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Blossoms By The Park Achieved Highest First Day Sales In 2023 Just 2 Days After Govt Cooling Measure
Blossoms By The Park condo project is a mixed used development conveniently situated in the highly sought-after One-North area in District 5 of Singapore
Today saw the preview sales of the first condominium project launched after the increased additional buyer’s stamp duties (ABSD) came into effect on 27 April (Thursday) 2023 where ABSD was raised from 3% to 30% across the board for Singaporeans, SPRs and foreigners.
Blossoms By The Park has achieved the highest first-day sales in 2023 even higher than the previous launches this year before the cooling measures were announced. Approximately 75% of Blossoms By The Park condominium was sold on 29 April (Saturday) after new cooling measures were announced just two days ago.
Sales on the 275-unit Blossoms By The Park located in one-north started this morning and as of 6pm, approximately 75% of the total units were sold, at an average price of S$2,423 (US$1,814) per square foot, with the two-bedroom and two-bedroom-plus-study units most highly sought after among buyers.
About 96 per cent of the buyers were Singaporeans and permanent residents, with foreigners accounting for the remaining 4 per cent on the first day of sales, said developer EL. All the one- and two-bedroom units in the development have been snapped up, except for the two-bedroom penthouse units. One-bedroom units from 549 sq ft were priced upwards of $1.3 million ($2,352 psf), while two-bedroom units of 678 sq ft were priced upwards of $1.5 million ($2,211 psf).
Blossoms By The Park has achieved the highest first-day sales in 2023 even higher than the previous launches this year before the cooling measures were announced. Approximately 75% of Blossoms By The Park condominium was sold on 29 April (Saturday) after new cooling measures were announced just two days ago.
Sales on the 275-unit Blossoms By The Park located in one-north started this morning and as of 6pm, approximately 75% of the total units were sold, at an average price of S$2,423 (US$1,814) per square foot, with the two-bedroom and two-bedroom-plus-study units most highly sought after among buyers.
About 96 per cent of the buyers were Singaporeans and permanent residents, with foreigners accounting for the remaining 4 per cent on the first day of sales, said developer EL. All the one- and two-bedroom units in the development have been snapped up, except for the two-bedroom penthouse units. One-bedroom units from 549 sq ft were priced upwards of $1.3 million ($2,352 psf), while two-bedroom units of 678 sq ft were priced upwards of $1.5 million ($2,211 psf).
On Thursday, additional buyer’s stamp duty (ABSD) was increased for some buyers. Foreigners buying any residential property now have to pay an ABSD of 60 per cent – up from 30 per cent previously.
Singaporeans buying their second residential property will pay an ABSD rate of 20 per cent, up from 17 per cent, while those buying their third and subsequent residential property will have to pay an increased rate of 30 per cent, up from 25 per cent.
The rate of 30 per cent also applies to permanent residents buying their second residential property. PRs buying their third and subsequent residential property will pay an ABSD of 35 per cent, up from 30 per cent.
Singaporeans buying their second residential property will pay an ABSD rate of 20 per cent, up from 17 per cent, while those buying their third and subsequent residential property will have to pay an increased rate of 30 per cent, up from 25 per cent.
The rate of 30 per cent also applies to permanent residents buying their second residential property. PRs buying their third and subsequent residential property will pay an ABSD of 35 per cent, up from 30 per cent.
The strong sales had even exceeded the developer's expectations, particularly when it was achieved two days after the latest round of property cooling measures came into effect on April 27.
“Before the property cooling measures, I was pretty optimistic about the expressions of interest,” says Lim Yew Soon, managing director of EL Development. The developer had garnered 745 cheques over the past fortnight. Hence, the project had been subscribed 2.75 times ahead of its launch.
The location of Blossoms By The Park also played a part in the amazing results. At one-north, there are 400 multinational companies, 15 public research institutions and institutions of higher learning such as Insead and Essec Business School, and corporate campuses like Unilever’s global campus, Unilever Campus @ one-north. There are about 50,000 knowledge workers, and more in the vicinity, at the National University Hospital (NUH), the National University of Singapore (NUS), and Science Parks 1 and 2. Both owner-occupiers, as well as future tenants, would like to live within a short commute to work.
Generally, market analysts accept that the property cooling measures were primarily designed to dampen investment purchases by foreigners and not meant to deter Singaporeans and Permanent Residents (PRs) from buying a home.
CNA news
“Before the property cooling measures, I was pretty optimistic about the expressions of interest,” says Lim Yew Soon, managing director of EL Development. The developer had garnered 745 cheques over the past fortnight. Hence, the project had been subscribed 2.75 times ahead of its launch.
The location of Blossoms By The Park also played a part in the amazing results. At one-north, there are 400 multinational companies, 15 public research institutions and institutions of higher learning such as Insead and Essec Business School, and corporate campuses like Unilever’s global campus, Unilever Campus @ one-north. There are about 50,000 knowledge workers, and more in the vicinity, at the National University Hospital (NUH), the National University of Singapore (NUS), and Science Parks 1 and 2. Both owner-occupiers, as well as future tenants, would like to live within a short commute to work.
