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\nTight Rental Market Fuels Rental Scams, Singapore Among Top Cities for Ultra-prime Residential Sales, and More\u00a0
\n28 March to 3 April 2023
\nAlmost all 320,000 HDB flats that were built up to 1986 have been upgraded under the Home Improvement Programme (HIP). Meanwhile, demand for assisted co-living arrangements in public housing flats is rising among seniors as they look to age in place.
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\n1. Almost all eligible HDB flats were upgraded under the HIP<\/p>\n
Almost all of the 320,000 HDB flats that were built up to 1986 have been upgraded under the HIP.
\nHDB revealed that upgrading works have been completed for around 95% of the flats, and 4% are undergoing works, reported CNA.
\nThe other 1% is yet to be polled. This comes as upgrade works can only be done once at least 75% of the eligible households within a block have consented to it.
\nHDB also shared that around 283,900 flats were installed with elderly-friendly fittings under the Enhancement for Active Seniors (EASE) programme \u2013 either with the HIP or direct application for those who live in blocks that do not qualify for HIP.
\nNotably, the EASE programme will be expanded from 4 April 2023 to include features such as wheelchair lifts and customised ramps.
\nAs of 31 March 2022, the government has spent around $3.69 billion on HIP and $110 million on EASE.
\nHDB added that upgrade works had also been completed for 1,200 flats built between 1987 and 1997, \u201cwhile another 55,000 units are in various stages of upgrading\u201d.
\nRelated article:\u00a0Guide to HDB HIP (Home Improvement Programme): Free Upgrades and Repairs, Optional Costs, and More Tips (2023)
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\n2. Demand for assisted co-living arrangements in public housing flats on the rise<\/p>\n
Demand for assisted co-living arrangements in public housing flats is on the rise among seniors, as they look to \u201cage in place\u201d, reported CNA.
\nThese arrangements provide elderly tenants with company and care.
\nRed Crowns Senior Living, one of the providers, rents properties on the open market and then sublets them to seniors as an alternative to nursing homes. It has rented three condominiums and 30 flats for seniors.
\n\u201cWe have a reporting system whereby the caregivers have to update us on the meals and the activities that are being done every day. And we have care coordinators to go around the different homes to visit them and to ensure the well-being of the residents,\u201d said Red Crowns Senior Living Care Manager Phern Tan.
\nHowever, limited flat supply as well as rising rental and utility costs are making it hard for such operators to scale up.
\nAn expert believes demand for such living arrangements will increase, but calls for regulation once there are more players.
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\n3. 99-to-1 property deals to avoid Additional Buyer\u2019s Stamp Duty (ABSD) too risky<\/p>\n
Avoiding the ABSD\u00a0on second and subsequent property acquisitions by exploiting a 99-to-1 loophole can be extremely risky and costly.
\nThis comes as the Inland Revenue Authority of Singapore (IRAS) has launched an audit to identify those who have used such schemes, reported The Straits Times.
\nNational University of Singapore\u2019s (NUS) Associate Professor Stephen Phua noted that Iras can look at all transactions since the ABSD was introduced in 2011 considering that there is no time bar for such audits.
\nIf caught, buyers could be penalised with a 50% surcharge on top of the ABSD due, or even a 400% penalty.
\nIf buyers are already in the midst of such a transaction, they should consider backing out of the deal, which is better than proceeding with a sham arrangement that could lead to significant penalties.
\nIf they have already completed such an arrangement, they should consider voluntarily approaching Iras to discuss the matter.
\n\u201cIn most cases involving related buyers, the best possible outcome for such infringement is paying the deficient ABSD with a 50 per cent surcharge, unless you have a sound commercial basis or convincing reasons for executing the belated step down in such a short period,\u201d said Professor Phua.
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\n4. Seven out of 10 companies are ready to move expat staff out of Singapore<\/p>\n
A survey by the European Chamber of Commerce, Singapore (EuroCham) showed that half of expatriates in Singapore have been affected by the rising rental rates, while around seven out of 10 businesses are prepared to relocate out of the city-state if there is no relief from operating costs.
\nThe report warned that the situation is \u201cnot sustainable\u201d, and that Singapore may lose its attractiveness to foreign firms if the government does not intervene.
\n\u201cThis is the first time in the past 10 years where companies have expressed a readiness to leave Singapore should rental prices increase,\u201d EuroCham President Federico Donato told TODAY.
\nThe survey found that 62% of employees received less than $1,500 per month or nothing at all from their firms to offset the rental hikes.
\nMoreover, 97% of the firms polled indicated that their employees were experiencing anxiety and psychological distress due to skyrocketing housing rents.
\nAside from rental costs, companies here in Singapore also face other challenges such as rising travel and shipping costs.
\n\u201cEuroCham and the other chambers and member companies hope that the Government can intervene in the housing market to drive down the prices of rent, or implement a price ceiling,\u201d said Donato.
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\n5. Bin Tong Park detached house on sale for $22.88 million
\nA detached house at 39 Bin Tong Park in District 10 has been put up for sale for $22.88 million, revealed Huttons Asia.
