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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 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.
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Will we see home loan mortgage rates in Singapore drop to below 3% interest rates next year in 2024?
Recently, memories of the global financial crisis came flooding back to investors and the public as bank shares across many parts of the world dived at the news of three American banks collapsing one after another within approximately one week raising fears of a banking contagion in the making.
It started with Silicon Valley Bank, Silvergate and Signature Bank in New York and most recently the 2nd largest bank in Switzerland - Credit Suisse, a powerful bank that were deemed to be too big to fail by The Financial Stability Board (FSB) that has shortlisted 30 super important banks globally popularly known as Global Systemically Important Banks (G-SIBs). These 30 G-SIB banks are vital to the world's financial banking system and whose potential failure of any of these banks could have a systemic impact on the global financial system.
What is a Banking Contagion?
With 4 well established banks collapsing in a matter of days across America and Europe, global markets fear that other banks will continue to fail one after another impacting the banking and financial industry in a term we call "Banking Contagion" or the potential for depositors' fears about bank safety to migrate to other institutions, causing more bank runs and additional failures. No central bank will want to see such a situation.
"Even though the American and Swiss governments step in to bailout these failed banks in their efforts to contain this Banking Contagion, people wonder whether more banks are hiding unpleasant surprises. and are afraid of what they don't know." said real estate professional Kiwi Lim.
"Credit Suisse is the main shocker being among the 30 G-SIBs that is evaluated to have a high systemic importance to world banking and financial operations. Since bank runs are a crisis of confidence and confidence is at a low now, I expect to hear more news of bank failures among the thousands of small and regional banks in the United States and Europe in the upcoming months."
UBS bank appeared as the knight in white armour by agreeing to buy over rival Credit Suisse in an eleventh-hour merger engineered by the Swiss government, as the world’s central banks tries to reassure investors about the health of the banking system. Credit Suisse was 'super cheaply sold' to UBS at a bargain price of 3 billion Swiss francs (S$4.34 billion) and UBS will assume up to US$5.4 billion in losses in a deal expected to close by the end of 2023.
It started with Silicon Valley Bank, Silvergate and Signature Bank in New York and most recently the 2nd largest bank in Switzerland - Credit Suisse, a powerful bank that were deemed to be too big to fail by The Financial Stability Board (FSB) that has shortlisted 30 super important banks globally popularly known as Global Systemically Important Banks (G-SIBs). These 30 G-SIB banks are vital to the world's financial banking system and whose potential failure of any of these banks could have a systemic impact on the global financial system.
What is a Banking Contagion?
With 4 well established banks collapsing in a matter of days across America and Europe, global markets fear that other banks will continue to fail one after another impacting the banking and financial industry in a term we call "Banking Contagion" or the potential for depositors' fears about bank safety to migrate to other institutions, causing more bank runs and additional failures. No central bank will want to see such a situation.
"Even though the American and Swiss governments step in to bailout these failed banks in their efforts to contain this Banking Contagion, people wonder whether more banks are hiding unpleasant surprises. and are afraid of what they don't know." said real estate professional Kiwi Lim.
"Credit Suisse is the main shocker being among the 30 G-SIBs that is evaluated to have a high systemic importance to world banking and financial operations. Since bank runs are a crisis of confidence and confidence is at a low now, I expect to hear more news of bank failures among the thousands of small and regional banks in the United States and Europe in the upcoming months."
UBS bank appeared as the knight in white armour by agreeing to buy over rival Credit Suisse in an eleventh-hour merger engineered by the Swiss government, as the world’s central banks tries to reassure investors about the health of the banking system. Credit Suisse was 'super cheaply sold' to UBS at a bargain price of 3 billion Swiss francs (S$4.34 billion) and UBS will assume up to US$5.4 billion in losses in a deal expected to close by the end of 2023.
The FSB's list in 2022 revealed 30 G-SIBs - globally significant banks
30 Global Systemically Important Banks" (G-SIBs)
The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, maintains a list of "global systemically important banks" (G-SIBs) that are considered to be the most systemically important institutions.
Global Systemically Important Banks (G-SIBs) are banks that are deemed to be too big to fail and whose potential failure could have a systemic impact on the global financial system. The Financial Stability Board (FSB) is responsible for identifying G-SIBs on an annual basis.
FSB member authorities apply the following requirements to G-SIBs:
The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, maintains a list of "global systemically important banks" (G-SIBs) that are considered to be the most systemically important institutions.
Global Systemically Important Banks (G-SIBs) are banks that are deemed to be too big to fail and whose potential failure could have a systemic impact on the global financial system. The Financial Stability Board (FSB) is responsible for identifying G-SIBs on an annual basis.
FSB member authorities apply the following requirements to G-SIBs:
- Higher capital buffer: The G-SIBs are allocated to buckets corresponding to higher capital buffers that they are required to hold by national authorities in accordance with international standards. Total Loss-Absorbing Capacity (TLAC): G-SIBs are required to meet the TLAC standard, alongside the regulatory capital requirements set out in the Basel III framework.
- Resolvability: These include group-wide resolution planning and regular resolvability assessments.
- Higher supervisory expectations: These include supervisory expectations for risk management functions, risk data aggregation capabilities, risk governance and internal controls.
Governments can play a significant role in preventing a banking contagion through a variety of measures, for example:
As of now, America is debating if they need to temporarily expand Federal Deposit Insurance Corporation (FDIC) coverage to all deposits, a move sought by a coalition of banks arguing that it is needed to head off a potential financial crisis. This is a big authorities do not yet view such a move as necessary, especially after regulators took steps this month to help banks keep up with any demands for withdrawals but they too worry in case the situation worsens.
Deposit insurance is a tightrope act. On the one hand, a full deposit insurance that covers all deposits regardless of amount can significantly reduce the incidence of bank runs or even stop runs altogether in countries with strong institutions and proper safeguards. On the other hand, when not done carefully, such explicit deposit insurance can fuel bank crises by giving banks perverse incentives to take unnecessary risks.
- Bailouts: Governments can provide financial assistance to troubled banks by injecting capital or buying their assets to keep them afloat. This can help stabilize the financial system and prevent a wider economic crisis.
- Regulation: Governments can introduce regulations to ensure that banks operate in a safe and sound manner. This can include requirements for banks to maintain sufficient capital and liquidity, conduct regular stress tests, and adhere to strict lending standards.
- Deposit insurance: Governments can also provide deposit insurance to protect customers' deposits in case of bank failures. This can help maintain confidence in the banking system and prevent bank runs.
- Coordination: Governments can work together with other countries or with large banks to coordinate their responses to bank crises. This can involve sharing information, providing assistance to each other's financial systems, and collaborating on international regulatory standards.
As of now, America is debating if they need to temporarily expand Federal Deposit Insurance Corporation (FDIC) coverage to all deposits, a move sought by a coalition of banks arguing that it is needed to head off a potential financial crisis. This is a big authorities do not yet view such a move as necessary, especially after regulators took steps this month to help banks keep up with any demands for withdrawals but they too worry in case the situation worsens.
Deposit insurance is a tightrope act. On the one hand, a full deposit insurance that covers all deposits regardless of amount can significantly reduce the incidence of bank runs or even stop runs altogether in countries with strong institutions and proper safeguards. On the other hand, when not done carefully, such explicit deposit insurance can fuel bank crises by giving banks perverse incentives to take unnecessary risks.
Will Singapore's Home Mortgage Rates Fall Below 3% Next Year?
"I believe The Federal Reserve may reverse their plans and decide to lower interest rates towards the end of 2024 as inflation, employment rates, GDP growth are expected to fall next year amidst weak global economic conditions widely linked to the sharp rise in borrowing costs. We all know The Federal Reserve's primary goal is to maintain stable prices and maximum employment, and they adjust interest rates to achieve these goals. If inflation is low and the unemployment rate is high, the Fed may lower interest rates to stimulate economic growth and increase employment." said market observer - Kiwi Lim.
