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Providing you with the latest Singapore Property News relating to residential, commercial and industrial properties. We keep you updated with the latest real estate developments and analysis.

GuocoLand Unveils Lentor Mansion at Lentor Hills - Preview Price and Discount

February 28, 2024 0 0

GuocoLand Limited, a renowned real estate developer, has revealed its latest gem in Singapore's residential landscape - Lentor Mansion. Nestled in the prestigious Lentor Hills estate, this residential development is set to redefine luxury living with its unique concept inspired by Singapore's iconic black-and-white bungalows. Iconic Inspiration and Unique Concept Lentor Mansion draws inspiration from the classic black-and-white bungalows, which are synonymous with hilly and forested areas. The development seamlessly blends the charm of these timeless structures with modern conveniences, creating an unparalleled living experience. Spanning a vast 2.2 hectares, equivalent to three soccer fields, Lentor Mansion boasts the largest site and lowest density among all plots sold under the Government Land Sales Programme in Lentor to date. According to Mr. Cheng Hsing Yao, Group Chief Executive Officer of GuocoLand, "Every project we do in the Lentor Hills estate has a unique concept. For Lentor Mansion, we drew our inspiration from the iconic black-and-white bungalows." Idyllic Lifestyle and Modern Conveniences Lentor Mansion comprises three 16-storey towers and three 8-storey blocks, featuring a total of 533 residential units. Residents can relish unblocked views of the adjacent hillock park, private landed estates, and the lush greenery of nature parks and reserves. The development is designed to offer an idyllic lifestyle, complemented by modern conveniences. Families will appreciate the on-site childcare centre with dedicated access for privacy. The proximity to the Lentor Modern mall and Lentor MRT station, a short 5-minute walk away, ensures residents have easy access to essential services, educational facilities, and a variety of dining options. Efficient Layouts and Innovative Design GuocoLand's commitment to efficient layouts is evident in Lentor Mansion, catering to families of all sizes, including multi-generational households. The development introduces the first 5-bedroom units in the Lentor Hills estate among the new developments, showcasing innovative design with flexible layouts. Ms. Dora Chng, Residential Director at GuocoLand, highlights the incorporation of flexibility into each unit's design, stating, "For example, the design of our 4- and 5-bedroom units can have their dining spaces expanded to host larger gatherings of 12 persons." Lentor Mansion is also the first private residential development launched under the new URA guidelines, harmonizing strata and gross floor areas. This means buyers only pay for actual liveable space, with prices starting from S$1.149 million for a 2-bedroom unit to S$3.176 million for a 5-bedroom unit. Mansion Living in a Forest Garden The double-storey clubhouse, named "The Mansion," reflects the historical black-and-white bungalows, serving as a grand drop-off point and a space for residents to relax and socialize. Lentor Mansion offers an extensive range of facilities, including a 50-meter lap pool, tennis court, gym, and various pavilions with barbecue pits. The lush greenery throughout the development, reminiscent of forests where black-and-white bungalows are found, creates a tranquil atmosphere. A "Forest Trail" allows residents to immerse themselves in nature, while a side gate provides easy access to the hillock park for pet owners. Strategic Location and Future Connectivity Residents of Lentor Mansion can enjoy excellent connectivity through Lentor MRT station, part of the Thomson-East Coast Line. The upcoming Lentor Modern mall, expected to open in 2026, will further enhance convenience with its supermarket, pre-school education center, clinic, and a variety of food and beverage options. With Lentor Mansion's strategic location, residents can easily access major parts of Singapore, including Bukit Timah, Botanic Gardens, Orchard Road, and the Central Business District. The Thomson-East Coast Line also connects to other major lines, including the future Cross Island Line. Green Certification and Future Vision Lentor Mansion, a joint venture between GuocoLand and Hong Leong Holdings, is targeted to be completed by the end of 2027. It is set to become GuocoLand's first residential development certified Green Mark Platinum (Super Low Energy) by the Building and Construction Authority. This certification underscores the commitment to sustainability and environmental consciousness. As GuocoLand continues to shape premium living experiences in Lentor Hills, Lentor Mansion stands as a testament to their dedication to creating harmonious, luxurious, and environmentally-friendly spaces for residents to call home. With its innovative design, modern conveniences, and a focus on nature, Lentor Mansion is poised to become an iconic residential landmark in Singapore. VIP Preview Price and Member Discount Sales bookings for Lentor Mansion are scheduled to commence on 15th March.  Register as a member of Propertyforsale and contact us to book an appointment to view Lentor Mansion showflat from 1st March. Submit your cheque and letter of authorization (LOA) for your desired unit at Lentor Mansion through our affiliate partner.  Propertyforsale will gift $3,888 shopping vouchers for your successful purchase of Lentor Mansion.