Generally, market analysts accept that the property cooling measures were primarily designed to dampen investment purchases by foreigners and not meant to deter Singaporeans and Permanent Residents (PRs) from buying a home.
CNA news
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With the new HFE letter, HDB streamline flat buying process by integrating different eligibility assessments for HDB flat purchases, housing grants, and HDB housing loans into a single application through the HDB Flat Portal
From tomorrow - 9 May 2023, HDB will require BTO / resale flat buyers to obtain a new HDB Flat Eligibility (HFE) letter in a streamlined effort to provide flat buyers with a holistic understanding and assessment of their housing and financing options before they commence their home buying journey. The HFE letter, which will replace the current HDB Loan Eligibility (HLE) letter, will inform flat buyers upfront of their eligibility for a new or resale flat purchase, CPF housing grants, and HDB housing loan, including the respective grant and loan amounts.
From 9 May 2023, HDB flat buyers must have a valid HFE letter when they:
a) apply for a flat from HDB during a sales launch or open booking of flats; or
b) obtain an Option to Purchase (OTP) from a flat seller, as well as when they submit a resale application to HDB.
There will be transitionary arrangements made for various groups of home buyers / applicants. Please refer to Annex A for the administrative details for new and resale flat buyers at various stages of their home-buying journey.
From 9 May 2023, HDB flat buyers must have a valid HFE letter when they:
a) apply for a flat from HDB during a sales launch or open booking of flats; or
b) obtain an Option to Purchase (OTP) from a flat seller, as well as when they submit a resale application to HDB.
There will be transitionary arrangements made for various groups of home buyers / applicants. Please refer to Annex A for the administrative details for new and resale flat buyers at various stages of their home-buying journey.
Sample extract of Annex A on HDB website. For more details in Annex A, click on this image to visit HDB website
Several improvements to the HDB Flat Portal on 9 May 2023
In addition to the HFE letter, HDB will also be rolling out several improvements to the HDB Flat Portal on May 9, 2023, such as an integrated loan application service with participating financial institutions.
The portal will also have features to guide flat buyers, who can receive "personalised information" on their flat application.
HDB explained that the information will help them plan and prepare at different stages of their flat purchase journey, such as working out their financial/ payment plans early.
The HDB Resale Portal will also be integrated into the HDB Flat Portal to provide convenient transactions between flat sellers and buyers.
In addition to the HFE letter, HDB will also be rolling out several improvements to the HDB Flat Portal on May 9, 2023, such as an integrated loan application service with participating financial institutions.
The portal will also have features to guide flat buyers, who can receive "personalised information" on their flat application.
HDB explained that the information will help them plan and prepare at different stages of their flat purchase journey, such as working out their financial/ payment plans early.
The HDB Resale Portal will also be integrated into the HDB Flat Portal to provide convenient transactions between flat sellers and buyers.
Simpler and more convenient process for flat buyers
Currently, HDB assesses flat buyers’ eligibility for flat purchase, CPF housing grants and HDB housing loans at different stages of their home buying journey. At each assessment, flat buyers must provide the relevant supporting documents (e.g., pay slips and CPF statements) to HDB for verification. Also, when they apply for a new flat or secure the purchase of a resale flat, their eligibility for the flat purchase and housing grants have yet to be confirmed. This may lead to some uncertainty among flat buyers on their housing budget.
With the new HFE letter, HDB will streamline the flat buying process by integrating the different eligibility assessments for HDB flat purchases, housing grants, and HDB housing loans into a single application through the HDB Flat Portal. This will bring about more certainty and convenience to flat buyers. With greater clarity upfront on their housing budget and financing options, flat buyers will also be able to make more informed and prudent decisions in their home purchase (see above chart).
Currently, HDB assesses flat buyers’ eligibility for flat purchase, CPF housing grants and HDB housing loans at different stages of their home buying journey. At each assessment, flat buyers must provide the relevant supporting documents (e.g., pay slips and CPF statements) to HDB for verification. Also, when they apply for a new flat or secure the purchase of a resale flat, their eligibility for the flat purchase and housing grants have yet to be confirmed. This may lead to some uncertainty among flat buyers on their housing budget.
With the new HFE letter, HDB will streamline the flat buying process by integrating the different eligibility assessments for HDB flat purchases, housing grants, and HDB housing loans into a single application through the HDB Flat Portal. This will bring about more certainty and convenience to flat buyers. With greater clarity upfront on their housing budget and financing options, flat buyers will also be able to make more informed and prudent decisions in their home purchase (see above chart).
For New BTO flat buyers:
New flat buyers who apply before May 9 will not need an HFE letter, but will be invited to apply for an HLE letter should they wish to take up an HDB housing loan.
Those looking to book a flat from a May 2023 sales launch must obtain a valid HFE letter before booking the flat.
New flat buyers who apply before May 9 will not need an HFE letter, but will be invited to apply for an HLE letter should they wish to take up an HDB housing loan.
