Tag Archives: Rental

Leasing checklist for foreigners and bosses hiring them

Posted on 12 Mar 2010 | Comments Off on Leasing checklist for foreigners and bosses hiring them

WITH reference to yesterday’s report, ‘Agent targeted foreigners in rental scam‘, we would like to offer the following guide to employers recruiting foreign talent as well as individual foreigners who are leasing residential properties in Singapore.

  • Request for verification of property ownership such as the latest property tax statement or utilise the e-Valuation List service at the Internal Revenue Authority of Singapore (Iras) website to find out the name of the property owner for $2.50.
  • If the property is an HDB flat, request for a copy of the Housing Board’s approval letter to the landlord for subletting.
  • Avoid paying a security deposit and advance rent by cash or cash cheque. Make out the cheque payable directly to the landlord. If you have no cheque account, buy a cashier’s order with the appropriate payee’s name.
  • Whenever possible, make an appointment to meet the landlord to satisfy yourself that the prospective lease is in good faith.
  • When responding to Internet advertisements, ensure that the source of the advertisement is from a credible website or property portal. If in doubt, contact the agency of the estate agent who posts the advertisement online to ensure it is not a hoax.
  • Be aware of comparative rentals in the area where one is planning to lease a flat/ apartment and be wary of anyone who touts an incredibly low or attractive rental.
  • Be sure that tenancy agreements signed are stamped by Iras as it is an offence to evade stamp duty on tenancy agreements. Moreover, if the tenancy agreement is not stamped, it may not be admissible in a court of law in the event of a legal dispute.
  • Appoint an accredited estate agent or an agent from an accredited agency who has professional indemnity insurance.

    • Dr Tan Tee Khoon
    Chief Executive Officer
    Singapore Accredited Estate Agencies

    Source : Straits Times – 12 Mar 2010

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    Posted in Property Market / Real Estate, Rental / Lease

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    Landlords can stop ranting about rents

    Posted on 1 Nov 2009 | Comments Off on Landlords can stop ranting about rents

    Rental decline easing and rates will stabilise or rise next year, say analysts

    Property investors worried about collecting less and less rental income may soon have cause to cheer, as property consultants expect rents to remain steady or even start rising from next year, albeit slightly and slowly.

    The worst seems to be over, though the new condo completions coming up will keep rents from rising quickly or significantly, they say.

    In the first nine months of the year, the Urban Redevelopment Authority’s rental index fell by 15.2 per cent, reversing the 2 per cent positive growth last year. However, the pace of decline has slowed. The rental index saw a milder correction of 2.2 per cent in the third quarter, compared with declines of 8.5 per cent and 5.2 per cent in the first quarter and second quarter, respectively.

    Property consultants say private home rents are stabilising, and that the high-end segment has stabilised.

    Said Cushman & Wakefield managing director Donald Han: ‘High-end private home rents have bottomed and should be on the way up, while the mass and mid-tier rental markets are in the process of bottoming.’

    Already, rents of some good class bungalows have risen by about 5 per cent in the past three to four months, he disclosed.

    The positive sentiment would eventually seep into the market for high-end apartments, he said. ‘Some companies are starting to look at expansion again, so that’s good news.’

    It will mean an influx of expatriates. Continue reading →

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    Posted in Luxury Property, Property Market / Real Estate, Sentosa Property

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