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This report follows the recent report on record increases in household wealth. Owner occupied leasee also need to pay property tax. Is this the norm outside Singapore?

Rising property prices boost Singapore households' wealth Rising property prices have boosted Singapore's households to their wealthiest, according to a report released by the Monetary Authority of Singapore (MAS). Household wealth stood at a record high of $1.471 trillion in the three months leading up to September. This is an increase of 8.6 per cent from $1.354 trillion in the same period last year. Property made up approximately 50.2 per cent of household assets. Cash, Central Provident Fund balances, insurance and stocks and shares made up the other half. Companies and banks also showed good profits, with a strong base of funding and healthy balance sheets. However, not everything's in the pink of health for Singapore. The global economy and financial system are at their most fragile state since the global economic crisis of 2007, warned the MAS. MAS said that financial stability risks increased significantly in the second half of the year. In its annual report, it also highlighted key risks facing Singapore. These include a protracted global economic slowdown, financial contagion and pressures in the property market. A protracted global slowdown could weigh on the domestic economy, cause corporate earnings to fall, with knock-on effects on employment and wage growth, warned MAS. It also said that external shocks and financial contagion could trigger funding stresses and cause financial institutions to reprice risks. This could, in turn, lead to higher borrowing costs and curtail lending, especially in foreign currencies. While cooling measures have been implemented by the government, there is also a need to be cautious and vigilant about the property market. MAS is monitoring developments closely and stands ready to address such concerns. It said that Singapore's economy and financial system have been resilient, and that Singapore's financial sector had negligible exposures to the peripheral euro zone countries. MAS expects Singapore's economy to grow below its 3 per cent to 5 per cent potential in 2012, after expanding by about 5 per cent this year. http://business.asiaone.com/Business/News/...118-311363.html Hey all you Richie Rich! 50% of wealth in a property wor................

I am lost experts are so divided to sell or not not sure if pity those sold early 2-3years ago anticipating a fall in property price any good advice

URA rejects sole bid for Paya Lebar site 04:47 AM Nov 05, 2011 SINGAPORE - The Urban Redevelopment Authority (URA) has rejected the only bid submitted by the subsidiaries of UOL Group and Singapore Land for a commercial site at Sims Avenue / Tanjong Katong Road because the price is too low. UOL Venture Investments and SL Development had submitted a joint bid of S$529.3 million, or about S$566 psf per plot ratio, for the 99-year leasehold site. "We are very disappointed that the tender has not been awarded. We were looking forward to a constructive role in the Government's long-term plan to decentralise commercial activities outside of CBD which will help ease business costs, reduce undue congestion and revitalise urban nodes," the consortium said in a joint statement. "The rejection is a setback to that decentralisation plan." It said the bid had been a fair one considering "the site's technical challenges and resultant impact on layout, as well as the recent global economic turbulences and enhanced market risks". "The rejection came as a surprise to us

Wenzhou investors create Singapore property purchase boom http://www.wantchinatimes.com/news-print-c...mp;MainCatID=11 Staff Reporter 2011-11-02 11:36 (GMT+8) Attracted to Singapore's progressive investment environment which boasts high returns and low borrowing rates, Chinese citizens have quickly become the largest property investors in the Southeast Asian country, with several buyers from Wenzhou making quick buys. According to the Wenzhou Economic Daily, tourists from the city in the eastern Chinese province of Zhejiang have been purchasing property during their trips to Singapore this year. Amey, a Chinese immigrant from Wenzhou who helped broker several deals compared the manner of her compatriots to people buying cabbages at a market. Amey moved to Singapore nearly a decade ago where she now owns a trading company. The recent buying phenomenon has also turned her into a part-time real estate agent. In addition to buyers who initially came to Singapore on their holidays, people from Wenzhou have been calling Amey every few days enquiring about properties to purchase since last year. After helping sell 10 properties worth a total of 100 million yuan (US$15.7 million) this year, Amey can now negotiate a better price for her countrymen. Buyers from Wenzhou, according to Sandy, a sales manager for Chinese customers at the Far East Organization, Singapore's largest private property developer, are very straightforward and make decisions quickly, with some of them placing orders after just a few phone calls. Hu Jianke, who is from a Wenzhou-based property agency, said it is not surprising that Singapore has become a popular location for property investors because of its political stability, strong currency and reputation for being a garden city. Even though Singapore has seen the most active property investments among Southeast Asian countries, experts said it is actually a fairly stable market and investors should not expect massive profit growth from real estate there. Hu Jianke concurred that Singapore was more suitable for immigration investors than for speculators seeking a quick profit as the local market was not prone to fluctuations. With this in mind, Hu said Wenzhou investors should consider the purpose of their investments rather than merely jumping on the bandwagon by entering the market. Copyright

hi, just findout if u have a property paid up, but u need $ to finance certain personal project. mortgaging ur property, how much do the banks charge for interest ? i trying to find to fin this info from various banks, but all end up only info for home loan.

