FOR RENT: 2+1 Caribbean Condo, Singapore

2+1 Caribbean Condo

- Walk to Harbour Front and Vivo City / MRT

- 893sqft, 2 bedrooms

- Fully furnished

- 2nd Floor 

- Immediate

Asking $5K nett

Viewing Anytime!

Call Dinx 9643.5138 for appointment.

Thank you.:)

FOR RENT; 3+1 Caribbean Condo Singapore

3+1 Caribbean Condo

- Walk to HarbourFront and Vivo City / MRT

- 1249 sqft

-  Partial Furnished 

- New Renovated

- 5th floor

- Immediate

Asking $6.7K

Viewing anytime. Call Dinx 9643.5138

Let me serve you..:)

What now for the property market?

If, like me, you were home on Sunday night watching the National Day rally, you would have picked up on our Prime Minister’s remarks on how he intentionally avoided elaborating on the changes to the Singapore property market as that would be the media’s focus the following day.

Hence, the irony was not lost on me when headlines the next day were precisely that. Evidently, the subject of property is something very close to all Singaporeans.

So what are some of the changes? To summarise, the latest round of anti-speculation measures for private properties are as follows:

• Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.
• Increase the minimum cash payment from 5 percent to 10 percent of the valuation limit and decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by the MAS to these buyers from the current 80 percent to 70 percent for property buyers who already have one or more oustanding house loans at the time of the new housing purchase. 

The changes for HDB flats are as follows:

• Increase the Minimum Occupation Period (MOP) for non-subsidised flats to 5 years.
• Disallow concurrent ownership of both HDB flats and private residential properties within the MOP.

I have only extracted the relevant portions, however if you are interested to read up on the complete list of changes, they can be found at www.mnd.gov.sg and www.hdb.gov.sg.

The Market IS Cyclical

The property market is cyclical by nature. While it is hard to predict the duration of each upswing or downturn, at some point the market will certainly change direction. To illustrate, Figure 1 shows the URA Private Property Price Index (PPPI) from the first quarter of 1975 to the second quarter of 2010 and the areas in red show phases of market contraction. Thus it is quite clear that growth will not carry on indefinitely and the question is not if prices will start to drop but when.
Figure 1: URA Private Property Price Index (PPPI) from Q1 1975 to Q2 2010
With the latest round of anti-speculation measures, we think the real estate market will start to drop. So what does this mean to property buyers?
If I was thinking of buying an investment property, I would sit out until the dust settles. However, if I have ample cash to spare and am looking for a property for my own stay, the next few months may present an opportunity to look for good deals as owners attempt to comply with new monetary and ownership guidelines.
What about property sellers? If I was set on selling my property, I will not hold out for a higher offer and proceed with the sale when I get my asking price. Although all of us hope to milk our property for all its worth, it may not be realistic to expect significantly higher offer prices in the near term, given the tightened lending conditions and increased property supply. 
When will we see the effects?
Presently, there is still some sense of cautious optimism. After all, the property market continued to grow rapidly despite the last two doses of anti-speculation measures. So will the market remain unscathed? I think not.
A good analogy to describe the property market would be an ocean-liner. Unlike a car that can start and stop almost instantaneously, an ocean liner responds much slower due to its massive size and momentum. To stop an ocean-liner, the propellers would have to go in the reverse direction to gradually bring the vessel to a stop.
Similarly, the propellers of the property market are already in the reverse gear. Although the market’s momentum could still carry property prices upwards for a while longer, the effects of the cooling measures will eventually kick in.
On the other hand, even if this round of measures are not able to break the proverbial camel’s back, you can bet that the Singapore government has other straws to do the trick. Ultimately, we should not doubt the government’s will to bring property price appreciation in line with “economic fundamentals”. However, what the magic figure is (for economic fundamentals) is anybody’s guess. 

By Getty Goh (courtesy of PropertyGuru)

Upsurge in real-estate related complaints

The upbeat real Property market in the country has led to an upsurge of real estate-related problems and complaints from home hunters.

According to the Consumers Association of Singapore (Case), the various complaints it had received began to pour in from the month of May.

The association has already received a total of 619 complaints during the first eight months of this year, in which 89 cases in July and 107 cases in August were lodged in.