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Single Singaporean Seniors Enjoy ABSD Refund for Second Residential Property Purchase

February 19, 2024 0 0

As of February 16, 2024, Singaporean citizens aged 55 and above have a new opportunity to claim a refund on Additional Buyer's Stamp Duty (ABSD) paid for their second residential property. This initiative is designed to provide financial relief for single seniors who fulfill specific criteria outlined by the government. Let's delve into the conditions and application process for this ABSD refund. Conditions for ABSD Refund Eligibility To qualify for the ABSD refund, single Singaporean citizens aged 55 and above must meet the following conditions: 1. ABSD Payment on Second Residential Property: The ABSD must be paid on the second residential property. 2. Ownership of First Residential Property: The first residential property must be solely owned by a single Singaporean citizen aged 55 and above or co-owned with single Singaporean citizens aged 55 and above, who are immediate family members. 3. Common Ownership of First and Second Residential Properties: The owners of the first residential property must also be the owners of the second residential property. Additional owners, if any, must also be single Singaporean citizens aged 55 and above and immediate family members. 4. Limit on Residential Property Ownership: Buyers should not own more than one residential property each at the time of purchasing the second residential property. Additionally, they should not have acquired any other residential property since the purchase of the second property. 5. Timely Disposal of First Residential Property: The first residential property, whether co-owned or separately owned, must be disposed of within six months after the purchase date for completed properties or the issue date of the Temporary Occupation Permit (TOP)/Certificate of Statutory Completion (CSC), whichever is earlier, for uncompleted properties. 6. Consistent Ownership in the Second Property: There should be no change of ownership in the second residential property at the time of selling each first residential property. 7. Value Comparison: The value of the second residential property must be less than the value of each of the first residential properties sold. 8. Timely Application for Refund: The application for the refund of ABSD must be submitted within six months after the date of sale of the first residential property. How to Apply for ABSD Refund Applying for the ABSD refund is a straightforward process through the e-Stamping Portal. Here are the steps: 1. Access the e-Stamping Portal:    - Select "Request."    - Choose "Apply for Assessment / Appeal."    - Opt for "Assessment (including remission and penalty)." 2. Document Stamping:    - If the document is stamped, select "Yes" and enter the Document Ref No.    - If not stamped, proceed to stamp the document by selecting "Stamping" > "Sale & Purchase – Purchase/Acquisition." 3. Form Submission:    - Complete the online form after entering the document details.    - Under "Supporting Documents," indicate "ABSD Concession for Single SC Seniors."    - Submit the form with the necessary details. 4. Required Supporting Documents:    - Copy of the exercised Option to Purchase/Sale and Purchase Agreement for the purchase of the second residential property.    - Copy of the exercised Option to Purchase/Sale and Purchase Agreement for the sale of the first residential property(s). By adhering to these steps and meeting the specified conditions, eligible single Singaporean citizens aged 55 and above can successfully apply for an ABSD refund on their second residential property. This initiative not only eases the financial burden for seniors but also encourages the efficient use of housing resources in Singapore. Frequently Asked Questions (FAQs) Can I get an upfront remission of ABSD instead of paying ABSD first? Yes. Buyers of HDB flats or new EC units receive an upfront remission of Additional Buyer's Stamp Duty (ABSD). This is primarily due to the HDB regulations that prohibit these buyers from owning other residential properties or mandate the disposal of their existing residential property within the specified timeframe. Can I appeal for a longer period to sell my first property because 6 months timeline is too short? No, you should start planning for the sale of your first property before you set sights to buy your second property. Engage a professional real estate agent to assist you in the timeline for sale and purchase. 

