Tag Archives: Sydney

Buying costs in SIngapore among highest in the world

Posted on 5 Jul 2013 | Comments Off on Buying costs in SIngapore among highest in the world

The costs of buying a property in Singapore are, along with Hong Kong, among the most expensive in the world for non-residents.

New research from Knight Frank looked at the purchase costs associated with buying a new-build residential property in 15 prime property locations around the world.

Hong Kong is the most expensive location to buy a home, once all the associated costs have been factored in. Non-residents can expect to pay 25 percent on top of the purchase price when buying a new-build US$3 million home. The bulk of this consists of stamp duty costs and a property tax levied on foreign non-permanent residents.

In Singapore, buyers pay purchase costs of 19.3 percent. The city-state’s 18 percent rate of stamp duty for non-residents is the highest of all the world cities analysed in the Cost of Buying report, in which analysis compared the purchase costs for non-resident buyers purchasing a new-build property valued at US$3 million. This includes stamp duty, legal costs, transfer fees and agency fees (where these apply for the purchaser).

London and Sydney sit in third and fourth places respectively with buying costs making 7.9 percent and 7.2 percent of the total purchase price in each city respectively. Moscow, where buying costs for non-residents for a US$3 million property amount to just US$100, is the cheapest of the 15 locations surveyed.

Despite being one of the more expensive locations to buy a new-build home, London property remains popular with international investors who are attracted by the U.K.’s political stability, good communications and the city’s top schools.

The research showed that 73 percent of prime central London’s new-build homes in 2012 were bought by overseas buyers, with Singaporeans making up the largest proportion of international purchasers.

In New York there is no stamp duty, but the purchase of a US$3 million new-build condominium will incur a 1 percent mansion tax.

Buying a US$3 million home in Paris is relatively low-cost. There are registration and notary fees to be paid, but it is cheaper to buy a luxury home in the city compared to other traditional locations.

Source – PropertyGuru – 5 Jul 2013

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S’pore 3rd costliest office location in Asia-Pac

Posted on 30 May 2013 | Comments Off on S’pore 3rd costliest office location in Asia-Pac

Singapore remains one of the costliest office locations in the Asia Pacific, according to a new report from Colliers International.
The study ranked the most expensive office markets in the region for Q1 2013, based on annual gross rents expressed in US dollars. Hong Kong topped the list at US$112.86 (S$142.84) psf, followed by Tokyo and Singapore with US$93.24 (S$118.01) psf and US$81.19 (S$102.75) psf respectively.
Sydney, Perth, Beijing, Brisbane, Shanghai, Hanoi and Ho Chi Minh City rounded up the top 10.
Colliers said leasing momentum in Singapore’s CBD “stayed relatively muted in Q1 2013, dominated by renewal deals and tenants’ flight to quality”.
The report noted that average occupancy rates for premium grade office space in the Raffles Place/New Downtown micro-market increased to 90.2 percent in Q1 from 88.5 percent in the previous quarter. However, average occupancy in the wider CBD fell to 93.6 percent from 94.5 percent during the same period.
In terms of monthly gross rents, CBD Premium and Grade A office space eased another 0.7 percent to S$8.41 psf in March.
“Weighed down by downside risks on the global economic front, CBD office rents are expected to stay on a downtrend in 2013, but improving local market fundamentals could cap the fall in office rents to less than five percent for the whole year,” the report said.
“In the leasing market, corporate tenants will remain largely cost-conscious over the near term until there are more concrete signs of recovery in global demand, perhaps in the latter half of 2013. Given the low interest rate environment, the overall sales market is expected to remain dominated by cash-rich occupiers who are motivated to consider buying for long-term own-use.”
Meanwhile, Colliers expects governments across the region to introduce additional stimulus measures aimed at improving economic growth.

Source Prop Guru – 30 MAy 2013

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