"The Fed's decision-making process is complex and takes into account many different factors, so it's difficult to predict with certainty whether they will lower rates in 2024. But in my own opinion, there is a very high possibility where we may see home loan mortgage rates in Singapore drop to below 3% interest rates from 3rd quarter of next year 2024 onwards as The Fed tries to stabilise the banking and financial markets as well as providing a boost to the largest economy in the world"
"I believe The Federal Reserve may reverse their plans and decide to lower interest rates towards the end of 2024 as inflation, employment rates, GDP growth are expected to fall next year amidst weak global economic conditions widely linked to the sharp rise in borrowing costs. We all know The Federal Reserve's primary goal is to maintain stable prices and maximum employment, and they adjust interest rates to achieve these goals. If inflation is low and the unemployment rate is high, the Fed may lower interest rates to stimulate economic growth and increase employment." said market observer - Kiwi Lim.
"The Fed's decision-making process is complex and takes into account many different factors, so it's difficult to predict with certainty whether they will lower rates in 2024. But in my own opinion, there is a very high possibility where we may see home loan mortgage rates in Singapore drop to below 3% interest rates from 3rd quarter of next year 2024 onwards as The Fed tries to stabilise the banking and financial markets as well as providing a boost to the largest economy in the world"
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Only about 36 per cent of respondents in Singapore felt optimistic and confident that they will be better off financially in five years’ time, according to a recent survey conducted by global communications consultancy firm Edelman. This is the lowest level of economic optimism in the 23 years that the firm has conducted the annual global 2023 Edelman Trust Barometer survey, down seven percentage points from a year ago, according to the 2023 Edelman Trust Barometer report released on 15 March, Wednesday.
This compares with 40 per cent global average across 24 markets. “Nearly half of the countries surveyed (showed) a year-over-year double-digit decline in the belief that their families will be better off in five years’ time,” said Edelman in a statement on the 2023 report.
Conducted in November 2022 by the Edelman Trust Institute, the 23rd edition of the Edelman Trust Barometer survey involved 32,000 individuals in 28 countries including Singapore, where a total of 1,135 individuals aged 18 or older residing in Singapore were interviewed.
The survey also noted that respondents in developed countries were less optimistic than those in developing ones and that respondents from the higher income group have greater trust in these societal institutions compared to respondents with low-income.
The results of The 2023 Edelman Trust Barometer survey is considered a leading indicator of trust and credibility among countries that measures levels of trust in institutions, including businesses, government, NGOs, and the media, across 28 countries around the world.
Among other questions, the respondents were given a list of four institutions — government, media, business and non-government organisations (NGOs) — and asked to indicate on a scale of 1 to 9 how much they trust each institution to do what is right, with 1 indicating a respondent does not trust them at all and 9 indicating a respondent trusts them "a great deal".
This compares with 40 per cent global average across 24 markets. “Nearly half of the countries surveyed (showed) a year-over-year double-digit decline in the belief that their families will be better off in five years’ time,” said Edelman in a statement on the 2023 report.
Conducted in November 2022 by the Edelman Trust Institute, the 23rd edition of the Edelman Trust Barometer survey involved 32,000 individuals in 28 countries including Singapore, where a total of 1,135 individuals aged 18 or older residing in Singapore were interviewed.
The survey also noted that respondents in developed countries were less optimistic than those in developing ones and that respondents from the higher income group have greater trust in these societal institutions compared to respondents with low-income.
The results of The 2023 Edelman Trust Barometer survey is considered a leading indicator of trust and credibility among countries that measures levels of trust in institutions, including businesses, government, NGOs, and the media, across 28 countries around the world.
Among other questions, the respondents were given a list of four institutions — government, media, business and non-government organisations (NGOs) — and asked to indicate on a scale of 1 to 9 how much they trust each institution to do what is right, with 1 indicating a respondent does not trust them at all and 9 indicating a respondent trusts them "a great deal".
According to the 2023 Edelman Trust Barometer, an annual global survey on trust and credibility, the Singapore Government remains the institution most trusted by people in Singapore with trust levels at a high. This is very important especially when as business leaders command more trust than their political counterparts in many other developed countries around the world.
This trend is occurring against the backdrop of a wider spread of income-based trust gap in governments, businesses, the media and non-governmental organisations (NGOs), or what is collectively referred to by the report as "societal institutions".
The survey found that developing countries showed more optimism than developed countries. The following are the top three and bottom three countries in terms of percentage of respondents indicating an optimistic economic outlook:
"At a glance, the results of this survey may give an impression that societies with more access to global news are more pessimistic while societies with fewer access to global news seem more optimistic about their future as global news has been recently focusing on rising costs, mass layoffs taking place around the world since end of last year, predictions of global economic fallout heading towards recession, etc. These negative news affects economic optimism and deepen our economic fears" said Kiwi Lim, who has been observing market trends in Singapore for more than a decade.
This trend is occurring against the backdrop of a wider spread of income-based trust gap in governments, businesses, the media and non-governmental organisations (NGOs), or what is collectively referred to by the report as "societal institutions".
The survey found that developing countries showed more optimism than developed countries. The following are the top three and bottom three countries in terms of percentage of respondents indicating an optimistic economic outlook:
- Kenya (80 per cent optimistic),
- Indonesia (73 per cent optimistic),
- India (73 per cent optimistic); compared to
- Japan (9 per cent optimistic),
- France (12 per cent optimistic)
- Germany (15 per cent optimistic)
"At a glance, the results of this survey may give an impression that societies with more access to global news are more pessimistic while societies with fewer access to global news seem more optimistic about their future as global news has been recently focusing on rising costs, mass layoffs taking place around the world since end of last year, predictions of global economic fallout heading towards recession, etc. These negative news affects economic optimism and deepen our economic fears" said Kiwi Lim, who has been observing market trends in Singapore for more than a decade.
What Is The Edelman Trust Barometer
The Edelman Trust Barometer is an annual survey conducted by the global communications firm Edelman. The survey measures levels of trust in institutions, including businesses, government, NGOs, and the media, across 28 countries around the world. The survey has been conducted for over 20 years and is considered a leading indicator of trust and credibility in society.
The survey includes both quantitative and qualitative research, including online surveys of over 33,000 individuals, as well as in-depth interviews with influential leaders and experts in different fields. The survey results are analyzed and presented in a report that includes insights into global trust trends, as well as country-specific findings.
The Edelman Trust Barometer survey covers a wide range of topics related to trust, including perceptions of the economy, government, media, and technology. The survey also looks at issues such as climate change, inequality, and diversity and inclusion, and how these issues affect trust in different institutions.
The insights from the Edelman Trust Barometer survey can be used by businesses, governments, and other organizations to understand how they can build and maintain trust with their stakeholders, and to identify areas where they may need to improve their communication or engagement strategies.
The Edelman Trust Barometer is an annual survey conducted by the global communications firm Edelman. The survey measures levels of trust in institutions, including businesses, government, NGOs, and the media, across 28 countries around the world. The survey has been conducted for over 20 years and is considered a leading indicator of trust and credibility in society.
The survey includes both quantitative and qualitative research, including online surveys of over 33,000 individuals, as well as in-depth interviews with influential leaders and experts in different fields. The survey results are analyzed and presented in a report that includes insights into global trust trends, as well as country-specific findings.
The Edelman Trust Barometer survey covers a wide range of topics related to trust, including perceptions of the economy, government, media, and technology. The survey also looks at issues such as climate change, inequality, and diversity and inclusion, and how these issues affect trust in different institutions.
The insights from the Edelman Trust Barometer survey can be used by businesses, governments, and other organizations to understand how they can build and maintain trust with their stakeholders, and to identify areas where they may need to improve their communication or engagement strategies.
Provides Valuable Insights To Organizations & Governments
The Edelman Trust Barometer provides insights into the levels of trust that people have in institutions such as businesses, government, NGOs, and the media, as well as the factors that contribute to trust or undermine it. Some of the key insights from the survey include:
Overall, the Edelman Trust Barometer provides valuable insights into the factors that contribute to trust in institutions as well as governments and recommends organizations and governments to build and maintain trust with their stakeholders. By understanding these insights, organizations and governments can develop more effective communication and engagement strategies that help to build trust over time.
