BUY AND SELL A SINGAPORE PROPERTY FROM THE COMFORT OF YOUR HOUSE

The recent uproar surrounding two Housing Board (HDB) flat resale listings has sparked an investigation by the Council of Estate Agencies (CEA), under the Ministry of National Development (MND). These listings, each priced at an astonishing S$2 million, have raised eyebrows and ignited discussions across the nation for being deemed "misleading" and "unrealistic" by the authorities. One of the listings is for a 1,258 square feet (sq ft) five-room flat situated in a Design, Build and Sell Scheme (DBSS) project in Toa Payoh. The other is for a 2,400 sq ft "jumbo flat" located in Sengkang, purportedly boasting six bedrooms and four bathrooms. However, the veracity of these claims has come under scrutiny, prompting a joint statement from MND, HDB, and CEA. According to the statement, the listing for the Sengkang flat is misleading as there are no officially recognized "jumbo flats" in the area. Instead, the purported "jumbo flat" is composed of two adjacent five-room flats, which cannot be converted into and sold as a single unit. Additionally, the listed price far exceeds recent transacted prices in the vicinity, rendering it impractical and misleading. There is no Intent to Sell registered with HDB for that Toa Payoh DBSS flat, which means that the seller is not serious in disposing his flat. Because Option to Purchase (OTP) cannot be issued when the Intent to Sell is not approved by HDB. Recent resale transactions within the Anchorvale Link estate, where the Sengkang flat is located, have been significantly lower than the asking price, further highlighting the exorbitant nature of the listing. The investigation has prompted action from CEA, which has brought the matter to the attention of the agent's property agency. Firm action will be taken if any breaches are established. Moreover, the listing for the Toa Payoh flat, which exceeds the highest transacted price in the area by nearly S$500,000, has been flagged as unrealistic by property market experts. The government agencies emphasized the importance of property agencies and agents in upholding the integrity and professionalism of the real estate industry. CEA will scrutinize the information presented by property agents when marketing HDB flats to ensure transparency and protect the interests of prospective buyers. The phenomenon of million-dollar HDB homes has garnered attention, with several listings on property portals asking for S$2 million or more. While such listings may appeal to a niche group with unique preferences and financial means, they represent a small minority of all resale transactions. High Cash-Over-Valuation (COV) The DBSS Toa Payoh flat and the two 5-room flats in Sengkang, as per their current listed prices, will entail substantial cash-over valuation (COV), necessitating full upfront payment in cash. HDB loan and bank home loans is based on the property valuation and not the purchase price. Buyers are advised to check valuation before making an offer to purchase a home.  Timely Invervention To Stop Opportunistic Property Agents JT Chia, Managing Director at Propertyforsale, supported the government's intervention to curb attention-grabbing property listings with unusual high selling prices. Such tactics may distort market expectations and give the false impression of rapidly rising property prices. “Singapore Government want to rein in property prices in an election year,” he said. Despite the allure of million-dollar HDB flats, the majority of first-timer families who purchased new flats or resale units in 2023 had manageable mortgage servicing ratios, indicating their ability to service their monthly HDB loan instalments with minimal cash outlay. In conclusion, the investigation into misleading resale listings for million-dollar HDB flats underscores the need for transparency and accountability in the real estate market. As stakeholders collaborate to ensure fair and accurate representation, prospective buyers are advised to evaluate their options prudently, especially in the current economic climate.

In recent years, the Inland Revenue Authority of Singapore (IRAS) has been vigilant in its efforts to curb tax avoidance schemes in the property market. As of April 2024, IRAS has unearthed 166 cases of tax avoidance related to private property purchases, resulting in the potential recovery of around S$60 million in Additional Buyer’s Stamp Duty (ABSD) and surcharges. These revelations shed light on the prevalence of a particular scheme known as the "99-to-1" arrangement, which some property buyers have utilized to circumvent rightful tax obligations. On May 7, Deputy Prime Minister and Minister for Finance Lawrence Wong addressed the issue, highlighting the "99-to-1" arrangement as a prime example of tax avoidance tactics employed by certain property buyers. This scheme involves buyers manipulating property transactions to reduce the ABSD payable on residential property purchases. Essentially, it entails a scenario where a buyer acquires a mere 1% stake in a property, allowing them to significantly decrease their tax liability. Under this arrangement, the Commissioner of Stamp Duties has the authority to disregard individual transactions and treat them as a single joint purchase. Consequently, IRAS can then recover the appropriate amount of ABSD owed, coupled with a 50% surcharge. This stringent approach underscores Singapore’s commitment to maintaining the integrity of its tax system and ensuring fairness in property transactions. The prevalence of such schemes is concerning, with approximately 0.5% of private residential properties transacted between 2018 and 2021 involving similar purchase arrangements. This trend has prompted authorities to take decisive action to stem the tide of tax evasion in the property sector. Senior Minister of State for Finance Chee Hong Tat emphasized the consequences for agents found complicit in facilitating these arrangements, including financial penalties and suspension of registrations. One of the key indicators of potential tax avoidance is the swift sale of the 1% stake shortly after the initial purchase. By exploiting this loophole, buyers seek to minimize their tax liabilities, often at the expense of the integrity of the tax system. For instance, a buyer purchasing a property valued at S$1 million would ordinarily incur a 20% ABSD. However, by acquiring only a 1% stake in the property, they effectively reduce their ABSD obligation to a mere fraction of the actual amount owed. To address these issues, IRAS remains vigilant in scrutinizing property transactions and identifying instances of tax avoidance. By leveraging data analytics and collaborating with relevant agencies such as the Council for Estate Agencies, IRAS aims to strengthen enforcement efforts and deter individuals from engaging in dubious practices. Ultimately, the crackdown on tax avoidance in Singapore’s property market underscores the government’s commitment to upholding the integrity of its tax regime and fostering a level playing field for all stakeholders. As authorities continue to tighten regulations and enhance oversight, buyers and agents alike must adhere to the principles of transparency and compliance to ensure the sustainability and fairness of the property market ecosystem.

