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AsiaOne
04-07-2025
- Business
- AsiaOne
Higher seller's stamp duty a 'light touch' to curb property flipping: Experts, Money News
To curb speculative buying, the Government announced on Thursday (July 3) an increase in the seller's stamp duty (SSD) rates and an extension to its holding period. These measures, set to kick in for all private homes purchased on and after Friday (July 4), will not dampen demand among genuine buyers, several experts told AsiaOne. The Ministry of National Development (MND), Ministry of Finance (MOF) and Monetary Authority of Singapore (MAS) said that the holding period for private properties will increase from three to four years. Homeowners will also have to pay higher SSD rates of between four per cent to 16 per cent if they sell their private homes within four years of the purchase. MND, MOF and MAS noted the measures come after that there has been a "significant" increase in sub-sale of units that have not been completed. Sub-sale transactions refer to homeowners selling their properties before it is completed. Chief Researcher and Strategist of Realion Group Christine Sun said that according to data from the Urban Redevelopment Authority, the number of such transactions for non-landed private homes has been increasing in recent years. There has been an average of 220 sub-sale transactions from 2020 to 2025, higher than the average of 88 seen from 2015 to 2020. Echoing Sun's observations, ERA Singapore CEO Marcus Chu said that there since 2021, there had been a "significant jump" in sellers who sold their homes after holding them for between three and four years. He added that in 2020, only 358 people sold their non-landed private residential properties after holding them for three to four years, compared to 2024, which saw a peak of 2,104 sellers. Chu, as well as head of research and data analytics at Singapore Realtors Inc Mohan Sandrasegeran, said that a majority of homeowners continue to sell their properties after holding them for five years or more. "Generally, most private home buyers are already holding for longer than four years, the adjustment targets short-term speculators, helping to discourage rapid turnover and flipping," added Sandrasegeran. Limited impact Property experts told AsiaOne that the measures will have a limited impact on the private home market, with genuine buyers and long-term investors unlikely to be affected. Sun said that while the number of sub-sale transactions is higher than before the pandemic, the quarterly transactions have been on a downtrend over the past few quarters. "Furthermore, most condominiums are purchased for owner-occupation, especially after the additional buyer's stamp duty has been raised several times. "Those who buy properties for their own use will not be affected by the increased SSD, as they are likely to stay in the property for the long term," she added. Realion Group's Sun said that the policy changes were "probably" introduced as a preventive measure to limit speculative growth, since more condominiums are due to obtain their Temporary Occupation Permit (TOP). The number of sub-sale transactions might rise in line with the anticipated increase in private residential units securing TOP, which is projected to grow from 5,920 units in 2025 to 6,838 units in 2026 and further to 10,306 units in 2027, according to Sun. She also noted that several new projects are expected to be launched in the coming months, adding lower interest rates also make housing loans more affordable -- spurring buying activity. Meanwhile, Chu said that buyers have become more cautious due to the economic uncertainty, and more now see property as a long-term investment. "Since most homebuyers are genuine owner-occupiers or longer-term investors, this measure is a gentle touch rather than a heavy-handed approach on the overall market. It aims to stabilise any spikes caused by short-term investors," he added. "It is not designed to crack down on the market but to reduce the froth from investors who sell shortly after the third year." Sandrasegeran said that genuine home buyers can further benefit if the Government introduces further policy changes, such as reducing, or even removing entirely, the 15-month wait-out period for private homeowners seeking to buy a resale HDB flat. The housing board previously said that 25 per cent of the 5,500 appeals for waiver from 2022 to March 2025 have been successful. "The SSD revision would not be negated by such a change. It will act as an added safeguard to prevent opportunistic exits from the private market," he added, while pointing out households who are motivated to "right-size" due to life transitions or financial constraints will benefit from such a move. "Together, these policies support both ends of the housing spectrum, with the SSD helping to curb speculative activity, and a potential relaxation of the wait-out period offering flexibility for those with genuine housing needs." Leonard Tay, Head of Research, Knight Frank Singapore, suggested further policy changes if the number of sub-sale transactions continue to increase. "It would not be too much of a stretch of the imagination to wonder whether the Government might even go so far as to consider imposing a Minimum Occupation Period in the private home market, similar to that applied to HDB flats," he said. [[nid:719806]] chingshijie@
