Monthly Archives: May 2011

CPF minimum sum to be revised upwards to S$131,000

Posted on 31 May 2011 | Comments Off on CPF minimum sum to be revised upwards to S$131,000

From July, the prevailing CPF minimum sum (MS) will be revised upwards to S$131,000, up from S$123,000. The CPF Board said the new MS will apply to members who turn 55 from July 1 2011 to June 30 2012.

It was announced in August 2003, that the minimum sum would be raised gradually to reach S$120,000 (in 2003 dollars) in 2013.

CPF Board said the increase in minimum sum, which includes an adjustment for inflation, is to ensure that Singaporeans set aside sufficient savings for their retirement.

Members who can set aside the MS fully in cash can apply to commence their monthly payouts of S$1,170 when they reach their draw down age.

Also from July, the Medisave Minimum Sum (MMS) will be raised to S$36,000 from S$34,500.

Members will be able to withdraw their Medisave savings in excess of the MMS at or after age 55.

The maximum balance a member may have in his Medisave Account, known as the Medisave Contribution Ceiling (MCC), is fixed at S$5,000 above MMS and this would be increased correspondingly to S$41,000, from S$39,500.

Any Medisave contribution in excess of the prevailing MCC will be transferred to the member’s Special Account if he is below age 55 or to his Retirement Account if he is above age 55 and has a MS shortfall.

The revisions to MMS and MCC are to ensure that Singaporeans have sufficient savings to meet their healthcare expenses, and have been adjusted for inflation.

Source : Channel NewsAsia – 31 May 2011

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Non-landed private home prices up 1%

Posted on 31 May 2011 | Comments Off on Non-landed private home prices up 1%

Private non-landed home prices in Singapore rose at a slightly higher pace last month, according to the Singapore Residential Price Index by the National University of Singapore (NUS).

The index, which covers only completed units, was up 1 per cent to 162.4, after a rise of 0.2 per cent each month for February and March. Experts pointed to pent-up demand after a hiatus following the property cooling measures introduced in January, which included seller’s stamp duties as high as 16 per cent.

Mr Ong Kah Seng, senior manager of research, Asia Pacific at Cushman & Wakefield, said: “It is a reflection of pent-up demand and also the home buyers who deliberated for quite a couple of months before proceeding with their home buying decision.”

“In April, developer sales achieved a five-month high of 1,788 units, reflecting positive primary private residential market sentiment which somehow spilled over to the secondary market.”

Others also attributed the increase to a shift in demand from the developers’ sales market to the resale market.

Ms Chia Siew Chuin, director of research and advisory at Colliers, said: “Due to a lag in the filter-through effect of price increases from the primary to the resale market, buyers could have entered the resale market for fear of missing the boat and before prices increase further, particularly for affordably priced units in completed developments with good attributes.”

The index is split into two sub-indices. The index for homes in the central area rose 0.8 per cent last month and that for non-central properties rose 1.1 per cent.

Source : Today – 31 May 2011

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