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Thread: New Rules to Cool Property Market

  1. #271
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    Default To avoid all further questions, pls read below from IRAS SSD FAQ

    1. I have exercised an option to buy an apartment before 20 Feb 2010. Does SSD apply to me if I sell the apartment within a year?

    No, because the apartment was bought before 20 Feb 2010. SSD is only payable by the seller who has bought a residential property on or after 20 Feb 2010, and sold within a year of purchase. For example, if you buy the apartment on 1 Apr 2010 and sell it before 1 Apr 2011, you will have to pay SSD.
    on or after 30 Aug 2010, and sold within 3 years of purchase. For example, if you buy the apartment on 15 Sept 2010 and sell it before 15 Sept 2013, you will have to pay SSD.

    2. I have exercised an option to purchase an apartment on 15 Jun 2010. Does SSD apply to me if I sell the apartment within 3 years of my purchase?

    As you have purchased the apartment on and after 20 Feb 2010, full SSD is payable if you sell the apartment before 15 Jun 2011. SSD is not payable if you sell the apartment on or after 15 Jun 2011 because your purchase date was before 30 Aug 2010.

    3. I have exercised an option to purchase an apartment on 30 Aug 2010. What will be the SSD if I sell the apartment within 3 years of my purchase?

    If you sell the apartment within one year after you bought it, full SSD is payable. If you sell the apartment more than one year but less than two years after you bought it, 2/3 of SSD is payable. If you sell the apartment more than two years but less than three years after you bought it, 1/3 of SSD is payable.

    4. For the sale and purchase of the property, which is the material date to be considered for this purpose of determining SSD – is it the date of contract or date of transfer or date of possession of the property?

    The date of exercise of Option to purchase or the date of Acceptance of Option or the date of Sale & Purchase Agreement or the date of Contract whichever is earlier will be taken as the material date in the sale and purchase of the property.

    5. Does SSD apply if an apartment was given to me (i.e. transferred by way of a gift) and I sell the apartment within a year?

    If the apartment was given to you on or after 20 Feb 2010, you have to pay full SSD if you sell the apartment within a year. If the apartment was given to you on or after 30 Aug 2010, you have to pay full SSD if you sell the apartment within a year, 2/3 of SSD if you sell the apartment in the second year and 1/3 of SSD if you sell the apartment in the third year.

    6. I have inherited a house from a deceased relative on 1 Apr 2010. Does SSD apply to me if I sell it within a year?

    If the deceased had acquired the house before 20 Feb 2010, you need not pay SSD upon selling. If the deceased had acquired the house on and after 20 Feb 2010, you will have to pay SSD when you sell the house within a year of the acquisition by the deceased.

    7. Does SSD apply to HDB residential flats?

    HDB flats are not specifically exempted from SSD. However the vast majority of HDB owners will not be affected by SSD as they are required to occupy the HDB flats for 3 years or 5 years (i.e. the Minimum Occupation Period) before the property can be sold or disposed of.

    8. How is SSD computed?

    SSD is computed according to the following rates, on the consideration or the market value of the property, whichever is higher: -

    1% on the first $180,000
    2% on the next $180,000
    3% on the balance amount

    You may use the stamp duty calculator to determine the stamp duty payable.

    For the purpose of fractional SSD, you have to apply the fraction of 2/3 or 1/3 to the full duty amount.

    8. When must SSD be paid?

    SSD must be paid within 14 days of the signing of the Agreement. If the Agreement is executed overseas, SSD must be paid within 30 days from the day the Agreement is received in Singapore.

  2. #272
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    Default

    Quote Originally Posted by stalingrad
    this may sound like a stupid question.

    If the cash down payment is raised to 10% from 5%, and loan is reduced from 80% to 70%, then who is going to pay the remaining 20% (100%-10%-70%)?

    I have never borrowed from banks for property purchases. so, this thing baffles me?
    That 5% to 10% and 80% to 70% are only applicable if you have outstanding loan with bank exclude the new purchase.

  3. #273
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    Quote Originally Posted by jlrx
    That's right. Look at the two graphs below.

