Property Update (11 March 2015)

Quota raised for 2-room flats for singles |

This year, the Government will launch 4,000 two-room flats, and it will raise the quota for singles to 50 per cent, starting from the next Build-to-Order exercise in May.


Singapore Budget 2015: HDB flats have become more affordable, says Minister Khaw |

SINGAPORE – Housing Board flats have become more affordable since 2011 and the Government’s promise is that every generation will be able to afford their own HDB homes, said Minister for National Development Khaw Boon Wan in Parliament on Tuesday.

He cited figures showing that resale flat prices had fallen and new flat prices were within buyers’ expectations.

Resale prices have dropped from their 2013 peak. They are now 37 per cent higher than the 2009 low, while median household income has caught up by rising 38 per cent since then, said Mr Khaw.

As for new flats, a recent HDB survey found that people were willing to pay up to $300,000 for a three-room flat and between $300,000 and $500,000 for a four- or five-roomer.

Last year, 90 per cent of Build-to-Order three-room flats were sold at below $250,000. For new four-roomers, 81 per cent were sold below $350,000, and 89 per cent of new five-roomers were sold below $450,000.

“These are actual transactions. They paint a comforting picture of young Singaporeans being able to get their first BTO flat, well within their expected budget,” said Mr Khaw. Read more here >>


Private and HDB rents fall in Feb: SRX |

SINGAPORE — Singapore’s rental market continued to show weakness, with rents in both the private and public housing segments declining last month.

A flash report by SRX Property released today (March 11) showed that rents of non-landed private homes fell by 0.8 per cent in February, after staying unchanged in January. On a year-on-year basis, last month’s rents were 6.2 per cent lower than February 2014.

The decline was led by the Rest of Central Region, or city fringe area, where rents dipped 1.5 per cent from the previous month. This was followed by a 1.2 per cent slip seen in the Core Central Region, or city centre. Rents in the Outside Central Region or suburbs were flat.

The fall in overall rents came on the back of a 25.8 per cent decrease in rental transaction in February to an estimated 2,586 units from January’s 3,487 units. Last month’s volume was 5.9 per cent lower than the 2,748 transactions recorded in February 2014.
Read more here >>


Plans to remake Toa Payoh, Woodlands and Pasir Ris |

SINGAPORE — Three more towns — Toa Payoh, Woodlands and Pasir Ris — will be given facelifts under the Housing and Development Board’s (HDB) Remaking Our Heartland (ROH) programme, said Senior Minister of State (National Development) Lee Yi Shyan yesterday.

Plans for Toa Payoh include a revamped town centre and town park, as well as improved pedestrian access to the town centre. There are also plans to develop more public housing and parks around Caldecott MRT Station when it is upgraded to an interchange station along the upcoming Thomson-East Coast Line.

More recreational spaces will be created along the Woodlands waterfront and the entire waterfront stretch will be opened to the public.

Residents in Pasir Ris can look forward to redeveloped neighbourhood centres and parks that will feature family-centred facilities.

The HDB will be gathering feedback from residents and community stakeholders to refine these plans, Mr Lee told Parliament during the National Development Ministry’s Committee of Supply debate. Read more here >>


Singapore to extend tax incentives for real estate: Finance Minister |

SINGAPORE: Singapore will extend tax incentives for real estate investment trusts by five years, allowing them to earn income from foreign properties without paying taxes.
The nation will also extend local tax exemptions for REITs, finance minister Tharman Shanmugaratnam said in his budget speech to Parliament. He indicated the government will resume charging the trusts stamp duties on Singaporean property purchases.
The extension of tax breaks will help Singapore-listed property trusts maintain their competitiveness versus peers in countries from Australia to China. More than 30 REITs and business trusts have listed in Singapore since 2002 amid tax-efficient investment structures. Read more here >>


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