining monies in the project account and close it.
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Posted by on in Uncategorized
Foreign buyers are returning to the private property market but their numbers are still well under levels seen before the big stamp duty hit in December 2011.

Their focus has also changed, with mass-market condos in suburban areas now higher on their wish lists, a shift from the high-end homes that they have traditionally sought.
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Posted by on in Uncategorized
Roxy-pacific Holdings began sales at its Jade Residences condo in the Lorong Lew Lian area yesterday, and had moved close to 60 units by 6pm.

Located about 400 metres from Serangoon MRT Station, the five-storey freehold development will have 171 apartments and two shop units. As of yesterday, the group had released 80 apartments and the average price after discounts (inclusive of a 3 per cent early bird discount) works out to $1,416 per square foot (psf), Roxy-Pacific executive chairman Teo Hong Lim told The Business Times.
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Posted by on in Commercial
Speculative demand for industrial properties has eased, following the seventh round of cooling measures, arresting the problem of spiralling prices.

Demand for strata factories moderated following the introduction of the seller's stamp duty (SSD).
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The number of Housing Board resale flats changing hands dropped drastically last month - a sign that the new cooling measures announced at the start of the year are beginning to kick in.

There were around 750 resale deals last month, the lowest activity in any month since the Singapore Real Estate Exchange (SRX) started tracking prices in 2007. This is less than half the 1,740 transactions in February last year.
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Posted by on in Uncategorized
The dangling of sweeteners to home buyers by developers to take the sting out of recent property cooling measures is being reviewed by the Government.

It is concerned that sweeteners such as stamp duty rebates and furniture vouchers cause home prices to be artificially inflated.
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Corporate entities seeking to avoid paying the additional buyers' stamp duty (ABSD) by buying shares in special purpose vehicles that own properties could come under the scrutiny of the tax authorities.

The Inland Revenue Authority of Singapore (IRAS), in a letter responding to a Business Times article on such deals, said: "When the company buys a residential property, it will be subject to ABSD, and at the highest ABSD rate of 15 per cent. Under the Stamp Duties Act, the Commissioner of Stamp Duties may disregard or vary any arrangement to counteract any reduction in or avoidance of duty payable by that person.
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The latest property cooling measures may be targeting foreign buyers, but at least one property firm believes that the steps will not curb foreign appetite for Singapore properties.

China Sonangol Land plans to continue expanding in Singapore and is not too bothered by the latest cooling measures.
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The government yesterday announced its seventh and most sweeping package of property cooling measures in over three years.

Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam described the package as the "most significant to date" and stronger than those introduced in previous rounds. Some measures will be temporary and will be reviewed later, once prices soften, while others are likely to stay for the long term.
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Posted by on in Uncategorized
Resale prices of non-landed private residences grew at a faster pace last year despite a fall in transaction volumes from the year before.

Buyers paid an average of $1,233 per square foot (psf) in the fourth quarter of 2012, the Singapore Real Estate Exchange (SRX) said yesterday. That was 6.6 per cent higher than the third quarter's $1,157 psf.
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Showflats were quiet yesterday, following a surge of customers last Friday eager to beat the new cooling measures which kicked in on Saturday.

The government announced its seventh and most sweeping package of property cooling measures on Friday, including higher additional buyers' stamp duty as well as stricter borrowing limits.
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Prudence is the word that springs to mind when one talks about the outlook of the collective sales market in 2013.

Given the less-than-buoyant demand for collective sales sites this year, market analysts expect the same in the coming months, with developers favouring smaller sites, as they did throughout 2012.
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Posted by on in Uncategorized
Last December's cooling measures have continued to deter overseas buyers from the property market.
Foreign purchases made up just 7 per cent of the private market in the three months to Sept 30, well down from their 18 per cent share for the whole of last year.

The trend was equally evident over the first nine months of the year with only 6 per cent of purchases coming from foreigners.
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The introduction of the additional buyer's stamp duty (ABSD) last December has had its intended effect of shrinking non-permanent resident foreigners' share of total private-home purchases in the first three quarters of this year.

Conversely, Singaporeans have seen a 10.6-percentage point jump in their share of the home-buying pie. PRs' share has risen slightly.
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Posted by on in Uncategorized

By?Romesh Navaratnarajah:

Over half a million dollars was collected by the taxman from additional stamp duties for property purchases, of which S$450 million came from the additional buyer’s stamp duty (ABSD) introduced last December, according to the Inland Revenue Authority of Singapore (IRAS).

In a?Straits Times?report, IRAS noted that S$51 million was contributed by the seller’s stamp duty (SSD), which was imposed in February 2010.?

On the other hand, S$2.5 billion in stamp duties was collected from sale and purchase agreements (SPA) for the full year ended 31 March last year.?

Of the ABSD’s share, approximately S$261 million was attributed to non-PR foreigners who bought around 1,400 homes within nine months; representing one in four buyers who paid additional tax.?

Analysts feel that the figures show renewed buying interest after an initial cooling period when the measures were first implemented.?

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