Tag Archives: Housing Development Board

Government to release five residential sites in May 2013

Posted on 15 May 2013 | Comments Off on Government to release five residential sites in May 2013

Government to release five residential sites estimated to
yield 2,725 housing units in May 2013.

The Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) will be releasing five residential sites for sale this month under the Government Land Sales Programme for the first half of 2013.

The government said this is to provide developers and home buyers with more choices for private housing.

The five sites are located at Tampines Avenue 10, Toa Payoh Lorong 6, Prince Charles Crescent, Siglap Road and Geylang East Avenue 1.

The five sites can collectively yield about 2,725 residential units.

URA said the land parcel at Tampines Avenue 10 (Parcel B) is on sale on Wednesday under the Confirmed List.

The remaining four land parcels are available on Wednesday for application on the Reserve List.

Tender for the residential site at Tampines Ave 10 (Parcel B) will close at 12 noon on 2 July 2013.

Source – CNA – 15 May 2013

To provide developers and home-buyers with more choices for private housing, the Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) will be releasing five sites for sale in May 2013 under the Government Land Sales Programme (GLS) for 1st half 2013 (1H2013).

Together, these five sites can yield about 2,725 residential units.

The land parcel at Tampines Avenue 10 (Parcel B) is launched for sale today under the Confirmed List. The remaining four land parcels at Toa Payoh Lorong 6, Prince Charles Crescent (Parcel B), Siglap Road and Geylang East Avenue 1 are made available today for application on the Reserve List.

More details on the land parcels can be found in Annex 1 and the location plans in Annex 2.

Other Details

Tender for the residential site at Tampines Avenue 10 (Parcel B) will close at 12 noon on 2 July 2013. Selection of the successful tenderer will be based on the tendered land price only.

More details on the land parcels are available on the respective URA and HDB websites at:

(Tampines Avenue 10 (Parcel B))
http://www.ura.gov.sg/sales/TampinesAv10B/CL/Tpines10B-intro(CL).html

(Toa Payoh Lorong 6)
http://www.hdb.gov.sg/fi10/fi10330p.nsf/w/LandDevMangTPYLor6TPYLor4?OpenDocument

(Prince Charles Crescent (Parcel B))
http://www.ura.gov.sg/sales/PCharlesCrest-B/MA/PCharlesCrest-B-intro(MA).html

(Siglap Road)
http://www.ura.gov.sg/sales/Siglap/MA/Sglp-intro(MA).html

(Geylang East Avenue 1)
http://www.ura.gov.sg/sales/GeylangEastAv1/MA/GlngE-intro(MA).html

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Annual value of properties reviewed regularly

Posted on 15 May 2013 | Comments Off on Annual value of properties reviewed regularly

In his commentary, “Court ruling creates uncertainty for developers” (May 10), Mr Colin Tan seemed to suggest that the Glengary case was the first time the Inland Revenue Authority of Singapore had taken action to reassess the annual value of land under development.

This is not the case. The annual value (AV) of any property, including vacant land under development, is reviewed regularly to reflect prevailing market values in any year. Hence, the AVs may go up or down accordingly.

Real estate developers would be fully aware that the AVs of their lands are assessed on a “vacant land” basis during the development period.

This is provided for in the Property Tax Act, and it has been our long-standing position to disregard pre-sales when determining the AV of such vacant land.

For this case, the developer disagreed with our position and brought the matter to court.

The Court of Appeal has affirmed our position. Hence, the decision would not have introduced more uncertainty into the business of property development nor affected developers’ land bids, as the writer alluded.

FROM
WALTER LIM, DIRECTOR (CORPORATE COMMUNICATIONS), INLAND REVENUE AUTHORITY OF SINGAPORE

Source : Today – 15 May 2013

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Posted in Developers, HDB, Tax Matters / Property Tax

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