{"id":80709,"date":"2018-02-22T17:00:25","date_gmt":"2018-02-22T10:00:25","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-february-2018\/"},"modified":"2018-02-22T17:03:08","modified_gmt":"2018-02-22T10:03:08","slug":"news-roundup-february-2018","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-february-2018\/","title":{"rendered":"News Roundup (February 2018)"},"content":{"rendered":"


\nOur top Singapore property stories.
\nBudget 2018: Govt raises buyer\u2019s stamp duty for residential properties priced above $1 million\u00a0
\nEffective from 20 February, the top marginal Buyer\u2019s Stamp Duty (BSD) rate for residential properties priced above $1 million has been\u00a0raised to 4.0 percent from 3.0 percent previously, revealed Finance Minister Heng Swee Keat in his\u00a0recent Budget 2018 speech.\u00a0\u00a0
\n\u201cThe new top marginal rates of 4.0 percent will apply to the portion of residential property value which is in excess\u00a0of $1 million,\u201d said Mr Heng.\u00a0\u00a0
\n\u201cWith 80 percent of private property transactions below $1.5 million, those that buy within the $1 million to $1.5 million bracket are paying $5,000 more in taxes,\u201d said Eugene Lim, key executive officer at ERA Realty, adding that it\u2019s a very marginal sum for the majority of buyers.\u00a0
\n\u201cAs the majority are not paying significantly more tax, we do not expect the current buying momentum in the private property market to be adversely affected,\u201d he noted.\u00a0
\nSince 1996, BSD rates for residential properties have ranged between 1.0 and 3.0 percent.\u00a0
\nThe BSD rates for non-residential properties will remain unchanged at 1.0 to 3.0 percent, noted Mr Heng.\u00a0
\n\u201cMoving forward, we will continue to study options to ensure that our tax system remains progressive,\u201d he added.\u00a0<\/p>\n

Budget 2018: Govt enhances proximity housing grant for resale flat buyers\u00a0
\nIn his\u00a0recent\u00a0Budget 2018 speech, Finance Minister Heng Swee Keat announced several new enhancements to the Proximity Housing Grant (PHG) to help Singaporeans looking to live\u00a0with or near their loved ones.\u00a0
\nFamilies buying a HDB resale flat to live with their parents or married children will now enjoy an enhanced PHG of $30,000. A PHG of $20,000 will continue to be offered to those buying a resale\u00a0flat to live near their parents or children.\u00a0
\nAt the same time, eligible singles who buy a resale flat to live with their parents will now receive a PHG of $15,000. Those who buy a unit to live near their parents will receive a PHG of $10,000.\u00a0
\nThe government will also revise the criteria for the PHG to within 4km, up from 2km previously.\u00a0
\nInterestingly, in PropertyGuru\u2019s recent Consumer Sentiment Survey, 80 percent of Singaporean respondents did not think that elderly-friendly homes matter to them, a two percent increase from the first half of 2017.\u00a0\u00a0
\n\u00a0\u201cWith the Singapore government providing even more financial support to both families and singles who want to live with their aged parents, we believe that demand for elderly-friendly homes will increase,\u201d said Hari V Krishnan, CEO of PropertyGuru Group.\u00a0
\n\u00a0\u201cFurthermore, with some of the most searched districts on PropertyGuru being mature estates such as Marine Parade and Serangoon, increasing the distance from 2km to 4km for the PHG will provide young couples and singles with more housing options if their families live in these older areas with generally higher prices.\u201d <\/p>\n

Govt to unveil pilot areas of underground masterplan in 2019\u00a0
\nIn a bid to provide a comprehensive look of what lies beneath, the government will unveil pilot areas of an underground masterplan in the works to map out the city-state\u2019s underground spaces and their potential uses next year, reported the\u00a0Straits Times\u00a0recently.\u00a0
\nUrban Redevelopment Authority (URA) chief planner Hwang Yu-Ning revealed that pilot areas of the underground masterplan will be released as part of the next masterplan guiding the city-state\u2019s development in the medium term.\u00a0
\nShe noted that URA is working at having a more complete 3D map of the subterranean spaces and infrastructure.\u00a0
\nThis comes as the government must \u201ctake stock and have a good database of information\u201d of what is underground \u201cso we have a good basis plan\u201d, said National Development Minister Lawrence Wong.\u00a0
\nThe idea of a plan for Singapore\u2019s underground development was first raised in a blog post by then National Development Minister Khaw Boon Wan in 2013.\u00a0
\nDetails of what lies underground are currently known to each relevant authority only \u2013 the power grids to the Energy Market Authority and the water pipes to PUB.\u00a0
\nAs such, a developer trying to build underground has a tough time figuring out whether there is scope to do anything as the information is spread out, noted Sing Tien Foo, director of the Institute of Real Estate Studies.\u00a0
\nAnd while the URA aims to provide a complete map of the underground space, not everyone will be given free access to said information due to security concerns.\u00a0
\n\u201cIf we share too much, we are concerned about the security threat of having unsavoury people use this information,\u201d said Hwang.\u00a0
\n\u201cWe are still thinking how precise and how much information we want to make available to the public.\u201d <\/p>\n

