Tag Archives: Singapore Property

No change to income tax framework for individuals who sell properties

Posted on 22 Aug 2009 | Comments Off on No change to income tax framework for individuals who sell properties

The Ministry of Finance (MOF) said it has decided not to change the income tax framework with regard to individuals who sell their properties.

Currently, there is no blanket rule on how property sale gains are taxed as Inland Revenue Authority of Singapore (IRAS) considers the facts and circumstances of each individual case.

But a proposal was put up for public consultation between June 22 and July 14 suggesting that individuals who sold their properties should be certain that the gains they make would not be taxed if they had not sold any other properties in the preceding four years.

Under all other circumstances, whether the gains from a property sale were subject to income tax would have continued to depend on the facts and circumstances of the case.

After assessing the feedback from the public consultation, MOF said it has decided not to go ahead with the proposed change. Continue reading →

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Posted in Property Market / Real Estate, Tax Matters / Property Tax

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Keppel, other developers rev up for sales

Posted on 21 Aug 2009 | Comments Off on Keppel, other developers rev up for sales

KEPPEL Corporation and Keppel Land are releasing a new batch of 30 units at their Reflections at Keppel Bay condo today at an average price of $1,950 per square foot (psf), assuming buyers will take the deferred payment scheme (DPS).

Buyers who opt for the normal progressive payment scheme pay 3 per cent less. Sizes of units range from 900 sq ft to 1,600 sq ft. The 99-year development is still under construction.

Reflections at Keppel Bay comprises a total of 1,129 units, of which 638 were sold as at end-July, according to Urban Redevelopment Authority data released this week. In July alone, five units were sold at prices ranging from $1,641 psf to $2,195 psf.

Keppel is also riding on the current uptick in home buying to release for sale units at the completed Caribbean Residences nearby at an average price of $1,300-1,400 psf.

Caribbean Residences comprises a total of 168 apartments at the completed 99-year-leasehold Caribbean at Keppel Bay condo that the group had Continue reading →

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Posted in Developers, New Launches

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