The government said Monday that it will increase the holding period for imposition of Seller’s Stamp Duty (SSD).

The SSD will be raised from the current one year to three years.

Another measure will impact those who have more than one outstanding housing loan.

Property buyers who already have one or more outstanding housing loans at the time of the new housing purchase will have to pay more money upfront.

The government will increase the minimum cash payment from five per cent to 10 per cent of the valuation limit.

Those with more than one outstanding housing loan will also see a decrease in the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS.

The LTV will be lowered from the current 80 per cent to 70 per cent.

The measures will take immediate effect on August 30.

The government said the objective of the measures is “to ensure a stable and sustainable property market where prices move in line with economic fundamentals”.

It noted that the property market is currently very buoyant, with prices increasing by 11 per cent in the first half of this year.

It added that while Singapore has enjoyed strong economic growth in the first half, growth is expected to moderate in the second half of the year.

Should economic growth falter and the market correct, the government said property buyers could face capital losses.

It has thus decided to introduce additional measures now to temper sentiments and encourage greater financial prudence among property purchasers.

Press Releases

MEASURES TO MAINTAIN A STABLE AND SUSTAINABLE PROPERTY MARKET

1      The Government announced today the following measures to maintain a stable and sustainable property market:

Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.

For property buyers who already have one or more outstanding housing loans1 at the time of the new housing purchase:

Increase the minimum cash payment from 5% to 10% of the valuation limit2; and

Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.

        The measures will take immediate effect on 30 August 2010.

2      The Government’s objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals. The property market is currently very buoyant. While the rate of price increase of private residential properties has moderated in the last 3 quarters, prices have still increased significantly by 11% in the first half of 2010, and price levels have now exceeded the historical peak in the second quarter of 1996.

3      While Singapore has enjoyed strong economic growth in the first half of 2010, our economic growth is expected to moderate in the second half of the year. There are also still uncertainties in the global economy. Should economic growth falter and the market corrects, property buyers could face capital losses, with implications on their own finances and the economy as a whole. Moreover, the current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves. Therefore, the Government has decided to introduce additional measures now to temper sentiments and encourage greater financial prudence among property purchasers.

Extending the Holding Period for Imposition of Seller’s Stamp Duty (SSD) on Residential Properties Sold from 1 Year to 3 Years

4      The Government imposed in February 2010 a seller’s stamp duty (SSD) for sellers who buy residential properties3 on or after 20 February 2010 and sell them within a year of purchase.

5      For residential properties bought4 on or after 30 August 2010, SSD will be imposed if these properties are sold within three years of purchase. Specifically, the SSD levied on residential properties will be revised to as follows:

Sold within the first year of purchase, i.e. the property is held for 1 year or less from its purchase date – The full SSD rate (1% for the first $180,000 of the consideration, 2% for the next $180,000, and 3% for the balance) will be imposed.

Sold within the second year of purchase, i.e. the property is held for more than 1 year and up to 2 years – 2/3 of the full SSD rate.

Sold within the third year of purchase, i.e. the property is held for more than 2 years and up to 3 years – 1/3 of the full SSD rate.

        No SSD will be payable by the vendor if the property is sold more than 3 years after it was bought. Please see Annex for examples of how the SSD will be computed.

6      The extended SSD will not affect HDB lessees as the required Minimum Occupation Period for HDB flats is at least 3 years.

7      IRAS will be releasing an updated e-tax guide on the circumstances under which SSD will apply and the procedures for paying SSD. The e-tax guide will be available at www.iras.gov.sg. Taxpayers with enquiries may call IRAS at 6351 3697 or 6351 3698.

Increase the Minimum Cash Payment from 5% to 10% of the Valuation Limit for Property Purchasers with one or more outstanding Housing Loans

8      Previously, property buyers have to make cash payment of at least 5% of the valuation limit5.  With effect from 30 Aug 20106, the cash payment is increased from 5% to 10% of the valuation limit7.  This measure is applied only to buyers of private residential properties, Executive Condominiums, HUDC flats and HDB flats (including those under the Design, Build and Sell Scheme, or DBSS flats) who are taking housing loans from financial institutions regulated by MAS and who already have one or more outstanding housing loans at the time of applying for a housing loan for the new property purchase.

Decrease the LTV limit for housing loans granted by financial institutions regulated by MAS from the current 80% to 70% for Property Purchasers with one or more outstanding Housing Loans

9      The LTV limit is lowered from 80% to 70% with effect from 30 Aug 20108 for borrowers who have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan for the new property purchase.  Borrowers who do not have any outstanding housing loans continue to have an LTV cap of 80%.  These rules apply to housing loans granted by financial institutions for private residential properties, Executive Condominiums, HUDC flats and HDB flats (including DBSS flats).

