{"id":104022,"date":"2019-02-15T14:35:47","date_gmt":"2019-02-15T07:35:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-wishlist-for-budget-2019\/"},"modified":"2019-02-15T15:03:32","modified_gmt":"2019-02-15T08:03:32","slug":"property-wishlist-for-budget-2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-wishlist-for-budget-2019\/","title":{"rendered":"Property wishlist for Budget 2019"},"content":{"rendered":"


\nSome experts are hoping that the latest round of cooling measures introduced in July will be eased.
\nProperty market watchers are looking forward to Singapore\u2019s 2019 Budget, which is set to be delivered by Finance Minister Heng Swee Keat on Monday (18 Feb).
\nIn last year\u2019s budget, the government introduced several measures, including higher subsidies for HDB flat buyers, while the top marginal buyer\u2019s stamp duty was raised from 3.0 to 4.0 percent for residential properties worth more than $1 million.\u00a0
\nFor Budget 2019, some experts are hoping that the latest round of cooling measures introduced in July will be eased. This comes after a recent study by the Real Estate Developers\u2019 Association of Singapore and the National University of Singapore found that 95.1 percent of developers believe the measures have negatively affected the market\u2019s prospects in 2019.
\nExperts also cited risks like the large supply of new property launches this year, with PropertyGuru expecting at least 40 new project launches and over 10,000 private units to be completed this year.
\nDespite the weaker sentiment in the private residential market, many homeowners are not giving up on their en bloc dreams. For instance, the 918-unit Braddell View is still proceeding with its collective sale tender with an asking price of $2.08 billion. Other developments have also re-launched their tenders. Some have slashed their asking prices, while others are in the process of doing so.
\nMeanwhile, newly released data from the Urban Redevelopment Authority on Friday (15 Feb) showed that private home sales fell by 17.8 percent to 433 units last month from 527 units in January 2018.
\nAmidst the many challenges facing the property market, we asked a few industry experts to share their opinions and wishes for Budget 2019.
\n\u00a0
\n1. Ismail Gafoor
\nChief Executive Officer, PropNex Realty
\n\u201cWith speculations running rampant about the General Elections being held this year, it is highly unlikely that there will be further tweaking of the property cooling measures introduced last year.
\n\u201cHowever, my suggested request would be for the government to consider calibrating the Additional Buyer\u2019s Stamp Duty (ABSD), specifically for Singaporeans purchasing their second residential property.
\n\u201cAn ideal consideration would be revising the rate from its current 12 percent to possibly 5.0 percent instead. As more Singaporeans are venturing and investing abroad, they find themselves being exposed to risks beyond their control. Hence, we hope that the upcoming budget places more importance on the betterment of current and future generations of Singaporeans.\u201d
\n\u00a0
\n\u00a0<\/p>\n

2. Ong Teck Hui
\nSenior Director, Research and Consultancy, JLL Singapore
\n\u201cIt is hoped that SMEs, including those in the retail business, can receive enhanced financial assistance to accelerate their adoption of technology to stay relevant in the new economy.
\n\u201cIn anticipation of slowing economic activity, the extension of the service & conservancy charges (S&CC) rebate for HDB flats in 2019 will be a welcome relief for all heartlanders.
\n\u201cFinally, we look forward to details on the flexible use of CPF funds for the purchase of shorter-lease flats in the coming budget.\u201d
\n\u00a0
\n\u00a0
\n\u00a0<\/p>\n

3. Christine Sun
\nHead of Research & Consultancy, OrangeTee & Tie
\n\u201cThe property cooling measures implemented in July last year have affected some groups of genuine buyers or upgraders. Currently, a full ABSD remission is only applicable to married couples who jointly purchase a residential property, and the couple must include a Singapore citizen spouse. The remission is given if the first property is sold within six months after the date of purchase of the second\u00a0property for completed property or six months after the issue date of the Temporary Occupation Permit or Certificate of Statutory Completion, whichever is earlier if the property was uncompleted at the time of purchase.
\n\u201cWe are wondering if the authorities can extend the remission to other groups of buyers, such as Singaporean singles buying on their own or Singaporean parent and child or siblings making a joint purchase. These buyers would have similar intention of selling their current properties upon collecting the keys to their new homes, therefore they should be exempted from the ABSD.
\n\u201cWe are also wondering if the authorities can give a longer timeframe of perhaps eight to nine months to offload their existing homes, especially for HDB upgraders who are facing more difficulty selling their flats given the weakening HDB resale market.\u201d\u00a0<\/p>\n

