{"id":126352,"date":"2022-05-09T09:29:18","date_gmt":"2022-05-09T02:29:18","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/absd-of-35-to-be-imposed-on-transfers-of-residential-properties-into-living-trust-golden-mile-complex-sold-en-bloc-for-700mil-and-more\/"},"modified":"2022-05-09T17:36:45","modified_gmt":"2022-05-09T10:36:45","slug":"absd-of-35-to-be-imposed-on-transfers-of-residential-properties-into-living-trust-golden-mile-complex-sold-en-bloc-for-700mil-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/absd-of-35-to-be-imposed-on-transfers-of-residential-properties-into-living-trust-golden-mile-complex-sold-en-bloc-for-700mil-and-more\/","title":{"rendered":"ABSD of 35% to be imposed on transfers of residential properties into living trust, Golden Mile Complex sold en bloc for $700mil and more"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/05\/108140230_s-1.jpg?resize=740%2C370&#038;ssl=1\" width=\"740\" height=\"370\"  data-recalc-dims=\"1\">&#013;<br \/>\nABSD of 35% to be imposed on transfers of residential properties into living trust, Golden Mile Complex sold en bloc for $700mil and more3rd May to 9th May 2022<br \/>\nThe Government imposed an Additional Buyer\u2019s Stamp Duty (ABSD) of 35% on any transfer of residential property into a living trust occurring on or after 9 May. Meanwhile, the Golden Mile Complex has been sold for $700 million, making it the first en bloc sale of a large-scale strata-titled conserved building within Singapore.<br \/>\n\u00a0<br \/>\n1) ABSD of 35% to be imposed on transfers of residential properties into living trust<br \/>\nThose planning to transfer residential property into a living trust will now have to face an Additional Buyer\u2019s Stamp Duty (ABSD) of 35%.<br \/>\nThis comes as ABSD will now be payable even if the beneficial owner is not identifiable at the time the property is transferred into the trust, said the Ministry of Finance (MOF).<br \/>\nCurrently, Buyer\u2019s Stamp Duty (BSD) is payable when a residential property is transferred into a living trust. ABSD may be payable, depending on the profile of the beneficial owners of the property transferred into the trust.<br \/>\n\u201cWhere the living trust is structured such that there is no identifiable beneficial owner at the time when the residential property is transferred into the trust, ABSD currently does not apply,\u201d said MOF.<br \/>\n\u201cArising from its periodic policy review, the Government will introduce ABSD (Trust) at 35%, to address and close this gap.\u201d<br \/>\nMoreover, the new ABSD (Trust) will likely affect wealthier families who are often\u00a0buying private properties in their children\u2019s names. Despite the increasing trend in recent years, there are multiple drawbacks which may affect the child\u2019s future credit score, create potential legal disputes as well as result in them being ineligible for Government subsidies or vouchers.\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n2) Golden Mile Complex sold en bloc for $700mil<\/p>\n<p>The iconic Golden Mile Complex has been sold for $700 million to a joint venture comprising Perennial Holdings, Sino Land and Far East Organization, revealed sole marketing agent Edmund Tie.<br \/>\nNotably, Perennial holds a 50% stake in the JV, while Sino Land and Far East Organization own 25% each.<br \/>\nSubject to relevant authority\u2019s approval, the deal marks the \u201cfirst collective sale of a large-scale strata-titled conserved building in Singapore\u201d, as announced in a release.<br \/>\nThey also shared plans to sensitively restore the existing building, with special attention given to retaining the key features of the main building as well as its signature terraced profile.<br \/>\n\u201cThe JV will also explore transforming Golden Mile Complex into a mixed-use integrated development comprising office, retail, and residential components,\u201d added the trio.<br \/>\nGolden Mile Complex has\u00a0significant architectural and historical value. The amenities include entertainment facilities such as cineplexes and theatre halls.\u00a0There are also\u00a0various nearby foreign consulates and government offices to the building.\u00a0The building itself is located near Nicoll Highway MRT station, offering its residents excellent connectivity to the CBD area.\u00a0<br \/>\n\u00a0<br \/>\n3) 77% of units at Piccadilly Grand sold at launch weekend<\/p>\n<p>Piccadilly Grand, City Developments Limited (CDL) and MCL Land\u2019s joint residential project on Northumberland Road, sold 77% or 315 of its 407 units at an average price of $2,150 per sq ft (psf), reported The Business Times.<br \/>\nSingaporeans accounted for about 90% of the buyers, while the rest are permanent residents and foreigners from countries such as China, Malaysia and India, said CDL and MCL Land.<br \/>\nThe one-, two- and three-bedroom units were the most popular among buyers during the launch weekend.