By, Chief Editor img

Singapore's Budget 2024 Property Tax Reforms: Easing the Burden on Homeowners

February 17, 2024 0 0

Singapore's property market is set to undergo a significant change in the realm of property tax as the government takes steps to alleviate the burden on owner-occupied properties, particularly in the mid-tier categories. Deputy Prime Minister and Finance Minister Lawrence Wong recently announced in his Budget 2024 speech that the annual value (AV) bands would be raised, leading to a reduction in property taxes for many homeowners. This move reflects the government's acknowledgment of the unintended consequences of a surge in rental values, resulting in an unexpected increase in property tax collections. AV Band Adjustments: Effective from January 1, 2025, the AV bands will undergo adjustments, benefiting a considerable portion of owner-occupied properties. The lowest AV band where the property tax rate is 0 per cent, threshold will be raised from S$8,000 to S$12,000, while the highest 32 per cent band threshold will increase from over S$100,000 to over S$140,000. These revisions do not alter the tax rates but widen the bands at both ends of AV distributions. Homeowners can anticipate paying the same or lower property taxes at each band, assuming no change in their AVs and before any rebate. Understanding Property Taxes in Singapore: Property taxes in Singapore are calculated based on AVs, which are derived from the estimated yearly rent if a property were rented out. Owner-occupied homes, where the owner resides in the property, enjoy lower tax rates. The government originally expected these changes to impact the top 7% of owner-occupied residential properties, but the AV increases affected nearly 13% of such properties. Impact on Retirees: Recognizing potential cash flow issues for retirees residing in higher-end residential homes, the Inland Revenue Authority of Singapore will offer a 24-month installment plan without interest. This measure aims to assist those facing financial challenges due to property tax changes and other factors affecting the property market. Addressing Unintended Consequences: The adjustment in AV bands indicates the government's awareness of the unintended impact caused by the surge in rental values. Rent for certain Housing and Development Board (HDB) flats experienced an increase exceeding 50%, even in non-mature areas like Woodlands and Sengkang. During the period between the first quarter of 2021 and the second quarter of 2023, the non-landed private rental index by the Urban Redevelopment Authority (URA) also recorded a notable rise of 45%. The unexpected increase in property tax collections affected many people, particularly those who did not benefit from the rental hike and felt unfairly penalized. By widening the AV bands, the government is taking a step towards rectifying this situation and ensuring a fairer distribution of the property tax burden. No Reduction for Investment Properties: It's crucial to note that these reforms do not translate into a reduction in property tax rates for investment properties. While the changes are beneficial for owner-occupied homes, property investors who lease out their residential properties will not experience a decrease in their tax obligations. Conclusion: Singapore's property tax reforms, particularly the adjustment of AV bands, demonstrate the government's commitment to addressing the unintended consequences of market fluctuations. By providing relief to a significant portion of owner-occupied properties, the government aims to strike a balance in the property tax landscape, ensuring fairness and mitigating the impact on residents. As the property market continues to evolve, these measures reflect a proactive approach to maintaining a stable and equitable real estate environment in Singapore.

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Marina Gardens Crescent GLS Tender: Unawarded Bid Raises Questions Amidst Real Estate Dynamics

