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Yearly Archives: 2014

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Thomson-East Coast MRT Line

Before the National Day Rally Speech, LTA announced that there will be a new MRT line that runs parallel to the current East-West line. Is this a good thing for the people staying around this area? Would their properties increase in value when the train stations are up? Looking at the stations, I think the ones gaining the most benefits would be  residents staying in Tanjong Rhu and Marine Parade area. Tanjong Rhu Currently, there are only 2 buses that travel into this quiet and peaceful place of Singapore. Most of the residents who stay there drive, and those who don't, always complain about the long waiting time for buses and taxi. The situation becomes worse when it rains.  But despite all these accessibility challenges, it's still a very popular place for expats (Esp. Professional Indians and British) who likes the unblock Kallang River view, City view and Parks. This is the only place in Singapore where you can jog and admire the Marina Bay Sands, Flyer and sky scrappers etc from a distance. With a new station coming up, I believe Tanjong Rhu would become an exciting place to live in/to invest. Marine Parade Marine Parade has always been well-connected by buses to many different parts in Singapore. I have many clients(/Tenants) who choose to stay in Marine Parade because of the East Coast Beach and the good network of buses. It's well-connected by buses to Serangoon, Raffles Place, City Hall, Paya Lebar, Toa Payoh and Ang Mo Kio etc. The only downside is that because there are no other options than buses and taxi, during the  peak hour (morning & evening), buses to Raflles Place (CBD area) are always packed full of people. Some [...]

By |2014-08-31T11:34:12+08:00August 15th, 2014|blog|0 Comments
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(D11, 21) For RENT – Astor Green

Designer Decoration house for Rental Total privacy - Corner Unit Very well-maintained and renovated house Big and spacious 3 bedrooms Greenery and swimming pool view Opposite Nexus International School 6 mins drive to Holland Village 13 mins drive to Orchard Shopping District Very quiet and serene environment Available Immediate Please call RAY @ 9-10-60-300 for exclusive viewing

By |2019-11-17T14:13:10+08:00August 1st, 2014|blog, For Rent|0 Comments
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Temporary extension of stay for resale flats (HDB)

Finally, HDB understand the difficulties for sellers who are doing contra to have a place to stay, before moving to their newly renovated house. This is indeed a good news for sellers. Press releases from HDB website: Sellers of HDB flats will, with effect from today, be able to negotiate with their buyers for a temporary extension of stay in their HDB flats, by up to three months. This is part of HDB’s regular review to respond to the needs of HDB resale flat sellers and buyers. This move will facilitate sellers who are transiting to their next homes, including those who may need more time for renovation or those awaiting funds from the sale of their current flats, eg. contra cases. Relaxed Rule to Help Flat Sellers Flat sellers who wish to extend their stay temporarily must have committed to buy a completed housing unit1 in Singapore at the time of the resale application, i.e. they must have exercised an Option to Purchase or signed a Sale and Purchase Agreement. The request for the extension of stay is to be submitted to HDB at the time of the resale application. The extension of stay will automatically cease at the end of three months. Any earlier termination must also be communicated to HDB, as this will impact flat buyers’ Minimum Occupation Period, which commences on the day when they take over the flat.  Private Agreement  Any such arrangements are, however, subject to the agreement of buyers. Details of the extension, including the duration and monetary compensation, if any, must be mutually agreed to by both parties. Enquiries  HDB estimates that 15% of total resale transactions, ie. some 2700 households a year, will benefit from this relaxed [...]

By |2014-08-06T00:22:29+08:00July 24th, 2014|blog|0 Comments
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Things to note for Tenancy Agreement (TA)

I have a case of disputes between Landlord and Tenant when the lease ends. Landlord wants to deduct my client's (Tenant) security deposit as he complained about the dirty house, air-conditioner leaking, washing machine faulty etc. Luckily, I have always keep a copy of the emails as proof of evidence to protect my Tenant since the day he moved in. House was not cleaned when my client moved in, and all the items were not repaired despite asking the Landlord countless times to take a look and rectify it. In the end, the Landlord lost the case and returned back my client's security deposit.  Most of the Tenants/Landlords do not know what to do when they meet nasty Landlords/Tenants during the tenancy period. How to protect themselves in the Tenancy Agreement contract. I guess it's good to share with everyone (Agents, Owners, Investors etc) to protect yourself when you meet an ugly and nasty Landlord/Tenant. ================================================================================================================== 1. What are the key factors to note when reading through a Tenancy Agreement (TA)? - No. of occupiers of the tenant. (This is important for expatriates who have families or friends who might come by to visit them frequently) Landlord will have a good idea and control on the number of people staying in the house. - Subletting. (Most of the Landlords would not allow subletting in order to keep the number of tenants in the house under control. However, some of the Tenants prefer a subletting clause so that they can reduce the burden of the rental. Thus, before signing the Tenancy Agreement (TA) contract, it is best to indicate the intention upfront. If no, Landlord should state clearly the penalties of failure to comply, to ensure transparency and [...]