<br \/>\nWith a leasehold tenure of 99 years, the development \u2013 which is connected to Farrer Park MRT station \u2013 has three 23-storey towers. It also features a 1,500 sq m retail and space for food and beverage (F&amp;B) known as Piccadilly Galleria as well as a 500 sq m childcare centre.<br \/>\nRelated article:\u00a0New Launch Condos and ECs for 2022: 11 Upcoming Projects We Can Expect<br \/>\nIn Q1 2022, we saw the effects of the property cooling measures set in. Alongside North Gaia EC and LIV @ M, Piccadilly Grand were expected to bring the market some cheer in Q2 2022. \u00a0<br \/>\n\u00a0<br \/>\n4) Bukit Sembawang opens Liv @ MB for preview<\/p>\n<p>Liv @ MB, Bukit Sembawang Estates\u2019 298-unit residential project within the Mountbatten area, has opened for preview on 6 May, with indicative prices ranging between $1.08 million for a one-bedder and $3.63 million for a four-bedroom deluxe unit, reported The Business Times.<br \/>\nLocated on Arthur Road, the 99-year leasehold project features three 20-storey towers and a 19-storey tower.<br \/>\nPrices range from $2,190 per sq ft (psf) for one-bedroom units, $2,292 psf for two-bedders, $2,288 psf for two-bedroom deluxe units and $2,080 psf for three-bedroom units.<br \/>\nThe four-bedroom units, which are situated from the 12th floor onwards, are priced from $2,233 psf to $2,177 psf for the deluxe version.<br \/>\nThe Liv @ MB is located at The inside of the LIV@MB condo is equipped with a top-of-the-line air conditioning system. There are also premium sanitary fixtures and kitchen appliances supplied.\u00a0The Thomson East-Coast Line\u2019s Katong Park MRT Station (set to open in 2023) is just a short walk from Live @ MB, will make it easier for people to travel.<br \/>\nRelated article:\u00a07 Condos to Benefit from the Thomson-East Coast Line (TEL)<br \/>\n\u00a0<br \/>\n5) Mortgage rates nearly doubled in six months<br \/>\nMedian mortgage rates in Singapore nearly doubled over the past six months as central banks across the globe try to combat inflation via higher interest rates, reported TODAY.<br \/>\nThe median rate for a fixed two-year mortgage, for instance, increased from 1.15% in December 2021 to 2.25% in May, revealed Redbrick Mortgage Advisory, a mortgage broker that compares interest rates from different banks.<br \/>\n\u201cWhen COVID started two years ago, it was expected that there would be an economic slowdown, so to save the economies all over the world, central banks kept the interest rates low,\u201d said Nicholas Mak, ERA Realty\u2019s Head of Research and Consultancy.<br \/>\n\u201cBut there have been expectations for interest rates to go up ever since inflation started to rise.\u201d<br \/>\nNotably, economies across the world started opening up earlier this year, which saw people spending more money. This prompted central banks to increase rates to take pressure off prices and slow demand.<br \/>\nIn fact, OrangeTee &amp; Tie CEO Steven Tan expects interest rates to continue moving upwards due to inflation\u2019s persistence.<br \/>\nRelated article:\u00a0<\/p>\n<p>What Does Home Loan Refinancing in Singapore Mean? A 5 Step Guide on Refinancing<br \/>\nRefinancing Versus Repricing in 2022 \u2013 See Who Wins the Ultimate Battle!<br \/>\nLazy to Refinance Your Home Loan? You Could Be \u2018Throwing\u2019 Away Hundreds of Dollars Every Month<\/p>\n<p>\u00a0<br \/>\n6) Good Class Bungalow at Joan Road on sale for $48mil<\/p>\n<p>A Good Class Bungalow (GCB) at Joan Road has been put up for sale with a guide price of $48 million or about $1,628 per sq ft (psf), revealed marketing agent Knight Frank.<br \/>\nSituated within the Caldecott Hill estate in prime District 11, the property occupies a regular shaped site of nearly 30,000 sq ft. The site has a wide frontage of 53 m and depth of 55 m, providing it \u201cstrong potential to be subdivided into two lots for two separate GCBs\u201d.<br \/>\nKnight Frank noted that the site is located near the MacRitchie Reservoir Park and the MacRitchie Nature Trail and enjoys direct access to both the Thomson-East Coast Line and Circle Line. It is also just a 10-minute drive to the city centre.<br \/>\n\u201cWell-located GCBs like these remain highly sought after as they are tightly held for long-term wealth preservation and capital appreciation,\u201d said Knight Frank Singapore\u2019s Executive Director of Capital Markets Mary Sai.<br \/>\nThe GCB market had a fantastic year in 2021, with prices and volumes reaching new highs. In 2022, the GCB market is expected to remain robust, with prices likely to remain on the rise. Despite the continued interest in GCBs, the restricted supply is expected to slow sales volume in the coming year.<br \/>\n\u00a0<br \/>\n7) Renovation industry gets new guide on fair trading practices<br \/>\nThe Competition and Consumer Commission of Singapore (CCCS) has published a new guide on fair trading practices for the renovation industry, reported Channel News Asia.