Hi I am considering buying my first pte property. Just some questions (i know its noob question, sorry): 1. is the minimum cash downpayment still 5% and balance 15% CPF? 2. what are the upfront cash dat need to be paid? 1% OTP? Upon exercising the option, how much more need to pay? Or is it negotiable. I prefer not to liquidate my stocks and funds as far as poosible. 3. what is the formula to calculate stamp duty? Any formula for legal fees or is up to lawyer to quote? Thanks.

Dont Get S c r e w e d A good housing agent should have all the relevant information you need at their fingertips - but are they telling all? Wed, Sep 21, 2011 Home & Decor By Stella Thng Buying or selling a home is one of the most expensive, complicated events in your life, no thanks to the ever-changing government regulations. Whether it's your eligibility for a loan or the bewildering range of seller's stamp duties depending on your occupation period, it can all snowball into one huge headache. So, most of us shell out good (commission) money for a property agent hoping to tap into their expertise to buy that dream ?home at a bargain or sell your property at a premium. Housing agents might have the industry knowledge to help you make a good deal, but be aware of what they're not telling you, too. 1. The HDB does not require you to engage a property agent Many first-time home-buyers do not know this. When adjunct lecturer Tang Xueling bought her first HDB flat a decade ago with her husband, they didn't have an agent and the seller's became theirs by default, picking up an easy commission. They had no idea then that if they were willing to handle the paperwork themselves, they wouldn't even need to pay for an agent. "Since Jan 1, 2011, agents may only collect a commissionfrom one party even if he represents both. This prevents any conflict of interest," says Kelvin Fong, a top-ranking group district director at PropNex, who leads over 1,200 real estate agents. Generally, it is not difficult for buyers to represent themselves as long as they work closely with the seller's agent to prepare all the necessary documents. But sellers who want to cut out the middleman may find it more daunting. They have to market the property, screen enquiries and organise viewings. Even if you make a successful sale, there's the complicated paperwork and various deadlines to deal with. Marcia Lai, director of Faith Property Network, an associate company of international real estate company Re/max, explains: "Many sellers may lack the technical know-how, especially about the new HDB regulations introduced recently." This may delay the completion of the transaction and affect the hand-over date. For some sellers, saving that few thousand dollars in commission is not worth the hassle. What about buying a resale private property? Since buyers do not have to pay commission, your agent will collect a co-broking commission from the seller's agent. You get someone looking out for your interest, so why not? 2. It's better to sign with an exclusive agent (but only if he's the real deal) Exclusive contracts last three months and the commission for selling a HDB or private property is usually one to two per cent of the selling price. Marcia says that sellers usually fare better when they work with a trusted exclusive agent. As he will handle all enquiries, he is in a better position to secure the highest possible price. "When too many agents are marketing the same unit, some may try to close the deal quickly by persuading you to grab the first offer instead of waiting for a better price," she says. According to Kelvin, an exclusive agent should provide all forms of media exposure such as classified newspaper ads, online or by printing brochures. He should also be part of a network of agents who help each other by finding the right buyers for their clients' property, and be open to co-broke with other agents who can fetch a good price. If you suspect that your agent is not performing, ask to see proof of his marketing efforts. You can break the contract if he can't back up his promises. To weed out rogue agents and protect buyers and sellers, the Council for Estate Agencies (CEA) implemented new guidelines which came into effect from August 1, 2011, with eight templates for contracts that agents must use for the sale, purchase or lease of properties. CEA also spelled out the proper use of these forms as well as commission clauses, disclosure requirements and co-broking clauses. 3. Your property may be used as a 'showflat' Should sellers go with an agent who claims to specialise in your area? His experience may come in handy, but he is probably also marketing several units in the neighbourhood - and they're all your competitors. In the worst-case scenario, your home may be used as a "showflat" as homeowner YS Liang discovered. "Weekend after weekend, our agent would bring a stream of people to speed-visit our apartment, leaving within minutes. She didn't even try to promote our apartment. It felt like we were just one of the many tour stops for her clients," he complains. According to Kelvin, other agents could also make use of your agent's listings. "If your pricing is on the high side, these agents may use your home to convince their buyers why they should buy another apartment." To counter this, Kelvin says it is crucial for your agent to offer a current market analysis before putting up your home for sale. "This helps you price your property correctly and realistically." 4. An experienced agent can help with your financial planning Your property has appreciated but until you sell it, you're just sitting on paper gain. "Property is the biggest asset for most Singaporeans, so you should leverage on it to create more wealth. The problem is that many agents keep asking the seller to sell, but do not help to plan what you can do with the profits," laments Kelvin. His suggestion? Cash out and use part of the profits as downpayment for a new home. Invest the rest in another property to collect rent. Buyers can borrow up to 80 per cent of the price of their first private residential property, and 60 per cent for the second. Kelvin points out that there is no such cap for commercial properties as long as you meet the bank's loan criteria. 5. There's little your agent can do once the deal is done You've excitedly moved into your new crib, only to realise that the air-con isn't working and the plumbing is choked. Can your agent negotiate with the seller to pay for the repairs? Sorry, his hands are tied. Once you put down the one per cent option fee to hold down a private property, you have to accept its condition as it is when you move in - faulty air-con, choked toilet and all. Get around this by asking your agent to include a final inspection clause in the option-to-buy letter. HDB flat buyers automatically enjoy this safety net. "There is a final inspection of the property two days before the completion of all HDB transactions. If the air-con is faulty, you can request the seller to repair it," says Kelvin. What happens if your seller backs out of the sale and refuses to return your deposit? Marcia shares an example that happened to her friend. During the second appointment at HDB, he learned that the seller had not paid his monthly instalments and Town Council fees for over a year, and the transaction could not be completed. "Although my friend offered to clear the Town Council arrears, the seller changed his mind and said he'd rather let the HDB repossess his home. He had also spent the $5,000 deposit and blatantly said he was too broke to ?pay back the money," recalls Marcia. Unfortunately, agents do not have the authority to check on a seller's records with the HDB or the Town Council, which might help to flag such potential high-risk cases. Often, they are as much a victim of the unscrupulous seller as the buyer is. In this case, both the seller's and buyer's agents could not collect any commission as the sale did not go through. Your agent's role is purely as a middleman to facilitate the transaction. Once all the paperwork is processed, his job is done. Having said that, "A responsible property agent must help his buyer look out for all potential risks and not just think of making a quick commission. If your buyer is unhappy, the problem will come back to you," advocates Kelvin. Whether you hire an agent or not, property investment is an expensive business, so always do your own research. Buyers can check out recently transacted prices of HDB and private properties at www.hdb.gov.sg or ura.gov.sg before setting their budget or selling price. Visit the unit at different times of the day and observe the neighbourhood. If possible, speak with the neighbours to get a better feel of whether you and your family will fit in. It is also a good chance to find out if your seller has a dubious past. Be Informed Still game to go agent-less? Pick up tips at the "Resale Seminar for Buyers and Sellers" organised by the HDB. It costs $25 per person and sessions are conducted in English, Chinese and Malay. The next English session is on September 3 at HDB Hub. Register online at the HDB website, at HDB Hub or any HDB branch office

