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Buying your 2nd condo? Here are 3 things you need to ask yourself

Nearly more than 30% of Singaporeans own more than one residential property, according to the Singapore Business Review. Yes, you heard us right. There are indeed many rich Singaporeans living amongst us! While owning a second condominium is not uncommon, the questions “is it really necessary?” or “what are the procedures?” still looms overhead.

As much as I want to say, ‘just do it’ (and do get it done with me), there are 3 questions you should ask yourself before sinking your teeth into looking for the next show flat to visit. For most people, navigating the Singapore property legislation is not an easy feat; you don’t want to realize at the end that you’re unable to even purchase your property.

1 )What type of property am I looking for?

It is not as straightforward as just ‘public’ or ‘private’ housing. In each category, there are sub-categories, with each sub-category resulting in a different course of action.

Public housing includes Housing Development Board (HDB) flats – ranging from 2-room flexi flats to executive flats, Design, Build and Sell Scheme (DBSS) flats, Housing and Urban Development Corporation (HUDC) flats and Executive Condominiums (EC).

On the other hand, private housing consists of condominiums, apartments, walk-ups, conservation houses, terraces, shop houses, townhouses, cluster houses, semi-detached houses, bungalows and good class bungalows.

The table below is a concise checklist on what you need to do before you can buy your second property, since you already have a residential property under your name.

The location of the new launch that you want to buy also has an impact on the price. For example, take a look at our District 9-11 properties and see if it is something that you can afford.

2) Why am I purchasing a second property?

The purpose of your purchase would define the factors you need to consider before buying your second residential property. Hence you need to ask yourself: are you looking to invest? Or are you planning to stay there? The table below sums up the few most relevant factors you should consider.

3) Can I afford it?

Being able to cover the purchase price of the property is not the only cost you will incur when purchasing that property. Here is a list of other costs that are associated with the purchase of a second property:

Additional Buyer’s Stamp Duty (ABSD)

ABSD was first introduced on 7th December 2011 as one of the measures the Singapore government adopted to cool the property market. In 2013, the ABSD was further revised to curb demand in the property market. Current ABSD rates are shown in the table below.

This translates to paying an additional 7% of the purchase price or current market value of the property, whichever is higher, on top of the purchase price itself, assuming you are a citizen of Singapore.

If you are unsure and just want a reliable and experienced person to guide you along, why not call Maureen at 9060 5104 or Kar Wei at 8128 9565? We’ll be glad to share our experience with you and guide you along the way. Alternative, drop us an email using the form on this page.

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Second Half 2013 Government Land Sales (GLS) Programme

25 June 2013

Second Half 2013 Government Land Sales (GLS) Programme

The Government today announced the second half 2013 (2H2013) GLS Programme. Comprising 11 Confirmed List sites and 20 Reserve List sites, the GLS programme can yield up to 14,200 private residential units, including 3,300 Executive Condominium (EC) units, 268,000 sqm gross floor area (GFA) of commercial space and 960 hotel rooms (see Appendices 1 & 2). Supply from the GLS programme, together with projects in the pipeline, is assessed to be more than adequate to meet the continuing demand for private housing and commercial space.

The Confirmed List contains 10 private residential sites (including 5 EC sites) and 1 commercial site. These sites can yield about 6,000 private residential units (including 2,800 EC units) and 69,000 sqm GFA of commercial space.

The Reserve List contains 14 private residential sites (including 1 EC site), 1 commercial & residential site, 1 commercial site, 1 White site and 3 hotel sites. These sites can yield about 8,200 private residential units (including 500 EC units), 199,000 sqm GFA of commercial space and 960 hotel rooms.

Supply of Private Housing

The Confirmed List contains 10 private residential sites, including 5 EC sites. All of these sites are located in the Outside Central Region and the Rest of Central Region, where more affordable private housing is expected to be built. The supply of about 6,000 private residential units (including 2,800 EC units) comes on top of the record high supply of 100,600 units (including ECs) in the pipeline, of which 39,000 units still remain unsold as of the first quarter of 2013.

