The Government has entered the market to cool the rocketing property prices. They have revised the Additional Buyers Stamp Duty payable on a new purchase and the Loan-to-Value limits on housing loans granted by Banks.
What's next?
I expect the URA to step in and limit the number of shoebox apartments a developer can build in any one development. If the future is only shoebox size then couples will have to resort to HDB for larger units for their growing families. It can't all be about maximising a developer's profit.
From the IRAS
What's next?
I expect the URA to step in and limit the number of shoebox apartments a developer can build in any one development. If the future is only shoebox size then couples will have to resort to HDB for larger units for their growing families. It can't all be about maximising a developer's profit.
From the IRAS
Hope all the TC ex owners have purchased their new place and would not be affected by this change.
ReplyDeleteThere is already a limit as to how many shoebox units a developer can build in a condo devt.
ReplyDeleteFrom the ST:
ReplyDeleteAn extra ABSD of 5 per cent will be introduced for developers buying residential properties for housing development. This amount is non-remittable, which means that even if the developers sell all the units within the specified timeframe, they will not get the 5 per cent back.
Does this mean that developers like Sim Lian, Oxley-Lian Beng, Logan, MCL who bought HUDCs en bloc before 6 July are exempt from this? Does it means they got a good deal in contrast to those who have yet to buy land through the en bloc market?
I think this measure was put in place to plug the loophole of developers just selling their unsold units to themselves - now it will cost them heavily to do so. There are so many empty luxury apartments in the city area because the developer is just holding them under another name. Ghost buildings, some of them. This may prevent that in future. Just guessing.
DeleteOur estate's sale is finished = old rules for them. But going forward, the new unit buyers may be hampered by the new LTV rules. The new units will be mass market - so they can't pitch their $psf too high - but I don't see them having any problems selling them off regardless.
The other real sting is reserved for those who want to buy a 2nd/3rd property for investment.
Hi, anyone facing problem in getting the retention sum after successfully handover your unit? I handover on 4 July 2018 and today is already 24 July 2018, but I did not hear from them. I have to keep calling them n all they said is the delay is at Sim lian’s Law firm.
ReplyDelete