and surfing property guru....found an agent who will cum to you.... http://www.propertyguru.com.sg/listing/250...le-villa-marina

Hi guys! Just to let you all know that I'm no longer with Alpine Motors (Chevrolet). If you guys need to get a Chevrolet, I can help as well as I'm still in touch with my ex-colleagues Have been doing property with DTZ for a year already ... so do approach me if you want to buy/sell property I'm also with Republic Motors now (Subsidary of Cycle & Carriage) .... let me know if you're looking for a used car (especially Mercedes). Will also give out referral fees for both property and cars ... Hope to hear from you guys

Becos eberybody saying sure crash and all wait for crash = sure won't crash one... iz like dat one... when peepur say wun crash, den will crash is like u go try to find ghost in ghost-hunt, sure wun see one, then when you dun wanto see, sway sway will kenna one hantu tek tek knock you down... http://sg.news.yahoo.com/blogs/singaporesc...-095330844.html

Be realistic in your vote. note that prices have so far risen 100% compared to 5 years ago 5 years ago, $1k psf in suburbs are unheard of...e.g. Jurong, pasir ris etc... i am very curious......2k psf for jurong condo? comon...when the average pay of grad is 2.5k-3k? 1 thing for sure, if im the government, i will be sweating if that's gonna happen...

Do you think the trend is going up over the next few years? And will properties in the central region appreciate more than in the non-central region?

Hi, I would like to seek advice on HDB, 2nd private property and loan due to the new ruling. a. should i redeem full hdb outstanding loan ($50k) using cpf. then, i can get 80% loan for 2nd property? b. should i not redeem full hdb outstanding loan ($50k), use cpf oa (after mininimum sum) to pay 2nd property + 60% loan? my hdb interest is 3.8% and cpf oa interest is 2.5%. it makes sense to redeem the outstanding loan because cpf oa is compounding interest on principal accumulation and redeem outstanding loan can save the remaining years interest. if i do redeem, this mean i have to fork out more cash for 2nd property downpayment as cpf oa balance is not much after full redemption. the decision to buy 2nd property is not very firm now and it could be another 1-2 years time or never. What do you think ? Thanks !

