Commentary: The state and future of Singapore’s real estate industry
“we have seen the equivalent of 5 years of consumer and business digital adoption in just 8 weeks since the COVID pandemic started.”Quote from Deputy Prime Minister Heng Swee Keat If there is anything we learn from COVID-19, it would be that life is predictable. Our nation narrowly avoided recession in 2019 and was poised…
COVID-19 Special: Banks approve 90% of applications to defer mortgage payments
Banks have approved about nine in 10 applications by property buyers to defer the payment of their mortgages.Quote from The Straits Times The high approval percentage for property mortgage payments by the banks sends a very clear signal that our Government is not going to let our property market go into freefall, or come even remote…
COVID-19 Special: Lowest Bank SIBOR rates since 2014
“Banks in Singapore have recently announced revisions to interest rates on savings accounts, an expected and necessary move given the declining interest rate environment globally amid the coronavirus pandemic, experts said.”Quote from The Straits Times Who could have thought that a pandemic that brought so much pain and grief to all of us could also…
COVID-19 Special: Steps to curb coronavirus transmission will raise construction costs
“The measures to keep Covid-19 transmission low in the construction sector are bound to increase costs for contractors, which they will have to bear in principle.National Development Minister Lawrence Wong said at a press conference yesterday that construction costs will rise as a result, and all in Singapore must be prepared to bear them.”Quote from…
COVID-19 Special: Property buyers get temporary reprieve from making payments under Covid-19 law
“Property buyers who have difficulties in making payments because of the Covid-19 pandemic can get temporary reprieve under a new law to.. defer making progress payments to developers and HDB from Feb 1 until Oct 19.”Quote from The Straits Times This is actually a very good initiative by the Government to protect buyers who purchased a property…
COVID-19 Special: Developers to get more time to finish and sell by ABSD deadlines, allowed to start construction 2 and a half years later
“Up to around 500 private housing developments in Singapore could benefit from a six-month extension to the original timeline for the completion and sale of the projects’ housing units, a Ministry of Finance spokesman told The Straits Times on Thursday (May 7).”Quote from Ministry of Finance & The Straits Times The significance of this new…
COVID-19 Special: Married Singaporean couples to get extra six months to sell their first residential property to qualify for ABSD remission
“Married Singaporean couples will have one year instead of six months to sell their first residential property to qualify for remission of additional buyer’s stamp duty (ABSD) for their second property.”Quote from The Straits Times On first look, this temporary relief measure does not seem very impactful but this is one of the best measures…
COVID-19 Special: Individuals can apply to defer property loan
“Individuals can apply to their banks and insurers to defer repayment of property loans, as well as premium payments for life and health insurance plans.. until 31 December 2020″Quote from The Straits Times Perhaps one of the most important policy rolled out by the Singapore Government, this policy helps property owners who have purchased a…
COVID-19 Special: Listed Singapore developers can get exemption from QC scheme
“Listed property developers with a “substantial connection to Singapore” can now apply to be exempted from the qualifying certificate (QC) scheme.”Quote from The Straits Times To fully understand the significance of this policy change, we have to first understand what is ‘Qualifying Certificate (QC)’ and which developer is affected by the QC scheme. Under the…
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Reuel Eugene Tay 