Those looking to book a flat from a May 2023 sales launch must obtain a valid HFE letter before booking the flat.
A sample of the HFE letter is shown below:
A sample of the HFE letter from HDB portal:
For Resale flat buyers:
From May 9, 2023, resale HDB flat buyers who do not have an Intent To Buy (ITB) will need to obtain an HFE letter before they obtain an OTP from a flat seller and submit the resale application to HDB.
Those resale HDB flat buyers who already have an Intent To Buy (ITB) and want to take up an HDB housing loan but do not have a valid HLE letter will also need to obtain an HFE letter.
Resale HDB flat buyers with Intent To Buy (ITB) who either have a valid HFE letter or are not intending to procure a housing loan from HDB can proceed with their resale application.
From May 9, 2023, resale HDB flat buyers who do not have an Intent To Buy (ITB) will need to obtain an HFE letter before they obtain an OTP from a flat seller and submit the resale application to HDB.
Those resale HDB flat buyers who already have an Intent To Buy (ITB) and want to take up an HDB housing loan but do not have a valid HLE letter will also need to obtain an HFE letter.
Resale HDB flat buyers with Intent To Buy (ITB) who either have a valid HFE letter or are not intending to procure a housing loan from HDB can proceed with their resale application.
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Iras Offering Whistleblowers Up To $100K Reward on Buyers Evading ABSD By Exploiting ‘99-1’ Loophole
A reward based on 15 per cent of the tax recovered – capped at $100,000 – for each case will be given to whistleblowers if the information and/or documents provided lead to tax recovery - announced Inland Revenue Authority of Singapore (IRAS) on 25 April (Tues) 2023.
Whistleblowers who call out private property buyers who use the so-called “99-to-1” or similar arrangements to evade or reduce additional buyer’s stamp duty (ABSD) on their purchase willbe rewarded up to $100,000 in cold hard cash by the Government agency responsible for the administration of taxes and enterprise disbursement schemes.
IRAS revealed it is unable to disclose “the number of 99-to-1 transactions that it has identified, including similar arrangements, as well as the number of buyers who have been penalised, or the number of promoters/facilitators who have been referred to the relevant regulatory agencies but its audit will be done in phases and that it will also probe transactions after 2021.
Whistleblowers who call out private property buyers who use the so-called “99-to-1” or similar arrangements to evade or reduce additional buyer’s stamp duty (ABSD) on their purchase willbe rewarded up to $100,000 in cold hard cash by the Government agency responsible for the administration of taxes and enterprise disbursement schemes.
IRAS revealed it is unable to disclose “the number of 99-to-1 transactions that it has identified, including similar arrangements, as well as the number of buyers who have been penalised, or the number of promoters/facilitators who have been referred to the relevant regulatory agencies but its audit will be done in phases and that it will also probe transactions after 2021.
From 2018 to 2021, about 0.5 per cent of private residential property deals involved “99-to-1” or similar arrangements. This is where individuals without any previous property buy a property in their name, then very quickly sell a one per cent interest to another person with a higher Additional Buyer’s Stamp Duty (ABSD) profile - typically a spouse or other immediate family member who has the ability to secure financing for the property. This effectively reduces the ABSD on the property purchase.
As part of tax surveillance efforts, the Inland Revenue Authority of Singapore detected “a small but rising number” of such deals in recent years which led IRAS to start audits of such transactions. If IRAS finds cases of tax avoidance, it will recover the rightful amount of stamp duty from the buyers and may impose a 50 per cent surcharge on the additional stamp duty payable.
Such arrangements generally make up a very small proportion of overall transactions, the impact on the residential and mortgage markets is not significant. As for individuals who promote or facilitate such arrangements, they will also be dealt with. Property agents, for example, will be referred to the Council for Estate Agencies for investigation and disciplinary action. They may face financial penalties and suspension of registration.
As part of tax surveillance efforts, the Inland Revenue Authority of Singapore detected “a small but rising number” of such deals in recent years which led IRAS to start audits of such transactions. If IRAS finds cases of tax avoidance, it will recover the rightful amount of stamp duty from the buyers and may impose a 50 per cent surcharge on the additional stamp duty payable.
Such arrangements generally make up a very small proportion of overall transactions, the impact on the residential and mortgage markets is not significant. As for individuals who promote or facilitate such arrangements, they will also be dealt with. Property agents, for example, will be referred to the Council for Estate Agencies for investigation and disciplinary action. They may face financial penalties and suspension of registration.
A total of 95,755 private homes (excluding executive condominiums) were transacted between 2018 and 2021 which means a 0.5% of that total would be around 479 units sold under 99-to-1 deals.
Property curbs such as ABSD were introduced in December 2011, with a 3 per cent duty tacked on Singaporeans’ third and subsequent property purchases. Permanent residents buying a second or subsequent residential unit had to pay ABSD of 3 per cent, while foreigners paid 10 per cent ABSD for every property.
Singaporeans now pay 17 per cent ABSD on their second residential property, and 25 per cent on third and subsequent homes. Foreigners now pay 30 per cent ABSD on property purchased.