February 08, 2024 0 0

In a surprising turn of events, the Government Land Sales (GLS) tender for a 99-year leasehold plot in Marina Gardens Crescent has failed to secure an award. The Urban Redevelopment Authority (URA) announced on Thursday (Feb 8) that the sole bid, submitted by GuocoLand (Singapore), Intrepid Investments, and TID Residential, has been deemed too low. As a result, the site will now be placed on the reserve list for the first-half 2024 GLS Programme, allowing interested developers to submit applications with a minimum price acceptable to the government. The Low Bid and Market Dynamics: The white site in Marina South, designated for residential and commercial development, attracted only one bid of nearly S$770.5 million, equivalent to S$984 per square foot per plot ratio (psf ppr). This bid is almost 30% lower than the S$1,402 psf ppr that Kingsford Group paid for a neighboring plot in Marina Gardens Lane during a state tender in June of the previous year. Kingsford's S$1.03 billion plot is zoned for residential use with commercial space on the first storey, capable of accommodating around 790 private homes, similar to the 775 private housing units proposed for the Marina Gardens Crescent plot. The URA launched the Marina Gardens Crescent plot for tender in June 2023 under the confirmed list of the H1 2023 GLS Programme. Unlike sites on the reserve list, which are launched only upon successful developer application, confirmed list sites proceed according to schedule, irrespective of market demand. Location and Development Potential: Situated next to the Marina South MRT station, the Marina Gardens Crescent plot offers a maximum gross floor area (GFA) of nearly 783,000 sq ft, approximately 6% more than the neighboring plot that went to Kingsford. Despite its strategic location, the failure to secure a winning bid raises questions about the dynamics of the real estate market. Factors Influencing the Bid: The bid's rejection may be attributed to various factors, including the proposed land use, site conditions, and relevant sales transactions. The reserve price for Government Land Sale sites is typically set at 85% of the estimated market value assessed by the Chief Valuer. Given the upcoming supply of new homes in the area, with developments such as Marina Gardens Lane, Marina View Residences, Skywaters Residences, and Newport Residences collectively offering about 1,900 new homes, developers may have been cautious in their bidding strategy. Expert Opinions: Propertyforsale Pte Ltd Managing Director, JT Chia, had anticipated a more substantial bid for the Marina Gardens Crescent site, expecting it to command at least S$1,100 psf ppr. The significant gap between the expected bid and the actual bid raises questions about developers' confidence in the current market conditions and the sustainability of property prices. Conclusion: The unawarded bid for the Marina Gardens Crescent plot has added an unexpected twist to the real estate landscape. As developers reassess their strategies in light of market dynamics, the reserve list for the first-half 2024 GLS Programme will likely see increased interest. The outcome of future tenders and the minimum acceptable bid price set by the government will offer valuable insights into the evolving dynamics of Singapore's property market.

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Singapore's Public Housing Review 2023: HDB Resale Prices Moderate Amidst Shifting Dynamics

January 27, 2024 0 0

Singapore's Housing and Development Board (HDB) resale market experienced a notable deceleration in 2023, with a 4.9% year-on-year increase – a significant drop from the 10.4% gain in the previous year and the 12.7% surge in 2021. The fourth quarter of 2023 saw a further slowdown, with resale prices rising by 1.1%, compared to the 1.3% growth in the preceding quarter. Various factors, including the timing of Build-to-Order (BTO) launches and government cooling measures, contributed to the evolving landscape. Factors Influencing Fourth-Quarter Slowdown: 1. BTO Launches Impact: The BTO launches in October and December emerged as a crucial factor affecting the resale market. Prospective homebuyers had the option of choosing brand-new flats at their preferred location, at a much lower entry price. 2. Cooling Measures: Government interventions, including a 15-month wait-out period for private homeowners seeking HDB resale flats and stricter borrowing criteria, impacted resale demand. These measures were introduced in September 2022 to ensure prudent borrowing amid rising interest rates.  Persisting Growth in Million-Dollar Flats: Despite the slower price growth in the fourth quarter, it marked the 15th consecutive quarter of growth. A record-breaking 470 million-dollar flats changed hands in 2023, with 134 transactions occurring in the last quarter. However, these high-value transactions represented only 2.1% of all transactions in Q4 2023, indicating that they are still a minority in the market. Top HDB Towns for Million-Dollar Flats: Bukit Merah, Toa Payoh, and Kallang/Whampoa were identified as the top three HDB towns with the highest number of million-dollar flats in 2023. HDB Resale Price Analysis According to HDB resale transactions, in the central region, three-room HDB flats commanded the highest median resale price, reaching S$481,500, while Geylang registered the lowest at S$345,000. In the case of four-room flats, Queenstown marked the highest median resale price at S$928,000, whereas Bukit Panjang recorded the lowest at S$503,000. For five-room flats, Bukit Merah reported the highest median price at S$959,000, while Jurong West had the lowest at S$588,000. Preference for Four-Room Flats Amidst Rising Prices: Despite a 35% increase in the prices of four-room flats over the last five years, they remain more sought-after than other HDB flat types. Factors such as affordability and demand from younger families and downsizing seniors contribute to the sustained popularity of four-room flats. On average, four-room flats receive more inquiries than five-room flats, indicating a continued preference for smaller, more affordable units. Those aged 55 and above who buy a four-room or smaller resale flat are exempted from the 15-month wait out period. 2024 Outlook and Buyers' Market: Property analysts foresee signs of a buyers' market as sellers contend with increased competition. The government's plan to launch an additional 37,000 flats over three years to meet the target supply of 100,000 flats from 2021 to 2025 may divert demand away from the resale market.  Conclusion: As Singapore's HDB resale market enters 2024, it does so against a backdrop of moderated price growth, evolving buyer preferences, and government measures aimed at maintaining stability. The interplay of factors such as BTO launches, cooling measures, and a growing supply of new flats will shape the trajectory of the housing market in the coming months. Both buyers and sellers must navigate this changing landscape, with a focus on market trends and government initiatives shaping the housing sector's future.