Business Times
02-07-2025
- Business
- Business Times
IOI starts previews for 683-unit W Residences Marina View luxury project
[SINGAPORE] IOI Properties Group, which began marketing its luxury-branded residences project W Residences Marina View Singapore in late June, is expected to book sales on Jul 12. Located in Marina View, the 683-unit project will sit atop the 360-room W hotel, the Marriott group's second W hotel in Singapore after the one on Sentosa, called W Singapore Sentosa Cove. The project is next to the Shenton Way MRT on the Thomson-East Coast line. In response to queries from The Business Times, IOI said: 'The private preview for invitees presents a rare opportunity to experience first-hand the exceptional value this development brings to the branded residences market. This is achieved without compromising on quality, prime location or the exclusive privileges synonymous with the W brand, managed by Marriott International – the global leader in branded residences.' The marketing materials seen by BT indicate that the 99-year leasehold development comprises 171 one-bedroom units, 310 two-bedroom units, 103 three-bedroom units, 32 four-bedroom units, 64 five-bedroom units, two simplex penthouses and one duplex penthouse. Listings on PropertyGuru show that one-bedroom units, at 538 to 570 sq ft in size, start at over S$2.1 million. The two-bedroom units, at 710 to 850 sq ft, are expected to be priced from S$2.8 million, and the three-bedders, at 1,195 to 1,249 sq ft, from S$5.4 million. The four-bedders spanning 2,250 sq ft start at S$13 million, and the five-bedders, at 2,809 sq ft, are listed for sale from S$16 million. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up On a per-square-foot (psf) basis, prices are estimated to range from about S$3,800 to around S$6,000 psf. Prices are not available for the penthouses, but BT understands that each penthouse is above 5,000 sq ft in size. W Residences Marina View Singapore is expected to achieve its Temporary Occupation Permit in 2029. In 2021, IOI was the sole bidder for the white site, which it bought for S$1.508 billion or S$1,379 psf ppr, after triggering the release of the plot from the government land sales reserve list. IOI's bid was just S$101 more than the minimum price it committed to paying when it applied for the site. The site was estimated to be able to supply 905 private housing units and 540 hotel rooms. In June 2022, IOI received provisional permission for a 307-room hotel, 748 apartments for sale and 2,000 sq m in gross floor area of retail space on the land parcel. Market talk had it that in 2023, the developer tweaked plans for the project, reducing the number of apartments to 683, and raising the number of hotel rooms to 360. This followed the government's rolling out of a set of cooling measures in April that year, including sharply higher ABSD (Additional Buyer's Stamp Duty) rates for foreign buyers and investment buyers. Last year, IOI completed the Grade-A IOI Central Boulevard Towers, a mixed-use development in Marina Bay nearby, which comprises two Grade-A office towers and a seven-storey retail podium. One of Malaysia's largest property developers, IOI recently announced plans to acquire the remaining 50.1 per cent stake in the South Beach development it built with its joint venture partner, City Developments (CDL). IOI's portfolio of high-end residential properties also include Seascape and Cape Royale, condominium developments in Sentosa Cove which were developed in partnership with Ho Bee Land. The W Residences is the second residential project to be launched in the Marina area. In April 2025, One Marina Gardens in Marina South sold 353 units or about 38 per cent of its 937 units over its launch weekend, amid concerns about a trade war and potential global recession intensifying. The units were sold at an average selling price of S$2,953 psf. W Residences Marina View Singapore's launch comes in a month in which at least seven major projects are expected to come onto the market, several of which will also be in the Core Central Region (CCR). On Wednesday (Jul 2), Frasers Property and Sekisui House opened The Robertson Opus along Unity Street for a private preview. Prices there start at S$3,150 psf.