\nThe freehold property, which was built in 2018, occupies a 9,170 sq ft site and has a total built-up area of around 8,200 sq ft.
\nHuttons Asia\u2019s Senior Division Director Aric Lim describes the property \u2013 which is located within the Bin Tong Park Good Class Bungalow area (GCBA) \u2013 as the perfect family home, with its \u201copen-concept living hall and dining area that provide ample space for hosting friends and family\u201d.
\nHe pointed out that the dining area overlooks a 22m pool, perfect for poolside parties and gatherings.
\nIt is also near various schools including Hwa Chong International School, Nanyang Primary School, and St Margaret\u2019s Secondary School, while the Orchard Road shopping district is just a short drive away.
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\n6. Tenants weigh in on the benefits of the Joint Singles Scheme Operation Run Pilot (JSS-OR) scheme<\/p>\n
The JSS-OR, a housing scheme for lower-income singles, has come under the spotlight recently, amid reports of squabbling flatmates and a criminal case involving co-tenants.
\nBut while tenants acknowledge the challenges of having to live with a stranger, they said the scheme offers a \u201cgood opportunity\u201d for low-income singles to have a proper shelter and focus on improving their finances.
\nOne of the tenants, Tan Feng Ann, said the best part of the scheme is having an on-site operator that can immediately extend assistance in case of fights and disagreements.
\nThe majority of the tenants interviewed by TODAY said they can co-exist with their flatmates even as they don\u2019t see eye to eye always, noting that arguments and disagreement are part of living with strangers.
\nThey pointed out that having a shared understanding and consideration for one another is crucial.
\nOne of the tenants said he would still choose the scheme over the new HDB scheme where tenants get to have their bedroom.
\n\u201cWhy live alone? If you faint, nobody will know. When there are two of you, you can take care of and look out for each other,\u201d he said.
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\n7. Tight rental market fuels rental scams<\/p>\n
The hot rental market in Singapore saw scammers taking advantage of desperate people seeking a place to rent, reported The Straits Times.
\nPolice revealed that at least 305 people have been scammed by bogus property agents since January, with victims losing over $1.7 million.
\nThe scammers convinced their victims to pay a certain amount of money to secure a rental property even before viewing it, saying a throng of people are also interested in the unit.
\n\u201cHe said if I could transfer the money \u2013 $900 deposit and $900 as the first month\u2019s rent \u2013 and sign the tenancy agreement, then the unit was secured and we could arrange for a viewing,\u201d shared Joelle Wang, who saw the listing on Carousell.
\nPolice said they have arrested 13 people for their alleged involvement in 480 rental scams, while a 48 year-old woman was convicted in October 2022.
\nDespite the police\u2019s efforts, some have become wary of the rental market and decided to rent elsewhere.
\nJoel, who lost $2,800 to scammers, now rents a studio apartment in Johor Bahru. \u201cRenting in JB is the only reasonable option, despite having to travel back and forth for the majority of a week,\u201d said the law student.
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\n8. 950,000 HDB households to receive the first tranche of GST Voucher rebates in April 2023
\nAbout 950,000 Singaporeans living in HDB flats will receive their first quarterly tranche of Goods and Services Tax (GST) Voucher U-Save and Service and Conservancy Charges (S&CC) rebates in April.
\nThe Ministry of Finance (MOF) said eligible households will get double their regular U-Save rebates in the financial year 2023.
\nThis amounts to around eight to 10 months\u2019 worth of utility bills for average households living in 1- and 2-room HDB flats.
\nFor those staying in 3- and 4-room HDB flats, this is equivalent to about four to six months\u2019 worth of utility bills.
\nThe rebate for S&CC, on the other hand, ranges from 1.5 months to 3.5 months.
\nMOF noted that households whose members own more than one property are not eligible for U-Save.
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\n9. Singapore is among the top cities for ultra-prime residential sales<\/p>\n
Singapore was listed among the top 10 cities for ultra-prime residential transactions, reported Singapore Business Review citing Knight Frank.
\nUltra-prime residential properties are worth at least US$25 million (S$33 million).
\nKnight Frank\u2019s The Wealth Report showed that Singapore had 18 ultra-prime residential transactions.
\nIt followed London and New York, which registered 43 ultra-prime sales each, Los Angeles (39 ultra-prime sales), Hong Kong (28 ultra-prime sales), and Miami (23 ultra-prime sales).
\nAlso included in the list are Palm Beach & Broward, which registered 18 ultra-prime sales, Geneva, with 16 such sales, Sydney (7), and Paris (6).
\n\u201c2023 is turning into a pivotal year for real estate in the region. It is time to look beyond a year of \u2018Permacrisis\u2019 where wealth creation takes a turn this year,\u201d said Christine Li, Knight Frank\u2019s Head of Research for Asia Pacific.
\nShe expects 45% of high-net-worth individuals (HNWIs) in Asia Pacific to see increased wealth in 2023 compared to 25% last year.
\n\u201cThis optimism and confidence are driven by asset repricing, perceived value opportunities and an expected economic rebound in the Asia-Pacific region,\u201d she added.