The Edelman Trust Barometer provides insights into the levels of trust that people have in institutions such as businesses, government, NGOs, and the media, as well as the factors that contribute to trust or undermine it. Some of the key insights from the survey include:
- Trust in institutions is low: Across the 28 countries surveyed, trust in institutions is generally low. The survey also found that trust in traditional media is declining, while trust in social media is low but stable.
- Trust is linked to competence and ethical behavior: The survey found that trust is closely linked to perceptions of competence and ethical behavior. Organizations that are seen as competent and ethical are more likely to be trusted by the public.
- Issues such as inequality and climate change are eroding trust: The survey found that issues such as economic inequality, social injustice, and climate change are eroding trust in institutions. People are increasingly looking to businesses and other organizations to address these issues and take a leadership role in creating positive social and environmental outcomes.
- Trust can be built through engagement and transparency: Organizations can build trust by engaging with their stakeholders and being transparent about their actions and decision-making processes, e.g. communicating openly about issues such as data privacy and security, and involving stakeholders in the development of policies and programs.
Overall, the Edelman Trust Barometer provides valuable insights into the factors that contribute to trust in institutions as well as governments and recommends organizations and governments to build and maintain trust with their stakeholders. By understanding these insights, organizations and governments can develop more effective communication and engagement strategies that help to build trust over time.
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High Court Orders CPF To Release Man's CPF Savings To Daughter Instead Of Ex-Wife Despite Nomination
The late Mr Toh Kim Hiang divorced his wife Ms Yee Swee Yong in February 1985 and his family effectively cut off contact with her. On Nov 7, 2021, when celebrating his 80th birthday with his daughter and her husband, Mr Kim said he believed that his prior CPF nomination in favour of his ex-wife had been automatically voided after his divorce, such that his CPF monies would instead be inherited by his daughter - Ms Toh.
However, he later realised that his Central Provident Fund (CPF) savings would be left to his estranged ex-wife, even though he assumed it was voided after his divorce. He then tried to nominate his daughter as his CPF beneficiary, but died before he could do so successfully.
His son-in-law, Mr Ng Chye Aik, told Mr Toh that the 80-year-old would in fact have to make a fresh CPF nomination. Mr Toh then tried to do so. He made a submission online on Nov 22, 2021 to nominate his daughter as his CPF nominee but did not successfully do so.
Mr Toh fell ill shortly after and died on Jan 4, 2022 before he could successfully nominate his daughter.
However, he later realised that his Central Provident Fund (CPF) savings would be left to his estranged ex-wife, even though he assumed it was voided after his divorce. He then tried to nominate his daughter as his CPF beneficiary, but died before he could do so successfully.
His son-in-law, Mr Ng Chye Aik, told Mr Toh that the 80-year-old would in fact have to make a fresh CPF nomination. Mr Toh then tried to do so. He made a submission online on Nov 22, 2021 to nominate his daughter as his CPF nominee but did not successfully do so.
Mr Toh fell ill shortly after and died on Jan 4, 2022 before he could successfully nominate his daughter.
What is CPF nomination?
CPF nomination refers to the process of choosing a person or persons to receive the CPF savings in the event of the CPF member's death. CPF stands for Central Provident Fund, which is a mandatory savings scheme for working Singaporeans and permanent residents.
When a CPF member nominates a person to receive their CPF savings upon their death, the nominated person is called the nominee. The CPF member can nominate one or more persons as their nominee, and they can allocate the CPF savings to each nominee according to their wishes.
It is important for CPF members to make a nomination because in the absence of a valid nomination, the CPF savings will be distributed according to the Intestate Succession Act or Muslim Intestate Succession Act, as the case may be. The distribution may not be in accordance with the CPF member's wishes or may cause unnecessary delay or inconvenience to the family members left behind.
"CPF members can make a nomination at any time, and it is advisable to review and update the nomination regularly, especially after significant life events such as marriage, divorce, or the birth of a child. CPF members can make their nomination online through the CPF website or by visiting a CPF service centre." said Kiwi Lim, real estate professional from Huttons Asia.
CPF nomination refers to the process of choosing a person or persons to receive the CPF savings in the event of the CPF member's death. CPF stands for Central Provident Fund, which is a mandatory savings scheme for working Singaporeans and permanent residents.
When a CPF member nominates a person to receive their CPF savings upon their death, the nominated person is called the nominee. The CPF member can nominate one or more persons as their nominee, and they can allocate the CPF savings to each nominee according to their wishes.
It is important for CPF members to make a nomination because in the absence of a valid nomination, the CPF savings will be distributed according to the Intestate Succession Act or Muslim Intestate Succession Act, as the case may be. The distribution may not be in accordance with the CPF member's wishes or may cause unnecessary delay or inconvenience to the family members left behind.
"CPF members can make a nomination at any time, and it is advisable to review and update the nomination regularly, especially after significant life events such as marriage, divorce, or the birth of a child. CPF members can make their nomination online through the CPF website or by visiting a CPF service centre." said Kiwi Lim, real estate professional from Huttons Asia.
High Court's Judgement
After the death of Mr Toh, Ms Toh and her husband sent requests for the CPF savings to be disbursed to Ms Toh instead of Ms Yee, but the CPF Board explained that Mr Toh had not successfully made a new nomination before his passing. It was later discovered that Mr Toh had keyed in the wrong NRIC number under the details of the second witness, which was likely why the attestation could not be completed.
High Court judge - Justice Lee said it was clear that Mr Toh could not have intended for his CPF monies to pass to Ms Yee. "They had lived their lives essentially as strangers since their divorce," he said. "At the time of the deceased's passing, Ms Yee and the deceased had been divorced for over 36 years."
He added that Ms Yee had not kept in contact with her ex-husband and daughter for many years. "The completeness of her estrangement from the family can be seen from the difficulties that Ms Toh encountered in locating Ms Yee to serve the documents for the present case," said the judge.
The above case is reported in CNA news online on 8 March 2023
After the death of Mr Toh, Ms Toh and her husband sent requests for the CPF savings to be disbursed to Ms Toh instead of Ms Yee, but the CPF Board explained that Mr Toh had not successfully made a new nomination before his passing. It was later discovered that Mr Toh had keyed in the wrong NRIC number under the details of the second witness, which was likely why the attestation could not be completed.
High Court judge - Justice Lee said it was clear that Mr Toh could not have intended for his CPF monies to pass to Ms Yee. "They had lived their lives essentially as strangers since their divorce," he said. "At the time of the deceased's passing, Ms Yee and the deceased had been divorced for over 36 years."
He added that Ms Yee had not kept in contact with her ex-husband and daughter for many years. "The completeness of her estrangement from the family can be seen from the difficulties that Ms Toh encountered in locating Ms Yee to serve the documents for the present case," said the judge.
The above case is reported in CNA news online on 8 March 2023
Should a person's will supersede CPF nomination?
In general, CPF nomination supersedes the will when it comes to the distribution of CPF savings. This is because CPF savings are governed by specific CPF rules and regulations, which provide for the distribution of CPF savings based on the CPF nomination made by the CPF member.
On the other hand, a will governs the distribution of a person's assets, including those outside of the CPF system. However, if a CPF member has made a valid CPF nomination, the CPF savings will be distributed according to the nomination, regardless of what is stated in the will.
It is important to note that CPF nomination and will serve different purposes and are governed by different laws. A CPF nomination allows CPF members to choose who they want to receive their CPF savings, while a will allows a person to distribute their assets according to their wishes.
If a CPF member does not make a CPF nomination, their CPF savings will be distributed according to the Intestate Succession Act or Muslim Intestate Succession Act, as the case may be and the distribution may not be in accordance with the deceased's wishes or may cause unnecessary delay or inconvenience to the family members left behind.
Making a CPF nomination allows CPF members to choose who they want to receive their CPF savings and in what proportion. It provides certainty and peace of mind that their loved ones will receive their CPF savings in accordance with their wishes. Therefore, it is highly recommended that CPF members make a CPF nomination to ensure that their CPF savings are distributed according to their wishes.