Pearlbank Apartments sold to CapitaLand for $728m\u00a0
\nPearlbank Apartments, a 37-storey development in Outram, has been sold via private treaty to CapitaLand for $728 million, following the close of its collective sale tender on 19 December 2017, revealed marketing agent Colliers International.\u00a0
\nThe sale price works out to a land cost of around $1,515 psf per plot ratio (psf\u00a0ppr), after factoring in an upgrading premium of around $201 million for the lease top-up. No development charge is payable.\u00a0\u00a0
\nFeaturing a total of 288 units (280 apartments and eight commercial units), the building has a leasehold tenure of 99 years with effect from June 1970.\u00a0
\nColliers revealed that apartment owners stand to gain between $1.8 million to $4.9 million from the successful sale of the development, while owners of commercial units could receive between $1.2 million to $6.9 million.\u00a0
\n\u201cWhile residents of Pearlbank Apartments had previously explored the idea to conserve Pearlbank Apartments due to its history and design, recent sentiment has strongly shifted to redevelopment,\u201d said Alex Poh, chairman of Pearlbank Apartments collective sale committee.\u00a0
\n\u201cA deeper analysis of the building structure and the required enhancement work show that conservation would be a costly undertaking and a huge burden for the owners. It is not a viable nor favourable option for the residents,\u201d he noted.\u00a0
\nCapitaLand intends to redevelop the site into a high-rise residential development comprising around 800 units, subject to certain conditions.
\n\u00a0<\/p>\n

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\u00a0<\/p>\n

\u00a0
\nThis article was first published in the print version PropertyGuru News & Views. Download PDFs of full print issues or read more stories now!<\/p>\n


\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…News Roundup (February 2018)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Our top Singapore property stories. Budget 2018: Govt raises buyer\u2019s stamp duty for residential properties...<\/p>\n","protected":false},"author":1,"featured_media":80710,"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-80709","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\/2018\/02\/Pearlbank-Apartments-crop.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-kZL","jetpack-related-posts":[{"id":80348,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/budget-2018-govt-raises-buyers-stamp-duty-for-residential-properties-priced-above-1-million\/","url_meta":{"origin":80709,"position":0},"title":"Budget 2018: Govt raises buyer's stamp duty for residential properties priced above $1 million","date":"February 19, 2018","format":false,"excerpt":"\r The Buyer\u2019s Stamp Duty for residential properties priced above $1 million will be raised to 4.0 percent from 3.0 percent previously. With effect from Tuesday (20 February), the Buyer\u2019s Stamp Duty (BSD) rate for residential properties priced above $1 million will be raised to 4.0 percent from 3.0 percent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/02\/New-BSD-rates.jpg?fit=712%2C717&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":80589,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-stamp-duty-hike-to-have-mild-effect-on-property-demand\/","url_meta":{"origin":80709,"position":1},"title":"Buyer\u2019s stamp duty hike to have mild effect on property demand","date":"February 21, 2018","format":false,"excerpt":"\r The top marginal buyer\u2019s stamp duty (BSD) rate hike for residential properties priced over $1 million is expected to have a mild effect on property demand, reported The Business Times. This comes as most of the residential property deals are below $1.5 million. Big-ticket purchases, however, are expected to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":80685,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-stamp-duty-hike-to-boost-government-coffers\/","url_meta":{"origin":80709,"position":2},"title":"Buyer\u2019s stamp duty hike to boost government coffers","date":"February 22, 2018","format":false,"excerpt":"\r Analysts noted that the extra revenue will come from the sale of ultra-luxurious properties priced above $5 million. While the recently announced higher buyer\u2019s stamp duty is not expected to put off home buyers, the hike will mean additional revenue for the government to pay for growing expenditure in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":80971,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-stamp-duty-hike-unlikely-to-hinder-housing-market-recovery\/","url_meta":{"origin":80709,"position":3},"title":"Buyer\u2019s stamp duty hike unlikely to hinder housing market recovery","date":"February 26, 2018","format":false,"excerpt":"\r REDAS President Augustine Tan. The Real Estate Developers\u2019 Association of Singapore (REDAS) believes that the hike in buyer\u2019s stamp duty (BSD) is unlikely to jeopardise the recovery of the city-state\u2019s private housing market, reported the Business Times. \u201cThe property market is in the early stages of a recovery and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":80587,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-stocks-drop-on-higher-buyers-stamp-duty\/","url_meta":{"origin":80709,"position":4},"title":"Property stocks drop on higher buyer\u2019s stamp duty","date":"February 21, 2018","format":false,"excerpt":"\r The one-percentage-point hike in the top marginal buyer\u2019s stamps duty (BSD) rate for residential properties priced over $1 million saw Singapore property stock decline, with City Developments Ltd. and UOL Group Ltd. registering the biggest drop on the benchmark Straits Times Index, reported Bloomberg. Singapore\u2019s biggest developer CapitaLand also\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104022,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-wishlist-for-budget-2019\/","url_meta":{"origin":80709,"position":5},"title":"Property wishlist for Budget 2019","date":"February 15, 2019","format":false,"excerpt":"\r Some experts are hoping that the latest round of cooling measures introduced in July will be eased. Property 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). In last year\u2019s budget, the government\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\/80709"}],"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=80709"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/80709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/80710"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=80709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=80709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=80709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}