In our New Launch projects section, you can find the latest New Launch condos for sale, together with the property news on upcoming projects and all you need to know about new condo launches in Singapore.
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There are different types of property in Singapore and 80 percent of the population stay in HDB flats also known as public housing. The rest of Singaporeans reside in private residential such as condominiums, walk up apartments and landed properties.
Singaporeans like to invest in new launch projects and resale private condos. Other real estate asset classes include the commercial retail shops and industrial units B1 or B2 which are not subject to Additional Buyer Stamp Duty (ABSD).
As property taxes for both Housing Board (HDB) flats and private properties are set to increase in the coming year, the Singaporean government has unveiled a one-off rebate of up to 100 per cent. This move aims to alleviate the financial burden on affected property owners grappling with concerns over the escalating cost of living. The Ministry of Finance (MOF) and the Inland Revenue Authority of Singapore (IRAS) disclosed that the rise in property taxes is attributed to the surge in market rents and annual values for most residential properties. Tiered Rebate System: The one-off rebate, applicable to all owner-occupied residential properties, will be implemented using a tiered system. This approach ensures that the property tax regime remains progressive, with those possessing greater means contributing their fair share of taxes, according to MOF and IRAS. This initiative follows a similar one in 2023 when the government provided a one-off 60 per cent rebate for all owner-occupied properties. Property Tax Rebate for Owner Occupied Homes PROPERTY TYPE ONE-OFF TAX REBATE 1 to 2-room flat 100% 3-room flat 70% 4-room flat 50% 5-room flat 40% Executive EA 30% Private Residential 15% capped at $1,000 Changes in Annual Values: The annual values of HDB flats and most private residential properties are slated to increase from January 1, 2024, reflecting the rise in market rents. This adjustment is based on a yearly review of properties' annual values, used to calculate the tax payable by property owners. Property Tax Rate Increase: The second and final step of the property tax rate increase, announced in Budget 2022, will also take effect in 2024. This will impact non-owner-occupied residential properties and owner-occupied residential properties with an annual value exceeding S$30,000. However, HDB flats occupied by their owners will remain unaffected, continuing to enjoy lower property tax rates than rented-out residential properties. Non-Owner Occupier Taxes: Annual Value (S$) From 2024 (%) Property tax payable (S$) 2024 2023 (%) Property tax payable (S$) 2023 First 30,000 12 12 3,600 11 11 3,300 Next 15,000 20 20 3,000 16 16 2,400 First 45,000 6,600 5,700 Next 15,000 28 28 4,200 21 21 3,150 First 60,000 10,800 8,850 Above 60,000 36 36 27 27 Impact on Property Owners: With the rebate, owner-occupiers of one-room and two-room HDB flats will be exempt from paying property tax in 2024. For other HDB flat types, the rebate will automatically offset any property tax payable, resulting in an average tax increase of less than S$3 per month. Similarly, owner-occupiers of private properties will see the rebate automatically deducted from their property tax, with the bottom half experiencing an increase of less than S$15 per month. Social Support and Annual Value Thresholds: In response to the increase in property tax, the government announced a corresponding adjustment in the annual value thresholds used for social support schemes. This includes MediShield Life premium subsidies, aiming to ensure that Singaporeans with greater needs continue to receive support. Tax Payment Reminders: IRAS emphasized the importance of property owners paying their property tax for 2024 by January 31. Those facing financial difficulties can approach IRAS to discuss a suitable payment plan before the deadline. The "Apply for payment plan" e-service at myTax Portal allows property owners to appeal for an extended payment period through their Singpass accounts. Failure to pay or arrange for payment via GIRO instalments by the due date may result in a 5 per cent penalty. Comments from Propertyforsale Pte Ltd Managing Director, Mr Chia: In light of the impending rise in property taxes, the government's proactive measure of introducing a one-off rebate demonstrates its commitment to supporting property owners amidst economic challenges. The tiered system ensures a fair distribution of the rebate, reflecting a progressive approach to property taxation. As Singaporeans await their property tax bills at the end of December, it is crucial for property owners to be mindful of the payment deadline and explore available avenues for financial assistance if needed.November 30 2023
Condo owners at Dairy Farm Residences are breathing a collective sigh of relief after the property developer, United Engineers, announced a significant reduction in maintenance fees. The revised fees, which are about 40% lower than the initial charges, were met with mixed reactions from residents, with some expressing relief and others still concerned about the overall cost. Initial Fees Raised Concerns In October, residents were shocked to receive their Temporary Occupation Permit (TOP) letters, which revealed maintenance fees that were more than double what was originally marketed. The marketing brochure for Dairy Farm Residences condominium listed estimated monthly maintenance costs for two-bedroom and most three-bedroom units between S$260 and S$280. However, the actual fees were closer to S$4,300 for six months, amounting to over S$700 per month. For bigger units of three-bedroom and four-bedroom units, the monthly fees were more than S$850. Property Developer Responds to Complaints Following complaints from residents, United Engineers (UE) engaged with consultants, contractors, and the managing agent to review the maintenance fees. The developer acknowledged that the initial fees were too high and required revision. Revised Fees Offer Some Relief United Engineers received approval from the Building and Construction Authority (BCA) for the revised maintenance fees, which take effect immediately. It is slightly more than S$427 and S$513 for a month of maintenance fees based on the type of unit, inclusive of 8% GST. Residents have the option to request a refund for the excess amount they paid or have the excess amount offset against future maintenance charges. Residents' Reactions While some residents expressed relief over the reduced fees, others remained concerned about the overall cost and how it might impact services at the development. They called for more transparency from the property developer regarding the calculation of the initial fees and the items covered by the revised charges. Overall, the reduction in maintenance fees provides some relief to Dairy Farm Residences owners, but concerns about the overall cost and service quality remain.November 28 2023
