Wednesday, December 7, 2011

Additional buyer's stamp duty for private property from Dec 8

Singapore government will be implementing a cooling measure for private housing market. A buyer's stamp duty will be needed for the purchase of private property. This means that buyers will need to foot out more to buy a new house in the private house market.

Tuesday, August 10, 2010

How to buy a Mattress?

How to go about looking for mattress?

First of all, make a list of all the places which you can buy mattresses in Singapore. In Singapore, you can check out places like Courts Singapore, the Furniture Mall as well as ongoing furniture fairs where you can get some real good discounts!

Monday, August 9, 2010

Property Agents in Singapore

There are 30,000 property agents in Singapore.

HSR, DWG and ERA property agencies make up 50% of this number.

Friday, May 7, 2010

Cash over valuations

How much cash-over-valuations (COVs) do your pay for the purchase of your resale flat or private property? Let us see the latest statistics of the COVs paid by buyers of resale flats for the first quarter of this year:

No COV: 7 %
$1 to $10,000: 8%
$10,001 to $20,000 : 24%
$20,000 to $25,000 : 15%
$25,000 to $30,000 : 16%
Over $30,000: 30%

Well, while the above statistics do show that the varying amounts of COVs paid, the bulk of the COVs paid is in the higer end of $30,000!

I do not find these statistics convicing. The authorities should include number of room of resale flats purchased to get a better picture! I believe the 15% of the resale flat bought may be 3-room or smaller flat in remote locations of Singapore while the 24% of between $10K to $20K can be 3 room flat in lesser remote flats and so on and forth. Clearly, this data I suggest should be reflected along with these data published for a clear picture of the resale market and COVs in our country.

Council for Estate Agencies: Property agents to be regulated

The government will be setting up a new statutory agency under the arm of the Ministry of National Development. This new agency will be called the Council for Estate Agencies and its main role is to regulate the piping hot property and estate market in Singapore, curb errant property agents and to safeguard property buyers.

I believe the government's move to regulate the property and estate market is a timely one in view of the high volumes of resale flat and private property transactions in recent years. For many, purchasing a home is the largest financial investment and important decision of their lives, hence it is only natural that the process of buying their home is a pleasant and fair one.

For many buyers, when it comes to buying a house from the open property market, they have not much of a choice but to turn to a real estate or property agent to help in sourcing for potential flats and to faciliate the whole purchase transaction. We have heard of many errant property agents, who give unprofessional advice, behave unprofessionally or jack up the actual price of the property. Having a statutory board to regulate property agents, weed out the errant one and help raise the overall professional standard of the agents and the image of the property estate industy is well-applauded by Singaporeans.

Monday, April 26, 2010

Singapore property agents

There is a feature today on a female property agent who aspired to make a million dollars from her property agent work in the newspapers.

The articles describes the hardwork and routine she put in daily to generate leads, make cold calls and
to finally hit the sales.

Her target is on private property sales and private property launches as such housing are transacted at a much higher property prices and hence she would be able to make more monies from these sales.

While she may be generating a good income, not all property agents are faring as good as her. Some agents have stagnating sales for months.

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