FOR RENT: 2 Bedrooms Vision Crest, Singapore

Vision Crest

-Walk to Plaza Singapura and MRT,

- 904 sqft

-  2 bedrooms

-  Partial furnished

- 2 year old

- High floor 

- Immediate

Asking $5.7K

Viewing anytime.

FOR SALE: 2 bedrooms Caribbean Condo, Singapore

2 bedrooms Caribbean Condo

- Walk to Harbour Front and Vivo City / MRT

- 893sqft

- Fully furnished

- 2nd Floor

Asking $1.43M

Viewing Anytime

Call Dinx for details 9643.5138 (ERA)

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)

How To Apply for Student / Work / Employment Permit in Singapore

How To Apply for Student / Work / Employment Permit

In an endeavor to ensure the supply of manpower to sustain Singapore’s long-term economic development,the Ministry of Manpower (MOM), Government of Singapore, has developed various easy methods to manage the entry, stay and exit of foreign workers in Singapore. Foreign professionals and students who wish to work in Singapore should apply for a Work Pass. There are various types of such passes.

Ministry of Manpower (MOM) has upgraded the Employment Pass (EP) Online to a new improved platform to ensure faster processing of the applications and renewals of Employment Pass.

Students Pass

International Students are required to apply for a Student’s Pass to pursue academic career in Singapore unless they have a Dependent Pass (DP) or a Immigration Exemption Order (IEO). When the Letter of Acceptance from the concerned school is received the applicant should proceed to Immigration and Checkpoint Authority (ICA) to apply for a Student Pass. The school can directly admit applicants who have a DP or IEO after passing school’s placement test.

From 2^nd January 2003 ICA has introduced an on-line submission of Student’s Pass application through theSOLAR (Student’s pass On-Line Application and Registration) system to foreigners who are applying for Student’s pass to pursue courses offered by Institute of Higher Learning (IHLs) in Singapore.

Employment Pass (P & Q Pass)

Foreign professionals, executives and specialists, who earn a fixed monthly salary of $2500 and above and have recognized qualification, can apply for the Employment Pass (EP). There are three types of EP:

• P1 - Pass for applicants earning a fixed monthly salary of more than $7,000.
• P2 - Pass for applicants earning a fixed monthly salary of more than $3,500 and upto $7,000 with recognized qualification.
• Q - Pass for applicants earning a fixed monthly salary of more than $2,500 with recognized qualification, skills and experience.

New EP applications are submitted via EP Online. On approval, In Principle Approval (IPA) letter specifying the documents to be submitted during collection of passes is sent. EP holders can apply for Dependent Pass (for spouse and children under 21 years of age) and Long Term Visa (not for Q Pass holders) for family members.

Work Permit (Foreign Workers)

Work Permit application for foreign workers are submitted by the employer. The employer is required to select one business activity in which foreign workers will be recruited which is done through Application for Industrial Classification (business employers need Sing Pass to access). This should be done before submitting WP application. Accredited Employment Agencies are allowed to apply for WP on employer’s behalf. There are two modes of application:

• WP Online - The application is processed on next working day.
• WP Application Form - Need 7 working days for processing and may be submitted at any Sing Post Office.

Work Permit (Foreign Domestic Workers)

Foreign Domestic Workers (FDW) is preferably selected with the assistance of accredited Employment Agencies who are also allowed to apply for FDW Work Permit on behalf of employer. Applications can be made:

• WP Online - The application is processed within 7 working days and can be checked and printed online.
• WP Application forms is processed within 7 working days and mailed to applicant.

To apply for FDW under Joint Income Scheme, income of employer should be combined with that of family member (other than spouse) living in the same address. For FDW under Sponsorship Scheme the employer must be above 60 years of age, should not be staying with working adults and use income of spouse or children.

HDB Living Policies in Singapore

People residing in HDB flats and housing societies follow certain guidelines and policies that are set by the board for maintaining peace and harmony. HDB has formulated certain guidelines related to keeping pets and for maintaining a peaceful environment among the residents.

Keeping Pets

Most of the HDB residents prefer pets in their houses. Residents keeping pets such as dogs and other animals have to abide by certain rules and regulations set by the Housing and Development Board. HDB has allowed its residents to keep pets in their flats but with certain restrictions.

Dogs: The board allows only one dog to be kept in an HDB flat, but of an approved breed. These dog breeds are generally smaller in size and easily manageable. The list of approved breed of dogs is shown below.