    While Singapore's housing market collapsed in 1996/97, the US housing market continued to go up, even during the dot com bubble bust and September 11. That's not fair, given that the dot com bust was THEIR bubble and Osama flew the aeroplane into New York and not Singapore.

    US Housing Price Index


    Singapore Housing Price Index

    Anyway, from the Singapore price index graph, the 4 times the market went down, it was because of external factors and not government intervention.
    picture paints a thousand words. tq for ur effort...i am sure alot of guys dun understand what i m trying to say....

    ITS PAYBACK TIME FOR THE WEST

  4. #274
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    5% speculative buyers is good for the market. So if this 5% all went hiding, the property market will be very quite. How long the policy maker can “tahan”?

    Definitely more PR/citizen intake set to go. Otherwise

    Reduce bank loan activities
    Lesser stamp duty income
    Lawyers beat mosquitoes
    Agents eat grass
    Developer will bid less
    No en bloc activities
    Less construction activity
    Less renovation loan from bank

    The list goes on.

  5. #275
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    Default

    can you help to summarise? appreciated.

    Quote Originally Posted by devilplate
    picture paints a thousand words. tq for ur effort...i am sure alot of guys dun understand what i m trying to say....

    ITS PAYBACK TIME FOR THE WEST

  6. #276
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    With all the actions taken, MBT secures his seat well at Tampines as responded to the challenges posted by MM on the housing issue.

    Look like the hottest issue on home prices are welll addressed and expect GE to be round the corner before US economy getting worst.

    If the economy is doing well, then the pent up demand will be built up fast. And ppl hold back in buying, what is then the consequences......Rental yield up...

  7. #277
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    Default

    Effects becoming visible... 2 developers have now pulled-back new launches

  8. #278
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    developers pull back launches to be able to launch at higher prices when people come to terms with the measures.

    Quote Originally Posted by silver023
    Effects becoming visible... 2 developers have now pulled-back new launches

  9. #279
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    Quote Originally Posted by silver023
    Effects becoming visible... 2 developers have now pulled-back new launches
    just curious were those mass market project ? cos everyone think
    this could be the most affected category

  10. #280
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    Yes, you are talking about me Luckily this rule does not apply when I bought my property in march.


    Quote Originally Posted by amk
    u will be very surprised to find this is indeed the case.

    many Singaporeans' (ok not you or teddy or devil rich fellows, but average joes on the street) condo dream constitutes of this:
    1) buy direct HDB from gov
    2) save 2yrs enough cash/cpf for the 20% of a mass market condo (depending on how "rich" you are, either a 2bd, or 3bd, or PH)
    3) buy with the 20% min
    4) sell the HDB, pocket the 100k min profit ("citizen's bonus"), and this 100k goes into the new condo then, reducing the loan to <70%.

    condo dream achieved. and with a small loan too.

    better still in 3), buy at new launch, so have time to save. never mind new launch is more ex. since got more time to save.

    So now, with the 70% rule, I believe many many upgraders are affected. You have to save longer now.

  11. #281
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    Quote Originally Posted by mogyi
    just curious were those mass market project ? cos everyone think
    this could be the most affected category
    Vacanza and another at Cainhill

    Regulators could be right - developers probably letting the knee-jerk effect ease.

  12. #282
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    It's election year mah.

    I bet after election and economy ok a bit in 2012, all SSD / MOP / LTV stuff will be rolled back or moderated.

    regards

    Quote Originally Posted by rattydrama
    5% speculative buyers is good for the market. So if this 5% all went hiding, the property market will be very quite. How long the policy maker can “tahan”?

    Definitely more PR/citizen intake set to go. Otherwise

    Reduce bank loan activities
    Lesser stamp duty income
    Lawyers beat mosquitoes
    Agents eat grass
    Developer will bid less
    No en bloc activities
    Less construction activity
    Less renovation loan from bank

    The list goes on.