Property curbs such as ABSD were introduced in December 2011, with a 3 per cent duty tacked on Singaporeans’ third and subsequent property purchases. Permanent residents buying a second or subsequent residential unit had to pay ABSD of 3 per cent, while foreigners paid 10 per cent ABSD for every property.
Singaporeans now pay 17 per cent ABSD on their second residential property, and 25 per cent on third and subsequent homes. Foreigners now pay 30 per cent ABSD on property purchased.
"99-1 is generally not illegal because if it is, real estate conveyancing law firms in Singapore will not be helping clients with the paperwork. IRAS is only looking into those cases where the primary reason for doing so is to avoid Additional Buyer's Stamp Duty (ABSD) by allowing one buyer to own 99 per cent of a home while the other holds just 1 per cent believing this ownership set-up will help them save ABSD when acquiring their property." said real estate professional Kiwi Lim. "Individuals may enter into various property purchase arrangements for different reasons, both tax- and non-tax related. Whether a case involves tax avoidance depends on the facts and circumstances surrounding the case."
This is not the first time Iras has offered a reward for information on tax avoidance or evasion. Those who are aware of those who entered into such tax avoidance or tax evasion arrangements can write to Iras at estamp@iras.gov.sg
Taxpayers who wish to come forward voluntarily to disclose and make good any underpayment of taxes may do so, and Iras will, in general, look at such cases more favorably.
In cases of tax avoidance, the Commissioner of Stamp Duties will disregard or vary any tax avoidance arrangement, recover the rightful amount of stamp duty and impose a 50 per cent surcharge on the additional duty payable. Further penalties of up to four times the outstanding amount may be imposed if the stamp duty and surcharge are not paid by the deadline.
Reward payments are at the discretion of Iras, which said it will keep confidential the identities of informants and documents/information - reference from Straits Times news article.
This is not the first time Iras has offered a reward for information on tax avoidance or evasion. Those who are aware of those who entered into such tax avoidance or tax evasion arrangements can write to Iras at estamp@iras.gov.sg
Taxpayers who wish to come forward voluntarily to disclose and make good any underpayment of taxes may do so, and Iras will, in general, look at such cases more favorably.
In cases of tax avoidance, the Commissioner of Stamp Duties will disregard or vary any tax avoidance arrangement, recover the rightful amount of stamp duty and impose a 50 per cent surcharge on the additional duty payable. Further penalties of up to four times the outstanding amount may be imposed if the stamp duty and surcharge are not paid by the deadline.
Reward payments are at the discretion of Iras, which said it will keep confidential the identities of informants and documents/information - reference from Straits Times news article.
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The Government announced today increases in the Additional Buyer’s Stamp Duty (ABSD) rates to promote a sustainable property market. The revised rates will take effect from 27 April 2023.
The implementation of the property market measures in December 2021 and September 2022 have had a moderating effect. However, in 1Q2023, property prices showed renewed signs of acceleration amid resilient demand. Demand from locals purchasing homes for owner-occupation has been especially strong, and there has also been renewed interest from local and foreign investors in our residential property market. If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes.
Married couples with at least one SC spouse, who jointly purchase a second residential property, can continue to apply for a refund of ABSD, subject to conditions. These conditions include selling their first residential property within 6 months after (a) the date of purchase of the second residential property if this is a completed property, or (b) the issue date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) of the second residential property, whichever is earlier, if the second property is not completed at the time of purchase.
The ABSD currently does not affect those buying an HDB flat or Executive Condominium unit from housing developers with an upfront remission, if any of the joint acquirers/purchasers is a SC. There will be no change to this policy.
The implementation of the property market measures in December 2021 and September 2022 have had a moderating effect. However, in 1Q2023, property prices showed renewed signs of acceleration amid resilient demand. Demand from locals purchasing homes for owner-occupation has been especially strong, and there has also been renewed interest from local and foreign investors in our residential property market. If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes.
Married couples with at least one SC spouse, who jointly purchase a second residential property, can continue to apply for a refund of ABSD, subject to conditions. These conditions include selling their first residential property within 6 months after (a) the date of purchase of the second residential property if this is a completed property, or (b) the issue date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) of the second residential property, whichever is earlier, if the second property is not completed at the time of purchase.
The ABSD currently does not affect those buying an HDB flat or Executive Condominium unit from housing developers with an upfront remission, if any of the joint acquirers/purchasers is a SC. There will be no change to this policy.
To promote a sustainable property market and prioritise housing for owner-occupation, the Government will raise the ABSD rates further to pre-emptively manage investment demand.
The specific ABSD rates increases are as follows:
a. Raise ABSD rate from 17% to 20% for Singapore Citizens (SCs) purchasing their 2nd residential property;
b. Raise ABSD rate from 25% to 30% for SCs purchasing their 3rd and subsequent residential property, and Singapore Permanent Residents (SPRs) purchasing their 2nd residential property;
c. Raise ABSD rate from 30% to 35% for SPRs purchasing their 3rd and subsequent residential property;
d. Raise ABSD rate from 30% to 60% for foreigners purchasing any residential property; and
e. Raise ABSD rate from 35% to 65% for entities or trusts purchasing any residential property, except for housing developers.