4. Eugene Huang\u00a0
\nHead Honcho, Redbrick Mortgage
\n\u201c2018 has seen multiple mortgage interest rate hikes across retail banks in Singapore. The hikes effectively raised the cost of financing a property by approximately 50 percent over the course of one year.
\n\u201cThe government can consider helping to slow the pace of rate hikes so that homeowners can catch up with the increased costs of home ownership. Property investors likewise may have a better chance of getting positive yield from their investment properties.\u201d
\n\u00a0
\n\u00a0
\nGet more details on the property market outlook for 2019 here
\nCan you afford a condo in Singapore? Check your\u00a0affordability\u00a0now.\u00a0
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Property wishlist for Budget 2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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Although home prices may start bottoming out in the next few quarters, which could prompt a moderate recovery from 2018, easing of property cooling measures are not expected until next year at the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93765,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/market-barely-had-time-to-respond-to-new-cooling-measures\/","url_meta":{"origin":104022,"position":1},"title":"Market barely had time to respond to new cooling measures","date":"July 13, 2018","format":false,"excerpt":"\r The Singapore government departed from its recent practice of announcing sensitive information on Fridays when it introduced its latest round of cooling measures on 5 July, which is a Thursday \u2013 barely giving the market time to think. In a note, Withers KhattarWong partner Kenneth Szeto said announcements were\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-plans-to-ease-property-curbs-deputy-pm\/","url_meta":{"origin":104022,"position":2},"title":"No plans to ease property curbs: Deputy PM","date":"February 20, 2020","format":false,"excerpt":"\r His statement comes after developers made renewed calls to loosen a measure penalising them for their failure to complete and sell new projects in five years.\u00a0 Singapore\u2019s Deputy Prime Minister and Finance Minister Heng Swee Keat revealed that the government has no plans to ease the property cooling measures.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93485,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-developers-group-attacks-latest-government-measures-to-cool-states-property-prices\/","url_meta":{"origin":104022,"position":3},"title":"Singapore developers\u2019 group attacks latest government measures to cool state\u2019s property prices","date":"July 9, 2018","format":false,"excerpt":"\r A leading developers\u2019 group in Singapore has challenged the government\u2019s latest round of property-cooling measures, saying that there\u2019s no rationale for the planned steps as the market is only in the early stages of a recovery, The Straits Times has reported. Singapore\u2019s renewed clampdown on speculative property demand sent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113155,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-unlikely-to-ease-cooling-measures-as-election-nears\/","url_meta":{"origin":104022,"position":4},"title":"Gov\u2019t unlikely to ease cooling measures as election nears","date":"December 18, 2019","format":false,"excerpt":"\r Loosening property curbs would be an unpopular decision, analyst say.\u00a0\u00a0 It is highly improbable that Singapore will ease property cooling measures as it nears a high-stakes election, reported Bloomberg. Despite several developers\u00a0calling for the loosening up of the measures to cope with the property glut, the government is not\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106676,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-prices-to-hold-steady-despite-property-cooling-measures\/","url_meta":{"origin":104022,"position":5},"title":"Home Prices To Hold Steady Despite Property Cooling Measures","date":"April 29, 2019","format":false,"excerpt":"\r Darren Teo, head of research at Edmund Tie and Company, believes that residential property prices will remain firm even with the latest cooling measures in place. Despite last year\u2019s property cooling measures, Edmund Tie and Company expects residential property prices to remain relatively stable.\u00a0 Prior to the latest cooling\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/104022"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=104022"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/104022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/104023"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=104022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=104022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=104022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}