"Therefore, it is important for CPF members to make a CPF nomination and update it regularly, as well as to make a will to distribute their other assets. By doing so, they can ensure that their loved ones will receive their assets in accordance with their wishes without the hassle of going to court ." said Kiwi.
In general, CPF nomination supersedes the will when it comes to the distribution of CPF savings. This is because CPF savings are governed by specific CPF rules and regulations, which provide for the distribution of CPF savings based on the CPF nomination made by the CPF member.
On the other hand, a will governs the distribution of a person's assets, including those outside of the CPF system. However, if a CPF member has made a valid CPF nomination, the CPF savings will be distributed according to the nomination, regardless of what is stated in the will.
It is important to note that CPF nomination and will serve different purposes and are governed by different laws. A CPF nomination allows CPF members to choose who they want to receive their CPF savings, while a will allows a person to distribute their assets according to their wishes.
If a CPF member does not make a CPF nomination, their CPF savings will be distributed according to the Intestate Succession Act or Muslim Intestate Succession Act, as the case may be and the distribution may not be in accordance with the deceased's wishes or may cause unnecessary delay or inconvenience to the family members left behind.
Making a CPF nomination allows CPF members to choose who they want to receive their CPF savings and in what proportion. It provides certainty and peace of mind that their loved ones will receive their CPF savings in accordance with their wishes. Therefore, it is highly recommended that CPF members make a CPF nomination to ensure that their CPF savings are distributed according to their wishes.
"Therefore, it is important for CPF members to make a CPF nomination and update it regularly, as well as to make a will to distribute their other assets. By doing so, they can ensure that their loved ones will receive their assets in accordance with their wishes without the hassle of going to court ." said Kiwi.
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Share buyback, also known as share repurchase, is when a company buys back its own shares from the marketplace. This can be done for a number of reasons, such as to reduce the number of outstanding shares, increase the value of remaining shares, or return capital to shareholders.
This year, Chevron announced in Jan that it would triple its spending on share buybacks to $75 billion after reporting a record full-year profit of $36.5 billion, buoyed by high oil prices. Exxon said it would issue another $35 billion in buybacks and Facebook-parent Meta Platforms saw its stock surge by 20% after the company announced plans to boost its share repurchase plan by $40 billion after seeing the company losing more than $600 billion in market value over the past year. 2023 will likely be the first fiscal year with at least $1 trillion in completed S&P 500 company buybacks, said Howard Silverblatt at S&P Dow Jones Indices.
"It is important to note that the amount of share buybacks in a given year is dependent on a number of factors, including the financial performance of companies, market conditions, and regulatory policies. While it is very highly possible that companies may engage in share buybacks totaling USD$1 trillion in 2023, it is impossible to say for certain at this time since we are only in the first quarter of 2023." said Kiwi Lim, real estate professional.
It is important to note that share buybacks are not always viewed positively by investors or analysts, as they can be seen as a way for companies to boost their stock prices artificially rather than investing in their businesses for long-term growth. Ultimately, the decision to engage in share buybacks is up to each individual company and their board of directors.
This year, Chevron announced in Jan that it would triple its spending on share buybacks to $75 billion after reporting a record full-year profit of $36.5 billion, buoyed by high oil prices. Exxon said it would issue another $35 billion in buybacks and Facebook-parent Meta Platforms saw its stock surge by 20% after the company announced plans to boost its share repurchase plan by $40 billion after seeing the company losing more than $600 billion in market value over the past year. 2023 will likely be the first fiscal year with at least $1 trillion in completed S&P 500 company buybacks, said Howard Silverblatt at S&P Dow Jones Indices.
"It is important to note that the amount of share buybacks in a given year is dependent on a number of factors, including the financial performance of companies, market conditions, and regulatory policies. While it is very highly possible that companies may engage in share buybacks totaling USD$1 trillion in 2023, it is impossible to say for certain at this time since we are only in the first quarter of 2023." said Kiwi Lim, real estate professional.
It is important to note that share buybacks are not always viewed positively by investors or analysts, as they can be seen as a way for companies to boost their stock prices artificially rather than investing in their businesses for long-term growth. Ultimately, the decision to engage in share buybacks is up to each individual company and their board of directors.
Is aggressive share buyback a good or bad sign for the economy?
Share buybacks can be seen as a positive sign by investors because they indicate that the company has confidence in its own financial position and future prospects. By reducing the number of outstanding shares, the buyback can also increase earnings per share and potentially boost the stock price, which can be beneficial for shareholders.
However, share buybacks can also be viewed as a negative sign if the company is using them to artificially boost its stock price rather than investing in its business. If the company is repurchasing shares instead of using the money to fund growth opportunities or pay dividends, it may suggest that the company is not confident in its ability to generate strong returns through these other means.
Furthermore, if a company is using debt to finance the share buyback, it could be taking on unnecessary financial risk. If the company's financial position deteriorates or if interest rates rise, the debt burden could become unsustainable.
Overall, whether share buybacks are a good sign or not depends on the context and the company's overall financial situation. Investors should evaluate the reasons behind the buyback and the potential long-term impact on the company's financial health before making any investment decisions.
Share buybacks can be seen as a positive sign by investors because they indicate that the company has confidence in its own financial position and future prospects. By reducing the number of outstanding shares, the buyback can also increase earnings per share and potentially boost the stock price, which can be beneficial for shareholders.
However, share buybacks can also be viewed as a negative sign if the company is using them to artificially boost its stock price rather than investing in its business. If the company is repurchasing shares instead of using the money to fund growth opportunities or pay dividends, it may suggest that the company is not confident in its ability to generate strong returns through these other means.
Furthermore, if a company is using debt to finance the share buyback, it could be taking on unnecessary financial risk. If the company's financial position deteriorates or if interest rates rise, the debt burden could become unsustainable.
Overall, whether share buybacks are a good sign or not depends on the context and the company's overall financial situation. Investors should evaluate the reasons behind the buyback and the potential long-term impact on the company's financial health before making any investment decisions.
Is corporate America expecting a recession soon?
During a recession, central banks may lower interest rates in order to boost the economy. The decision of a company to buy back its own shares is not necessarily directly linked to changes in interest rates. However, changes in interest rates can indirectly affect a company's decision to repurchase shares, as well as the timing and amount of any buybacks.
When interest rates go up, borrowing costs for companies typically increase, which can make share buybacks more expensive if the company is financing them with debt. As a result, companies may be less inclined to repurchase shares when interest rates are high. Conversely, when interest rates are low, companies may find it more attractive to use debt to finance share buybacks, as the cost of borrowing is lower.
However, there are many other factors that can influence a company's decision to buy back shares, including its financial position, growth prospects, and available cash flow. For example, a company with excess cash on hand may choose to repurchase shares even if interest rates are high, if it believes that this is the best use of its funds.
Overall, while changes in interest rates can indirectly affect a company's decision to repurchase shares, it is just one of many factors that can influence this decision. Companies will consider a variety of factors when making the decision to repurchase shares, including their current financial position and growth prospects, as well as broader economic trends.
During a recession, central banks may lower interest rates in order to boost the economy. The decision of a company to buy back its own shares is not necessarily directly linked to changes in interest rates. However, changes in interest rates can indirectly affect a company's decision to repurchase shares, as well as the timing and amount of any buybacks.
When interest rates go up, borrowing costs for companies typically increase, which can make share buybacks more expensive if the company is financing them with debt. As a result, companies may be less inclined to repurchase shares when interest rates are high. Conversely, when interest rates are low, companies may find it more attractive to use debt to finance share buybacks, as the cost of borrowing is lower.
However, there are many other factors that can influence a company's decision to buy back shares, including its financial position, growth prospects, and available cash flow. For example, a company with excess cash on hand may choose to repurchase shares even if interest rates are high, if it believes that this is the best use of its funds.
Overall, while changes in interest rates can indirectly affect a company's decision to repurchase shares, it is just one of many factors that can influence this decision. Companies will consider a variety of factors when making the decision to repurchase shares, including their current financial position and growth prospects, as well as broader economic trends.
Singapore's property price increase during Covid pandemic period is only considered moderate when we compare to other developed cities globally.
If recession is coming, should I sell my property now?
