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Good afternoon everyone.

**Under the Residential Property Act’s Qualifying Certificate rules, all developers with non-Singaporean directors or stockholders need to obtain their private housing projects’ Temporary Occupation Permit (TOP) within 5 years, and sell all units within two years thereafter.

Failure to comply with this timetable would result in developers forfeiting their banker’s guarantee of 10 percent of the land purchase price. To extend the deadline, developers will have pay an additional 8 percent, 16 percent and 24 percent of the land purchase price for the first, second and subsequent years respectively. The amount is pro-rated accordingly to the proportion of unsold units.

Topping the list is xxxxxxxx with x remaining units, representing x percent of its x total. Should the developer fail to move these units by September 2015, it is estimated to pay $41.5 million to extend the deadline by one year.

Another project affected by the QC rule is the x-unit xxxxxx by xxxxxxx with x unsold units, accounting for x percent of its total. If the remaining houses are not unloaded by December 2015, the builder is expected to pay a fine of $104.7 million for the first year.

To incur less taxes, some developers set up another company to bulk purchase all the remaining units incurring only 3% BSD.

Referenced to above, developer transferring remaining units to another holding company will incur 15% ABSD also. If they intend to hold for more than 1 years, transferring to another company is more beneficial.**
Any idea why allow exception to situation of all Singaporean directors or stockholders ?
^^ coz "We are SINGAPORE. SINGAPOREANS."
Not to sound like a broken recorder, as mentioned here http://sillyinvestor.blogspot.sg/2014/11...perty.html

The residential property market will be facing a supply glut. I am not sure how the owners of private condos are going to sustain empty units as investments. This is one of the reason why we have this QC rule too, its to prevent foreign developers/interest from hoarding up residential units in our land scarce nation as they have financial clout. If this foreign interest can control/restrict the supply of units of flat, Singapore will be in trouble. After all, one key pillar of nation building is that a Singaporean (regardless of wealth/status) should have a home and for HDB, it is to only supply housing to Singaporeans who truly are unable to afford one and if market forces come in and snap up units, rendering Singaporeans being priced out, the nation building project is in jeopardy.

Nevertheless, my personal opinion is that many of the richer Singaporean households are in the property game now as I know of many owners of private condo having a HDB flat (typically 5 rm flat families) or own multiple condos (the second group do not own HDB flat). Truthfully our small island has 1M HDB flats, 294k Condos units, 14.6k EC units, 6.5 k landed and with a 5.47 Million population (including maids, construction workers, foreign students, expats and their families), we have a ratio of 4.15 ppl to one residential unit ( i forgot to include the no of illegial shop house which are sublet out to foreign workers Tongue). I am sure our foreign construction workers are heartened to know that 5 of them can in fact stay in a 3rm HDB flat and not in a dormitory room. This is a ridiculous number imo and to make it worse; the supply of new residential units will be outstripping the real demand as our govt is reducing FW.

The retail mall is another ridiculous sector as about 4 shopping malls are introduced each year since 2013.
Those who bought condo as first property and holding a decent job may still be able to withstand nil rental by using the condo as their property to stay and using cpf to pay. But this is the best they can do right now. Eventually a house is for staying and I will only consider a second property if I have paid up the first in full.
SIBOR continue its up trend...

Mortgages could rise after SIBOR creeps past 1%

SINGAPORE (Mar 24): Home loans which are pegged to SIBOR could rise after a key benchmark lending rate rose above the 1% level for the first time in more than six years.

The three-month Singapore interbank offered rate (SIBOR) was fixed at 1.00129% today, according to Association of Banks in Singapore (ABS) data posted on Bloomberg.

This is up 0.9% from Monday's rate of 0.99216%.
...
http://www.theedgemarkets.com/sg/article...eps-past-1
anyone knows which development is affected by the QC rule?
as far as i know the below shld be affected:
1) DLeedon
2) Reflections
Lafe's Residences at Emerald Hill. paid 8%.
This June paying 16% if not sold.
The following residential projects are running out of time and may be penalized under QC rules are:
1. The Interlace (pictured),
2. GoodWood Residence
3. iLiv @ Grange,
4. Urban Resort Condo
5. Ei8ht Raja.

http://www.propertyguru.com.sg/property-...-time-repo
Quote:a bet on renew interests in luxury resi ppties, post removal of ABSD/SSD maybe sometime after GE2015/6
today there are NO investment interests for luxurious resi ppties coz 1st year breakeven is 3+15%ABSD+16%SSD = 34% !!

there could be a possibility that govt might fine tune or partial removal of cooling measures, sometime before GE2015/16.
If such a case, time to prepare to go-in...in ppty play, you cannot wait until they announce , this is where the difference.
Think next wave will be in 5 yrs times.