The Government will continue two initiatives which were introduced in the 1H2013 GLS Programme to encourage more prudent bidding by developers. First, the batched tender closing date system will be applied on two pairs of sites on the Confirmed List. Sites in each pair are adjacent to each other, and of a similar size and unit yield. The first pair is located at Upper Serangoon View and meant for private residential developments; the other is at Choa Chu Kang Grove and meant for EC developments.

Second, the Government will continue to require developers of EC sites to only launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier. This requirement will be applied on all the EC sites offered in the 2H2013 GLS Programme.

Supply of Commercial Space

The Government is releasing a commercial site at Woodlands Avenue 5 for sale on the Confirmed List of the 2H2013 GLS Programme to kick-start the development of Woodlands Regional Centre. Woodlands Regional Centre will anchor the recently announced North Coast Innovation Corridor, which aims to introduce more jobs near homes in the north of Singapore. This site will provide 66,000 sqm GFA of office space to meet business needs, and 3,500 sqm GFA of ancillary retail space.

Supply of Hotel Rooms

The hotel site at Victoria Street, which was made available for sale through the Reserve List in November 2012, will be removed from the Reserve List to facilitate a review of the land use intention for the site. Three remaining hotel sites at Race Course Road, East Coast Road and Havelock Road, with a total estimated yield of 960 rooms, will be carried over from the 1H2013 Reserve List.

Other Government Supply to be Made Available in 2H2013

Apart from the GLS Programme, the Government also makes available other supply of land and properties through its various agencies to meet economic or development objectives. This includes localised retail facilities at parks, MRT stations and community centres, and leasing of vacant state properties for commercial uses.

 

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Government to release three residential sites and two commercial & residential sites estimated to yield 3,600 housing units in June 2013

17 June 2013
 
Government to release three residential sites and two commercial & residential sites estimated to yield 3,600 housing units in June 2013

To provide developers and home-buyers with more choices for private housing, the Housing & Development Board (HDB) and Urban Redevelopment Authority (URA) will be releasing three residential sites and two commercial & residential sites for sale in June 2013 under the Government Land Sales Programme (GLS) for 1st half 2013 (1H2013).

Together, these five sites can yield about 3,600 residential units.

Two Executive Condominium sites at Punggol Drive and Yuan Ching Road are launched for sale today under the Confirmed List. The residential site at Mount Sophia and a commercial & residential site at Yishun Central 1 will be launched for sale under the Confirmed List on 28 June 2013. The commercial and residential site at Meyappa Chettiar Road will be made available for application on the Reserve List on the same day.

More details on the land parcels can be found in Annex 1 and the location plans in Annex 2.

Other Details

The closing dates for the tender for the land parcels are as follows:

Punggol Drive/ Edgedale Plains : 30 July 2013
Yuan Ching Road/ Tao Ching Road : 30 July 2013
Mount Sophia : 27 August 2013
Yishun Avenue 2/ Yishun Central 1 : 5 September 2013

More details on the land parcels are available on the respective HDB and URA websites.

Developer’s packets containing details and conditions of tender for the land parcels are available at:

HDB Land Sales
HDB’s Procurement Office
Basement 1, HDB Hub
480 Lorong 6 Toa Payoh
Singapore 310480

URA Land Sales
Customer Service Centre
1st Storey, The URA Centre
45 Maxwell Road
Singapore 069118

Issued by Housing and Development Board

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Government to release five residential sites estimated to yield 2,725 housing units in May 2013

15 May 2013
 
Government to release five residential sites estimated to yield 2,725 housing units in May 2013

To provide developers and home-buyers with more choices for private housing, the Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) will be releasing five sites for sale in May 2013 under the Government Land Sales Programme (GLS) for 1st half 2013 (1H2013).

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