In the ever-evolving landscape of Singapore's real estate market, a new phenomenon is emerging: the ascent of HDB resale flats into the million-dollar club. Once the exclusive domain of prime locations like Tanjong Pagar and Bishan, this elite group is expanding to include unexpected contenders, signaling a seismic shift in property dynamics. Jurong West, Choa Chu Kang, Sembawang, and Sengkang—these are the final frontiers, the last bastions of Singapore's HDB towns yet to breach the million-dollar threshold. But according to property analysts, their time is nigh. With maximum resale prices hovering around S$900,000 or higher, the precipice of a million-dollar transaction looms tantalizingly close. The first quarter figures released by HDB underscore this narrative, with Toa Payoh emerging as the unlikely frontrunner, boasting the highest number of million-dollar resale flats—26 in total. This unexpected twist challenges the traditional hierarchy of Singapore's real estate elite, revealing a broader trend of million-dollar flats cropping up island-wide. But what drives buyers to invest such substantial sums in HDB flats nestled in non-central locations? According to Mr JT Chia, Managing Director of Propertyforsale Pte Ltd, it's a combination of factors. These flats often offer generous living spaces, averaging around 1,300 square feet, along with unblocked views—a premium feature in Singapore's urban landscape. Additionally, the completion of the Minimum Occupation Period (MOP) has unleashed a wave of supply, further fueling the market's momentum. Yet, despite their growing prevalence, million-dollar transactions remain a minority, accounting for an estimated 2.7 percent of total deals. However, the trajectory is clear. The recent surge in transactions, coupled with changing buyer preferences, signals a paradigm shift in Singapore's property market. Looking ahead, experts anticipate the rise of up-and-coming estates as the next hotbeds for million-dollar transactions. Punggol, Serangoon, and Yishun have already made waves, each recording resale transactions surpassing S$1.2 million. In particular, Sengkang emerges as a promising contender, with a recent transaction reaching a staggering S$968,000—an indicator of its burgeoning potential. Punggol resale flat transactions Yishun resale flat transactions Serangoon resale flat transactions As newer BTO projects in mature HDB towns reach their MOP, the stage is set for a resurgence in resale activity. Mr. Chia, predicts Sengkang's ascent as a popular destination for resale buyers, citing the allure of relatively new units in established neighborhoods. In April, an executive maisonette (EM) at Block 205B Compassvale lane of Sengkang resale flat was transacted at a million dollar. It has a floor area of 143 sqm and located between level 7 to 9. In the dynamic landscape of Singapore's real estate market, the journey of HDB towns from humble abodes to million-dollar enclaves is a testament to the city-state's enduring allure and the evolving aspirations of its residents. As the final frontiers prepare to cross the million-dollar threshold, they pave the way for a new chapter in Singapore's housing story—one defined by innovation, opportunity, and relentless ambition.