By |2015-05-27T00:14:40+08:00June 18th, 2014|blog|25 Comments
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Rental Procedure in Singapore

Many expats do not know what is the procedure to rent a house in Singapore. Hopefully, this article is able to help many expats to better understand the rental procedure in Singapore. This is just a general summary of what we (agents) do during the rental process in Singapore. Call me @ 9-10-60-300  to have a detailed understanding of the procedure. 1) Tenant has to provide a Letter of Intent (LOI): To inform landlord on the intention to rent the property, together with the requests/requirements and the rental price. For a 1 year lease, 1 month deposit (cheque to owner) is required. For a 2 year lease, 2 months deposit is required. Tenant’s agent will present the LOI together with the cheque to the owner/owner's agent. Owner will decide whether to accept or reject the offer. 2) Once Landlord ACCEPTS the LOI: Landlord’s agent will prepare the Tenancy Agreement (TA) contract. Tenant’s agent will explain the TA to the Tenant on the clauses and things to take note in the contract (like minor repairs, diplomatic clause etc). 3) If Landlord REJECTS the LOI: Landlord will need to return the deposit back to the Tenant. There will be no binding contract. 4) Both Landlord and Tenant AGREES on the contract Both will sign the contract and each party will get a original copy. Tenant’s agent will go through the house inventory together with the Landlord’s agent. Tenant’s agent will send the TA for stamping by Inland Revenue Authority of Singapore (IRAS) to legalize the contract. COSTS INVOLVED 1) Deposit (1 year will be 1 month deposit ; 2 years will be 2 months deposit) 2) Rental (First month rental has to be paid upon signing of the [...]

By |2014-09-08T11:47:33+08:00April 8th, 2014|blog, For Rent|0 Comments
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BUC (Building under Construction) Payments

1. What is BUC? UC (Building under Construction), refers to private residential properties that are newly launched, that an interested Client wishes to buy a unit from the Developer directly. Payments are according to stages of the aforementioned development.  2. What to take note of in BUC?  - All payments must follow through in this format:- Cash payments --> CPF --> Bank Loan. For further Breakdown in 1st Property as an example:  5% OTP (Option-to-Purchase) - Cash Payment 15% S&P (Sales & Purchase Agreement) - CPF 80% Remainder - Bank Loan  - Upon TOP (Temporary Occupancy Permit), there will be 12 months of warranty for clients to inform Developer accordingly for the rectification works for any sighted defects.  - Upon TOP, before collection of key(s); Clients are to pay Developers (aka Vendor) the Survey Fee + 6 months of Maintenance Fees.   - Property Tax to commence upon TOP.  3. Any important details pertaining to S&P?  It is very important to take note of some particular details pertaining to the exercise period of S&P. Details are as follows:  Date to Exercise S&P = 3 weeks from the date of receipt of S&P. (Can be indicated in the Developer's lawyer's letter, or the date that document was couriered over.)  Missing the date would cause the clients to be subjected to deduction by Vendor of 25% of the amount paid at the OTP.  Do not exercise last minute. (Reasons are that CPF takes a long time to process [Probably 3 weeks], especially if client wishes to pay BSD (Buyer's Stamp Duty) via CPF, and the maximum due date for BSD payment is 14 days only.  Exercising period --> 10 days. (Reason is due to waiting for the approval of [...]

By |2014-08-31T11:50:53+08:00March 25th, 2014|blog|0 Comments
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HDB SELLING PROCEDURES

  Many of the HDB owners (sometimes agents!!) are confused by the HDB timeline. Hopefully, this picture can help to address their concerns. Picture speaks a thousand words.