All across the world, countries have seen property prices rising exponentially during the past 3 years - known as the Covid Pandemic Period. However from the graph above, we can see that Singapore's property price increase during Covid pandemic period is only considered moderate when we compare to other developed cities globally. Therefore, it is safe to say that the possibility of a property bubble in Singapore is extremely low especially after the government intervened with recent property cooling measures.
Demand for property in Singapore is expected to remain strong from overseas buyers due to a combination of reasons, including strategic location, quality of life, political stability, investment potential, and diverse culture. Moreover, central banks are expected to lower interest rates, including home mortgage rates during a recession in order to boost spending" say real estate professional Kiwi Lim.
"China's reopening is set to drive more of Asia's wealthy to our shores and pent-up demand from these high net worth individuals (HNWI) is expected to boost Singapore's luxury property market. With more CCR condo projects expected to be launched this year, sales of luxury homes in Singapore may break last year's record of $3.5 billion this year."
All across the world, countries have seen property prices rising exponentially during the past 3 years - known as the Covid Pandemic Period. However from the graph above, we can see that Singapore's property price increase during Covid pandemic period is only considered moderate when we compare to other developed cities globally. Therefore, it is safe to say that the possibility of a property bubble in Singapore is extremely low especially after the government intervened with recent property cooling measures.
Demand for property in Singapore is expected to remain strong from overseas buyers due to a combination of reasons, including strategic location, quality of life, political stability, investment potential, and diverse culture. Moreover, central banks are expected to lower interest rates, including home mortgage rates during a recession in order to boost spending" say real estate professional Kiwi Lim.
"China's reopening is set to drive more of Asia's wealthy to our shores and pent-up demand from these high net worth individuals (HNWI) is expected to boost Singapore's luxury property market. With more CCR condo projects expected to be launched this year, sales of luxury homes in Singapore may break last year's record of $3.5 billion this year."
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The Reef at King's Dock is a luxury waterfront condo that appeals to high end buyers which features Singapore's first 180-metre floating deck in a residential condo situated right inside The Greater Southern Waterfront District
Singapore has experienced significant economic growth in recent decades, which has led to an increase in disposable income and wealth among its citizens. As a result, there has been a growing demand for luxury goods and services, including high-end homes.
More Singaporeans are buying upmarket luxury condo properties costing at least $5 million from the Core Central Region (CCR) and the Rest of Central Region (RCR). Many affluent Singaporeans view high-end homes as a symbol of success and achievement. Owning a luxurious property can provide a sense of status and prestige, and can be a way for individuals to showcase their wealth and social standing. High-end homes may also be viewed as a sound investment opportunity, as Singapore's property market has historically been seen as a safe and stable investment.
"Rising affluence has played a significant role in boosting the demand for high-end homes in Singapore, as more affluent individuals seek out properties that reflect their lifestyle and aspirations." said real estate professional Kiwi Lim from Huttons Asia. "Other than rising affluence, other factors such as limited land supply, prime locations, and exclusive amenities have also contributed to the growing demand for high-end homes in Singapore. The recent increase in buyer's stamp duty for both residential and non-residential properties of higher value may not dampen demand for luxury properties."
More Singaporeans are buying upmarket luxury condo properties costing at least $5 million from the Core Central Region (CCR) and the Rest of Central Region (RCR). Many affluent Singaporeans view high-end homes as a symbol of success and achievement. Owning a luxurious property can provide a sense of status and prestige, and can be a way for individuals to showcase their wealth and social standing. High-end homes may also be viewed as a sound investment opportunity, as Singapore's property market has historically been seen as a safe and stable investment.
"Rising affluence has played a significant role in boosting the demand for high-end homes in Singapore, as more affluent individuals seek out properties that reflect their lifestyle and aspirations." said real estate professional Kiwi Lim from Huttons Asia. "Other than rising affluence, other factors such as limited land supply, prime locations, and exclusive amenities have also contributed to the growing demand for high-end homes in Singapore. The recent increase in buyer's stamp duty for both residential and non-residential properties of higher value may not dampen demand for luxury properties."
Business Times 23 Feb 2023
Reasons why Singaporeans may choose high-end homes:
- Rising affluence: Singapore has experienced significant economic growth in recent years, leading to an increase in disposable income and affluence. This has led to a growing demand for luxury goods, including high-end homes.
- Limited land supply: Singapore is a small island nation with limited land supply, which has led to a scarcity of land for development. As a result, high-end homes are often built in prime locations and offer a sense of exclusivity and prestige.
- Quality of life: Singaporeans place a high value on their quality of life, and high-end homes can offer a luxurious lifestyle with exclusive amenities, such as private pools, gyms, and concierge services.
- Investment potential: Singapore's property market has historically been seen as a safe and stable investment, with high-end homes offering potential for capital appreciation over the long term.
- Family needs: High-end homes can also offer ample space for families, with larger living areas, multiple bedrooms and bathrooms, and outdoor spaces for relaxation and recreation.
Foreign buyers have been active in the high-end residential property market in Singapore in recent years as Singapore has been nd remains one of the best places in the world for living, business operations, work and play. Singapore has consistently been ranked among the top 3 countries in the world in terms of international trade and transnational relations. Singapore has been highly commended for its balanced handling of the Covid pandemic which has wreaked havoc across the world - adding to Singapore's attraction as a safe haven for living and for business.
There are several reasons why foreign buyers may be attracted to high-end homes in Singapore:
"Overall, foreign buyers may be attracted to high-end homes in Singapore for a combination of these reasons, including strategic location, quality of life, political stability, investment potential, and diverse culture." say real estate professional Kiwi Lim. "China's reopening is set to drive more of Asia's wealthy to our shores and pent-up demand from these high net worth individuals (HNWI) is expected to boost Singapore's luxury property market. With more CCR condo projects expected to be launched this year, sales of luxury homes in Singapore may break last year's record of $3.5 billion this year."
There are several reasons why foreign buyers may be attracted to high-end homes in Singapore:
- Strategic location: Singapore is a hub for business and finance in Southeast Asia, making it an attractive location for foreign investors who are looking to establish a presence in the region. High-end homes in prime locations may offer easy access to business districts, as well as cultural and entertainment amenities.
- Quality of life: Singapore is known for its high standard of living, safety, and cleanliness, which can be attractive to foreign buyers who are looking for a comfortable and secure place to live.
- Political stability: Singapore is known for its political stability and economic growth, which can offer a sense of security to foreign buyers who are looking to invest in property.
- Investment potential: High-end homes in Singapore may offer potential for capital appreciation over the long term, as well as rental income from tenants. Foreign buyers may be attracted to the stability and growth potential of Singapore's property market.
- Diverse culture: Singapore is a multicultural society with a diverse population, which can be appealing to foreign buyers who are looking for a cosmopolitan and inclusive community.
"Overall, foreign buyers may be attracted to high-end homes in Singapore for a combination of these reasons, including strategic location, quality of life, political stability, investment potential, and diverse culture." say real estate professional Kiwi Lim. "China's reopening is set to drive more of Asia's wealthy to our shores and pent-up demand from these high net worth individuals (HNWI) is expected to boost Singapore's luxury property market. With more CCR condo projects expected to be launched this year, sales of luxury homes in Singapore may break last year's record of $3.5 billion this year."
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Esparina Residences will be fully privatised this year 2023 is the only resale EC in Singapore to enjoy the ultimate convenience of being located across an MRT Station, a recently completed shopping mall and bus interchange
More and more HDB upgraders who are looking to upgrade to a condo lifestyle are looking towards buying resale executive condominium (EC) in the market. Resale executive condominium (EC) is a type of housing in Singapore that is sold by owners who have fulfilled the minimum occupancy period of 5 years. Executive condos (EC) are a public-private hybrid housing scheme that is built by private developers, but subject to certain eligibility criteria and resale restrictions set by the government. The quality and range of facilities of executive condos (EC) are also similar to private residential condominiums by private developers in the real estate market in Singapore.
After the 5 year MOP period, resale executive condos (EC) are sold in the open market and are typically cheaper than private residential condominiums, making them more and more of an attractive option for buyers when compared directly to private residential condos.
