Government | Lush Dream Home

Category Archives: Government

Handbook on improving building standards launched

Posted on 10 May 2013 | Comments Off

In a bid to improve industry standards, a new handbook with examples of best practices from various industrial sectors within the Specialist Trade Alliance of Singapore was launched yesterday at the inaugural International Facility Management Expo 2013, reported The Straits Times.

The Building Specialists Trade Handbook aims to improve the standards of building professionals, especially with regards to specialist contractors and suppliers.

According to Nelson Tee, President of the alliance which comprises more than 1,300 firms in the building industry, the handbook is the first of its kind.

Commenting on the launch, guest of honour Mr Zainudin Nordin, MP (Bishan-Toa Payoh), said: “It is important that we look towards retrofitting buildings with sustainable infrastructure, as well as implementing and encouraging sustainable practices and lifestyles.”

Held at Marina Bay Sands, the expo was part of a three-day mega building security show.

Comments Off on Handbook on improving building standards launched

Posted in Construction, Government

Tagged Building Specialists Trade Handbook, building standards, Marina Bay Sands, Toa Payoh

Taxman collects $1.03 billion in ABSD

Posted on 6 May 2013 | Comments Off

Singapore recorded a significant hike in tax revenue due to the additional buyer’s stamp duty (ABSD) introduced in January, reported The Straits Times.

The Inland Revenue Authority of Singapore (IRAS) stated that the government collected around S$158 million in ABSD from February to March. A total of S$1.03 billion has so far been collected since December 2011 when the measure was first implemented until March this year.

Foreigners accounted for most at S$580 million for 3,041 homes, while Singaporeans and permanent residents (PRs) paid S$386 million for 7,269 units. On the other hand, non-individuals contributed S$66 million for 285 units, reported IRAS.

Meanwhile, S$66.6 million has been collected in seller’s stamp duties (SSD) since it was introduced in 2010.

Experts noted that despite the property taxes, buying activity remains healthy as developers continue to offer discounts and incentives.

In fact, about 30 to 40 percent of buyers at new launches are purchasing their second, third or subsequent homes, said Alan Cheong, Research Head at Savills Singapore.

“They are creating reasons to buy. It could be for rental income when the population grows to over six million, capital gains or to hedge against the possibility of their children not being able to afford homes in the future,” he said.

Source : PropGuru 6 May 2013