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Singapore's New Private Home Sales Plummet to a 15-Year Low in December

January 17, 2024 0 0

Singapore's real estate market experienced an unprecedented downturn in December, with new private home sales reaching a near-15-year low. Typically, the end of the year witnesses a lull in the real estate sector; however, December 2023 proved exceptionally challenging, as sales plummeted by 82.8% compared to November, according to data released by the Urban Redevelopment Authority (URA) on January 15. Developers sold a mere 135 units last month, excluding executive condominiums (ECs). This marked the lowest figure recorded since January 2009 when only 108 units were sold during the global financial crisis. Propertyforsale private residential sales transactions data revealed that in December The Continuum amd The Landmark were the two best-selling projects in the Rest of Central Region (RCR). Whereas in the suburban Outside Central Region (OCR) projects included The Myst and J’den. The top-selling Core Central Region (CCR) projects in December 2023 were Midtown Modern and Watten House. In November 2023, a total of 784 units were sold, making the drastic decline in December even more pronounced. On a year-on-year basis, new private home sales fell by 20.6% last month compared to December 2022's 170 units. Factors Behind the Slump: Lack of New Launches and Year-End Holidays Analysts attribute the market lull to a combination of factors, notably the year-end holidays and a shortage of major project launches during the period. December is traditionally a quieter period in the real estate market, with a predictable decline in new home sales transactions. The festive season and the dearth of project launches diverted potential buyers' attention, as they were preoccupied with holiday plans or personal commitments. A mere 36 new units were launched for sale in December, representing the second-lowest number since URA began releasing monthly data in July 2007. In 2023, developers sold approximately 6,450 new private homes, excluding ECs, marking a significant 9.1% drop from 2022. This is the lowest annual sales figure since 2008 when 4,264 units were sold, attributing the decline to various factors, including property cooling measures, a lack of project launches, macroeconomic uncertainty, and interest rate hikes in April 2023. Impact of Government Measures: Additional Buyer's Stamp Duty (ABSD) The government's announcement in April 2023 regarding an increase in the Additional Buyer's Stamp Duty (ABSD) for foreigners buying residential property had a notable impact. Foreign buyers faced a 60% ABSD, up from 30%, prompting a decrease in residential property purchases. From January to May 2023, an estimated 235 residential property purchases by foreigners took place, decreasing to 80 transactions from June to December 2023. Looking Ahead: A Rebound Is Not Imminent Despite the challenging market conditions, analysts remain cautiously optimistic about the future. The upcoming launches of major non-landed projects like Hillhaven and the Arcady at Boon Keng are scheduled before Chinese New Year.  There will be more than 20 new projects to be launch in 2024, excluding ECs, potentially adding more than 10,000 new homes to Singapore's supply. With an increase in supply and interest rate remain elevated, most property analysts predict that price appreciation will be slower. Propertyforsale's managing director, JT Chia said that the buyers will be price sensitive and they would not be in a rush to enter the property market.  According to Mr Chia, the Arcady at Boon Keng launch price of $2,400 PSF represents a 35 per cent premium to comparable freehold residential properties along Serangoon road. The market remains dynamic, and the success of upcoming launches could play a pivotal role in shaping the trajectory of Singapore's real estate sector in 2024.

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