10      Loans granted by HDB for HDB flats (including DBSS flats) will still have an LTV cap of 90%. HDB loans are offered to eligible first-time flat buyers and second-timers who are right-sizing their flats to meet their housing needs. They are required to utilise all of their CPF Ordinary Account balance before HDB loans will be granted.  Furthermore, those taking a second concessionary HDB loan must use the CPF refund and 50% of the cash proceeds from the sale of their previous flat before they are granted an HDB loan. This is in line with HDB’s home ownership policy of helping eligible buyers, especially first-time buyers, purchase public housing in a financially prudent manner.

11      Financial institutions’ lending standards have remained prudent and the asset quality of housing loans has stayed robust, with the non-performing loans ratio at less than 1% as at Q2 2010. Nonetheless, there are signs that more housing loans are originating at higher LTV bands of above 70%.  In line with the objective of ensuring a stable and sustainable property market, lowering the LTV limit sends a clear signal to financial institutions to maintain credit standards, and encourages greater financial prudence among property purchasers already servicing one or more outstanding housing loans.

Adequate Supply in the Pipeline

12      The Government will also continue to ensure that there is adequate supply of housing to meet demand. In the second half 2010 GLS Programme, we have made available sites that can yield about 13,900 private housing units, of which about 8,100 units will be from sites on the Confirmed List. This is the highest potential supply quantum in the history of the GLS Programme.  We will inject an even larger supply of private housing in the first half 2011 GLS Programme, if demand continues to be strong.

13      Apart from the supply from the GLS Programme, there are also 61,800 uncompleted units of private housing from projects in the pipeline as at 2Q20109. Of these, 32,600 units were available or could be made available for sale. These comprised units that had been launched for sale by developers, units that had pre-requisite conditions for sale10 and which could be launched for sale immediately, as well as units with planning approvals for which pre-requisite conditions for sale could be obtained quickly from the Government and made available for sale11.

14      The Government will continue to monitor the property market closely and will introduce additional measures if required later, to promote a stable and sustainable property market.

*****

1 Financial institutions are required to conduct checks with HDB and with one or more credit bureaus on whether the buyer has an outstanding housing loan at the time of applying for a housing loan for the new property purchase. For joint buyers, if either buyer has an outstanding housing loan, the joint buyers will be considered as having an outstanding housing loan.

2 This is in addition to the cash over valuation amount that has to be paid in cash.

3 The SSD will apply to the transfer or disposal of interest (including sale and gifts) of residential lands and residential units (whether completed or uncompleted).

4 The date of purchase for computation of the holding period for SSD shall be the date when a buyer (i.e. Buyer A) exercises the option to purchase the property, or signs the sale and purchase agreement, whichever is earlier. The date of resale of the property shall be the date when the subsequent buyer (i.e. Buyer B) exercises the option to purchase the property from Buyer A, or signs the sale and purchase agreement, whichever is earlier.

5 The amount of CPF monies plus housing loan taken for the purchase of the property cannot exceed 95% of the valuation limit (defined as the lower of property value or property price).

6 The 10% minimum cash payment will apply to transactions where the date on which the option to purchase (OTP) was granted falls on or after 30 August 2010; or if there is no OTP, where the date of the sale and purchase agreement falls on or after 30 August 2010.

7 Therefore, the amount of CPF monies plus housing loan that can be used for the purchase of the property will be reduced from 95% to 90%.

8 The 70% LTV limit will apply to transactions where the date on which the option to purchase (OTP) was granted falls on or after 30 August 2010; or if there is no OTP, where the date of the sale and purchase agreement falls on or after 30 August 2010.

9 These refer to new development and redevelopment projects with planning approvals, i.e. either a Provisional Permission (PP) or Written Permission (WP).

10 These refer to private residential developments with Housing Developer Licence and Building Plan Approval. Under the Housing Developer (Control and Licensing) Act, a sale licence must be obtained for a project with more than 4 units, if the developer intends to sell uncompleted residential units in the development. However, the sale of the residential units can only commence with the approval of the building plans of the development.

11 These refer to uncompleted private residential developments without pre-requisites for sale but with WP or PP granted. The sale licences could be obtained within 5 working days and building plan approvals could be obtained within 7 working days from the date of application for cases where clearances from various technical agencies are obtained and relevant documents are in order during formal submissions.

Issued by: Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore
Date: 30 August 2010

 Unit Wanted For Sub-Sale SMS Mark Tan @ 93874786

Bringing luxe to new heights, Cliveden at Grange comprises 110 units of luxury apartments housed in four towers 24 storeys in height. Located within the exclusive Grange Road residential enclave, the elegant glass towers of the development will be set amidst regally manicured gardens and lush landscaping – affording residents the ambience of a private sanctuary.