Seah Seng Choon, executive director of Case, said that the large number of complaints is in relation to the HDBflat transactions.

The Singapore Accredited estate Agencies (SAEA) also stated that it had received 141 inquiries, complaints, and feedback last July and August, which is above than what it usually gets in one year. SAEA only receives 26 cases during the first six months of this year.

Tan Tee Khoon, chief executive of SAEA, stated that during this month’s first couple of weeks, another 6 complaints is poured in at the agency. About 40 percent of the said 141 cases compose of disputes on the payment of commissions, complaints against some Property agents, and more other Property-related issues.

He also said that the cases include recommendations from Inland Revenue Authority of Singapore or from theHousing and development Board (HDB) as well as from the Meet-the-People sessions of the Members of Parliament.

However, the Institute of estate agents, another body that grieved with real estate customers said that it hasn’t seen any latest increase in the number of complaints against all its members.

According to Dr. Tan, complaints overlaps oftentimes occur as consumers sometimes give their complaints to these three concerned bodies. In some cases, which involve Property agents’ behaviours, SAEA stated that it would have difficulty in resolving disputes concerning a Property agent who is not a SAEA-accredited and who refuses his cooperation.

Bosses of Property agency have said that compulsory accreditation from these bodies is the most important thing necessary to the industry, which contains a low-entry barriers. They hope that the review of the government of the regulatory framework for all real estate agents, which was announced in the previous month, will be able to raise standards in the Property business.

Singapore government to regulate real estate industry

The Ministry of National Development (MND) has proposed ways to regulate the local real estate industry and is seeking public feedback on it.

According to MND, there are about 1,700 real estate agencies licensed by the Inland Revenue Authority of Singapore (IRAS) and an estimated 25,000 to 30,000 real estate agents in the market. Recent rising number of complaints against real estate agents was deemed as ‘not tenable’ and that the whole system was not ‘satisfactory’ by minister of National Development, Mr Mah Bow Tan.

In 2008 alone, there were more than 1,400 complaints.

The proposed regulatory framework aims to enable consumers to safeguard their interests through public education and tough regulations, and also to increase professionalism of the real estate industry. To start off, residential property transactions will be focused upon.

There are three major components to the proposed regulations and they are:

i.                    Government enhanced regulatory powers

The regulatory authority will work with a recognised accreditation body for agents that will be formed. A public central registry will be maintained by the accreditation body to allow agencies and consumers to ascertain the background and profile of agents they wish to engage.

MND has also proposed to disallow real estate agents from working as freelancers by only allowing them to represent one accredited agency. There will be a standard associate agreement between agents contracted to an accredited agency for them to practice. Furthermore, agents must pass an industry examination and be accredited by the accreditation body before they can practice. Agents will also be disallowed from representing both buyer and seller in the same transaction to prevent conflict of interest.

The regulatory authority will also be given enhanced regulatory powers to increase levels of monitoring and enforcement. Agents and/or agencies that are caught for non-compliance with legislative requirements or infringement of accreditation requirements will face disciplinary actions through a tiered penalty system that may include warnings, fines, suspension and expulsion. Agencies with errant agents may also be subject to restriction on recruiting agents.

ii.                  Industry-led accreditation

A mandatory industry-led accreditation scheme for both agencies and agents is expected to encourage greater professionalism among them.

Agencies will have to adopt minimum service standards that will be made known to clients upfront, and provide compulsory continuous professional training and upgrading of their agents. Meanwhile, agents will have to be qualified through an industry entrance examination covering both ethics and practical knowledge before they can practice as well as adhere to a code of conduct.

To protect consumer interests, the accreditation body will maintain a public central registry listing all accredited agents so that consumers can see if the agent they engage is qualified. Agencies will also benefit from this as they could possibly find the background and profile of agents they wish to hire. A standard contract between agents and agencies spelling the rights and obligations of agents before any service is rendered will also be adopted. This move is aimed to reduce common disputes like commission rates, and co-broking agreements.