The revised ABSD rates will apply to all residential properties acquired on or after 27 April 2023.
There will be a transitional provision, where the ABSD rates on or before 26 April 2023 will apply for cases that meet all the conditions below:
a. The Option to Purchase (OTP) was granted by sellers to potential buyers on or before 26 April 2023;
b. This OTP is exercised on or before 17 May 2023, or within the OTP validity period, whichever is earlier; and
c. This OTP has not been varied on or after 27 April 2023
The specific ABSD rates increases are as follows:
a. Raise ABSD rate from 17% to 20% for Singapore Citizens (SCs) purchasing their 2nd residential property;
b. Raise ABSD rate from 25% to 30% for SCs purchasing their 3rd and subsequent residential property, and Singapore Permanent Residents (SPRs) purchasing their 2nd residential property;
c. Raise ABSD rate from 30% to 35% for SPRs purchasing their 3rd and subsequent residential property;
d. Raise ABSD rate from 30% to 60% for foreigners purchasing any residential property; and
e. Raise ABSD rate from 35% to 65% for entities or trusts purchasing any residential property, except for housing developers.
The revised ABSD rates will apply to all residential properties acquired on or after 27 April 2023.
There will be a transitional provision, where the ABSD rates on or before 26 April 2023 will apply for cases that meet all the conditions below:
a. The Option to Purchase (OTP) was granted by sellers to potential buyers on or before 26 April 2023;
b. This OTP is exercised on or before 17 May 2023, or within the OTP validity period, whichever is earlier; and
c. This OTP has not been varied on or after 27 April 2023
Information compiled by Huttons Asia - the largest private real estate agency in Singapore
The rate hike for foreigners was much larger than that for locals to achieve an effective dampener on investments from abroad because in the past one year, there has been an increase in the proportion of foreigners buying residential properties in Singapore. From a low of 3.1% in 1Q 2022, this proportion has increased steadily to hit 6.9% in 1Q 2023. This is the highest since 1Q 2018 when the proportion was 7.3%.
"The increased interest from foreigners towards residential property in Singapore, as an asset class, continues to be strong and such early preventive measures are necessary as the rapid rise of property prices will add stress to Singaporeans who are looking to buy residential property principally for their own occupation” said real estate market watcher Kiwi Lim.
Foreigners are likely to rent for the moment while they apply for their permanent residency or citizenship. Anecdotally there are foreigners who rent with an option to purchase the home once they become PR or citizen. The rental market is expected to pick up in the coming months and rents are estimated to rise more than 8% in 2023.
Upcoming mass market and city fringe residential condo projects are likely to go ahead with their launches as the buyers are predominantly Singaporeans and PRs. The high-end market which is targeted at more foreigners may hold back for the time being for the market to absorb the impact of the announcement, e.g. Newport Residences which is expected to be launched this Sat on 29 April.
"The increased interest from foreigners towards residential property in Singapore, as an asset class, continues to be strong and such early preventive measures are necessary as the rapid rise of property prices will add stress to Singaporeans who are looking to buy residential property principally for their own occupation” said real estate market watcher Kiwi Lim.
Foreigners are likely to rent for the moment while they apply for their permanent residency or citizenship. Anecdotally there are foreigners who rent with an option to purchase the home once they become PR or citizen. The rental market is expected to pick up in the coming months and rents are estimated to rise more than 8% in 2023.
Upcoming mass market and city fringe residential condo projects are likely to go ahead with their launches as the buyers are predominantly Singaporeans and PRs. The high-end market which is targeted at more foreigners may hold back for the time being for the market to absorb the impact of the announcement, e.g. Newport Residences which is expected to be launched this Sat on 29 April.
Information compiled by Huttons Asia - the largest private real estate agency in Singapore
The majority of buyers are sensitive to changes in ABSD which means rental and EC markets are likely to see more demand after this announcement. HDB owners who are married couples thinking of buying a second property may likely sell off their HDB flat and rent in the interim before buying two properties under each person's name.
With the latest increase of Additional Buyer Stamp Duty (ABSD) rates, buyers will be more interested in dual-key units like the 4 bedroom dual-key units at Piccadilly Grand - a fully integrated city fringe condo offering ultimate convenience.
A dual-key condo is a type of condominium unit that has two separate entrances, allowing for two separate living spaces within the same unit. This can be useful for people who want to have a separate living area for guests, renters, or family members, while still having the privacy of their own living space. The two living spaces is separated by a wall with different floor plans and amenities. These dual-key condo units are divided into two sub-types, typically sharing a common foyer area and many of these dual-key condos come with a mini kitchen in one sub unit and a full kitchen in another larger unit.