AsiaOne
09-05-2025
- AsiaOne
Missing 81-year-old man found on Bartley HDB rooftop after 6 days, Singapore News
An elderly man who lost contact with family members for six days has been found on the roof of a newly-constructed flat in Bidadari. Lau Sung Pong, 81, was reported missing on May 1 after he failed to return home. In an interview with AsiaOne, 55-year-old Joyce said that her father, Lau, who has dementia but had been advised by doctors to maintain his daily routine, accidentally got off the bus two stops later than intended. "He's generally strong and healthy, though his kidneys are not in the best condition due to his age," said Joyce, who asked not to be identified by her full name. She is her father's primary caregiver. After spending two hours searching for Lau on foot and car without success, Joyce contacted the police. Together with several family members, the police combed through the Bidadari and Woodleigh area to find the elderly man. Member of Parliament for Jalan Besar GRC Denise Phua also appealed for help in a Facebook post on Wednesday (May 7), which garnered over 1,400 reactions. The police also issued an appeal for information on May 2 about the whereabouts of Lau. "We received several tips of his possible sightings, but we still could not find him throughout the next six days," said Amy Hoi, 43, who is Lau's niece. She told AsiaOne that on Wednesday, Lau was found on the rooftop of Block 227A Bartley Walk, less than 300 metres where he was last seen. Joyce suggested that her father may have wandered there due to his dementia, noting that he used to work in water tank maintenance while also running a metal workshop business. The Build-To-Order flat is reportedly still awaiting its Temporary Occupation Permit. Several water tank contractors found the frail, slightly sunburned man and immediately called for an ambulance. By that time, Lau had gone several days without food, to which Hoi remarked that her uncle's survival was a "miracle". "He is undergoing treatment as his kidney suffered trauma from the dehydration," she said. "Other than that, he is very well." Joyce said that her father is recuperating in hospital, adding that her family appreciates all the well wishes and tip offs from good Samaritans. "Because of them sharing the news of Lau missing, we could reach out to such a wide network of people who really helped to look for him over these few days," added Hoi. "Words can never be enough to express how deeply grateful we are to all of them." The Singapore Civil Defence Force told AsiaOne that they receive a call for assistance at Block 277A Bartley Walk on Wednesday at around 6pm. "SCDF conveyed a person to Tan Tock Seng Hospital," they added. [[nid:709337]] chingshijie@
Business Times
04-05-2025
- Business
- Business Times
Straco chair Wu Hsioh Kwang elevates his stake
[singapore] Over the four trading sessions from Apr 25 to 30, institutions were net buyers of Singapore stocks, with net institutional inflow of S$56.4 million, reversing the preceding five sessions' institutional outflow of S$14 million. This brings the net institutional outflow for the 2025 year to Apr 30 to S$1.73 billion. Institutional flows The stocks with the highest net institutional inflow were OCBC , Singapore Airlines , Sembcorp Industries , Singtel , Singapore Technologies Engineering , Singapore Exchange , Keppel , Keppel DC Reit , Jardine Matheson Holdings and Hongkong Land Holdings . DBS , iFast Corporation , Mapletree Logistics Trust (MLT), UOB , ComfortDelGro Corporation , Wilmar International , Frasers Centrepoint Trust , ESR-Reit , Frasers Logistics & Commercial Trust and Seatrium led the net institutional outflow over the four sessions. From a sector perspective, industrials and utilities experienced the highest net institutional inflow, and financial services and technology recorded the most net institutional outflow. Share buybacks In the four sessions to Apr 30, 15 primary-listed companies conducted buybacks with a total consideration of S$5.1 million. Director transactions In the four trading sessions between Apr 25 and 30, nearly 80 director interests and substantial shareholdings were filed for more than 40 primary-listed stocks. Directors or chief executive officers filed 20 acquisitions and no disposals; substantial shareholders filed four acquisitions and two disposals. