taggy
11-03-14, 20:48
country: Australia
city: Sydney
developer: Frasers Property (A member of Frasers Centrepoint)
property: Central Park
location: Central Sydney (inner city)
this is a "NRAS-advantaged" development
http://imageshack.us/scaled/large/850/2ztq.jpg
http://www.theaustralian.com.au/national-affairs/alp-housing-scheme-abused/story-fn59niix-1226850865063#
NRAS - National Rental Affordability Scheme
Estimates contained in the brochure for Central Park state a studio apartment in the Abercrombie Street building would rent for $450 a week at market prices. The scheme stipulates that landlords or developers must offer the unit at 80 per cent of market value, which brings this down to $360 a week.In exchange, investors get an incentive or tax offset from the government totalling $10,000 per year, or $191 per week guaranteed for 10 years. This takes the total return to $551 a week for investors, according to the prospectus.
Investors will receive more than $85m in taxpayer subsidies over the 10-year lifespan of the project in return for offering a 20 per cent rent discount to tenants.
Tbe eligible for NRAS as a tenant you must have earned less than $45,956 in the 12 months before you take up residency, and to remain eligible you must earn less than $57,445 in subsequent years. But parents’ income is not factored in, making it easy for many students to qualify.
“significant proportion of the dwellings would be taken up by foreign students”
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sound good huh, investor rent unit out at 20% discount, but get back more in tax return.
BUT, "outside of Queensland, there is no regulation stating that NRAS tenants have to be Australian citizens"
in SG context, I can't imagine what kind of uproar it will be if BTO is open to foreigner or PR :D
http://forums.condosingapore.com/showthread.php?t=19664&page=6
city: Sydney
developer: Frasers Property (A member of Frasers Centrepoint)
property: Central Park
location: Central Sydney (inner city)
this is a "NRAS-advantaged" development
http://imageshack.us/scaled/large/850/2ztq.jpg
http://www.theaustralian.com.au/national-affairs/alp-housing-scheme-abused/story-fn59niix-1226850865063#
NRAS - National Rental Affordability Scheme
Estimates contained in the brochure for Central Park state a studio apartment in the Abercrombie Street building would rent for $450 a week at market prices. The scheme stipulates that landlords or developers must offer the unit at 80 per cent of market value, which brings this down to $360 a week.In exchange, investors get an incentive or tax offset from the government totalling $10,000 per year, or $191 per week guaranteed for 10 years. This takes the total return to $551 a week for investors, according to the prospectus.
Investors will receive more than $85m in taxpayer subsidies over the 10-year lifespan of the project in return for offering a 20 per cent rent discount to tenants.
Tbe eligible for NRAS as a tenant you must have earned less than $45,956 in the 12 months before you take up residency, and to remain eligible you must earn less than $57,445 in subsequent years. But parents’ income is not factored in, making it easy for many students to qualify.
“significant proportion of the dwellings would be taken up by foreign students”
----------------------
sound good huh, investor rent unit out at 20% discount, but get back more in tax return.
BUT, "outside of Queensland, there is no regulation stating that NRAS tenants have to be Australian citizens"
in SG context, I can't imagine what kind of uproar it will be if BTO is open to foreigner or PR :D
http://forums.condosingapore.com/showthread.php?t=19664&page=6