Singapore Property Scene Discussion

[Wt_know]

well, those bought in FOMO and listen to guru agent that interest rates will be low foreverrrrrrrrrrrrrrrrrrr

all thought bao jiak one ... can flip every 3-4 years (agent says one) to make huat kueh

ownself save ownself la ... or bi good

sell 1, buy 2 ... no need to pay ABSD ... sibei song leh!

i can sell 1, but money no enough to full cash buy 2 ... lol

Edited June 18, 2022 by Wt_know

[therock]

There is still some value, and I'm no wizard / guru, so things may change i.e a temporary setback on the inexorable rise.. 

At least it weeds out those who just wanted to try their luck.. 

Likewise for the new SERS and Premium Location flats.. those who just want a nice location to stay will remain undeterred.. those who just wish to flip are going to think twice..

[Wt_know]

look at artist impression of the SERS replacement flat

buy buy buy ... sure can sell no $1M no talk ... huat ah!

AMK leh ... just the address alone cost $500K liao ...

Edited June 18, 2022 by Wt_know

[Calinlin]

People who bought last year probably on 3yr fixed low rate...

Just nice 2023 recession into 2024 and then catch the next wave of low rate for refinance.

[Stary]

11 hours ago, Wt_know said:

well, those bought in FOMO and listen to guru agent that interest rates will be low foreverrrrrrrrrrrrrrrrrrr

all thought bao jiak one ... can flip every 3-4 years (agent says one) to make huat kueh

ownself save ownself la ... or bi good

sell 1, buy 2 ... no need to pay ABSD ... sibei song leh!

i can sell 1, but money no enough to full cash buy 2 ... lol

Usually the 2nd house is bought for rental mah......

If interest go up, just up the rent lor.....now rental is hot man.....

[therock]

https://www.straitstimes.com/business/invest/the-risks-of-buying-properties-in-99-to-1-share

 

Quote

SINGAPORE - Impose a tax and it's pretty certain someone will devise a loophole, as is happening here, with crafty investors avoiding an anti-property speculation levy by allowing one buyer to own 99 per cent of a home while the other holds just 1 per cent.

While some believe this ownership set-up will help them save money when they want to buy more properties later, others are being misled by over-zealous real estate agents who have been giving faulty tax advice.

The tax regime states that citizens buying their first home do not have to pay additional buyer's stamp duty (ABSD), which is levied at 17 per cent on the second purchase and 25 per cent on subsequent ones.

But it seems some agents have been telling buyers that they can pay minimal tax if they register themselves as the "1 per cent owner" while their children, being first-time buyers, own the other 99 per cent of the home.

These one-percenters believe they would need to pay the ABSD based only on their tiny share. Take a property costing $1 million. A 1 per cent share of the purchase price is $10,000 so the amount of ABSD would be just $1,700 to $2,500, right?

Wrong. That is not how the taxman calculates ABSD. Joint buyers are collectively liable for the full amount of ABSD as one of them owns a property. The percentage of ownership is never a consideration.

This means that even if an existing home owner takes a 1 per cent share in the new $1 million property, he will be liable for $170,000 in ABSD if it is his second purchase, or $250,000 if he already owns more than two.

 

[Mkl22]

Typical of property agents who do the 3Cs! 

[Wt_know]

14 minutes ago, Mkl22 said:

Typical of property agents who do the 3Cs! 

chut pattern like badminton 

as long as can get roberto client ... signed liao ... too bad ...

[Stary]

4 hours ago, therock said:

https://www.straitstimes.com/business/invest/the-risks-of-buying-properties-in-99-to-1-share

Wrong. That is not how the taxman calculates ABSD. Joint buyers are collectively liable for the full amount of ABSD as one of them owns a property. The percentage of ownership is never a consideration.

This means that even if an existing home owner takes a 1 per cent share in the new $1 million property, he will be liable for $170,000 in ABSD if it is his second purchase, or $250,000 if he already owns more than two.

 

I already know the above long ago. ABSD is always based on the higher number of properties owned by any of the buyers listed in the  purchase application. Percentage of ownership between the buyers is never a consideration.

 

 

Edited June 19, 2022 by Starry

[Wt_know]

12 minutes ago, Starry said:

I already know the above long ago. ABSD is always based on the higher number of properties owned by any of the buyers listed in the  purchase application. Percentage of ownership between the buyers is never a consideration.

if percentage was in consideration, the rich can buy 3-5 properties under different names and each own 1% ... huat ah!

Edited June 19, 2022 by Wt_know

[Mooose]

18 hours ago, Starry said:

Usually the 2nd house is bought for rental mah......

If interest go up, just up the rent lor.....now rental is hot man.....

timing may be wrong .. rental market got hot in end of last year, but if houseowner got tenant in or renewed tenancy middle of past year, he likely cannot up rent till middle 2023 if its the usual 2 year tenancy ..

but banks can up interest anytime unless houseowner on fixed rates ..

[Lala81]

Hmm it's obvious right. The 99-1 just makes it cheaper for transfer to the other party but still protects one of the spouse right to stay in the property as a tenant in common. 

I'm also in something similar but not 99-1, so that if something happens to me, it's cheaper to transfer my share to my wife with less stamp duty incurred. Though of course lawyer fee etc is still required. 

Of course if a household has two properties, then common sense would be to buy one in each name. 

[therock]

Question 

HDB has rules on who fixes floor leaks but how about condos? 

 

[Didu]

On 6/20/2022 at 8:09 AM, therock said:

Question 

HDB has rules on who fixes floor leaks but how about condos? 

This is what I think applies for private condo:

If the leak comes from upstairs neighbour's pipes, then upstairs pays 100% for the repair.

[therock]

On 6/21/2022 at 12:58 PM, Didu said:

This is what I think applies for private condo:

If the leak comes from upstairs neighbour's pipes, then upstairs pays 100% for the repair.

Thanks, incidentally I found this article:

https://www.straitstimes.com/singapore/housing/glass-shattering-water-ponding-leakage-from-pools-added-to-assessments-of-private-residential-construction-projects

 

Quote

SINGAPORE - Water ponding in common areas, sudden shattering of glass and leakage from swimming pools will soon be included in assessments of private residential construction projects.

These checks will be added to the Construction Quality Assessment System, or Conquas, that was introduced in 1989.

It will see its 11th edition - Conquas 2022 - take effect for private housing projects with construction tenders called from June 1.

Conquas assessments have been required for new buildings constructed on Government Land Sales sites since 1992, and public-sector building projects with contract values above $5 million since 1998.

 

[therock]

This article is old, but I've always shied away from buying places with swimming pools in the sky..

And I'm wary of people who build a pool on the roof or second floor:

https://www.straitstimes.com/singapore/glass-panels-crash-from-5th-floor-of-whampoa-condominium

 

[Volvobrick]

2 minutes ago, therock said:

This article is old, but I've always shied away from buying places with swimming pools in the sky..

And I'm wary of people who build a pool on the roof or second floor:

https://www.straitstimes.com/singapore/glass-panels-crash-from-5th-floor-of-whampoa-condominium

 

Saw one house in spring leaf with pool on level 2. Very nice! 

[therock]

They are usually spectacular, but maintenance, the potential for leaks and other issues is very significant..