Taxman collects $1.03 billion in ABSD

Posted on 6 May 2013 | Comments Off on Taxman collects $1.03 billion in ABSD

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

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Posted in Cooling Measures, Government, Property Market / Real Estate, Tax Matters / Property Tax

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Roxy-Pacific Q1 net profit up 31%

Posted on 6 May 2013 | Comments Off on Roxy-Pacific Q1 net profit up 31%

Property and hospitality group Roxy-Pacific Holdings posted a 31 percent rise in net profit to S$11.8 million in the first quarter of 2013 from S$9.0 million over the same period last year.

Gross profit also increased to S$18.3 million, up 10 percent from last year’s S$16.6 million, while revenue surged 41 percent to S$53.7 million from S$38.1 million.

“We are pleased to begin this new financial year with a strong set of first quarter results. The group’s earnings growth came on the back of positive performance from our property development and property investment segments and higher share of results from associates,” said Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific.

The firm’s property development business saw a 72 percent growth in turnover from S$24.6 million in Q1 2012 to S$42.4 million in Q1 this year, accounting for 72 percent of the group’s total revenue. The increase was due to revenue achieved from six projects – The MKZ, Treescape, Spottiswoode 18, Straits Residences, Space@Kovan and Jupiter 18.

At the same time, hotel ownership accounted for 20 percent of the total revenue, while the remainder came from property investment.

Source : PropGuru – 6 May 2013

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