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This included director or CEO acquisitions in Aspial Lifestyle , CDW Holding , ESR-Reit, iFast Corporation, Keppel, MLT, MegaChem , Sheffield Green , Straco Corporation , Tat Seng Packaging Group , Union Steel Holdings and UOB-Kay Hian Holdings (UOBKH). Mapletree Logistics Trust On Apr 25, Mapletree Logistics Trust Management executive director and CEO Jean Kam acquired 100,000 units of MLT at S$1.14 a unit. This increased her interest to 179,800 units. Before the acquisition, MLT provided its Q4 FY2025 results, in which revenue decreased by 0.8 per cent from the year before to S$179.6 million, mainly due to lower contributions from China, divested properties and currency depreciation. This was partially offset by stronger performance in Singapore, Australia and Hong Kong, along with recent acquisitions. Consequently, net property income fell by 1.6 per cent to S$152.8 million. Kam highlighted that the focus for FY2026 would be on tenant retention, cost management and proactive capital management to counteract macroeconomic uncertainties, even as it continues its rejuvenation strategy. She added the real estate investment trust's redevelopment project at 5A Joo Koon Circle had committed 46 per cent of its lettable space ahead of receiving its Temporary Occupation Permit in May 2025, with another 30 per cent in active negotiation. Straco Corporation On Apr 25, Straco executive chairman Wu Hsioh Kwang acquired 16,545,000 shares in a married deal at S$0.40 apiece. With a consideration of S$6,618,000, this increased his direct interest from 1.04 per cent to 2.97 per cent. He also maintains a 55.02 per cent deemed interest through Straco Holding, Straco (HK) and his spouse and non-executive director Chua Soh Har. This brings his total interest to 57.99 per cent. Wu founded Straco, and has been instrumental in driving its growth since inception. Appointed as executive chairman in March 2003, he leads the group's strategic vision and overall management, while guiding its developing growth strategies. The group has been one of the first few foreign-owned companies that built up a significant presence and influence in China's tourism industry. Straco's main operating assets include the Singapore Flyer, Shanghai Ocean Aquarium, Underwater World Xiamen and Lintong Lixing Cable Car. It also holds the development rights to Chao Yuan Ge, a historical site situated at the alighting point for the Lintong Lixing Cable Car. Additionally, it has secured exclusive permission from the State Administration of Cultural Heritage of China to exhibit relics unearthed from the Chao Yuan Ge site on Lishan Mountain. Among the attractions, the Shanghai Ocean Aquarium is the group's flagship attraction; it is sited adjacent to the Oriental Pearl Tower and well positioned to serve visitors in Shanghai's financial district of Lujiazui in the Pudong New Area. For its FY2024 (ended Dec 31), Straco reported revenue of S$81.5 million, down 0.8 per cent from FY2023, attributed to its two China aquariums that pulled in fewer visitors amid a challenging economic and operating environment. This was partially offset by the Singapore Flyer achieving a 15 per cent increase in revenue and a more than 60 per cent surge in net profit, compared to FY2023. Overall attributable net profit for Straco in FY2024 was up 6 per cent to S$27.2 million. The group's financial position also remained robust, with a net cash holding of S$181 million as at the end of 2024. It plans to utilise this cash for ongoing asset enhancements, and is open to exploring collaborations and opportunities for mergers and acquisitions. Wu recently announced a positive economic outlook for 2025 in both the China and Singapore tourism markets. He noted China is aiming for a gross domestic product growth of around 5 per cent in 2025, which is expected to benefit the tourism industry as the economy shifts towards consumption-driven growth. He also expects that stimulus support and structural reforms will help stabilise industries that have struggled in recent years, boosting consumer confidence. Wu said the Singapore Flyer remains a popular attraction, drawing visitors from major markets such as mainland China, Indonesia and India. He added the Singapore Tourism Board projects international visitor arrivals to Singapore to come in at between 17 million and 