The government raised the stamp duty to 15% for all residential purchases, except for 1st time buyers who are permanent residents, effective Saturday.
Expects prices to rise between 3% and 5% in both 2017 and 2018.
A unit of HNA Group Co this week outbid Hong Kong developers with an HK$8.84 billion (S$1.5 billion) offer to buy land in the former Kai Tak airport area, the highest price paid at a government land sale in 3½ years.
Oxley Holdings has announced that phase 1 of The Peak, its 2nd development in Phnom Penh comprising 507 residential units in Tower 1, is over 50% sold.
Launched to Singaporean buyers on 17 October 2015, the 55-storey freehold mixed-use development features 2 residential towers with a total of 1,014 units, 15-floor office tower and a 300-room hotel, sitting above a 5-storey retail podium.
WHO: Foreigners with a valid visa; foreign investment funds, banks; Vietnamese branches and representative offices of overseas companies are eligible to buy.
TYPES: All residential property types including apartments, villas and townhouses. Previously only applicable to apartments.
VOLUME: There is no limit on the number of units a foreigner can buy, but the total number of units owned by all foreign buyers must not exceed 30 percent of the units in one apartment building, or 250 landed property units in one ward. Previously an eligible foreigner could buy only one apartment in Vietnam.
PURPOSE OF PURCHASE: The properties owned by foreigners can be sub-leased, traded, inherited and collateralized. Previously ownership was strictly for residential purpose.
Malaysia’s government recently rolled out the new Goods & Services Tax (GST) on 1 April 2015.
Difference with old tax system
In comparison, the GST imposes a higher rate of 6.0 percent for all building materials and input services such as those provided by contractors and engineers, leading to higher cost for home builders.
GST to push up residential prices
Specifically, residential properties fall under Exempt-Rated goods, meaning they are not subject to GST tax. However, home prices are still affected as construction materials are not exempted. Additionally, developers cannot get a refund for the input taxes as houses are not Zero-Rated items.
Commercial & industrial property most affected
Given that commercial and industrial properties are not ‘Exempt Rated’ goods but falls under ‘Standard Rated’ items, the GST will have a greater impact on these segments.
Singapore WORLD Class Land (WCL) sold 69 per cent of the units released in its iconic Australia 108 launch over the weekend in Singapore. The Singapore developer confirmed with The Business Times that as at 5 pm on Sunday, it had sold 133 out of the 193 units that were released at a special Singapore preview showcase.
“Estate agents who are not licensed to carry out estate agency work in Singapore may instead tie up with licensed estate agents when marketing overseas property developments in Singapore.Overseas developers may also choose to sell their overseas properties in Singapore through their own staff. Such transactions which do not involve estate agents are direct sales from the developers and therefore not regulated by CEA.”