CITY Developments Ltd (CDL) and its joint venture partners reported a rise in third-quarter sales, reaching S$325 million compared to S$281 million in the corresponding period last year. The number of units sold during this quarter also surged from 95 to 183, reflecting a significant uptick in performance. CDL attributed this positive development to the successful launch of The Myst, a residential development featuring 408 units along Upper Bukit Timah Road. Since its introduction in July, the project has seen the sale of 169 units at an average price of S$2,065 per square foot (psf). Notably, 94% of buyers were Singapore citizens, while permanent residents and foreigners constituted the remaining 6%. Additionally, CDL secured a 155,351 square foot residential Government Land Sales site at Champions Way for S$294.9 million, translating to S$904 psf per plot ratio. Despite anticipating a more measured pace in private home sales due to a "temporary breather" in the market following numerous July launches, CDL is gearing up for the launch of its Lumina Grand executive condominium project, featuring 512 units at Bukit Batok West Avenue 5 in Q1 of the coming year. The EC is close to the upcoming Tengah New Town and Jurong Lake District. It is also near three MRT stations along the Jurong Region Line and North-South Line and near the new Anglo-Chinese School (Primary), which is relocating to Tengah in 2030. In the commercial sector, the group's Singapore office portfolio outperformed with an occupancy rate of 97.8%, surpassing the islandwide average of 90% according to Urban Redevelopment Authority statistics for Q3. Although Republic Plaza, its flagship Grade A office building, saw a positive rental reversion of 7.4% as of Sep 30, 2023, overall Grade A office rents experienced a marginal 0.1% dip in Q3, ending a streak of nine consecutive quarters of growth. CDL attributes this dip to occupiers becoming more cost-conscious amid higher capital costs and economic uncertainties. Meanwhile, CDL's hotel operations demonstrated robust recovery momentum, achieving higher revenue per available room (RevPAR) globally. For the nine months ending September 2023, the Global RevPAR rose by an impressive 31.6% to S$163.60, up from S$124.30 during the same period the previous year. As of Sep 30, 2023, CDL's net gearing ratio stood at 58%, following the completion of various acquisitions in 2023, including St Katharine Docks in the UK, two hotels, and multiple private rented sector assets. The group's interest cover remained strong at 3.2 times.November 24 2023
A Singaporean man, Too Kim Lin, aged 53, has been fined a staggering S$1,428,000 by a district court for violating the Planning Act. His illicit venture involved managing 19 residential properties for illegal short term rent and enlisting the help of four former maids to oversee the operations. Too Kim Lin admitted guilt to 11 charges related to leasing residential properties for short-term accommodation, defined as stays lasting less than three consecutive months. The court, in a judgment made available on November 15, considered an additional eight charges concerning eight other properties during sentencing. The specific locations of the properties were withheld in the judgment, except for one mentioned explicitly—a unit on the 29th floor of the V on Shenton condominium. Court documents revealed that Too orchestrated a sizable illegal short-term accommodation enterprise, actively scouring rental platforms to expand his portfolio in the financial district. To distance himself from the transactions, he employed various individuals, including his older brother and mother, to enter into tenancy agreements on his behalf, never using his own name. When questioned by property owners or agents, explanations were given that the properties were intended for legitimate purposes, such as housing Too's girlfriend or elderly mother. In reality, after securing the tenancies, Too sublet the units for profit. His modus operandi included listing and advertising the units on platforms like Airbnb, Booking.com, and HomeAway. The income generated from subletting was used to cover the monthly lease payments for the properties. Additionally, Too engaged four of his former maids to run errands for his illegal business, such as restocking supplies and toiletries. To avoid detection, Too employed various tactics, using multiple mobile numbers and instructing guests not to go directly to the properties. Instead, they were to contact him or an accomplice, meet near the properties, and then be guided through a car park or side entrance to bypass security guards. Complaints and feedback from the managing agent of one condominium and two landlords raised suspicions about the high turnover of visitors and potential short-term rentals. Over the period from February 1, 2018, to October 30, 2019, Too accumulated a total revenue of S$1.47 million from providing short-term accommodation at the 19 properties. After deducting expenses, his profit amounted to approximately S$768,000. During the legal proceedings, the prosecution sought a fine ranging from S$1.54 million to S$1.76 million, aiming to disgorge the illegal earnings and impose a punitive penalty. Too's defense team, represented by Mr. Nicholas Yong Yoong Han and Mr. Andrew Wong Wei Kiat of Fortis Law, advocated for a lower fine of S$756,860, citing estimated monthly expenses of S$410 per property for utilities, internet, and cleaning fees. However, the judge noted a lack of evidence supporting these claimed expenses. The debate extended to the potential jail term in case Too couldn't pay the fine. The defense proposed a "conversion rate" of one week's jail for every S$10,000 fine, while the prosecution suggested one week's jail for every S$8,800 in fines. The judge found the defense's conversion rate reasonable, resulting in a jail term not significantly different from the prosecution's proposed equivalent default jail term. Therefore Too will have to serve a jail term of 142 weeks, which is approximately two years and nine months if he cannot pay the fine. Despite the imposed fine, Too Kim Lin intends to appeal his sentence, and the execution of the sentence has been deferred until after the appeal is heard.November 18 2023