18.5 million in 2025, which would represent a growth of 3 to 12 per cent, compared to 2024. UOB-Kay Hian Holdings On Apr 29, UOBKH chairman and managing director Wee Ee Chao acquired 788,360 shares at S$1.80 apiece. This increased his deemed interest from 35.27 per cent to 35.35 per cent. He has gradually increased his deemed interest in the regional financial-services group from 29.49 per cent at the end of 2019. ESR-Reit On Apr 25, ESR-Reit Management (S) independent non-executive director Nagaraj Sivaram acquired 936,000 units of ESR-Reit at S$0.21 a unit. This almost doubled his direct interest from 0.013 per cent to 0.025 per cent. The acquisition followed ESR-Reit's Q1 FY2025 business update, which reported increases of 24 per cent in revenue and 31 per cent in net property income from the corresponding period of the year before. This was mainly attributable to contributions from ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14, which were both acquired in November 2024. IFast Corporation On Apr 28, iFast non-executive non-independent director Lim Wee Kian acquired 80,000 shares at an average price of S$6.50 a share. With a consideration of S$520,407, this increased his total interest in the wealth-management fintech platform from 6.45 to 6.47 per cent. His preceding acquisitions on the open market were in March 2024 for 25,000 shares, at an average price of S$6.89 a share, and in October 2022, when he bought 57,000 shares at S$3.79 a share. Lim is also the CEO of DBS Digital Exchange, a subsidiary of DBS. He joined DBS in August 2004 and previously served as the regional head of foreign exchange. Before DBS, he worked at various investment banks, specialising in trading foreign exchange and interest rate products. Lim's acquisition follows on from iFast reporting its Q1 FY2025 financials after the Apr 25 close. The group's Q1 net profit rose 31.2 per cent from the year-ago period to S$19.04 million, propelled by a 24.4 per cent rise in revenue to S$106.92 million. The group's assets under administration (AUA) reached a record high of S$25.68 billion, with net inflows of S$938 million despite market volatility. iFast expects to continue to grow the AUA of its core wealth-management platform business, which will drive further growth in both revenues and profitability. It also added that iFast Global Bank is expected to build upon its progress and achieve a full year of profitability in 2025. It also expects further growth of the ePension division as onboarding rates continue to progress and the ORSO (Occupational Retirement Schemes Ordinance) pension business starts to contribute. Union Steel Holdings On Apr 28, Union Steel executive director Ang Yew Chye acquired 134,600 shares at an average price of S$0.53 a share. This increased his total interest in the metals, scaffolding and engineering company from 12.26 per cent to 12.37 per cent. This closely followed his acquisition of 45,000 shares at S$0.51 a share on Apr 21. The co-founder increased his direct interest from 12.08 per cent when Union Steel reported its H1 FY2025 (ended Dec 31) results on Feb 12. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
Yahoo
09-02-2025
- Business
- Yahoo
GuocoLand tops five bidders for River Valley Green Parcel B with $1,420 psf ppr bid
The site is next to Kim Seng Park and fronts the Singapore River (Source: EdgeProp Landlens) The River Valley Green (Parcel B) tender closed on Feb 7 with five bids. The top bid of $627.84 million came from GuocoLand. Based on the land area of 126,326 sq ft and maximum gross floor area of 442,142 sq ft, the price translates to a land rate of $1,420 psf per plot ratio (ppr). The 99-year leasehold site can yield about 475 residential units with commercial space on the first level. "If we are awarded the site, we plan to build a high-end waterfront residential development with two towers," says Dora Chng, GuocoLand residential District 9 site in Robertson Quay "is the last residential site with direct access to the Singapore River", adds Chng. It is next to Kim Seng Park and fronts the Singapore River. The site also has direct access to the Great World MRT Station on the Thomson-East Coast Line and is just across the road from the popular River Valley Primary School, which should attract families with children of school-going age. Search for the latest New Launches, to find out