Designed by world-renowned architect Carlos A. Ott, the iconic Cliveden at Grange is destined for prominence in the prestigious District 10 residential enclave. The sizable site of 12,857.4 square metres (about 138,400 square feet) is set amidst regally manicured gardens and has an extensive frontage of 168 metres (about 550 feet) along Grange Road.

Each of the 110 generously-sized apartments – measuring 2,153 square feet (three-bedroom) and 2,842 square feet (four-bedroom) – boasts the finest designer fittings and fixtures and comes with a private lift lobby. For the ultimate in luxury living, five exclusive penthouses ranging from 4,392 square feet for a four-bedroom penthouse to a 6,028 square feet five-bedroom penthouse crown each tower block.

There are virtually 360° panoramic views of the surroundings from the immense balconies and full-height windows of the apartment. The project is highly accessible with several ingress / egress points from Grange Road, Orchard Boulevard, Tomlinson Road, and One Tree Hill.

Cliveden at Grange has been conferred the Building and Construction Authority’s (BCA) Green Mark Platinum award. This top award is only given to green projects that can demonstrate 30% energy and water savings, together with other environmentally friendly practices and innovative features in place.

Truly, nothing else compares.

Location: Grange Road (District 10)
Tenure: Freehold
Expected Completion: 2011
Site Area: 138,000 sqft
Total units: 110

Unit Types:
3 bedroom ~ 2153 sqft
4 bedroom ~ 2842 sqft
4 bedroom penthouse ~ 4392 sqft
5 bedroom penthouse ~ 6028 sqft

Facilities:
* Concierge * Water features and sculpture display * Retreat alcove
* Sheltered drop-off area * Cabana with spa pool and day bed
* Clubhouse with lounge area, bar, billiard, cigar terrace, function room, roof garden
* Changing rooms with steam rooms * Hot spa * Gym with wellness room * Outdoor fourmet / BBQ
* Pool deck * Fun pool * Sun deck island with sculpture display * 50m swimming pool
* Manicured lawn deck * Children playground * Tennis court

Contact us at vrealtor@gmail.com or +65 93874786

Internet giant Yahoo! is expanding its digital footprint in Southeast Asia.
The firm plans to use Singapore, its Southeast Asian headquarters, to grow all its regional offices this year.
Other than Singapore, Malaysia and Vietnam – where Yahoo already has an established presence – the firm has set its sights on Indonesia and the Philippines.
It is opening new offices in Jakarta and Manila in the fourth quarter of this year. Currently, the Yahoo teams there are housed in temporary offices rather than permanent ones.
The company is also eyeing opportunities in Thailand next.
The expansion is a sign of its confidence in the region.
Even though the company has undertaken a restructuring exercise to cut cost, it will not be scrimping on investments.
Yvonne Chang, managing director for Southeast Asia, Yahoo, said: “We are spending money in places that need investments. And definitely, Southeast Asia is the region.
“With the audience potential in this region, we are going to bring millions and millions of users to Yahoo … and corporate HQ is willing to invest.”
As part of the growth, Yahoo will also raise head count for its Singapore office. Staff strength will grow from the current 260 to 350 by the end of this year.
Yahoo has also expanded its office premises in Singapore, which is now three times bigger. The company had moved from its previous location in Suntec City to the 40,000 square feet space in Mapletree Anson in Tanjong Pagar.
Going forward, Yahoo is hoping to go big in the mobile handset space.
Ms Chang said: “We know that mobile Internet is growing much faster here than PC Internet in this region. And that is why we are working on how we mobilise the entire team in Yahoo so that our users can get similar experiences on their mobile devices.”
Yahoo will also beef up its online content production team in the region to customise and cater to different target audiences.
Source : Channel NewsAsia – 18 Aug 2010

The Urban Redevelopment Authority (URA) has received a total of 14 bids for the closely-watched commercial site at Stamford Road and North Bridge Road.
Many bidders have submitted multiple concept proposals for the 1.43-hectare site.
Among them, Perennial Trust, Real Estate and Chesham Properties jointly put in two bids, while Far East Organization submitted three.
Wing Tai Group also submitted two bids for the for the 99-year-leasehold site.
URA said the bids received will be evaluated via a concept and price tender system.
This means it will first evaluate the concept proposals. And among those with acceptable concepts, the URA will award the tender to the highest bidder.
The price must also meet the government’s minimum reserves price of S$100 million.
The site is slated for commercial use with a hotel component and a maximum permissible gross floor area of 50,389 square metres.
Of that space, a minimum of 25 per cent is to be set aside for hotel use.
URA said that the award of the tender will be announced on a later date.
Source : Channel NewsAsia – 18 Aug 2010

Dear Bro/Sis and Reader,

August 2, 2010

Benchmarking With The Best

In a grand ceremony held at the Grand Ballroom of the Ritz Carlton Hotel on 28 July 2009, I won the Asia Pacific Entrepreneurship Award. It was one of the proudest moments in my life.