Cityview Place Holdings, a subsidiary of the renowned property developer City Developments Ltd (CDL), is set to make a significant splash in the real estate market this month. With 58 meticulously curated units up for grabs, The Residences at W Singapore Sentosa Cove presents an enticing opportunity for both homebuyers and investors alike. A spokesperson from Cityview Place Holdings has described these units as "specially curated" and offered at an "attractive price for a limited period." Starting at S$2.1 million for a two-bedroom unit and going up to S$3.5 million for a four-bedroom unit, these prices reflect a compelling investment proposition, particularly given the recent surge in interest and sales activity within Sentosa Cove properties. Situated in District 4 of the prime Core Central Region, this 99-year leasehold luxury development, developed by CDL, occupies approximately 250,000 square feet of land. With a lease that began in 2006, there remains around 80 years of leasehold tenure, ensuring long-term stability for potential buyers. The project comprises 228 residential units and was completed in 2011. According to The Residences at W Singapore Sentosa Cove rental transactions, most units within the development were leased between 2011 and 2024, with rents ranging from S$4.49 to S$6.97 per square foot per month. However, with this upcoming sales round, prospective buyers have the opportunity to own their slice of luxury living in Sentosa Cove. In this sale, two-bedroom units spanning 1,227 square feet will start at S$2.1 million, offering a competitive price per square foot. Larger three and four-bedroom units are also available, catering to diverse lifestyle preferences. Additionally, select five-bedroom penthouse units will be on offer, providing unparalleled luxury living experiences. The Residences at W Singapore Sentosa Cove - Price List 2 bedrooms (1,227 sqft) from $2.10M or $1,726 PSF. 3 bedrooms (1,625 sqft) from $2.687M or $1,648 PSF. 4 bedrooms (2,067 sqft) from $3.488M or $1,687 PSF. Comparing recent transaction data reveals the attractiveness of this offering. While just 20 units were sold since April 2010, with prices ranging between S$3.5 million and S$6.6 million, the current pricing for the 58 units represents a significant opportunity. The median unit price stands at S$2,810 per square foot, around 40% higher than CDL's current offering. Recent resale transactions further underscore the potential for value appreciation. A 1,259 square foot unit transacted at S$2.2 million in September 2023, demonstrating a substantial price increase from its original sale price in 2010. Additionally, URA Realis figures indicate a favorable pricing trend, with median unit prices for condominiums in the Southern Islands at S$1,999 per square foot. The Residences at W Singapore Sentosa Cove is part of CDL's upscale integrated development, Quayside Collection, comprising the renowned W Singapore-Sentosa Cove hotel and the vibrant F&B and retail hub, Quayside Isle. CDL's strategic moves, including a club deal with Blackstone and CIMB Bank in 2014 and the acquisition of full control of W Singapore-Sentosa Cove and Quayside Isle in 2019, demonstrate a commitment to capitalizing on Sentosa's transformation. How to book an appointment to view and book The Residences at W Singapore Sentosa Cove? With viewings for the 58 units scheduled from April 10 to April 14 and sales bookings commencing on April 15, now is the opportune moment to secure a stake in this prestigious oceanfront development. Don't miss out on the chance to own a piece of luxury living in Sentosa Cove and be part of its promising future. Contact Propertyforsale at 98896968 to enquire on The Residences at W Singapore Sentosa Cove

In the bustling world of real estate, where the stakes are high and competition is fierce, maintaining ethical standards is paramount. The Code of Ethics and Professional Client Care (CEPCC) serves as a beacon guiding real estate agents and salespersons towards ethical conduct and professionalism. However, as exemplified in the case of Abel Ang Pei Xiong, a real estate salesperson (RES) registered with ERA, deviations from these standards can have serious consequences. Paragraph 12(4)(a) of the CEPCC explicitly mandates that estate agents and salespersons refrain from disseminating any inaccurate, false, or misleading information in their advertisements. This provision is not just a legal requirement but also a moral obligation to uphold transparency and fairness in the real estate industry. Abel Ang's case, which unfolded between December 2021 and February 2022, underscores the repercussions of flouting these ethical guidelines. Ang, in his capacity as an RES, posted online advertisements for three new property developments – Properties A, B, and C. However, instead of adhering to the accurate prices provided by the developers, Ang advertised significantly lower prices, ranging from $260,000 to over one million dollars less than the developers' asking prices. The ensuing disciplinary proceedings revealed the gravity of Ang's actions. The CEA Disciplinary Committee (DC) found him guilty of three breaches of Paragraph 12(4)(a) of the CEPCC. The DC's ruling emphasized that Ang's misleading advertisements were not mere oversights but deliberate attempts to deceive potential buyers. Such practices not only tarnish the integrity of the profession but also unjustly disadvantage other RESs adhering to ethical standards. The repercussions for Abel Ang were severe. Convicted on three charges, he faced fines totaling $14,000 and a five-month suspension starting from October 2023. Beyond the financial penalties, the suspension serves as a reminder of the consequences of ethical misconduct in the real estate industry. Ang's actions had broader implications beyond his individual misconduct. Misleading advertisements not only deceive consumers but also cast doubt on the transparency and credibility of developers and the real estate profession as a whole. Discrepancies between advertised prices and actual selling prices erode trust and undermine the integrity of the market. Moreover, Ang's conduct highlights the ethical dilemma faced by RESs in a competitive market environment. The temptation to attract clients through deceptive means can be alluring, but it comes at the cost of professional integrity and long-term trust. To prevent such ethical lapses in the future, stringent enforcement of ethical guidelines and regular training programs are essential. Real estate agencies must foster a culture of integrity and accountability, where RESs understand the importance of honesty and transparency in all their dealings. In conclusion, Ang's case serves as a cautionary tale for real estate professionals, underscoring the imperative of upholding ethical standards in advertising practices. By adhering to the principles outlined in the CEPCC, RESs not only fulfill their legal obligations but also contribute to a fair, transparent, and trustworthy real estate industry.