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THE 14th floor of the Samsung Hub building in Church Street is up for sale at $43.3 million The Straits Times - February 26, 2013 THE 14th floor of the Samsung Hub building in Church Street is up for sale at $43.3 million. The 13,110 sq ft floor space is divided into four individual strata titles, with areas ranging from 2,906 sq ft to 3,875 sq ft. The four strata titles will be sold to a single buyer because one tenant occupies the whole floor of the building in the Central Business District, said CBRE. An American law firm has been renting the floor for more than three years. Its lease will expire at the end of next year. Based on the asking price of about $3,300 per sq ft (psf), CBRE has estimated the annual gross yield to be 3 per cent. The 16th floor was sold to a local fund for $39.4 million or $3,000 psf in September last year, setting a record price for the building. The caveat was lodged in December. "The market has gone up between Se

THE well-off who own luxury residences and investment homes will pay higher property taxes The Straits Times - February 26, 2013 THE well-off who own luxury residences and investment homes will pay higher property taxes. These will be introduced in phases over two years, starting Jan 1 next year. Most owner-occupied homes, however, will enjoy a lower tax rate, said Deputy Prime Minister Tharman Shanmugaratnam yesterday when he presented the 2013 Budget. "This is fair. The property tax is a wealth tax and is applied (to homes) irrespective of whether lived in, vacant or rented out. Those who live in the most expensive homes should pay more property tax than others," he said. So, owner-occupiers of landed homes in central areas with an annual value of $150,000, for instance, will stump out 69 per cent more in property tax or an additional $5,120 a year. The annual value is the estimated annual rent the property may fetch. But mindful that some reti

Non owner-occupied premises will see the highest rates in property taxes The Business Times - February 26, 2013 OWNERS of high-end homes will face higher taxes, with investment properties bearing the brunt of the increase. In a shift towards a more progressive tax structure, the tax band for owner-occupied homes was expanded from the current 0 per cent, 4 per cent, and 6 per cent tax rates, to encompass a a wider range of rates, ranging from 0 per cent to 16 per cent. Under the new tiered rates, an owner-occupied landed property in the central area with an annual value (AV) - estimated annual rent - of $150,000 will see an increase in property tax of $5,120 per year. Marginal property taxes for residential properties that are not owner-occupied and, therefore, owned for investment purposes, will be increased to 12 per cent to 20 per cent, from the current 10 per cent. At the high end, a landed property in the central area with AV of $150,000 will see an increa

70ha of waterfront for business, lifestyle and residential uses; 30ha for retail hub The Straits Times - February 25, 2013 RESIDENTS in northern Singapore may soon get their own mini-metropolis when Woodlands is transformed into a waterfront destination that is also rich in jobs. These preliminary plans were unveiled yesterday by National Development Minister Khaw Boon Wan for the regional centre that will serve as a major commercial node in the north. The centre, stretching from the north coast fronting the Strait of Johor to the centre of Woodlands, offers 100ha for development. It will have two distinct precincts. The 70ha Woodlands North Coast, an area between Republic Polytechnic and Woodlands Waterfront, is slated to be turned into a lush waterfront environment with a mix of business, residential and lifestyle uses. The other precinct - Woodlands Central - a 30ha area around Woodlands MRT station and Causeway Point mall, is envisaged as a pedestrian-frie

Banks offer lower interest rates for now, and have different limits and criteria from Housing Board The Sunday Times - February 24, 2013 More than 83 per cent of residents in Singapore live in a Housing Board flat. Last year, more than 59,000 residents became proud owners of new and resale HDB flats. Two-thirds of these home buyers also took a direct loan from HDB at the concessionary rate of 2.6 per cent. However, in the current low interest rate environment, home buyers are increasingly exploring other financing options. They should take into account the fact that the HDB concessionary rate is pegged to that of the Central Provident Fund (CPF) Ordinary Account, which has a minimum legislated rate of 2.5 per cent. This is higher than what most banks are offering for fixed rate mortgages. Hence, buyers have the option of considering HDB flat financing from financial institutions such as banks, alongside the HDB's concessionary loan package to determine the

Channelnewsasia.com Posted: 25 February 2013 2322 hrs SINGAPORE: The new set of progressive tax rates introduced in Budget 2013 will see high-end property owners paying more in property taxes. While the tax bill may be higher for the rich in percentage terms, analysts say this may not dampen investor sentiment to buy luxury properties. From January 2014, properties with higher annual values will be taxed at higher rates. With a tax rate of between zero and 15 per cent, there will be a significant gap in the property tax bill between mass and higher-end homes. Still, analysts said most high-end home owners will just take this in stride. Nicholas Mak, executive director of research and consultancy at SLP International, explained: "The increase may seem substantial. It can range anywhere from 20 per cent to 70 per cent in some cases. But if we look at it in absolute quantum, in thousands of dollars, the increase is only a few thousands of dollars. And