I value this award together with the other awards that I have won. They include the Global Leader Award, Asia Brand Leadership Award, Entrepreneur of The Year Award For Social Contribution, Spirit of Enterprise Award, Top Entrepreneur Award, Best Of The Best Award, and Successful Entrepreneur Award.

Why do I let myself in for these Awards?

To answer the question, let me share what could possibly be unhealthy results from winning these Awards.

It can make me proud, egotistical and arrogant. I may get involved with unhealthy competition and rivalry.

I may feel better than what I really am. I may become less driven to improve and become a better person.

I am mindful of these negative results. That’s why I need to surround myself with good friends. They must be honest to tell me when I have gone wrong and to guide me back to the right path.

When I entered these competitions, I knew the judges would evaluate My HSR more than they would evaluate me. If My HSR was not successful, they would never give me these awards.

Without My HSR, I am nothing. There will be a limit to what I can contribute to the business world.

When I received these awards, I felt like the manager watching his team sweat in the field and then receiving the trophy on their behalf. Therefore, these awards should be won by and awarded to My HSR.

I went for these awards because I believed the best way for My HSR to be respected was to earn it. It was a good way to benchmark ourselves (compare healthily) with the best companies and to learn from them.

Through the judging process, we were forced to think of how to make My HSR an outstanding company.

Inputs from the judges also motivate us to take massive action. We were compelled to learn, improve and get better results.
We are inspired to build a stronger and better My HSR.

Winning these awards was also a relatively cheaper way to strengthen My HSR branding and promote ourselves in the public. As a result of winning these awards, we have received major coverage in the mass media.

We were also able to build bridges to key sectors of the business community. It opened doors to new opportunities and businesses. More importantly, it helped us win the hearts and minds of our clients.

After winning these awards, I feel very honoured and humbled at the same time.

I am happy that My HSR has been recognized for our business model. It is a testament of our effort to develop a company that is built to serve, designed to last.

I am humbled because there are many people out there who deserve these awards more than me. I am inspired to continue to learn, reinvent myself, and achieve ongoing improvements.

I believe; just like you, there are many more opportunities for progress, contributions and achievements waiting for me in the days ahead.

Please guide and help me make full use of my life.

Together With You
Benchmarking With And Learning From The Best

patrick liew
your HSR chief servant

www.marktan.com

Watermark @ Robertson Quay is a boutique mixed development with lofts, private lift lobbies and retail shops. This element of conservation injects uniqueness into the project. Old warehouses on this site were built in the late 1800s by Danish trading firm East Asiatic Company. It has the ‘loft living’ concept borrowed from New York City where artists moved into abandoned industrial buildings for cheap rent and large space in the 1950s.

Those complexes have since been converted into upmarket loft apartments and studio flats, and celebrities and investment bankers have long since replaced the struggling artists. Under the Urban Redevelopment Authority guidelines, the 19th century warehouse facade at the Watermark will be integrated into its overall contemporary design.

Location: Rodyk Street
Developer: Hong Leong Holdings Ltd
District: 09
Tenure: Freehold
Year of Completion: 2008
Site Area: 90,000 sqft
Total Units: 206 in 10-storey boutique-styled development

Units Types:
Shops (8 units) ~ ground floor
2 rooms (4 units) ~ above the shops (conservation type)
2 rooms (64 units)
2 rooms + study (50 units)
3 rooms (19 units)
3 rooms + study (28 units)
3 rooms + roof terrace (15 units)
3 rooms + study + roof terrace (8 units)
4 rooms (14 units)
4 rooms + roof terrace (4 units)
Unit Sizes: 900-1,800 sqft

Facilities:
Lap pool
Children’s pool
Jacuzzi
‘Rainwater’ shower deck
Water features
Tea deck
Reading verandah
Rock garden
Mist fountain
Changing room with steam room
Lounge
Gym
Koi pond
Putting green
Children’s playground
BBQ

The unique selling point is its central location at Robertson Quay. Sited in the area that is easily accessible by foot to Singapore’s entertainment districts, Mohammed Sultan and Clarke Quay, Watermark @ Robertson Quay is one of the very few developments that offers city living, is close to the CBD and Orchard Road but maintains the serenity of residential living.

call +65 90908533 for more information.