After the 5 year MOP period, resale executive condos (EC) are sold in the open market and are typically cheaper than private residential condominiums, making them more and more of an attractive option for buyers when compared directly to private residential condos.
Resale EC: Semi Privatised EC Versus Fully Privatised EC
After the 5-year Minimum Occupation Period (MOP), executive condos (ECs) in Singapore are subjected to a 5-year Privatisation Period, during which the units are still considered as Semi Privatised and subject to resale restrictions set by the government, e.g. no foreigners are allowed to buy and own an EC unit during this period. Buyers of the EC will no longer be eligible for government subsidies or schemes such as the CPF Housing Grant or the HDB Loan. However, buyers can still obtain financing from banks or other financial institutions to purchase the EC.
However, after the 10-year mark from the date of issuance of the Temporary Occupation Permit (TOP), the EC will become Fully Privatised. This means that the EC will no longer be subject to any resale restrictions or eligibility criteria, and can be sold to anyone without any restrictions on buyer nationality or household income which means the EC will also be treated as a private residential condo property.
After the 5-year Minimum Occupation Period (MOP), executive condos (ECs) in Singapore are subjected to a 5-year Privatisation Period, during which the units are still considered as Semi Privatised and subject to resale restrictions set by the government, e.g. no foreigners are allowed to buy and own an EC unit during this period. Buyers of the EC will no longer be eligible for government subsidies or schemes such as the CPF Housing Grant or the HDB Loan. However, buyers can still obtain financing from banks or other financial institutions to purchase the EC.
However, after the 10-year mark from the date of issuance of the Temporary Occupation Permit (TOP), the EC will become Fully Privatised. This means that the EC will no longer be subject to any resale restrictions or eligibility criteria, and can be sold to anyone without any restrictions on buyer nationality or household income which means the EC will also be treated as a private residential condo property.
Resale EC projects
As private residential property prices and rental rates increase in Singapore, families looking to upgrade to a private condo may find themselves slowly being priced out of the market especially if they are motivated by a desire to buy a larger condo unit to allow their families to enjoy more space.
Private resale condos within 10 years of TOP that offers comprehensive condo facilities in a matured estate surrounded by amenities in a convenient location may see prices exceeding $1,800 psf. This is where buyers start noticing resale executive condos (EC). Resale executive condos can offer larger and more spacious living areas which is particularly attractive to growing families with full condo facilities at a more attractive per square foot price.
You may click the picture below to find out which executive condo projects (EC) in Singapore have reached semi-privatised or fully-privatised status for your consideration.
As private residential property prices and rental rates increase in Singapore, families looking to upgrade to a private condo may find themselves slowly being priced out of the market especially if they are motivated by a desire to buy a larger condo unit to allow their families to enjoy more space.
Private resale condos within 10 years of TOP that offers comprehensive condo facilities in a matured estate surrounded by amenities in a convenient location may see prices exceeding $1,800 psf. This is where buyers start noticing resale executive condos (EC). Resale executive condos can offer larger and more spacious living areas which is particularly attractive to growing families with full condo facilities at a more attractive per square foot price.
You may click the picture below to find out which executive condo projects (EC) in Singapore have reached semi-privatised or fully-privatised status for your consideration.
Click to know the various EC TOP dates in Singapore to calculate their semi-privatised and fully-privatised dates
By next month, Sengkang Grand Shopping Mall with its community club, childcare centre and bus interchange is expected to bring excitement to Buangkok estate and added value to nearby properties, e.g. Esparina Residences
Some of the hot resale EC projects that are seeing high demand in the market are:
Esparina Residences - touted as the most convenient resale EC, its located right across the road from a brand new shopping mall, hawker centre, community club and bus interchange, Buangkok MRT station, 24 hours Kopitiam foodcourt, 24 hours NTUC supermarket in the matured estate of Buangkok in the northeast region. It will be eligible to sell to foreigners soon as it reaches its 10th year from TOP date in September this year.
Bellewaters is about five minutes’ walk from Farmway LRT station, which is just two stops from Sengkang MRT station. Those who live in the area enjoy other nearby amenities and developments such as Seletar Aerospace Park, Sengkang General and Community Hospitals, as well as the picturesque Sengkang Riverside Park.
The Vales is just two minutes’ walk from Cheng Lim LRT station on the Sengkang LRT line West Loop. Schools in the area include Nan Chiau Primary/High School, and Compassvale Primary School.
The Terrace overlooks the serene Punggol Waterway surrounded by schools, e.g. Horizon Primary School, Waterway Primary School, Greendale Primary School and Greendale Secondary School. Residents enjoy having Kadaloor LRT station at their doorstep with nearby amenities like Waterway Point Mall, Coney Island and Sengkang Riverside Park.
Sol Acres is expected to achieve MOP status in April with a whopping 1,327 units split over three towers and has a unique rollerblading trail. Only a three-minute walk from Teck Whye LRT station (three stops away from Choa Chu Kang MRT station / Bukit Panjang MRT station). Nearby schools are Delta Senior School, ITE College West, CGM Kindergarten, Ichiban Nurtureland Kindergarten (Choa Chu Kang), South View Primary School and Teck Whye Primary School.
Esparina Residences - touted as the most convenient resale EC, its located right across the road from a brand new shopping mall, hawker centre, community club and bus interchange, Buangkok MRT station, 24 hours Kopitiam foodcourt, 24 hours NTUC supermarket in the matured estate of Buangkok in the northeast region. It will be eligible to sell to foreigners soon as it reaches its 10th year from TOP date in September this year.
Bellewaters is about five minutes’ walk from Farmway LRT station, which is just two stops from Sengkang MRT station. Those who live in the area enjoy other nearby amenities and developments such as Seletar Aerospace Park, Sengkang General and Community Hospitals, as well as the picturesque Sengkang Riverside Park.
The Vales is just two minutes’ walk from Cheng Lim LRT station on the Sengkang LRT line West Loop. Schools in the area include Nan Chiau Primary/High School, and Compassvale Primary School.
The Terrace overlooks the serene Punggol Waterway surrounded by schools, e.g. Horizon Primary School, Waterway Primary School, Greendale Primary School and Greendale Secondary School. Residents enjoy having Kadaloor LRT station at their doorstep with nearby amenities like Waterway Point Mall, Coney Island and Sengkang Riverside Park.
Sol Acres is expected to achieve MOP status in April with a whopping 1,327 units split over three towers and has a unique rollerblading trail. Only a three-minute walk from Teck Whye LRT station (three stops away from Choa Chu Kang MRT station / Bukit Panjang MRT station). Nearby schools are Delta Senior School, ITE College West, CGM Kindergarten, Ichiban Nurtureland Kindergarten (Choa Chu Kang), South View Primary School and Teck Whye Primary School.
Resale executive condos (EC) also come with access to shared amenities such as swimming pools, gyms, tennis court and playgrounds, which can be appealing to families with children but who may find it hard afford a similar sized private property. The reason why resale executive condos are selling at a slightly lower price than resale private condos is because ECs were subsidized by the government during their development phase and usually sold to eligible buyers at a price that is typically lower than that of private condominiums. These resale ECs that have fulfilled the minimum occupancy period and are now eligible to be sold on the open market are therefore being offered at a lower price.
"Buyers looking at resale private residential homes have to act fast as we are seeing the price gap between resale EC and resale private condos closing up due to increased demand for the more attractively priced resale EC units in the market today." said real estate professional Kiwi Lim from Huttons Asia. "However, if buyers prefer new EC launches with its attractive prices and are eligible to buy an executive condo during its launch, they may consider the few remaining units in these two avail EC projects in the market - North Gaia EC in Yishun and Tenet EC in Tampines"
"Buyers looking at resale private residential homes have to act fast as we are seeing the price gap between resale EC and resale private condos closing up due to increased demand for the more attractively priced resale EC units in the market today." said real estate professional Kiwi Lim from Huttons Asia. "However, if buyers prefer new EC launches with its attractive prices and are eligible to buy an executive condo during its launch, they may consider the few remaining units in these two avail EC projects in the market - North Gaia EC in Yishun and Tenet EC in Tampines"
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The six-floor strata-titled carpark at Textile Centre has been put up for sale with a guide price of $36 million
Strata-titled carparks is becoming one of the most sought-after asset classes as the multi-storey car park in Textile Centre at the corner of Jalan Sultan and North Bridge Road is looking to sell at a guide price of a whopping S$36 million in a private treaty.