By |2014-08-31T11:53:32+08:00March 22nd, 2014|blog|0 Comments
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Revised HDB Resale Procedure

Mr Khaw Boon Wan, Minister for National Development has announced today in Parliament changes in some processes in the sale and purchase of HDB resale flats. HDB has also issued a press release to provide the details.   To improve the long term stability of the HDB resale market, the following changes have been made with effect from 10 Mar 2014, 5.00 pm: · HDB will publish daily prices of resale transactions as soon as they are registered (instead of fortnightly after the resale transactions are approved). This will allow flat buyers and sellers to negotiate based on recent transaction prices and reduce the focus on cash-over-valuation (COV) in negotiation. · To encourage buyers and sellers to focus on the sum total of flat price, HDB will only accept valuation requests from resale flat buyers (or their appointed salesperson), after the buyers have been granted an Option to Purchase (OTP) by flat sellers.  · To help buyers and sellers in this transition, HDB will continue to honour OTPs and valuation reports which were granted before the implementation date and have not expired. Under the new rules, buyers who are granted OTP will also have 21 calendar days, instead of 14 calendar days to exercise the OTP, to adjust to the new procedure. Will the new procedure introduce a new problem? Only time will tell.. Right now, buyers are afraid to put in $1000 for the OTP, they might just try their "luck" for a $1 OTP in case the valuation turns out to be lower than the agreed price. There might be many buyers backing out of the deals once valuation is out.. is this a healthy sign where your COV depends on the valuer?

By |2014-08-31T11:52:25+08:00March 10th, 2014|blog|0 Comments
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What is De-coupling?

Decoupling is a part purchase where there are multiple owners to a property and one of the owners buy over the share of the other owner(s) Decoupling is where there is a husband-wife relationship between the two owners of the property, hence "de-couple-ing" Decoupling is essentially a specific form of part purchase Things to note: STAMP DUTY in Decoupling Stamp duty : Payable in a part purchase (decoupling). The stamp duty (including Buyer's Stamp duty, Additional Buyer Stamp Duty (ABSD) and Seller's stamp duty) is determined by 1) Valuation price 2) Share in the property transferred Stamp duty is also payable even for transfers by way of gift PROCEDURES : Encumbrances CPF Monies If CPF monies were used in the purchase, it needs to be refunded to the CPF account of the seller/transferor Existing mortgage As banks usually require notice of 3 months for redemption, interest in lieu of notice usually needs to be paid To decide completion date carefully as there may be pre-payment penalties involved What is needed? Drafting of Sale and Purchase Agreement (S&P), requires: NRICs/Passports of all parties Address of the property Valuation report Completion: If bank loan and/or CPF funds are required to buy over the share: 8 to 12 weeks If no bank loan and no CPF funds are required to buy over the share : 2 weeks (the purchaser must have the funds to pay for 95% of the share) Other things to take note Deposits : Usually 5% of the purchase price & May be paid directly to the seller without going through the lawyers When can Seller purchase another property (for purposes of avoiding ABSD)? Date of the S&P is the date that the seller is [...]

By |2014-08-31T11:39:29+08:00February 14th, 2014|blog|2 Comments
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New Non-Citizen quota on subletting of HDB flats (From HDB)

NEW NON-CITIZEN QUOTA ON SUBLETTING OF HDB FLATS TO PREVENT FOREIGNER ENCLAVES IN HDB ESTATES From today, HDB will introduce a quota on the subletting of whole HDB flats to non-citizen (NC) subtenants. This is to prevent the formation of foreigner enclaves in HDB estates, and maintain the Singaporean character of our HDB heartlands. NC Subletting Quota Framework 2. Today, only Singapore Citizens and Permanent Residents can buy HDB flats. But foreigners can rent rooms or entire flats. Currently, there is no cap on the number of flats sublet to such foreign tenants in HDB blocks. Less than 4% of HDB flats are sublet to foreigners, excluding Malaysians. However, the proportion could go up to 9% in some areas, or even 18% in some blocks. 3. To prevent the formation of foreigner enclaves, HDB will implement a quota to cap the number of flats that can be wholly sublet to NCs in each neighbourhood and block. The quota will be set at 8% at the neighbourhood level, and 11% at the block level. It will apply to subtenants who are Singapore Permanent Residents and foreigners, but will not apply to Malaysians who can better integrate into our estates due to their cultural and historical similarities with Singaporeans. 4. The quota will also not apply to subletting of rooms, to reduce the impact on those who rely on subletting for additional income, especially the elderly and low-income households. 5. This aims to maintain the Singapore character of our HDB heartlands while balancing the housing and subletting needs of citizens and foreigners in Singapore. Implementation Details 6. The new policy will apply to all flat subletting applications received by HDB with immediate effect. All flat owners who [...]

By |2014-08-06T00:24:52+08:00January 20th, 2014|blog|1 Comment
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