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\nUp to 100% Property Tax Hike in 2024, Updates on the HDB BTO Dec 2023 Launch, and More28 November to 4 December 2023
\nThe government will hand out a one-off property tax rebate of up to 100% for owner-occupied homes next year to cushion the expected hike in property taxes. Meanwhile, Singapore will embark on a decades-long project to integrate coastal protection with future reclamation along its east coast.
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\n1. Government to give a one-off rebate to cushion the impact of the 2024 property tax hike
\nThe government will hand out a one-off property tax rebate of up to 100% for owner-occupied homes next year to cushion the expected hike in property taxes, reported CNA.
\nProperty taxes will increase as annual values and market rents for most residential properties have gone up, while property tax rates for higher-value private homes have also increased, said the Inland Revenue Authority of Singapore (IRAS) and the Ministry of Finance (MOF).
\nThey noted that the rebate will be tiered \u201cto ensure that our property tax regime remains progressive, and those with greater means pay their fair share of taxes\u201d.
\nWith this, there would still be no property tax payable for owner-occupiers of 1-room\u00a0and 2-room HDB flats.
\nOwner-occupiers of other HDB flat types and private homes will see their rebate being automatically offset against their property tax payable
\nDr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group said, \u201cWithout the one-off rebate, HDB flat owners and owner-occupiers of (lower-value) private homes will likely see a steep increase in property tax\u201d, reported The Straits Times.
\nThe government will also adjust the eligibility limits for social support schemes to address the impact of rising rents and ensure continued support for Singaporeans with greater needs, reported TODAY.
\nThis comes as these social support schemes, which include the Goods and Services Tax (GST) Vouchers and MediShield Life insurance premium subsidies, consider factors such as the annual value of residential properties and income.
\nRelated article:\u00a0Property Tax Singapore: Property Tax Calculator for HDB Flats and Private Properties (2023)
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\n2. Singapore to reclaim land to create \u201cLong Island\u201d off East Coast
\nSingapore will embark on a decades-long project to integrate coastal protection with future reclamation along its east coast, reported CNA.
\nThe proposed \u201cLong Island\u201d concept involves reclaiming 800ha of land, about twice the size of Marina Bay, creating an enclosed waterbody that would be transformed into a freshwater reservoir.
\nNational Development Minister Desmond Lee said technical studies into the \u201cLong Island\u201d concept will be carried out over the next five years.
\n\u201cThe concept of Long Island is to project coastal protection seawards, by reclaiming three new tracts of land, at a higher level, away from the current coastline. This will allow us to retain the existing East Coast Park, largely as it is,\u201d explained the minister.
\nThe studies will involve extensive environmental and engineering studies that will assess the feasibility of the reclamation concept as well as explore cost-effective nature-based solutions.
\nMeanwhile, analysts expect a mix of private and public properties to be built on the Long Island reclaimed site, said CNA.
\nDr Lee Nai Jia, however, expects the government to impose some height limit on the developments, taking into account the skyline and not adversely affecting the sea views, which makes the residential area there attractive, said TODAY.
\nRelated article:\u00a0Bayshore BTO 2024 Projects, Airport Terminal 5, and More: How the East of Singapore is Redeveloping
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\n3. Singapore to roll out \u2018long-stay\u2019 serviced apartments
\nMinister for National Development Desmond Lee announced that a new category of serviced apartments, which require a longer minimum stay of three months, will be rolled out to better address rental demand, reported The Business Times.
\nCurrently, tenants in serviced apartments are required to stay for a minimum of seven days.
\nThe new category will be piloted at two state land sites \u2013 in Zion Road and Upper Thomson Road \u2013 featuring around 535 units. The sites are set to be offered for sale in December under the Confirmed List of the Government Land Sales (GLS) programme\u00a0H2 2023.
\n\u201cShould this testbed of two pilot serviced apartment GLS sites prove relevant for the domestic market and foreign professionals working in Singapore, then more sites will likely be released to cater for a more \u201cbuild-to-rent\u201d model moving forward, bringing equilibrium and stability to the leasing market,\u201d said Dr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru.
\nMeanwhile, Dr Lee Nai Jia, said the pilot run is timely given the evolving work arrangements.
\n\u201cThe rise of digital nomads and the competition for global talents mean that a sustainable supply of rentable homes is needed.\u201d
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\n4. 250 assisted living flats in Bedok to be offered in December 2023 BTO exercise
\nAbout 250 assisted living flats or Community Care Apartments (CCA) in the Bedok December BTO 2023 exercise, reported CNA.