Textile Centre is a mixed-use development at a prominent central location in the Beach Road area. The carpark comprises 685 car parking spaces and 40 motorcycle lots spanning the third to seventh floors of Textile Centre providing parking facilities for visitors to the mall as well as for residents and businesses in the area. According to the marketing agent, JLL, this sale includes a 4,838 sq ft adjacent plot of commercial land which is currently used as the carpark’s driveway and for loading bay in the development.
The total strata area accounts for approximately 30% of the total strata area of the development. By share value, this is about 1.02% of the entire development. The rest of Textile Centre consists of a seven-storey retail podium with 150 retail units, six office floors with 63 office units, and 12 residential floors that house 132 units.
Both the car park and adjacent plot are currently owned by Plaza Development (Pte) Limited, wholly owned by Chee Tat Holdings (S) Pte Ltd, which in turn is controlled by the Ng family which also owns Serene Centre in Bukit Timah.
Textile Centre is a mixed-use development at a prominent central location in the Beach Road area. The carpark comprises 685 car parking spaces and 40 motorcycle lots spanning the third to seventh floors of Textile Centre providing parking facilities for visitors to the mall as well as for residents and businesses in the area. According to the marketing agent, JLL, this sale includes a 4,838 sq ft adjacent plot of commercial land which is currently used as the carpark’s driveway and for loading bay in the development.
The total strata area accounts for approximately 30% of the total strata area of the development. By share value, this is about 1.02% of the entire development. The rest of Textile Centre consists of a seven-storey retail podium with 150 retail units, six office floors with 63 office units, and 12 residential floors that house 132 units.
Both the car park and adjacent plot are currently owned by Plaza Development (Pte) Limited, wholly owned by Chee Tat Holdings (S) Pte Ltd, which in turn is controlled by the Ng family which also owns Serene Centre in Bukit Timah.
Strata-titled Shopping Malls
"Strata malls" refers to shopping malls where the individual retail units are owned by different individuals or entities, as opposed to malls where the retail spaces are owned by a single entity. In Singapore, there are several strata malls, each with their own unique offerings and specialties. Some examples of strata-titled shopping malls are:
Strata-titled Carparks
Real estate professional Kiwi Lim said "some older strata mixed developments with residential units above shopping malls in Singapore have separately owned strata-titled carparks due to the approved subdivision of communal carparks to allow for greater flexibility in ownership and usage of the parking spaces. This means that the carpark space is separately owned and can be bought and sold independently from the rest of the property development - i.e. the residential units and commercial shops.
"Strata malls" refers to shopping malls where the individual retail units are owned by different individuals or entities, as opposed to malls where the retail spaces are owned by a single entity. In Singapore, there are several strata malls, each with their own unique offerings and specialties. Some examples of strata-titled shopping malls are:
- Far East Plaza is a popular strata mall located on Scotts Road in Orchard with hundreds of shops selling a variety of products
- Sim Lim Square is known for its wide range of electronics and computer-related products. Located in Rochor, it has over 200 shops spread across six floors
- Peninsula Plaza is a strata mall that is popular for its shops selling items such as textiles, handicrafts, and traditional Chinese medicinal products located in City Hall
- Queensway Shopping Centre is known for its shops selling sporting goods and equipment located in Queenstown
Strata-titled Carparks
Real estate professional Kiwi Lim said "some older strata mixed developments with residential units above shopping malls in Singapore have separately owned strata-titled carparks due to the approved subdivision of communal carparks to allow for greater flexibility in ownership and usage of the parking spaces. This means that the carpark space is separately owned and can be bought and sold independently from the rest of the property development - i.e. the residential units and commercial shops.
To date, which strata-titled carparks have been sold?
"Although commonly seen in other countries, separate wholly owned strata-titled carparks are very rare in Singapore and only limited to buildings that had their planning approval before 1970. The government subsequently restricted the strata subdivision of communal carparks and carparks are now considered an amenity and part of the common area.
Such strata-titled carparks offer good passive income and investment potential as they provide strong healthy recurring income from the parking fees collected especially for those in the city or city fringe areas. Carpark fees are paid immediately by users with no bad debts except for the occasional carpark cheats. These carparks also require very low maintenance of the facility as compared to the other commercial shopping mall and residential components." said Kiwi Lim.
People’s Park Complex
Sitting on top of the six-storey podium block of shopping mall and carpark is a block of 25 storeys consisting of 291 private residential apartments. The 99-year leasehold strata mixed development of People's Park Complex in Chinatown comprises of private residential units, commercial shops and carpark. Completed in 1972, People's Park Complex has a six-storey podium block with strata shops occupying the first to fifth floors; and the multi-storey carpark spanning the third to sixth floors, The carpark has 648 parking spaces for cars and another 56 for motorcycles, making it one of the biggest, if not the biggest, multi-storey carpark in the CBD-Chinatown area.
In August 2021, Lucky Pinnacle, an entity of the Ng family-controlled property giant, Far East Organization, purchased the multi-storey carpark spanning the third to sixth floors and restaurant unit at People’s Park Complex for $39.33 million.
Holland Road Shopping Centre
Holland Road Shopping Centre is a freehold strata-titled shopping mall consisting of 111 commercial shop units in the shopping mall and a carpark. Holland Road Shopping Centre is a prominent landmark with its 78-metre frontage along Holland Avenue with key tenants including Cold Storage, UOB Bank, Watsons, and Guardian Pharmacy.
The carpark represents 25% of the total strata area in the development and is a convenient parking venue for motorists visiting Holland Village and Chip Bee Gardens enjoying high occupancy and parking turnover as a result of the shortage of parking spaces coupled with high patronage in the F&B and lifestyle enclave. Holland Road Shopping Centre carpark with 47 lots in total was sold for slightly more than $17 million in 2020.
"Although commonly seen in other countries, separate wholly owned strata-titled carparks are very rare in Singapore and only limited to buildings that had their planning approval before 1970. The government subsequently restricted the strata subdivision of communal carparks and carparks are now considered an amenity and part of the common area.
Such strata-titled carparks offer good passive income and investment potential as they provide strong healthy recurring income from the parking fees collected especially for those in the city or city fringe areas. Carpark fees are paid immediately by users with no bad debts except for the occasional carpark cheats. These carparks also require very low maintenance of the facility as compared to the other commercial shopping mall and residential components." said Kiwi Lim.
People’s Park Complex
Sitting on top of the six-storey podium block of shopping mall and carpark is a block of 25 storeys consisting of 291 private residential apartments. The 99-year leasehold strata mixed development of People's Park Complex in Chinatown comprises of private residential units, commercial shops and carpark. Completed in 1972, People's Park Complex has a six-storey podium block with strata shops occupying the first to fifth floors; and the multi-storey carpark spanning the third to sixth floors, The carpark has 648 parking spaces for cars and another 56 for motorcycles, making it one of the biggest, if not the biggest, multi-storey carpark in the CBD-Chinatown area.
In August 2021, Lucky Pinnacle, an entity of the Ng family-controlled property giant, Far East Organization, purchased the multi-storey carpark spanning the third to sixth floors and restaurant unit at People’s Park Complex for $39.33 million.
Holland Road Shopping Centre
Holland Road Shopping Centre is a freehold strata-titled shopping mall consisting of 111 commercial shop units in the shopping mall and a carpark. Holland Road Shopping Centre is a prominent landmark with its 78-metre frontage along Holland Avenue with key tenants including Cold Storage, UOB Bank, Watsons, and Guardian Pharmacy.
The carpark represents 25% of the total strata area in the development and is a convenient parking venue for motorists visiting Holland Village and Chip Bee Gardens enjoying high occupancy and parking turnover as a result of the shortage of parking spaces coupled with high patronage in the F&B and lifestyle enclave. Holland Road Shopping Centre carpark with 47 lots in total was sold for slightly more than $17 million in 2020.