I am looking to buy a private property. In the past, i would just call the agent to make an appointment to view the property. This time i have an agent who is going to help me make appointments and accompany me down. He is a relative of mine so we thought of using him. I know that buyers do not normally require agents. Now my question is...will the seller's agent raise the price of the property as he knows he may now have to co-broke with my agent? Will it be cheaper if i go alone instead?

Is allow the use of special account!!!! It was a mistake to liberally allow ordinary account to be utilised. I hope that lesson is not lost.

http://www.straitstimes.com/STForum/Story/...ory_663910.html

An early afternoon downpour left the area in front of Heartland Mall in Kovan flooded with rainwater. STOMPer wallace tan commented: "There was a flood outside Heartland Mall's entrance. "This picture was taken outside Heartland Mall at about 12.15pm on Apr 20. "The water was about 15cm deep in places, but people were still going about their business there. "Thankfully the water wasn't deep enough to flood the shops there."

If you have the $$$, which prop will you buy?? Definition of property: a piece of land which usually has something permanenet/semi-permanent sitting on it. I know what I died died will buy.... but give others a chance first If you still got spare $$$ after that, what car will you get??? .......... If still got spare $$ somemore, whatkindof gf will you keep (shhhh, wont tell your real gf or wifey.... )??

Anyone has experience on it? Care to share

Hi Guys, Below is my understanding... please correct me if I'm wrong Purchase of private property 1% to purchase the option 4% to exercise the option 3% - 5,400 for Stamp duty (must be done within 14 days of exercising the option) Now my question is this... when do we pay the remaing 15% of the downpayment to the seller? Is it 1 month or 2 weeks before the completion date? My impression was that it will be 2 weeks before the completion date and the 15% will be disbursed to the lawyer together with the 80% of the transacted price. But one of the bankers I approached said it is 1 month before completion.

Hi there, Not talking those who are property agents or investor who buy and sell houses as a living. i.e. they don't stay/live there. When you own overseas property do you do it for the purpose of retirement, migration, holidays getaway or others. Some friends actually bought houses nearby the university for their kids who are studying there. Which in your opinion, is the country that offers the ease of property ownership and with the least taxation? Thank you. Regards,

Hi all have a case need some info from the bros here... Jack is a technician and wanted to change job as a property agent. He got to know Jane through friends. A few months later. Jane appointed Jack to sell her condo off. She gave instructions to Jack that she will only sell if the price is good. When Jack probed further, she mentioned anything above 800k. One evening, when on his way for his final real estate examination, Jack received a call from Ah beng, an interested buyer. He told Jack that he only have time to view the condo this evening as he will go holiday for 1 month the next day. Jack has no choice but asked his sister Janet to act on his behalf while he goes for his exams. On the same evening, Janet met up with Ah Beng and showed him the condo, which he liked very much and offered the price of 850k. After Jack finishes his exams, he met up with his sister and pleased on her conduct of the sale and proceeded to formalise the deal with Ah Beng. He was sure Jane would be pleased with the sale price. In the event of the deal cancelled, Ah Beng would be compensated with 20k. Unknown to Jack, Jane engaged another agent for the sale and she found out that the condo could be sold for an even higher price of $900k. When Jack reverted with the sale of $850k, Jane rejected the deal. She claimed that Jack failed to perform the duties as an agent and refused to recognise the sale. What should Jack do? any advise???

Singapore Home > Breaking News > Singapore > Story Mar 3, 2011 Falling tree death: Family won't claim against NParks By Elena Chong The family of Chua Loong Wai, who died when an uprooted tree fell onto his car, say they won't claim compensation from the National Parks Board. -- ST PHOTO: CHOO CHWEE HUA THE family of a project manager who died after an uprooted rain tree fell onto his car is not claiming compensation from National Parks Board (NParks) after all. Ms Jovina Chua, 40, the elder sister of Mr Chua Loong Wai, 31, said this when interviewed by the media during an inquest into her brother's death last July. Ms Chua, also a project manager, said it had been half a year, and the family had 'closed the chapter'. She said they did not want to 'create sadness' for everybody, adding that they were slowly moving on in life. The inquiry heard that Mr Chua was driving his Honda Freed along Yio Chu Kang Road towards Upper Thomson on July 20, 2010 when the roof was crushed by the falling 15m-tall tree during a heavy downpour. The road was not passable to traffic as the tree lay across both lanes. Mr Chua was found slumped in the driver's seat and civil defence officers took 20 minutes to extricate him. He died from cardiac contusions from a broken breastbone. In his findings, State Coroner Victor Yeo said evidence showed that the tree had been regularly inspected, maintained and pruned. This was a 'most unfortunate' accident where the adverse weather conditions had resulted in the uprooting of the tree, he said. 'The evidence at this inquiry does not suggest that this ill-fated accidental death could have been reasonably foreseen or prevented