MND has also proposed that agencies put in place complaints-handling processes including a mediation platform at the agency level in the event of a dispute. Additionally agents could be made to have professional indemnity insurance to cover any negligent acts or omissions or breaches of professional duty.

iii.                Improved Dispute Resolution Mechanism

One of the key drive to this regulatory proposal is due to the high number of complaints received in recent years. It is expected that agencies should take on greater responsibility for resolving disputes with clients and to facilitate this, proper complaints handling processes within the firm should be set up.

The government is also exploring on the possibility on working with industry players to set up an independent tribunal to specialise in real estate disputes.

MND’s proposed framework for the real estate industry is currently under the public consultation process and members of the public can share their views on www.mnd.gov.sg. Key elements of the new framework are expected to be announced in the December 2009 to January 2010 timeframe while legislative enactments are expected by the second half of 2010.

For Sale - St Thomas Suites (D09)For Sale - St Thomas Suites (D09)

For Sale - St Thomas Suites (D09)

S$ 4,000,000 Guide Price | S$ 1987.08 psf | 2,013 sqft (187 sqm) | 4 beds | 3 baths

Exclusive unit with pte lift, balcony, planter, NS facing, windy, nice city view
D9 St Thomas Suites is an iconic FREEHOLD condominium designed by renowned Japanese architect, Miyake Masaki. It comprise of two blocks of 33-storey development with 176 exclusive units that offer the most luxurious of living standards. With its unmatched location at the edge of glamorous Orchard Road, St. Thomas Suites represent a distinctive new brand of living.

Condo facilities include: Tennis court, swimming pool, steam rooms, lounge, function room, cigar room, gymnasium, foot reflexology, clubhouse, children's pool, children's playground, barbeque pits, carpark.

Information Summary:
Developer : FCL TOWER PTE LTD
Location : 31, 33 St Thomas Walk
Estimated T.O.P: 31 December 2010
Estimated Legal Completion : 31 December 2013
Great investment opportunity not to be missed! Call for further details!!!

FOR RENT: CUSCADEN ROYALE***across Wheelock Place

 2BR, 937SQFT. include Hotel Facilities!!
VERY Nice city view right across Wheelock place.
$6,000 only VERY CHEAP in town!

Hurry!

CONTACT ME FOR MORE INFORMATION ..

Dinx #9643.5138

VIEW NOW! OR REGRET LATER!

FOR RENT: 1+1 PENTHOUSE with ROOF TERRACE

2yr old R66 (opp FARRER MRT)
936sqft, furnished, ac, full facilities.

Prefer: no Indian.

Immediate.

RENT PRICE: $2,800 nego

FOR RENT: 1+1 MAYFAIR CONDO @JURONG EAST

F/ Furnished, AC...

The Mayfair is a 99-years leasehold development located at 1 - 9 Jurong East Street 32, Singapore 609477, in District 22, minutes walk to Chinese Garden MRT Station. Completed in 2000, it comprises 452 units. The Mayfair is relatively close to the Chinese Garden and the Japanese Garden.

Condo Facilities at The Mayfair

Facilities at The Mayfair include swimming pool, BBQ pits, gym, tennis courts, bowling alley, Jacuzzi, clubhouse, and playground.

Condo Amenities near The Mayfair

Numerous feeder bus services are available near The Mayfair. Schools are mostly a short drive away, including Bukit Batok Secondary School and Millenia Institute.
The Mayfair is also near numerous restaurants sprawled across the area.

Residents can head down to the nearby market and food centre for daily necessities or, alternatively, take a short bus ride to the Jurong Entertainment Centre for a wider array of amenities such as shopping centres, supermarkets, restaurants and eating establishments, banks, cinema, and library. In addition, the Fairway Country Club and the Singapore Science Centre are a short drive away.

For vehicle owners, driving from The Mayfair to either the business hub or the bustling Orchard Road shopping district takes about 20 minutes, via Ayer Rajah Expressway and Pan Island Expressway respectively.


RENTAL PRICE : $2,600
DON'T DWELL ON REGRETS...VIEW NOW!

FOR RENT: THE WARREN CONDO 3+1

u / furnished
next to Choa Chu Kang MRT
Facilities at The Warre
n include a lap pool, main pool, BBQ pits, gym, fitness station, jogging track, tennis courts, Jacuzzi, steam bath, function room, and playground.


$3000 nego