An increase of between 3 per cent and 5 per cent in rates may cause a knee jerk effect lasting from 3 months to 6 months before the market bounce back again. This latest announcement of ABSD increase may also push buyers towards non-residential properties, e.g. offices, industrial factories or commercial strata shops like the freehold shops in The Promenade at Pelikat which can be used for F&B takeaway / bakery / education / retail in the matured estate of Kovan. Investors may be excited with the prospect of property investing with no ABSD, no SSD and no fuss rental as the tenant usually do their own renovations at own cost and are obligated to reinstate back to original state when they leave.
As investment numbers both by locals and by foreigners rise for residential real estate properties in Singapore, the ABSD rate hikes will likely affect about 10% of all private residential property transactions - involving foreign investors as well as those buying their second and subsequent property.
With the latest increase of Additional Buyer Stamp Duty (ABSD) rates, buyers will be more interested in dual-key units like the 4 bedroom dual-key units at Piccadilly Grand - a fully integrated city fringe condo offering ultimate convenience.
A dual-key condo is a type of condominium unit that has two separate entrances, allowing for two separate living spaces within the same unit. This can be useful for people who want to have a separate living area for guests, renters, or family members, while still having the privacy of their own living space. The two living spaces is separated by a wall with different floor plans and amenities. These dual-key condo units are divided into two sub-types, typically sharing a common foyer area and many of these dual-key condos come with a mini kitchen in one sub unit and a full kitchen in another larger unit.
An increase of between 3 per cent and 5 per cent in rates may cause a knee jerk effect lasting from 3 months to 6 months before the market bounce back again. This latest announcement of ABSD increase may also push buyers towards non-residential properties, e.g. offices, industrial factories or commercial strata shops like the freehold shops in The Promenade at Pelikat which can be used for F&B takeaway / bakery / education / retail in the matured estate of Kovan. Investors may be excited with the prospect of property investing with no ABSD, no SSD and no fuss rental as the tenant usually do their own renovations at own cost and are obligated to reinstate back to original state when they leave.
As investment numbers both by locals and by foreigners rise for residential real estate properties in Singapore, the ABSD rate hikes will likely affect about 10% of all private residential property transactions - involving foreign investors as well as those buying their second and subsequent property.
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The Pinnacle @ Duxton won numerous awards for innovative design, including the Skyrise Greenery Award and the Best Tall Building Award from the Council on Tall Buildings and Urban Habitat. It is also a popular tourist attraction, with visitors able to access the skybridges for a fee to enjoy panoramic views of the city.
The Pinnacle @ Duxton HDB estate has set a new record with a 4 room HDB flat sold at $1.4 mil in April this month after hitting a record of $1.4 million for a 5 room flat as reported in 99.co previously.
This 4 room flat that was sold at $1.4 mil is located at Block 1C Cantonment Road within the 46-48 floor range spanning 95 sqm (1,023 sqft) making it the most expensive 4-room HDB resale flat on record on both quantum price and price per-square-foot (psf) in Singapore's entire history.
"The $1,369 psf price achieved for the 4 room HDB is possible because of The Pinnacle @ Duxton's strategic location and iconic design that is unparalleled among all other current HDB estates." said Kiwi Lim from Huttons Asia. "The strategic location coupled with the award winning iconic design of the development, plus the URA's CBD Incentive Scheme to revitalise Tanjong Pagar's Central Business District, I believe we will may see prices pushing close to $1,500 psf by the end of this year for this iconic award winning HDB development right next to the upcoming mega development of The Greater Southern Waterfront."
"The Central Business District within Tanjong Pagar is currently seeing a major transformation and within the next ten years, Tanjong Pagar will be a very appealing address for locals and expatriates to live, play and work in. In essence, residents of The Pinnacle @ Duxton will benefit from the URA CBD Incentive Scheme which is expected to rejuvenate the CBD creating a more intimate, people-friendly environment with walkable streets and public spaces." said Kiwi Lim from Huttons Asia.
This 4 room flat that was sold at $1.4 mil is located at Block 1C Cantonment Road within the 46-48 floor range spanning 95 sqm (1,023 sqft) making it the most expensive 4-room HDB resale flat on record on both quantum price and price per-square-foot (psf) in Singapore's entire history.
"The $1,369 psf price achieved for the 4 room HDB is possible because of The Pinnacle @ Duxton's strategic location and iconic design that is unparalleled among all other current HDB estates." said Kiwi Lim from Huttons Asia. "The strategic location coupled with the award winning iconic design of the development, plus the URA's CBD Incentive Scheme to revitalise Tanjong Pagar's Central Business District, I believe we will may see prices pushing close to $1,500 psf by the end of this year for this iconic award winning HDB development right next to the upcoming mega development of The Greater Southern Waterfront."
"The Central Business District within Tanjong Pagar is currently seeing a major transformation and within the next ten years, Tanjong Pagar will be a very appealing address for locals and expatriates to live, play and work in. In essence, residents of The Pinnacle @ Duxton will benefit from the URA CBD Incentive Scheme which is expected to rejuvenate the CBD creating a more intimate, people-friendly environment with walkable streets and public spaces." said Kiwi Lim from Huttons Asia.