  13. #283
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    Default

    Need ur views on 2 points below. Thx

    1. If re finance, 70% LTV applies if have outstanding loan?

    2. In the HDB link, mentioned MOP applies to local n overseas pte ppty is taken into consideration. So does tat mean all tat buy HDB now will have to sell even their overseas apt in 6mth? Hope not the case.

  14. #284
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    Quote Originally Posted by flxcat
    Need ur views on 2 points below. Thx

    1. If re finance, 70% LTV applies if have outstanding loan?

    2. In the HDB link, mentioned MOP applies to local n overseas pte ppty is taken into consideration. So does tat mean all tat buy HDB now will have to sell even their overseas apt in 6mth? Hope not the case.

    Forgotten the link
    http://www.hdb.gov.sg/fi10/fi10325p....s?OpenDocument

  15. #285
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    Quote Originally Posted by flxcat
    Need ur views on 2 points below. Thx

    1. If re finance, 70% LTV applies if have outstanding loan?

    2. In the HDB link, mentioned MOP applies to local n overseas pte ppty is taken into consideration. So does tat mean all tat buy HDB now will have to sell even their overseas apt in 6mth? Hope not the case.
    1) yes, but u better check wif ur banker

    2) technically yes....but if u r a PR...how r they going to find out??...and one leads to another: this new ruling SUPER UNFAIR!

  16. #286
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    Quote Originally Posted by devilplate
    1) yes, but u better check wif ur banker

    2) technically yes....but if u r a PR...how r they going to find out??...and one leads to another: this new ruling SUPER UNFAIR!
    Thx for the reply.

    Hmm.. Intersting for point 2 hee.

  17. #287
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    Quote Originally Posted by devilplate
    1) yes, but u better check wif ur banker

    2) technically yes....but if u r a PR...how r they going to find out??...and one leads to another: this new ruling SUPER UNFAIR!
    1. Re-finance 2nd property loan subject to 70% ceiling? Really?

    2. Already kao peh in the earlier threads about the inequity of this rule...they never penalise foreigners buying their 'second' property here but we, as Singaporeans, get penalised....

  18. #288
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    My opinon is that the most affected will be the HDB resale market . MBT is tasked to cure the high COV problem before the election. This is the first priority. Once the supply and demand of HDB normalised, I think we may see the govt relax a bit of the rules if the private market is too adversely reacted. In the short term, the mass market prices will be affected also.

  19. #289
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  20. #290
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    Quote Originally Posted by spikey69

    why the rule applies only to singaporeans and not foreigners ?


    the way i see it .. (many ways really)

    if u own a HDB and also a property oversea...the new measure requires you to sell the oversea property within 6mths ..

    simple : if really global mkt collapse.. you will thank the govt


    foreigners on the other hand, they cannot check...
    but that does not mean they are not warned ..


    say if your foreigner owner neighbour boasts to you about their property in, say China, since they are the biggest group now ..then you can report to govt .. and if they are investigated and found to be true .. the govt can :
    1.fine them,
    2. forfeit their singapore property,
    3..whatever they can think of ..

    that way ..govt MTTFT make money, or gain a property for free, and YET send the msg that WE mean what we meant ..

    or if they are not exposed .. and theres a global crisis .. these foreigners run back home, singapore gain a property .
    if they stay, they may lose their china property ..

    so no loss but only gain for singapore

    meanwhile singaporeans are protected ...

    also mean our govt think theres a possibility of external crisis that can affect us

    ps MTTFT = Mole tin tin fatt tut

  21. #291
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    Quote Originally Posted by blackfire
    My opinon is that the most affected will be the HDB resale market . MBT is tasked to cure the high COV problem before the election. This is the first priority. Once the supply and demand of HDB normalised, I think we may see the govt relax a bit of the rules if the private market is too adversely reacted. In the short term, the mass market prices will be affected also.
    Government also make mistakes.

    Remember the ''Stop at 2'' campaign?

  22. #292
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    Oh? You saying these new measures are a mistake? Are you one of the affected parties?

    Quote Originally Posted by Property_Owner
    Government also make mistakes.

    Remember the ''Stop at 2'' campaign?