<br \/>\nThis comes as the renovation industry has one of the highest complaint rates with the Consumers Association of Singapore (CASE).<br \/>\nNotably, the guide recommended that contractors provide consumers with clear deadlines, transparent pricing as well as a clear exchange, repair and refund policy.<br \/>\n\u201cThe guide is intended to raise contractors\u2019 awareness of good practices that they should adopt to enable consumers to make well-informed decisions as well as conduct which may constitute unfair practices under the Consumer Protection (Fair Trading) Act 2003,\u201d said CCCS and CASE.<br \/>\nCCCS Chief Executive Sia Aik Ko explained that adopting transparent and fair trading practices would not only help contractors build trust, but also help them maintain a good business reputation within the industry and attract more customers.<br \/>\nAside from that, HDB also regulates what kinds of renovation works can be done in HDB flats. Breaching these regulations can result in prosecution from the Government.<br \/>\nRelated articles:<\/p>\n<p>9 HDB Renovation Permits and Guidelines You Need When Renovating Your Home<br \/>\nRenovation Contractor VS Interior Designer In Singapore: Which Should You Pick?<br \/>\nRenovation Loan in Singapore: Which Is the Best? (2022)<\/p>\n<p>\u00a0<br \/>\n\u00a0<br \/>\n8) Singapore landed home prices rise at the fastest pace in 2021<br \/>\nSingapore\u2019s landed home market posted its fastest price appreciation over the last 10 years in 2021 as prices jumped 13.3% year-on-year compared to the 1.2% increase in 2020, reported The Business Times citing ERA Realty Network.<br \/>\nFrom 2018 to 2021, landed home prices also increased faster than non-landed home prices. During this four-year period, capital values of landed homes rose 28.8%, which is higher compared to the 24.2% hike registered for non-landed housing.<br \/>\nNotably, capital values of landed homes rose at a faster pace during the first two years of the pandemic compared to the two years prior to COVID-19, with landed home prices growing at a compound annual growth rate of 7.1% on average in 2021 and 2020 versus the 6% annually in 2019 and 2018.<br \/>\nIn Q1 2022, the landed housing price index grew by another 4.2% quarter-on-quarter despite the cooling measures introduced in December 2021.<br \/>\n\u00a0<br \/>\n9) Colliers unveils two new senior appointments<br \/>\nColliers has announced the immediate appointments of Edmund Lee as Executive Director of Industrial Services for Singapore as well as Thomas Wong as Head of Asset Management for Singapore.<br \/>\nLee will report to Lynus Pook, Head of Industrial Services for Singapore at Colliers and will be responsible for investing in client relationships, developing new business opportunities and identifying potential clients with the propensity to resize or relocate.<br \/>\nWong, on the other hand, will be reporting to Stephen Bruce, Colliers\u2019 Executive Director and Head of Real Estate Management Services for Singapore.<br \/>\n\u201cWe are excited to welcome two industry veterans to Colliers. With their wealth of expertise and rich experience, Edmund and Thomas will be able to accelerate the success of both our clients and people, and drive growth for the Singapore business,\u201d said WeiLeng Tang, Managing Director for Colliers in Singapore.<br \/>\n\u00a0<br \/>\n10) Singapore industrial occupancy drops to 89.8% in Q1 2022<br \/>\nSingapore\u2019s industrial property market saw\u00a0the overall occupancy rate drop 0.4 percentage points to 89.8% in the first quarter of 2022 from the previous quarter, reported Singapore Business Review citing JTC data.<br \/>\nJTC attributed the decline to \u201cnew completions picking up significantly, and increase in supply exceeding new demand\u201d.<br \/>\nA decline in occupancy rate was also witnessed across all property types except for business parks, which registered an increase of 1.1 percentage points to 85.6%.<br \/>\nDespite the decline in occupancy rate, the industrial property market saw prices increase 2.1% in Q1 2022, while rentals climbed 1% during the quarter.<br \/>\n\u00a0<br \/>\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.<br \/>\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.&#013;<br \/>\n&#013;<br \/>\nSource : proppertyguru.com.sg\/Property Market&#013;<br \/>\nRead more&#8230;<a href=\"https:\/\/www.propertyguru.com.sg\/property-management-news\/2022\/5\/204768\/absd-of-35-to-be-imposed-on-transfers-of-residential-properties-into-living-trust-golden-mile-complex-sold-en-bloc-for-700mil-and-more\" target=\"_blank\" rel=\"noopener\">ABSD of 35% to be imposed on transfers of residential properties into living trust, Golden Mile Complex sold en bloc for 0mil and more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#013; ABSD of 35% to be imposed on transfers of residential properties into living trust, Golden&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":126353,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-126352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/05\/108140230_s-1.