• 
  
  Affenpinscher
• 
  
  Australian Silky Terrier
• 
  
  Australian Terrier
• 
  
  Bichon Frise
• 
  
  Bohemian Terrier
• 
  
  Bolognese
• 
  
  Brussels Griffon (Griffon Bruxaellois)
• 
  
  Bichon Avanese
• 
  
  Border Terrier
• 
  
  Boston Terrier – Lightweight and Middleweight

• 
  
  Cairn Terrier
• 
  
  Cavalier King Charles Spaniel
• 
  
  Chihuahua
• 
  
  Chinese Crested Dog
• 
  
  Chinese Imperial Chin
• 
  
  Chinese Temple Dog (Classic and Miniature)
• 
  
  Coton de tulear
• 
  
  Czech Terrier
• 
  
  Dachshund (Light and Miniature)
• 
  
  Dandie Dinmont Terrier
• 
  
  English Toy Spaniel
• 
  
  Griffon Belge
• 
  
  German Hunting Terrier
• 
  
  Griffon Brabancon
• 
  
  Hairless Dog
• 
  
  Italian Greyhound
• 
  
  Jack Russell Terrier
• 
  
  Japanese Spaniel (Chin)
• 
  
  Japanese Spitz
• 
  
  Lhasa Apso
• 
  
  Little Lion Dog
• 
  
  Lakeland Terrier
• 
  
  Maltese
• 
  
  Manchester Terrier
• 
  
  Miniature Pinscher
• 
  
  Miniature Schnauzer
• 
  
  Norfolk Terrier
• 
  
  Norwich Terrier
• 
  
  Papillon
• 
  
  Pekinese 61. Welsh Terrier
• 
  
  Pomeranian
• 
  
  Poodle
• 
  
  Pug
• 
  
  Poodle (Miniature)
• 
  
  Schipperkee
• 
  
  Scottish Terrier
• 
  
  Sealyham Terrier
• 
  
  Shetland Sheep dog
• 
  
  Shih Tzu
• 
  
  Silky Terrier
• 
  
  Small Continental Spaniel
• 
  
  Small English Terrier
• 
  
  Small Spitz
• 
  
  Smooth Fox Terrier
• 
  
  Toy Fox Terrier
• 
  
  Toy Terrier
• 
  
  Tibetan Spaniel
• 
  
  Volpino Italiano
• 
  
  West Highland Terrier
• 
  
  Wire-Haired Fox Terrier
• 
  
  Yorkshire Terrier

Cats: Due to the nomadic nature of this species, HDB does not allow cats to be kept in flats. It is difficult to keep the cats confined in flats as they can cause nuisance such as defecating or urinating or shedding of fur, which may affect the environment of the housing estates.

Other Pets: Apart from cats and dogs, HDB also allows flat owners to keep other pets such as birds, rabbits, hamsters and fishes.

In general, flat owners are not required to seek HDB’s approval for keeping pets in their flats. However, an owner has to obtain a license from AVA (Agri-Food and Veterinary Authority) to keep a dog in a flat. Owners not following the HDB animal rules are liable to be fined up to 4,000 SGD. Besides HDB and AVA, dog owners can also seek assistance from NEA (National Environment Agency) and the Police for various dog related issues.

Being a Good Neighbour

For maintaining a peaceful co-existence within the housing estates and high rises, residents should exercise understanding, tolerance and mutual understanding amongst themselves. Arguments arising from trivial issues such as littering, dripping mops or noise disturbances can be easily avoided with a little consideration and restraint.

Under the lease terms set by HDB, a flat owner should act responsibly within one’s flat or common area. The Housing and Development Board can take enforcement actions against flat owners if the person is acting against the Lease Term which can lead to compulsory acquisition of the flat. By observing few simple principles, a flat owner can contribute to the harmony of the housing society. These principles can be summarized as follows:

• 
  
  The owner should show consideration and refrain from causing disturbances such as listening to music and radio at a high volume or watching TV late at night.
• 
  
  Residents should ensure that their children do not make excessive noise while playing inside a flat.
• 
  
  Visitors to a flat should be advised to refrain from anything may cause disturbances to the neighbours.
• 
  
  Large objects or furniture should not be dragged across which may cause noise disturbance.
• 
  
  HDB flat owners should not hang out wet laundry that drips water on their neighbours.
• 
  
  Everyone should refrain from throwing any items from their flats which can injure passers-by.
• 
  
  Those who keep a pet should ensure that it is kept in good condition and trained properly.
• 
  
  Last but not the least flats should be kept clean and tidy without obstructing the common areas.

For solving neighbourly disputes, both the parties should sit together to find a solution that is acceptable to both of them. If this process fails, the parties can take the help of the community mediation centre for resolving the dispute. In certain cases, a party can also approach the police for solution. Nuisances that are related to public health are solved by the NEA (National Environment Agency). In extreme situations, when a dispute cannot be resolved by any means, a private summon may be filed by the aggrieved party to make a complaint to the Subordinate Court’s magistrate. A lawyer may not be required for this purpose. However, the aggrieved party may also consult a lawyer to get advice on the various avenues of legal recourse for dealing with the problematic neighbour.

It is advisable that a flat owner abides by the rules and regulations set by the HDB that can help to maintain a friendly atmosphere within the premises. By following simple guidelines and with a little consideration and understanding many disputes can be averted and a peaceful atmosphere can be maintained.


Source: PropertyGuru