Search the Community

Some flat owners sitting on a goldmine HDB units bought in 2007 can fetch more than double the purchase price By Daryl Chin SOME lucky Housing Board home owners, whose flats are entering the resale market this year, are looking at more than double the price they paid for the units. Property analysts say such high asset appreciation, attributable to good timing and a buoyant resale market, is one that is unlikely to be repeated in a long time. These flat owners, who had the keys handed to them in 2007, would have fulfilled the minimum occupancy period (MOP) of five years this year. 'Back then, HDB prices were in the doldrums because of Sars (severe acute respiratory syndrome) and the Asian financial crisis,' said PropNex chief executive Mohamed Ismail, who linked the windfall they could enjoy to the surge in resale flat prices in recent years. He noted that the HDB's resale price index in the first quarter of this year stood at 191.6. It was 104.9 in the first quarter of 2007. In a statement to The Straits Times, the HDB said these flats whose MOP could be fulfilled this year include those in mature estates such as Queenstown, Toa Payoh and Bukit Merah, as well as non-mature estates such as Punggol and Sengkang. Since the MOP begins on the date the keys are issued, not all the households, however, would be eligible for the resale market this year, it added. One owner whose MOP will be up this year is Mr Johnny Wan, 42, who balloted successfully and paid $330,000 for his four-room unit in Block 91, Tanglin Halt Road, in Queenstown. He now gets fliers from real estate agents who promise him at least $750,000. 'My friends called me crazy and said I could have landed myself a better deal elsewhere, maybe an executive condominium,' recalled the shipping firm manager of his decision to buy back then. 'But it's all about location to me, and I'm the one who's sitting on a tidy profit now,' said Mr Wan, who may sell his flat if the right offer comes along. It is a few minutes' walk from Commonwealth MRT station and is among about 1,000 flats built as replacement units for those affected by the Selective En bloc Redevelopment Scheme. Those living farther away, in non-mature estates, are also sitting on tidy paper profits. Mr Roslan Salam, 34, paid $170,000 for his four-room unit in Punggol and moved in in 2007. A similar unit in a nearby block sold for about $500,000 in March. 'It was a lucky buy. When we first checked the area, not much had been built and it wasn't as busy. Times have changed,' said the auxiliary police officer. 'It's like striking a lottery,' said SLP International head of research Nicholas Mak. 'These buyers came in at the right time before the property boom when prices started inching upwards.' To satisfy first-timer demand, the HDB has promised to ramp up supply, and launch 50,000 flats within two years. Mr Mak noted that as the prices of new flats are pegged to market rates, albeit at a discount, another chance to cash out at such a significant premium is unlikely to happen any time soon. In flat sales launched this year, for instance, the price of a four-room balance flat in Queenstown ranged from $505,000 to $613,000, while a unit in Punggol cost $257,000 to $333,000. 'The resale price index is likely to remain stagnant in the coming year, and any growth would be very small,' he added. Meanwhile, astute real estate agents are tracking MOP dates to find out where to lobby residents to sell. ERA agent Chris Neo said the pickings were hottest in Strathmore Avenue two years ago and Redhill Road last year. 'Most flats that have their MOPs up this year are likely to make a profit. It's only a matter of how much.' [email protected]

330,000 taxpayers will not need to file tax returns By Chua Hian Hou PUBLIC servant Sandra Seah was pleasantly surprised - for once - to get a mail from the taxman recently. The letter informed the 33-year-old that she need not have to file her tax returns as the Inland Revenue Authority of Singapore (Iras) has all the information to assess her taxes. This tax season, 332,000, or one in five taxpayers, will get their income tax assessed automatically. Following a pilot run of 45,000 taxpayers last year, Iras has extended its No-Filing Service to these 332,000 taxpayers this year. Letters informing these taxpayers that they do not have to file their tax returns were sent out by Iras in the last few weeks. Most of them typically work for companies that submit employees' pay directly to the Iras, and have a regular history of tax relief and income sources. About 7,500 companies here employing about 1.4 million staff send salary information to Iras directly, although not all are required to file tax returns. Based on this data, Iras will assess the taxes payable, said Iras' deputy commissioner for individual group James Khor. Those who wish to check or make changes to their tax returns, such as claiming relief for a child born last year or declaring additional rental income, can do so via Iras' e-filing website or through their income tax assessment forms. Iras said it has received about 3,000 calls and e-mail queries since it sent out the no-filing notification letters. Of these, 800 wanted to be 'reassured' that the letter was not a hoax, said Mr Khor. Taxpayers who do not file their tax returns, or who file them late, may be fined. Repeat offenders can be fined up to $1,000. Iras intends to extend the new service to more taxpayers over time, said Mr Khor. Eventually, only self-employed taxpayers, and those with irregular, untaxed income sources like rental income, will have to continue to file tax returns every year. Ordinarily, about 1.5 million people are required to file tax returns, out of a total full-time and part-time working population of 2.7 million. The remaining 1.2 million workers earn less than $22,000 annually, and as such do not have to file tax returns. All online tax returns must be completed by April 18, while hard-copy tax forms must be sent to Iras by April 15. http://www.straitstimes.com/Latest%2BNews/...ory_213143.html warouz... dun file means too poor bite also no meat. IRAS also duwan waste their time on her deh. dunno why she still so happy..