  23. #293
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    Stop at 2 campaign wasn't a mistake, it was a social engineering move for those times under those circumstances, but of course times have changed and we have become more affluent

    Quote Originally Posted by Property_Owner
    Government also make mistakes.

    Remember the ''Stop at 2'' campaign?

  24. #294
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    The govt 's policy to disallow PTE property owner to own both HDB n Pte Condo is correct. HDB or public property is for the poor and under privilege. That is the main objective when the 1st HDB flat was built in the late 60s. If you can afford a pte condo why buy HDB and take advantage of govt's grant. Go ahead and buy another sub urban or MM condo, don't push up prices of resale HDB. If really want to downgrade then sell your condo first before buying a HDB.
    The govt should push down HDB prices to betweeen $50,000 (for those with mthly income of less than $3000) to $300,000 so that all poorer Sporean can have a roof above their head without working their socks off till death.

  25. #295
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    Quote Originally Posted by calvenng
    The govt 's policy to disallow PTE property owner to own both HDB n Pte Condo is correct. HDB or public property is for the poor and under privilege. If you can afford a pte condo why buy HDB and take advantage of govt's grant. Go ahead and buy another sub urban or MM condo, don't push up prices of resale HDB. If really want to downgrade then sell your condo first before buying a HDB.
    The govt should push down HDB prices to betweeen $100,000 to $300,000 so that all poorer Sporean can have a roof above their head without working their socks off till death.
    current BTO 3rm flat ard 1xx-200k mah....gd enuff for the poor...no?

  26. #296
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    then govt should just start by selling new yishun flats at between 50k to 200k after the generous market subsidy


    Quote Originally Posted by calvenng
    The govt should push down HDB prices to betweeen $100,000 to $300,000 so that all poorer Sporean can have a roof above their head without working their socks off till death.

  27. #297
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    There's goes the 1st right of every citizen to own a HDB, irregardless of his status.

    So better quickly buy FH landed before we lose that rights too.

    Quote Originally Posted by calvenng
    The govt 's policy to disallow PTE property owner to own both HDB n Pte Condo is correct. HDB or public property is for the poor and under privilege. That is the main objective when the 1st HDB flat was built in the late 60s. If you can afford a pte condo why buy HDB and take advantage of govt's grant. Go ahead and buy another sub urban or MM condo, don't push up prices of resale HDB. If really want to downgrade then sell your condo first before buying a HDB.
    The govt should push down HDB prices to betweeen $100,000 to $300,000 so that all poorer Sporean can have a roof above their head without working their socks off till death.
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

  28. #298
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    Quote Originally Posted by gnoikj
    Oh? You saying these new measures are a mistake? Are you one of the affected parties?
    Certainly the govt made mistakes. Remember 1.5-2 years ago,the govt projected a supply gut in 2010-2012, land sales and the change of use from office to residentials in CBD area were suspended ? But what happened during the short span of less than 2 years, the immigration office let in a relative large number of immigrants and foreign workers, which more or less resulted in today's property prices. Projected oversupply situation has instead become undersupply. How come the relevant authorities doing the projection did not check with the immigration office. It is strange that the housing projection for such a short period can be so heywire for such a small and efficient country like Singapore.

  29. #299
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    Quote Originally Posted by sleek
    There's goes the 1st right of every citizen to own a HDB, irregardless of his status.

    So better quickly buy FH landed before we lose that rights too.
    i am losing both rights

    FH landed dream is far far away liaoooooooo

  30. #300
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    So why are the new measures a mistake? Care to explain?



    Quote Originally Posted by blackfire
    Certainly the govt made mistakes. Remember 1.5-2 years ago,the govt projected a supply gut in 2010-2012, land sales and the change of use from office to residentials in CBD area were suspended ? But what happened during the short span of less than 2 years, the immigration office let in a relative large number of immigrants and foreign workers, which more or less resulted in today's property prices. Projected oversupply situation has instead become undersupply. How come the relevant authorities doing the projection did not check with the immigration office. It is strange that the housing projection for such a short period can be so heywire for such a small and efficient country like Singapore.

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