The challenges faced by the construction industry in the aftermath of the Covid-19 pandemic have evolved, with earlier concerns about manpower and building material shortages giving way to a different set of issues. Although the sector no longer grapples with insufficient manpower or building materials, a surge in construction costs poses a substantial hurdle and is anticipated to rise further. Notably, China and India remain the primary sources of foreign labor for the construction sector. While there has been an increase in the number of work permit holders post-pandemic, a shortage of skilled labor persists, exerting upward pressure on overall construction expenses. Dormitory space shortages for migrant workers have compounded the problem, making it both challenging and expensive to secure such accommodations. Over the past three years, construction costs have exhibited an upward trajectory across various building types, with residential flat construction costs witnessing a notable 26% increase between 2021 and 2023. The Building and Construction Authority's Tender Price Index reveals a similar trend, indicating a 30% rise in construction costs for condominiums and commercial buildings over the same period. Industry analysts posit that these elevated construction costs, stemming from factors such as labor and material shortages, will inevitably translate into higher home prices as these costs are passed on to end-users and homebuyers. Projections for 2024 suggest that costs will remain high, with the average tender price for construction projects in 2023 being approximately 8% higher than in 2022. While a slowdown in the rate of increase is expected, a return to pre-pandemic price levels is unlikely. Despite initiatives to reduce dependence on unskilled foreign labor, these efforts often come at the expense of increased costs associated with high-value products, such as pre-cast components, and design for manufacturing and assembly components. The rising cost of building materials, particularly concrete and steel, has been a significant contributor to the overall increase in construction costs, although there are indications of a gradual downward trend since the peak in the previous year. How does local construction firms fare? Recently, KSH Holdings Limited, a public listed company in Singapore reported a net loss for 1HFY2024. Their core business is in construction and real estate development. In today's inflationary climate, the influence of rising prices due to general inflation has gained increased prominence in fueling the escalation of construction costs. This phenomenon adds to the complexities posed by supply chain disruptions, the effects of climate change, shortages in labor, and the rising costs of materials and manpower. In July this year, TA Corporation announced that Tiong Aik Construction Pte Ltd ("TA Construction"), a whollyowned subsidiary of the Company, was placed under provisional liquidation. TA Construction was grappling with a severe tightening of cash flow, stemming from challenges in collecting payments and retention monies—partly attributable to potential liquidated damages claims. Simultaneously, the company is confronted with escalating demands for additional funding to address the surge in labor and material costs. The rise in interest rates has resulted in increased borrowing costs and an unfavorable financing environment. This, combined with a slower-than-anticipated uptake of available-for-sale properties developed by the Group, has constrained the Group's capacity to sustain cash flow for TA Construction. Consequently, this situation has also impacted the company's ability to secure new projects given its existing financial condition. Hope for Construction Sector Singapore's construction sector, rebounding from the disruptions caused by the Covid-19 pandemic, has shown positive growth, expanding by 6% year on year in Q3. However, new challenges such as geopolitical tensions, sustained high-interest rates, and increased borrowing costs have raised concerns among builders. These factors, coupled with the impact of high oil prices on transportation and operational costs, threaten to affect profit margins. Mr Toh Tiau Lai, Managing Director of Lian Bee Metal Pte Ltd, is cautiously optimistic on the economic outlook of the construction sector for 2024. His firm specializes in steel rebar and they have a healthy order book from recurring and new customers due to their professionalism in timely delivery and good workmanship. To navigate these challenges, companies in the construction sector are adopting strategies such as more advanced planning for manpower and material sourcing, simplifying construction methods, and exploring ways to optimize designs. Additionally, companies are extending project timelines and implementing more robust procurement strategies to cope with delays. BCA Forecast on Singapore Construction Demand In response to the forecasted demand, the Building and Construction Authority (BCA) anticipates that construction contracts awarded in 2023 will range between S$27 billion and S$32 billion. The public sector is expected to contribute significantly, accounting for 60% of this demand, supported by a robust supply of Housing and Development Board Build-to-Order flats, while private sector construction is projected to contribute between S$11 billion and S$13 billion.November 15 2023