the transaction prices and available units GuocoLand's bid was 7.9% higher than Sing Holdings' bid of $576.33 million ($1,308 psf ppr). Developers may also have viewed the River Valley Green (Parcel B) site more favourably due to its long frontage facing the Singapore River compared to the other River Valley Green sites, reckons Tricia Song, CBRE head of research for Singapore and Southeast Asia. "The slightly keener interest for [River Valley Green (Parcel B)] perhaps reflects a recovery in developers' confidence in the primary home sales market, supported by strong take-up rates at recent new project launches, as well as moderating interest rates towards the end of 2024," says Wong Siew Ying, head of research and content, PropNex. According to Mark Yip, CEO of Huttons Asia, the bids received were the highest number of bids and tender price for a GLS tender in the Core Central Region (CCR) since Irwell Bank Road, off River Valley Road, in January 2020. The tender attracted seven bids, with City Developments Ltd (CDL) winning the site with a bid of $583.9 million ($1,515 psf ppr). The site at Irwell Bank Road has since been developed into the 540-unit Irwell Hill Residences, which obtained its Temporary Occupation Permit in November 2024. Based on caveats lodged, the latest transaction at Irwell Hill Residences was for the sub-sale of a 678 sq ft, two-bedroom unit on the 15th floor that changed hands for $1.9 million ($2,802 psf) in January. River Valley Green (Parcel B) was initially placed on the Reserve List and zoned for 360 homes and 220 long-stay serviced apartments (SA2). However, in October 2024, it was launched for sale along with three other sites under the 2H2024 GLS programme. GuocoLand's top bid of $1,420 psf ppr for Parcel B is also 7.2% higher than the neighbouring Parcel A. Read also: Allgreen's $1,304 psf ppr at the top of two bids for Zion Road Parcel B Wing Tai Holdings won the River Valley Green (Parcel A) tender in June 2024 with a bid of d $464 million ($1,325 psf ppr). The new project on the site is expected to debut sometime in 2Q2025 as River Green, which is expected to have more than 400 recently awarded GLS sites in the vicinity include Zion Road Parcel B (estimated 610 units) site, which drew two bids and was awarded for $730.09 million ($1,304 psf ppr) in August 2024 to Allgreen Properties, and the SA2 (long-stay serviced apartments) hybrid site at Zion Road Parcel A (735 residential units, 435 SA2 units) which drew a lone bid of $1.1 billion ($1,202 psf ppr) from a joint venture between CDL and Mitsui Fudosan, which were awarded the site in April 2024. Marcus Chu, CEO of ERA Singapore, says that River Valley Green (Parcel B) drew the most bids among the sites. "The previous three sites in the vicinity only had an average of 1.7 bids each," he says. However, developers in the area will have to contend with heightened competition, with 1,725 residential units and 435 SA2 units expected in the pipeline from the three prior sites, says CBRE's Song. Nearby developments Riviere (455 units) saw 47 transactions in 2023 at a median price of $3,083psf and five units change hands in 2024 at a median price of S$2,848 psf. The freehold 545-unit Rivergate, completed in 2009, saw 13 transactions at a median price of $2,809 psf in 2024. Taking the cue from the launch prices at prior sites and new developments, Song reckons the new development at River Valley Green (Parcel B) could be launched at an average price of $3,000 psf. Read also: Wing Tai Holdings submits top bid of $1,325 psf ppr for residential GLS site at River Valley Green Mohan Sandrasegeran, SRI head of research & data analytics, anticipates the launch price for the new project to be in the range of $2,800 to $3,000 psf. "With recent new launches in the area, such as Irwell Hill Residences and The Avenir almost fully sold, we may still see healthy demand when this new project is launched for sale to buyers," says Justin Quek, CEO of OrangeTee & Tie. Check out the latest listings for River Green properties See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) Allgreen's $1,304 psf ppr at the top of two bids for Zion Road Parcel B Wing Tai Holdings submits top bid of $1,325 psf ppr for residential GLS site at River Valley Green Tender launched for Zion Road (Parcel B) GLS site En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
