{"id":43917,"date":"2017-02-13T12:27:34","date_gmt":"2017-02-13T05:27:34","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/review-property-tax-urges-redas\/"},"modified":"2017-02-13T12:31:41","modified_gmt":"2017-02-13T05:31:41","slug":"review-property-tax-urges-redas","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/review-property-tax-urges-redas\/","title":{"rendered":"Review property tax, urges Redas"},"content":{"rendered":"


\nRedas has called on the government to review its property tax policies as part of its budget wish-list.
\nThe Real Estate Developers\u2019 Association of Singapore (Redas) has called on the government to review the property tax for vacant private land, and to grant property tax exemption for land slated for, or under development, and also buildings undergoing renovations, reported the Business Times.
\nUnder the Property Tax Act, the annual value of vacant land is assessed at five percent of its capital value, on the assumption that the land is freehold. Redas, however, noted that a freehold site\u2019s annual value tends to be 10 percent higher compared to that of a 99-year leasehold site.
\n\u201cThe disparity widens for say a 30-year leasehold industrial property, or a petrol station, or a piece of transitional office land on a 15-year lease, where they are assessed on the basis of a freehold title,\u201d it said in its budget wish-list.
\n\u201cOperators of such properties will find the current assessment a cost burden to their businesses.\u201d
\nOn the property tax exemption, Redas explained that developers of land slated for, or under development, are yet to receive an income from such properties. As such, a tax exemption will help these developers significantly reduce development costs as well as business risks.
\nOn the other hand, an exemption or concessionary rate for buildings undergoing additions and alterations (A&A) would \u201cencourage owners to retrofit and upgrade their buildings, as well as adopt innovative solutions\u201d.
\n\u201cThis is in line with the government\u2019s efforts to rejuvenate the city and ensure a more sustainable built environment,\u201d noted the association.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Review property tax, urges Redas<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Redas has called on the government to review its property tax policies as part of...<\/p>\n","protected":false},"author":1,"featured_media":0,"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-43917","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bql","jetpack-related-posts":[{"id":44049,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/calls-for-singapore-government-to-ease-disparity-of-property-taxes\/","url_meta":{"origin":43917,"position":0},"title":"Calls for Singapore government to ease \u2018disparity\u2019 of property taxes","date":"February 14, 2017","format":false,"excerpt":"\r The Real Estate Developers\u2019 Association of Singapore says some taxes are too great a burden for businesses A tax review would be in line with the governments objectives, say Redas. Image: Nickolay Stanev\/Shutterstock The Real Estate Developers\u2019 Association of Singapore (Redas) has called on the government to review the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104187,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-calls-on-government-to-tweak-property-cooling-measures\/","url_meta":{"origin":43917,"position":1},"title":"REDAS calls on government to tweak property cooling measures","date":"February 20, 2019","format":false,"excerpt":"\r Last year, the government raised the ABSD payable by developers from 15 percent to 30 percent, of which five percent is non-remittable. Real Estate Developers\u2019 Association of Singapore (REDAS) president Chia Ngiang Hong has urged the government to review the additional buyer\u2019s stamp duty (ABSD) policy to avoid the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42055,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/augustine-tan-remains-redas-president\/","url_meta":{"origin":43917,"position":2},"title":"Augustine Tan remains Redas president","date":"January 27, 2017","format":false,"excerpt":"\r Augustine Tan has been re-elected as Redas President for another two-year term. (Photo: Far East Organization) The Real Estate Developers\u2019 Association of Singapore (Redas) on Thursday, 26 January, named Augustine Tan as its President for another two-year term, reported the Business Times. The 58-year-old, who is also Executive Director\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93453,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-rationale-for-new-property-cooling-measures-says-redas\/","url_meta":{"origin":43917,"position":3},"title":"No rationale for new property cooling measures, says REDAS","date":"July 9, 2018","format":false,"excerpt":"\r The Real Estate Developers\u2019 Association of Singapore (REDAS) sees no rationale in imposing new property cooling measures considering that the Singapore property market is still in the \u201cearly stages of a recovery and the recovery is in line with economic fundamentals\u201d, reported Channel News Asia. Among the new curbs\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113765,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-strikes-back-against-nus-for-developer-collusion-study\/","url_meta":{"origin":43917,"position":4},"title":"Redas strikes back against NUS for 'developer collusion' study","date":"January 20, 2020","format":false,"excerpt":"\r \u00a0 The Real Estate Developers\u2019 Association of Singapore (Redas) has strongly denied the suggestion that the industry is engaged in insider trading, price fixing or collusion, reported Today. This strong sentiment follows the National University of Singapore (NUS) Business School\u2019s recent publication of a research paper that claimed the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":68246,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-fast-paced-land-acquisitions-at-higher-prices-not-sustainable\/","url_meta":{"origin":43917,"position":5},"title":"REDAS: Fast-paced land acquisitions at higher prices not sustainable","date":"October 5, 2017","format":false,"excerpt":"\r Augustine Tan, President of Redas. (Photo: Far East Organization) While City Developments and Hong Realty acquired Amber Park for a record $1,515 per square foot per plot ratio, Real Estate Developers\u2019 Association of Singapore (Redas) president Augustine Tan warned that the fast rate by which developers acquire private residential\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\/43917"}],"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=43917"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43917\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=43917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=43917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=43917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}