Bukit Timah Shopping Centre
In Dec 2020, a real estate management service provider - LHN Ltd, bought the car park of Bukit Timah Shopping Centre - a 999 year leasehold property development for S$16.2 million, through a 40 per cent stake in a joint-venture (JV) company. Bukit Timah Shopping Centre carpark consists of a total of 381 carpark lots and the purchase will be expected to increase income sources and grow the number of car parks under its facilities management business. LHN's other main business segments involve space optimisation and logistics services.
Parklane Shopping Mall
Situated at 35 Selegie Road near the junction with Prinsep Street, in the Dhoby Ghaut area, Parklane Shopping Mall features a variety of shops and services, including fashion stores, food and beverage outlets, electronics and technology stores, beauty and wellness services, and more. Parklane Shopping Mall is easily accessible by public transportation and is located near several major attractions and landmarks, including Orchard Road, Little India, and the Singapore Art Museum.
All 219 lots in the strata-titled carpark of Parklane Shopping Mall was sold in 2021 for $16.18 million.
In Dec 2020, a real estate management service provider - LHN Ltd, bought the car park of Bukit Timah Shopping Centre - a 999 year leasehold property development for S$16.2 million, through a 40 per cent stake in a joint-venture (JV) company. Bukit Timah Shopping Centre carpark consists of a total of 381 carpark lots and the purchase will be expected to increase income sources and grow the number of car parks under its facilities management business. LHN's other main business segments involve space optimisation and logistics services.
Parklane Shopping Mall
Situated at 35 Selegie Road near the junction with Prinsep Street, in the Dhoby Ghaut area, Parklane Shopping Mall features a variety of shops and services, including fashion stores, food and beverage outlets, electronics and technology stores, beauty and wellness services, and more. Parklane Shopping Mall is easily accessible by public transportation and is located near several major attractions and landmarks, including Orchard Road, Little India, and the Singapore Art Museum.
All 219 lots in the strata-titled carpark of Parklane Shopping Mall was sold in 2021 for $16.18 million.
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Terra Hill is a rare freehold condo on a huge hillside plot of land that offers panoramic view to the south offering residents a tranquil green environment near Pasir Panjang MRT station - click on image to find out more
A highly anticipated luxury freehold condo project - Terra Hill on the site of the old 72-unit Flynn Park condo located at the fringe of the Greater Southern Waterfront previews yesterday on 10 Feb (Friday) with prices for the 270-unit exclusive project in Pasir Panjang starting at S$1.5 million for a two-bedroom unit.
Developed by two reputable developers - Hoi Hup Realty and Sunway Developments, Terra Hill consists of 270 exclusive apartments spread over nine 5-storey blocks on a sprawling land size of 208,443 sq ft in the highly sought after District 5.
Terra Hill's Two-bedroom units are sized from 624 sq ft to 807 sq ft, starts at S$1.5 million. Three-bedroom units, ranging from 904 sq ft to 1,335 sq ft, start at S$2.3 million; four-room units of 1,302 sq ft to 1,862 sq ft in size will go from S$3.4 million. Four-bedroom units of 1,894 sq ft, equipped with private lifts, start at S$5 million.
Developed by two reputable developers - Hoi Hup Realty and Sunway Developments, Terra Hill consists of 270 exclusive apartments spread over nine 5-storey blocks on a sprawling land size of 208,443 sq ft in the highly sought after District 5.
Terra Hill's Two-bedroom units are sized from 624 sq ft to 807 sq ft, starts at S$1.5 million. Three-bedroom units, ranging from 904 sq ft to 1,335 sq ft, start at S$2.3 million; four-room units of 1,302 sq ft to 1,862 sq ft in size will go from S$3.4 million. Four-bedroom units of 1,894 sq ft, equipped with private lifts, start at S$5 million.
The Greater Southern Waterfront
Extending from Pasir Panjang to Marina East, The Greater Southern Waterfront will be transformed into a new major gateway and location for urban living along Singapore’s southern coast. The Greater Southern Waterfront was thrown into the limelight after the National Day Rally 2019, when more plans for The Greater Southern Waterfront were announced - a slew of housing projects, new attractions like Pulau Brani would be developed into a fun and recreational island, and the two decommissioned power stations at Pasir Panjang would also be redeveloped.
A continuous waterfront promenade will seamlessly connect various places of interest along the Greater Southern Waterfront in future. Along this corridor, the new Pasir Panjang Linear Park will connect West Coast Park to Labrador Nature Reserve, and offer 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.
Extending from Pasir Panjang to Marina East, The Greater Southern Waterfront will be transformed into a new major gateway and location for urban living along Singapore’s southern coast. The Greater Southern Waterfront was thrown into the limelight after the National Day Rally 2019, when more plans for The Greater Southern Waterfront were announced - a slew of housing projects, new attractions like Pulau Brani would be developed into a fun and recreational island, and the two decommissioned power stations at Pasir Panjang would also be redeveloped.
A continuous waterfront promenade will seamlessly connect various places of interest along the Greater Southern Waterfront in future. Along this corridor, the new Pasir Panjang Linear Park will connect West Coast Park to Labrador Nature Reserve, and offer 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 Reef at King's Dock
Development of The Greater Southern Waterfront will take place in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next 5 to 10 years.
At the moment, there is only one new condo project that is launched within The Greater Southern Waterfront district - The Reef at King's Dock, a ultra luxury, enviable harbourfront project developed by Mapletree and Keppel Land in District 4 right next to Grade A offices, Harbourfront MRT interchange (Circle Line and Northeast Line), across from world class themed island Sentosa and Singapore's largest shopping mall - Vivo City." said Kiwi Lim, real estate professional from Huttons Asia.
"The Reef at King's Dock is already more than 93% sold with beautiful sea facing units available and priced from $2,600 psf. It is also important to note that all the other new condo launches currently available in the market or launching this year are at the fringe of The Greater Southern Waterfront or further".
Development of The Greater Southern Waterfront will take place in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next 5 to 10 years.
At the moment, there is only one new condo project that is launched within The Greater Southern Waterfront district - The Reef at King's Dock, a ultra luxury, enviable harbourfront project developed by Mapletree and Keppel Land in District 4 right next to Grade A offices, Harbourfront MRT interchange (Circle Line and Northeast Line), across from world class themed island Sentosa and Singapore's largest shopping mall - Vivo City." said Kiwi Lim, real estate professional from Huttons Asia.
"The Reef at King's Dock is already more than 93% sold with beautiful sea facing units available and priced from $2,600 psf. It is also important to note that all the other new condo launches currently available in the market or launching this year are at the fringe of The Greater Southern Waterfront or further".
Perched at the top of Yew Siang Road, nestled within a quiet residential enclave Terra Hill offers condo facilities including a 50-metre pool with the convenience of a 5 minute walk to Pasir Panjang MRT, near mega shopping mall Vivocity, world famous theme park island of Sentosa, business districts Mapletree Business City and one-north, as well as the National University Hospital.
Even though it’s located in District 5, the developers revealed that specifications and design features of Terra Hill are comparable to that of luxury projects in the prime districts of D9, 10 and 11.
Real estate professional Kiwi Lim said Terra Hill's location beside the beautiful green Kent Ridge Park and tucked away from the noisy West Coast Highway with luxury fittings and well equipped condo facilities should garner strong demand during its preview two weeks later. "We expect developers to price the freehold Terra Hill units attractively from $2,4xx psf during its VIP sales preview".
Even though it’s located in District 5, the developers revealed that specifications and design features of Terra Hill are comparable to that of luxury projects in the prime districts of D9, 10 and 11.
Real estate professional Kiwi Lim said Terra Hill's location beside the beautiful green Kent Ridge Park and tucked away from the noisy West Coast Highway with luxury fittings and well equipped condo facilities should garner strong demand during its preview two weeks later. "We expect developers to price the freehold Terra Hill units attractively from $2,4xx psf during its VIP sales preview".