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The Pinnacle @ Duxton is also poised to benefit from the future mega Greater Southern Waterfront development
URA's CBD Incentive Scheme
Changing global trends are reshaping the way and spaces in which people live, work and play. To attract talent, business districts all over the world are racing to become attractive places that cater to the varied needs of modern lifestyles. Singapore’s Downtown, comprising the Central Business District (CBD) and Marina Bay, is no exception.
To better support the continued growth and evolution of our CBD as a dynamic global hub, the Urban Redevelopment Authority (URA) - a statutory board in Singapore that oversees the physical planning and development of the city-state has launched various incentive schemes to encourage sustainable development and improve the quality of life in Singapore's Central Business District (CBD) by introducing a new set of incentives to reposition our CBD as a 24/7 mixed-use district so that the CBD will not only be a place to work, but also a vibrant place to live and play in.
One of the URA's key initiatives is the CBD Incentive Scheme (CBDIS), which aims to encourage building owners to rejuvenate and enhance the quality of their buildings and public spaces in the CBD. The scheme offers a range of incentives to property owners who carry out approved renovation or enhancement works, such as facade improvement, sheltered walkways, and public spaces improvements.
Changing global trends are reshaping the way and spaces in which people live, work and play. To attract talent, business districts all over the world are racing to become attractive places that cater to the varied needs of modern lifestyles. Singapore’s Downtown, comprising the Central Business District (CBD) and Marina Bay, is no exception.
To better support the continued growth and evolution of our CBD as a dynamic global hub, the Urban Redevelopment Authority (URA) - a statutory board in Singapore that oversees the physical planning and development of the city-state has launched various incentive schemes to encourage sustainable development and improve the quality of life in Singapore's Central Business District (CBD) by introducing a new set of incentives to reposition our CBD as a 24/7 mixed-use district so that the CBD will not only be a place to work, but also a vibrant place to live and play in.
One of the URA's key initiatives is the CBD Incentive Scheme (CBDIS), which aims to encourage building owners to rejuvenate and enhance the quality of their buildings and public spaces in the CBD. The scheme offers a range of incentives to property owners who carry out approved renovation or enhancement works, such as facade improvement, sheltered walkways, and public spaces improvements.
URA's CBD Incentive Scheme (CBDIS) will transform the CBD creating a more intimate, people-friendly environment with walkable streets and public spaces to enhance the quality of life in Singapore's CBD
The CBD Incentive Scheme (CBDIS) incentives are calibrated to encourage:
The CBDIS has several components, including:
- The creation of mixed-use neighborhoods at the CBD fringe areas of Anson and Cecil Street, with greater extent of residential uses supported by a variety of social/community amenities;
- A blend of mixed-uses within Robinson Road, Shenton Way and Tanjong Pagar, while retaining the predominantly commercial character of the core areas of our CBD in Raffles Place.
The CBDIS has several components, including:
- Facade Improvement Scheme (FIS): The FIS provides funding support to building owners to improve the facades of their buildings. The URA offers up to 50% of the project cost, capped at SGD 300,000 per building.
- Sheltered Walkway Programme (SWP): The SWP aims to enhance the pedestrian experience in the CBD by providing covered walkways between buildings. The URA offers funding support of up to 80% of the project cost, capped at SGD 1 million per building in an effort to create a more convenient sheltered travelling for people living and working within the CBD to minimise exposure to weather elements.
- Public Spaces Improvement Programme (PSIP): The PSIP provides funding support for building owners to improve the quality of public spaces around their buildings. The URA offers up to 50% of the project cost, capped at SGD 500,000 per building to realise better connectivity to adjacent developments and transport nodes and providing a wider diversity of uses, including more residences, hotels, and creative lifestyle possibilities while creating a more intimate, people-friendly environment with walkable streets and public spaces that will provide an appealing address for people to live and work in.
- Green Mark Incentive Scheme (GMIS): The GMIS provides funding support to building owners who achieve a minimum Green Mark rating for their buildings. The URA offers up to SGD 3 million in funding for buildings that achieve the highest Green Mark Platinum rating.
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Newport Residences is the residential component of Newport Plaza which will replace former Fuji Xerox Tower to be rebuilt into a masterpiece iconic mixed development project by CDL under the URA's CBD Incentive Scheme (CBDIS). Newport Residences is expected to be launching for sale this weekend, click for more info
One of the upcoming transforming under the CBD Incentive Scheme will be to say goodbye to Fuji Xerox Towers and hello to the launch of Newport Plaza - a rare freehold iconic mixed development in the prime CBD right at the entrance of the mega upcoming Greater Southern Waterfront development which will propel Singapore's future to the next level.
The design of Newport Plaza is truly a masterpiece by world famous Nikken Sekkei (architect of Tokyo Skytree) and local top architect ADDP developed by reputable CDL and built by trusted builder Woh Hup. Newport Plaza includes the commercial element of Newport Tower and the luxury residential component known as Newport Residences which is expected to launch next weekend to the exclusive few who desire to own a piece of this rare freehold iconic masterpiece in this prime CBD location.
