The much anticipated move from the government to restrict building of shoebox apartments finally came yesterday. In TODAY's article titled 'Curbs on suburban "shoeboxes"', from 4th November onwards, "non-landed private residential developments outside the central area will have to adhere to a formula which stipulates that the average size of homes in a particular development … [Read more...]
What will happen next
Take a look at other countries in this region that are star performers in properties not long ago. That may give us a glimpse of what's going to happen in the Singapore property market. In China, since the introduction of government cooling measures, property developers have cut prices up to 15 to 20 percent. Second hand property owners can easily offer 30 percent discount … [Read more...]
Are additional buyer stamp duties necessary?
The Singapore government just announced additional buyer stamp duties (ABSD) to be imposed on foreign and multi-property buyers effective December 8, 2011. 1st time foreign buyers have to pay an additional 10 percent ABSD. Singaporeans buying 3rd property and PRs buying 2nd property have to pay 3 percent more on ABSD. This is on top of the inflated seller stamp duties … [Read more...]
When the music stops playing
Last week, Centaline Property Agency announced that it is temporarily closing its operations in the southern Chinese city of Shenzhen, after 11 years in the local market. Centaline is the biggest property agency in Shenzhen. At its peak, the market leader expands into a full force of 380 branches, employing more than a thousand agents. But that is before the Chinese … [Read more...]
More foreign buyers: what it really means
DTZ mentions that foreign buyers snapped up 16% of private homes sold in Q1 this year. It’s the highest since they started the research in 1995. Again, we see a company from the property industry (obviously with vested interest) painting a picture that shows the property market is (and will be supported) by foreigners. DTZ says that foreigners are (and still will be) buying … [Read more...]