Tag Archives: Singapore Private Residential Property

Only 6 PR applications allowed for landed homes in first half

Posted on 7 Aug 2013 | Comments Off on Only 6 PR applications allowed for landed homes in first half

The number of permanent residents (PRs) granted approval to buy landed homes in mainland Singapore has dropped significantly on the back of government efforts to set aside more of these types of properties for Singaporeans, media reports said.

The government further tightened the eligibility criteria for PRs in 2011 to ensure that Singapore citizens receive priority for such homes.

According to the Singapore Land Authority (SLA), the number of approvals granted to PRs looking to purchase landed homes fell from 145 in 2010 to 117 in 2011 and to just 31 last year.

In fact, only six applications were approved during the first half of 2013.

Back in October 2011, Law Minister K Shanmugam revealed that the number of approvals given to PRs buying landed homes would decline by over 50 percent to not more than 50 approvals each year.

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Posted in Landed Property

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Indonesians are among top buyers of S’pore property

Posted on 22 May 2013 | Comments Off on Indonesians are among top buyers of S’pore property

Indonesians were the third largest group of overseas property buyers in Singapore during the first quarter of 2013, accounting for 24 percent of all foreign deals.

“Indonesia’s purchase position rose one percent from 2012,” said Novriyanto Lius, a property sales manager executive at Far East Organization, who predicted that purchases by Indonesians will grow to 30 percent by 2014.

Meanwhile, mainland Chinese remained the largest group of foreign buyers at 30 percent, followed closely by Malaysians at 27 percent.

According to Lius, robust interest from Indonesian buyers was attributed to the government’s property policy which makes it easier for foreigners to acquire property.

Back in 2012, Singaporeans owned 80 percent of homes in the country, 13 percent were owned by property agents, while foreigners accounted for the remaining seven percent.

However, foreign homeownership jumped to 12 percent in Q1 this year. This despite the fact that property in the city-state is considered expensive, with the most affordable private property priced at around S$600,000.

The government has been trying to cool the property market as near-record low interest rates and immigration fuel a surge in demand. It raised stamp duties for foreign buyers in January while introducing new loan borrowing limits.

Furthermore, an additional stamp duty was placed on Singaporeans looking to buy their second property and permanent residents (PRs) buying their first home.

Source – PropGuru – 22 May 2013

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Posted in Property Market / Real Estate

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