"Future residents of Newport Residences will benefit from the URA CBD Incentive Scheme which provides a range of incentives to building owners to improve the appearance, accessibility, and sustainability of their buildings and public spaces by encouraging the conversion of existing, older, office developments into mixed-use developments that will help to rejuvenate the CBD creating a more intimate, people-friendly environment with walkable streets and public spaces to encourage sustainable development and enhance the quality of life in Singapore's CBD" - real estate professional, Kiwi Lim
The design of Newport Plaza is truly a masterpiece by world famous Nikken Sekkei (architect of Tokyo Skytree) and local top architect ADDP developed by reputable CDL and built by trusted builder Woh Hup. Newport Plaza includes the commercial element of Newport Tower and the luxury residential component known as Newport Residences which is expected to launch next weekend to the exclusive few who desire to own a piece of this rare freehold iconic masterpiece in this prime CBD location.
"Future residents of Newport Residences will benefit from the URA CBD Incentive Scheme which provides a range of incentives to building owners to improve the appearance, accessibility, and sustainability of their buildings and public spaces by encouraging the conversion of existing, older, office developments into mixed-use developments that will help to rejuvenate the CBD creating a more intimate, people-friendly environment with walkable streets and public spaces to encourage sustainable development and enhance the quality of life in Singapore's CBD" - real estate professional, Kiwi Lim
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The Greater Southern Waterfront (GSW)
The Greater Southern Waterfront (GSW) is a major urban redevelopment project in Singapore that aims to transform the southern coastline into a new mixed-use district. Covering an area of approximately 2,000 hectares or approximately 6 times the size of Marina Bay, stretching from the Gardens by the Bay East to Pasir Panjang. It will be developed to complement existing context and topography guided by a comprehensive green and blue plan that will complement the nearby Berlayer Creek and Labrador Park.
The Greater Southern Waterfront (GSW) will be a car lite, walkable, and well connected district with easy accessibility to public transport nodes and amenities with an extremely long 10km continuous waterfront promenade seamlessly connecting various places of interest along the Greater Southern Waterfront in future.
Along this 30km coastline, The Greater Southern Waterfront (GSW) will see Pasir Panjang Linear Park connecting with West Coast Park and to Labrador Nature Reserve offering park users a glimpse of Pasir Panjang’s working container port and Power District up close. Other future connections will also link up places of interest along the waterfront to the hilltops for visitors to enjoy a distinctive recreational experience.
The Greater Southern Waterfront (GSW) is a major urban redevelopment project in Singapore that aims to transform the southern coastline into a new mixed-use district. Covering an area of approximately 2,000 hectares or approximately 6 times the size of Marina Bay, stretching from the Gardens by the Bay East to Pasir Panjang. It will be developed to complement existing context and topography guided by a comprehensive green and blue plan that will complement the nearby Berlayer Creek and Labrador Park.
The Greater Southern Waterfront (GSW) will be a car lite, walkable, and well connected district with easy accessibility to public transport nodes and amenities with an extremely long 10km continuous waterfront promenade seamlessly connecting various places of interest along the Greater Southern Waterfront in future.
Along this 30km coastline, The Greater Southern Waterfront (GSW) will see Pasir Panjang Linear Park connecting with West Coast Park and to Labrador Nature Reserve offering park users a glimpse of Pasir Panjang’s working container port and Power District up close. Other future connections will also link up places of interest along the waterfront to the hilltops for visitors to enjoy a distinctive recreational experience.
The Greater Southern Waterfront (GSW) project aims to create a vibrant waterfront district that will serve as a new gateway to the city and offer a range of residential, commercial, and recreational amenities. Some of the key features of the GSW project include:
The Greater Southern Waterfront project is expected to take several years to complete, with development phased over time. The project is part of Singapore's long-term plan to create a more sustainable, livable, and connected city, and is expected to contribute to the city-state's economic growth and competitiveness.
- New residential developments: The Greater Southern Waterfront will include a mix of public and private housing, with an estimated 9,000 new public and private housing units planned.
- Commercial developments: The Greater Southern Waterfront will include new commercial and office spaces, which are expected to create job opportunities and boost economic growth in the area.
- Parks and open spaces: The Greater Southern Waterfront will include a network of parks, open spaces, and promenades, providing residents and visitors with access to greenery and waterfront views.
- Transport infrastructure: The Greater Southern Waterfront will include improved transport infrastructure, such as new MRT stations and road connections, making it easier for residents to access the city centre and other parts of Singapore.
- Cultural and heritage sites: The Greater Southern Waterfront will include the preservation and redevelopment of some of Singapore's cultural and heritage sites, such as the former Pasir Panjang Power Station and the Labrador Battery.
The Greater Southern Waterfront project is expected to take several years to complete, with development phased over time. The project is part of Singapore's long-term plan to create a more sustainable, livable, and connected city, and is expected to contribute to the city-state's economic growth and competitiveness.
