Latest news with #residentialproperties
Daily Mail
2 days ago
- Business
- Daily Mail
EXCLUSIVE Inside the Labor Party's bold push to increase taxes on property investors: 'Government now has a mandate to rectify inequity'
Labor Party activists are pushing to scrap the capital gains tax discount on investment properties, despite Anthony Albanese ruling out such changes in Opposition. Former Labor leader Bill Shorten lost the 2016 and 2019 elections with a plan to halve the 50 per cent capital gains tax discount to 25 per cent. Albanese ruled out tinkering with capital gains taxes after taking over as Labor leader and went on to win the 2022 election from Opposition and was resoundingly re-elected in May. But now a grassroots organisation within the Prime Minister's own party – Labor for Housing – wants the 50 per cent capital gains tax discount scrapped entirely, not just diluted. That means someone who made a $100,000 capital gain on their investment property they rented out would be taxed on the entire increase, not just $50,000 of it. Labor for Housing co-convener Julijana Todorovic told Daily Mail Australia the 50 per cent capital gains tax discount introduced in September 1999 needed to be dismantled for residential properties. 'We think it should be removed entirely, so not immediately,' she said/ 'Property should not be an investment for which you can claim the discount.' Ms Todorovic, a land rights lawyer, said the Albanese Government needed to scrap the 50 per cent capital gains tax discount during this term of Parliament without taking the policy to the next election. 'Our view is that the Labor government now has a mandate to rectify inequity in Australian society,' she said. 'While it's clear from the election results that we can't be too radical, we must do something to stem the flow of generational inequity.' She argued the 50 per cent capital gains tax discount should be grandfathered for existing investors as the policy is scrapped for future purchases - a position the Greens took to the May election. 'We are proposing that residential property is removed as a category for which the discount can be claimed,' Ms Todorovic said. 'But we're proposing that this change is grandfathered to a certain date – so if people have structured their finances based on the discount, then they will have time to restructure – they won't be left high and dry.' Labor for Housing argued that scrapping the 50 per cent capital gains tax discount would encourage investors to invest in technology instead of speculating on real estate, and driving up house prices. 'Australia's capital resources have become landlocked by a CGT discount on property,' it said in a submission to the government's August Economic Reform Roundtable. 'As Australia electrifies, transitions to renewables and increases our data capacity, businesses are struggling to find adequate capital. 'By incentivising investment in the productive powers of the market, the government can increase the circular flow of capital in the economy, creating jobs and additional economic activity.' The Greens went to the last election with a plan to scrap the 50 per cent capital gains tax discount for future purchases of investment properties, and grandfather it to one property for those who already owned an investment property. While Labor has a landslide majority in the House of Representatives, it needs the Greens in the Senate to get its legislation passed. The Labor-aligned McKell Institute has called for the federal government to dilute the 50 per cent capital gain tax discount to 35 per cent for existing investment houses with a backyard. This means $65,000 of a $100,000 capital gain would be taxed, up from $50,000 now. But it has also called for the 50 per cent capital gains tax discount to be increased to 70 per cent for newly-built apartments, arguing this kind of policy would boost housing supply and encourage more off-the-plan unit developments. That means only $30,000 of a $100,000 capital gain would be taxed. The McKell Institute's Harnessing Aspiration report argued the existing 50 per cent capital gains tax discount encouraged investor speculators to buy up houses. 'There is a unique incentive for investors to speculate on existing detached houses rather than non-existing off the plan attached dwellings or established attached dwellings,' he said. 'The blanket tax treatment of each of these asset types means an investor is much more attracted to high-growth existing detached dwellings than moderate-growth attached dwellings, especially new builds.' The average, full-time worker earning $102,742 a year is priced out of buying the median-priced house in every state and territory capital city except Darwin. Ms Todorovic said Labor for Housing's call to scrap the 50 per cent capital gains tax discount wasn't about stopping property speculators. 'It won't – this isn't the tool to correct speculation, this is about removing incentives which preference land above other more productive investments,' she said.