\nAimed at supporting seniors to age independently within the community, the 32 sq m flats will be part of the Chai Chee Green development, boasting senior-friendly features such as wheelchair-friendly main doors and bathrooms, which also come with slip-resistant flooring and grab bars.
\nResidents at these apartments will subscribe to a Basic Service Package, that includes basic health checks as well as 24-hour emergency monitoring and response.
\nNotably, the Bedok flats are part of the third CCA project following the positive response seen at the first two projects at Harmony Village @ Bukit Batok and Queensway Canopy.
\n\u201cIf the model of care provision proves to be effective and scalable, we will ramp up the supply of CCAs, and launch up to 30 CCAs in different locations across Singapore by 2030,\u201d said the Housing and Development Board (HDB), Ministry of National Development (MND) and Ministry of Health (MOH).
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\n5. Dairy Farm Residences\u2019 maintenance fees slashed by 40% following unit owners\u2019 complaints
\nDairy Farm Residences condominium has slashed its monthly maintenance fees by about 40% after property owners complained that the fees were more than doubled from the amount advertised, reported TODAY.
\nProject developer United Engineers Limited (UEL) said the fees now range from $427 to $513, down from the previously announced figures of $713 to over $800.
\nHowever, the fees are still way higher compared to the advertised monthly charges of $260 to $350.
\nSince some property owners have already made down payments, UEL\u2019s representatives had offered to refund or offset their excess payments.
\nIn a letter sent to property owners, they noted that UEL had sought ways to reduce the fees after realizing that they were higher than projected during launch.
\nMost of the residents were \u201chappy\u201d and \u201crelieved\u201d, saying that the revised fees are \u201cmore in line with the market rate\u201d.
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\n6. HDB launches two EC sites
\nAn executive condominium (EC) site at Plantation Close has been launched for sale by HDB under the Confirmed List of the GLS H2 2023 programme.
\nAnother EC site at Tampines Street 95 was also made available for application under the Reserve List.
\nSpanning 20,038.2 sq m, the Plantation Close site has a maximum gross floor area (GFA) of 56,107 sq m and is expected to yield 560 housing units.
\nThe site at Tampines Street 95, on the other hand, has an area of 22,492 sq m and a maximum GFA of 56,230 sq m. It could also yield 560 housing units.
\nBoth sites come with a leasehold tenure of 99 years.
\nThe tender for the Plantation Close site will close on 1 February 2024. It will be batched with the site at Orchard Boulevard which was launched on 17 October 2023.
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\n7. Government to lift ban on cat ownership in HDB flats
\nCat ownership may soon be allowed in HDB flats as the government has proposed to lift the 34-year-old ban.
\nUnder a proposed framework on cat management, two pet cats will be allowed per HDB flat and three per private residence reported The Straits Times.
\nSenior Minister of State for National Development Tan Kiat How revealed that pet cats would need to be licensed and microchipped to ensure that they are traceable, with cat owners held to greater account once their pets are found neglected, abandoned or abused.
\nThe proposed changes are subject to further public input for two months, with the implementation set in the latter part of 2024.
\nA two-year transition period would enable cat owners to meet licensing requirements, which would be offered for free during such a period.
\nThose who fail to license their pet cats following the effectivity of the changes would be subject to penalties similar to dog owners\u2019 fines.
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\n8. 13 shophouses at Smith Street are up for tender to the single master tenant
\nA row of 13 shophouses located along Smith Street \u2013 from 11 to 37 Smith Street \u2013 has been put up for tender to a single master tenant as part of plans to rejuvenate the historic Chinatown conservation area.
\nThe Singapore Land Authority (SLA) revealed that the rejuvenation project \u201caims to inject vibrancy and drive greater footfall to the area with community programmes and more diverse offerings such as creative lifestyle, retail and co-living\/co-working concepts while preserving the area\u2019s cultural and architectural heritage\u201d.
\nIt noted that the master tenancy will cover a total land area of about 3,166 sq m, with an estimated gross floor area of 3,073 sq m. The lease is for five-plus-four years.
\nDr Lee Nai Jia told CNA that the longer lease period will provide the master tenant with some comfort level to invest more.
\nWhen asked about the advantage of having a master tenant, he explained that having a master tenant ensures that certain spaces are utilized well, the tenant mix is coherent and there is a certain level of maintenance of the area \u2013 helping bring up the area.
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\n9. SRI appoints Thomas Tan as the new CEO<\/p>\n