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-wRW","jetpack-related-posts":[{"id":123856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/harder-hitting-cooling-measures-to-affect-home-sales-en-bloc-market\/","url_meta":{"origin":126352,"position":0},"title":"\u2018Harder hitting\u2019 cooling measures to affect home sales, en bloc market","date":"December 17, 2021","format":false,"excerpt":"\r \u2018Harder hitting\u2019 cooling measures to affect home sales, en bloc marketThe new Singapore property cooling measures might see a slow down in the new home sales for December and curbed momentum in the en bloc market. Analysts expect the latest property cooling measures, which describe as \u201charder hitting\u201d, to\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/HDB-RESALE-PRICES.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":109526,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-parents-buying-homes-through-their-children-to-avoid-absd\/","url_meta":{"origin":126352,"position":1},"title":"More parents buying homes through their children to avoid ABSD","date":"July 31, 2019","format":false,"excerpt":"\r While data is limited, property agents said they observed a noticeable increase in apartments being purchased by rich families for their children since the cooling measures came into effect in July 2018. Not a lot of 24-year old university students get to live in a $1.2 million penthouse, especially\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123833,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-unveils-new-property-cooling-measures\/","url_meta":{"origin":126352,"position":2},"title":"Singapore unveils new property cooling measures","date":"December 16, 2021","format":false,"excerpt":"\r Singapore unveils new property cooling measuresThe new Singapore property cooling measures, which include a higher ABSD, lower TDSR, and tighter LTV, will take effect from today, 16 December 2021. The Government on Wednesday (15 December) unveiled a package of measures to cool the private residential and HDB resale markets.\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/Buildings-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":100382,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentiment-among-property-developers-down-on-july-cooling-measures\/","url_meta":{"origin":126352,"position":3},"title":"Sentiment among property developers down on July cooling measures","date":"October 23, 2018","format":false,"excerpt":"\r The latest round of cooling measures were described as unexpected and surprising, as well as extremely disruptive. Property cooling measures announced in July have dampened sentiment in the property market, with the Real Estate Sentiment Index (RESI) falling sharply to 4.0 in Q3 from 6.6 in Q2, reported the\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93257,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-cools-property-market-with-higher-absd-rates-tighter-ltv-limits\/","url_meta":{"origin":126352,"position":4},"title":"Govt cools property market with higher ABSD rates, tighter LTV limits","date":"July 6, 2018","format":false,"excerpt":"\r Buyers rushing to submit their cheques at Riverfront Residences before the 12am deadline to avoid the revised ABSD rates. (Photo: Jeanice Ong) The government has raised the Additional Buyer\u2019s Stamp Duty (ABSD) rates and tightened the Loan-to-Value (LTV) limits on residential property purchases, in a bid \u201cto cool the\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/07\/Adjustments-to-ABSD-rates.jpg?fit=1000%2C562&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":100494,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-investment-sales-plunge-63-in-q3\/","url_meta":{"origin":126352,"position":5},"title":"Residential investment sales plunge 63% in Q3","date":"October 25, 2018","format":false,"excerpt":"\r Investment sales in the residential sector plunged to $2.2 billion due to a lackluster en bloc market. Overall property investment sales in Singapore declined from nearly $10 billion in the previous quarter to $6.5 billion in Q3 2018 following the introduction of new property cooling measures in July, according\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/126352"}],"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=126352"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/126352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/126353"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=126352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=126352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=126352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}