Channelnewsasia.com Posted: 25 February 2013 1723 hrs SINGAPORE: A more progressive tax structure will be introduced for properties and cars to achieve greater social equity without hurting Singapore's competitiveness. The zero per cent property tax rate band, which currently applies to the first S$6,000 of annual value of properties will be widened to S$8,000. Currently, property tax rates for owner-occupied residential property are at zero per cent, four per cent and six per cent, depending on the annual values of the properties. In addition to the current four per cent and six per cent tax bands, the government will introduce new bands of eight per cent to 16 per cent. Deputy Prime Minister Tharman Shanmugaratnam, who announced these changes in his Budget Statement on Monday, said 950,000 owner-occupied residential properties will be able to enjoy some tax savings. High-end investment properties will also see significant increases in tax rates.

LAST month's buoyant residential sales, which defied market-cooling measures that came into effect on Jan 12, have failed to give much of a boost to listed property counters The Straits Times - February 23, 2013 LAST month's buoyant residential sales, which defied market-cooling measures that came into effect on Jan 12, have failed to give much of a boost to listed property counters. Data from the Urban Redevelopment Authority showed that 2,013 new private homes were sold last month, far higher than December's 1,410 sales. But analysts are fearful that the January sales may just turn out to be the last hurrah, before the full impact of the latest curbs hits home. This concern was reflected in a muted reaction among investors of property counters to the data. For the week, City Developments fell about 1.75 per cent, while Keppel Land slumped 1.42 per cent. CapitaLand rose 3.9 per cent initially, thanks to positive reaction to its new Iskandar joint-

No takers for many high-end condos but supply not slowing any time soon The Straits Times - February 23, 2013 THE anaemic high-end property market is still languishing as foreign buyers flee the market in the wake of the string of cooling measures and the residual sting of the global financial crisis. New analysis by R'ST Research has identified almost 500 completed but unsold homes in upmarket districts 9, 10 and 11. And there are thousands more in the pipeline. R'ST Research director Ong Kah Seng said 9,295 non-landed high-end homes were under construction by the end of last year. Of these, about 44 per cent - or 4,077 units - remain unsold. A majority have sale licences but are not even launched as developers bide their time in a down market. The unsold completed homes include the 241-unit Hilltops in Cairnhill Circle, finished in mid-2011 with 195 units unsold, and Treasure on Balmoral with all of its 48 units unsold. It received its temporary

It will invest here and in China rather than in smaller new markets The Straits Times - February 22, 2013 PROPERTY heavyweight CapitaLand hopes to treble its share of the Singapore new homes market. It is also setting its sights largely on investments in Singapore and China, rather than new, smaller markets, through its malls and serviced residence businesses. Mr Lim Ming Yan, president and group chief executive (CEO), said that while new markets such as Myanmar have surfaced in recent years, its development business will be reserved for markets providing economies of scale. "For a business like (serviced residence unit) Ascott, Myanmar may make sense for them... (Ascott) can achieve economies of scale with about $100 million worth of investments but for CapitaLand as a group we probably need a billion or two. "If we talk about a completely new market, we have to be a little bit more measured in our approach as a group. But individual business unit

7,500 units to be released as experts await impact on sales after curbs The Straits Times - February 22, 2013 AROUND 17 new condominiums comprising almost 7,500 private homes in all are being prepared over the next few months. The bumper supply stems largely from the significant release of land from the Government Land Sales (GLS) programme over the past year, although private sites are also in the mix. Market experts are keenly watching to see how some of the more high-profile projects fare, given that the tough cooling measures imposed last month have added an air of uncertainty to the market. There will be plenty of choice for buyers, with projects in estates across the island from Tanah Merah, Pasir Ris and Hillview to upmarket areas like Marina Bay being primed for launch. The larger projects lining up for release include the 912-unit D'nest in Pasir Ris Grove, Bartley Ridge in Mount Vernon Road, which has 868 units, and the 755-unit Trilinq in Jalan

Veteran architect proposes building up southern coast The Straits Times - February 22, 2013 Even as the debate continues over the 6.9 million figure in the population White Paper, veteran architect Tay Kheng Soon said at an industry lecture last night that Singapore can accommodate a population increase of up to two million. All two million would be housed on a 2,187ha swathe of land along the southern coastline, stretching from Pandan Reservoir in the west to the East Coast Park beach. Land where the Keppel and Marina Bay golf courses are currently sited would make way for housing, as would the port area once container port functions are consolidated in Tuas in the long term. Space around the Gardens by the Bay would cater to the super-rich, with homes built on the sea to entice those keen on waterfront living. Some parts of the south would also be for schools, offices and factories. And while this might mean Singapore loses its biggest beach, he said all oth