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\n10. Golden Mile Tower to make second en bloc attempt at a lower price<\/p>\n
Golden Mile Tower is set to be relaunched for en bloc sale on 7 April 2023, with the reserve price reduced to $600 million or $1,550 per sq ft per plot ratio (PSF ppr), reported The Business Times.
Tight Rental Market Fuels Rental Scams, Singapore Among Top Cities for Ultra-prime Residential Sales, and...<\/p>\n","protected":false},"author":1,"featured_media":135753,"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-135752","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\/2023\/04\/scam-pixabay.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-zjy","jetpack-related-posts":[{"id":115322,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ageing-hdb-flats-set-to-be-upgraded-with-retractable-drying-racks\/","url_meta":{"origin":135752,"position":0},"title":"Ageing HDB flats set to be upgraded with retractable drying racks","date":"April 1, 2020","format":false,"excerpt":"\r \u00a0 Ageing flats built between 1987 and 1997 are set to be upgraded under the extended Home Improvement Programme (HIP) which will include new retractable clothes drying rack, among others, reported The Straits Times. According to the Housing Development Board (HDB), there are some 230,000 HDB flats that are\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96301,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-improvement-programme-to-be-expanded-to-benefit-230000-hdb-flats\/","url_meta":{"origin":135752,"position":1},"title":"Home Improvement Programme to be expanded to benefit 230,000 HDB flats","date":"August 19, 2018","format":false,"excerpt":"\r View of HDB flats in Toa Payoh. In his National Day Rally speech on Sunday (19 Aug), Prime Minister Lee Hsien Loong said the Housing and Development Board\u2019s Home Improvement Programme (HIP) will be expanded soon to cover HDB flats built between 1987 and 1997. Started in 2007, HIP\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100380,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-shortfall-up-44-4-to-1-7b\/","url_meta":{"origin":135752,"position":2},"title":"HDB shortfall up 44.4% to $1.7b","date":"October 23, 2018","format":false,"excerpt":"\r The Housing Board incurs a deficit annually, mainly from its homeownership programmes. The Housing and Development Board\u2019s (HDB) net deficit jumped 44.4 percent to about $1.72 billion in fiscal year 2016\/2017 compared to $1.19 billion a year ago, partly due to more new flats being sold and a higher\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":138882,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-launches-plus-prime-and-standard-bto-flats-singles-can-soon-buy-2-room-flexi-flats-across-singapore-and-more\/","url_meta":{"origin":135752,"position":3},"title":"HDB Launches Plus, Prime, and Standard BTO Flats, Singles Can Soon Buy 2-room Flexi Flats Across Singapore, and More","date":"August 21, 2023","format":false,"excerpt":"\r HDB Launches Plus, Prime, and Standard BTO Flats, Singles Can Soon Buy 2-room Flexi Flats Across Singapore, and More15 to 21 August 2023 HDB has introduced a new BTO classification system, replacing the long-standing mature and non-mature estate labels. Meanwhile, singles aged 35 and above will be allowed to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/08\/plantation-weave-parc-meadow-tengah-may-2023-bto-launch-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":132642,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-ramps-up-supply-of-private-homes-hdb-to-offer-more-bto-flats-with-shorter-wait-times-and-more\/","url_meta":{"origin":135752,"position":4},"title":"Government ramps up supply of private homes, HDB to offer more BTO flats with shorter wait times, and more","date":"December 12, 2022","format":false,"excerpt":"\r Government ramps up supply of private homes, HDB to offer more BTO flats with shorter wait times, and more6th December to 12th\u00a0December 2022 The Government has ramped up the private housing land supply on the Confirmed List under its Government Land Sales (GLS) Programme to 4,090 units for the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/12\/private-homes-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":120545,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/about-4800-vacant-rental-flats-available-for-allocation-to-new-tenants\/","url_meta":{"origin":135752,"position":5},"title":"About 4,800 vacant rental flats available for allocation to new tenants","date":"July 7, 2021","format":false,"excerpt":"\r However, successful applicants will have to face longer waiting times of about six months, compared to an average of three months during the last five years as sprucing works have slowed down due to manpower crunch.\u00a0 The Housing and Development Board (HDB) has about 4,800 vacant rental flats available\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/HDB-flats-in-Tampines.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/135752"}],"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=135752"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/135752\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/135753"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=135752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=135752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=135752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThis comes after its first collective sale attempt at $650 million closed without a deal on 9 January 2023.
\nLocated at 6001 Beach Road in District 7, the 99-year leasehold commercial development has a plot area of 8,727 sq m and a gross floor area of 38,953.72 sq m.
\nIt features 408 strata lots, of which 251 are retail units and 152 are office units. There is also a car park and a cinema.
\nIf the reserve price is met, owners of the retail units will receive $400,000 to $16 million each, depending on their units\u2019 size.
\nOffice unit owners will get between $587,000 and $13.5 million.
\nThe second collective sale tender for Golden Mile Tower closes on 8 May 2023.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nMarcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Tight Rental Market Fuels Rental Scams, Singapore Among Top Cities for Ultra-prime Residential Sales, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"