Singapore shifting to new progressive property tax system

March 03, 2010 - Singapore

Singapore´s Budget 2010 brought interesting news for the property sector – the progressive property tax for all owner-occupied residential properties.

Under this structure, those who have properties with an Annual Value (AV) exceeding S$77,000 will see an increase in their property taxes; this equates to a mere 3 percent of private property owners or 0.4 percent of all property owners in Singapore.

This, of course, pertains to those high-end property owners.

This move by the Government is definitely catered to reducing the pressure on mass market owners and get more out of those in the wealthy segment of society but perhaps it is also a positive indication that it has noticed the improving market sentiments, and especially on the high-end property sector?

Singapore Home Prices to Lag Behind Hong Kong on Building Boom

February 03, 2010 - Singapore

A bungalow on Singapore’s Ocean Drive, a stretch of luxury homes lined with Bentleys and Ferraris, sold for a record S$30 million ($21 million) in October.

In Hong Kong, a duplex a third the size went for almost three times as much the same month.

Singapore’s luxury-home prices won’t match Hong Kong’s because an increase in building ahead of two casino projects in the city-state will see nine times the number of new apartments going up over the next three years than in Hong Kong, according to real estate broker Savills Plc.

Property tycoon Ng Teng Fong has died.

February 02, 2010 - Singapore

Singapore’’s richest man and property tycoon, Ng Teng Fong has died at the age of 81 years old, according Channelnewsasia online.

Mr Ng, who was ranked as Singapore’s richest man by Forbes magazine owned with his family, the Far East Organization and Hong Kong´s Sino Group, two well-known development companies.

According to Forbes, his family net worth was estimated at US$8 billion in 2009. He was also Hong Kong’s largest real estate developers.

Singapore Swing

January 22, 2010 - Singapore

Sudden moves in property prices used to be rare in the staid real estate market of Singapore, but since early 2008, the city has seen a sudden surge in interest in private property.

The Lion City is starting to show some of the same kind of volatility and speculative interest that has long been a feature in Asia’s other citystate, Hong Kong.

The number of new sales in high-end residential real estate crossed the 1,000-apartment barrier in the second quarter of this year.

In Retrospect: 2009

December 29, 2009 - Singapore

At the end of fourth quarter of 2008 with the onset of the global financial crisis after the Lehman Brothers collapse (and the fiasco of sub-prime loans), doomsday scenarios for global financial markets were making the headlines every other day.

Analysts were claiming that the year of 2009 would be an uphill struggle.

Over a year later, financial and real estate markets in Asia and SEA have moved ahead albeit a stuttering start to the year. Analysts have attributed it to many reasons.

Investors queuing for new developments in Singapore

November 09, 2009 - Singapore

Surging demand for residential property in Singapore could result in a real estate bubble in 2010, according to analysts.

Demand is so high that potential buyers are queuing for hours before new launches and there are even claims that some have left blank cheques with their property agents to fill out as they are so desperate to secure an apartment.

Singapore Seven Palms smashes price records at Sentosa Cove

October 09, 2009 - Singapore

SC Global Developments Limited, a leading developer of exclusive luxury residences, announced on Wednesday the debut of Seven Palms Sentosa Cove, an ultra-luxurious resort-style beachfront development in Sentosa Cove, Singapore.

SC Global has already recorded the sale of the six units for record prices as part of its initial private preview of the first phase of the project.

The units of its Seven Palms Sentosa Cove development were sold at an average price of about S$11 million per residence, with prices ranging between S$3,100 and S$3,400 per square foot.

Ferrell Residences, Singapore

October 08, 2009 - Singapore

Conceptualised by Architects 61 and multi-disciplinary design firm Tierra Design, this curvilinear 24-storey tower will include 32 units of 171 sq m, a single storey penthouse (345 sq m) and a double storey penthouse (521 sq m).

The project, located in Singapore’s upscale Bukit Timah neighbourhood promises a seamless flow of living space and a fusion of functionality and aesthetics.

Building amenities include a lap pool, spa, sun deck, outdoor dining and a private lift access to every unit.

55 Blair Road by Ong & Ong

September 21, 2009 - Singapore

Architects Ong and Ong have completed a contemporary open-plan interior for the renovation of a terrace house in Singapore, merging the interior and exterior spaces.

The design is a response to the owners request to introduce more light into the living spaces which were previously too dark.

The Interlace by OMA

September 15, 2009 - Singapore

OMA released the pictures of Ole Scheeren’s new design, The Interlace, a large-scale complex of thirty one blocks in stacked hexagonal configurations.

Developed by CapitaLand and Hotel Properties Limited, The Interface claims to be a new residential typology for Singapore, through communal spaces and the feeling of interconnectedness.