Arabian Business
09-07-2025
- Business
- Arabian Business
Dubai South Properties sells out Hayat community phases for $327mn within hours
Dubai South Properties has sold out the first two phases of its Hayat by Dubai South community within hours of launch, generating sales that exceeded AED 1.2 billion. The developer said the milestone demonstrates its strategy of launching projects that respond to demand for residential properties in the area from investors and end users. Hayat by Dubai South will contain approximately 2,500 residential units. The development will include townhouses, semi-detached villas, standalone villas, mansions, apartments, and hotel apartments. Units will range from one to five bedrooms. The community will provide amenities including parks, walking trails, play areas, fitness centres, wellness centres, community pools, gardens, and a retail boulevard. The boulevard will house shops, cafés, and convenience stores within walking distance of residents. Nabil Al Kindi, CEO of Dubai South Properties, said: 'The strong demand we continue to witness is a clear reflection of the trust people place in Dubai South as a preferred area to live, invest, and build their future. This success encourage us to keep delivering quality developments that meet the needs and expectations of our growing customer base.' The company will launch additional phases of the project soon.
Forbes
26-06-2025
- Business
- Forbes
Billionaire Charoen's Frasers Property, Partners Offer Top Bid Of $387 Million For Prime Singapore Plot
Singapore's residential properties are among the most expensive in the world. A consortium that includes Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi and his family—submitted the highest bid of S$491.5 million ($387 million) for a residential plot in Singapore's upscale Bukit Timah neighborhood. Frasers Property and its partners Japan's Sekisui House and CSC Land, a unit of Beijing-based China State Construction Engineering Corp, outbid eight other groups for the hotly contested plot on the site of the former Singapore Turf City horse racing track until 1999 when it moved to the western Singapore town of Kranji. The government is closing the Kranji race track for good in 2027 and developing a housing estate on the property. Other bidders for the 99-year leasehold site on Dunearn Road include City Developments, controlled by real estate tycoon Kwek Leng Beng and his family, as well as billionaire Wee family's UOL Group, which partnered with unit Singapore Land and privately owned Kheng Leong Co. About 380 residential condominium units can be built on the 13,492 square meter site, according to the Urban Redevelopment Authority. The site is located within a coveted residential enclave near the Sixth Avenue MRT station, Leonard Tay, head of research at property consultancy Knight Frank in Singapore, said in an emailed statement. 'With limited new launches in the area in recent months, pent-up domestic demand particularly from owner-occupiers familiar with Bukit Timah's character and education belt is expected to support interest at [the project's]The project may sell for as much as S$3,200 per square foot, above the effective top bid of S$1,410 per square foot per plot ratio, Tay added. Frasers Property has been stepping up residential developments to tap into resilient demand for luxury homes in the city-state. Last November, it partnered with Sekisui House to redevelop a serviced apartment along the Singapore River near the Raffles Place central business district into a mixed use residential and retail complex. Charoen, 81, is Thailand's third-richest person with a net worth of $10.6 billion based on real-time Forbes data. The self-made billionaire took control of Frasers Property—which owns residential, offices, shopping malls, logistics properties and hotels across Australia, China, Europe and Southeast Asia—following his takeover of Fraser & Neave in 2013. Charoen also owns Chang beer maker Thai Beverages and Bangkok-based developer Asset World Corp.
BBC News
12-05-2025
- General
- BBC News
Former Wolverhampton cadet barracks to be replaced with homes
Permission has been given for the demolition of city cadet barracks to make way for the construction of four semi-detached site, on Great Hampton Street in Wolverhampton was a former base for a local army cadet squadron but is currently vacant, according to documents submitted as part of the development is situated near West Park and is surrounded by residential application documents stated there was easy access to the site from main roads leading to and from Wolverhampton city centre as well as good public transport links. Each of the houses will have four bedrooms, and the designs show a living room, dining room and kitchen on the ground floor as well as a hallway and are two bedrooms and a bathroom on the first floor, plus an en-suite in one of the bedrooms of each second floor of each has a further two bedrooms as well as a shower of the new houses will have a driveway with two parking spaces, but future residents will be encouraged to travel to and from the site by alternative means."We consider that the proposal is an attractive quality scheme," applicant Sarabjit Dhillon said in his submissions. Follow BBC Wolverhampton & Black Country on BBC Sounds, Facebook, X and Instagram.
