Sime Darby Centre ‘up for sale again’

Blackstone Group plans to sell Sime Darby Centre in Bukit Timah, one of the office and retail assets it acquired last year from Malaysian palm-oil producer Sime Darby Berhad, according to people familiar with the matter.

The New York-based private equity firm expects to fetch about S$300 million for Sime Darby Centre, which it bought for just under S$200 million last year, said one of the people, who asked not to be identified. CBRE Group is advising Blackstone on the sale, the people said, without identifying any of the prospective buyers.

Blackstone in May acquired a majority stake in three Singapore property assets, including the Sime Darby Centre, in a deal that valued them at about S$300 million. Continue reading

Big condo site at Tampines launched for sale

SINGAPORE – The Urban Redevelopment Authority (URA) launched on Tuesday (March 14) the tender of a condominium site along Tampines Avenue 10.

The 21,718 sq me site can potentially yield about 715 residential units. It has a maximum gross floor are of 60,810 sq m.

The 99-year leasehold plot comes under the Confirmed List of the 1st half of 2017 Government Land Sales (GLS) Programme.

The tender for the site closes at noon on April 25.

GRAPHIC: URA

Cooling measure tweaks could inject some optimism

The tweaking of property cooling measures last week, a first since they were rolled out in 2009, has surprised the real estate industry which had expected the curbs to remain unchanged for some time.

The Government unexpectedly announced last Friday that it will shorten the seller’s stamp duty (SSD) holding period for homes bought from March 11 to three years instead of four years. It will also cut rates for each tier by four percentage points.

It will also waive the total debt servicing ratio (TDSR) framework on mortgage equity withdrawal loans, where the ratio of the loans, including any existing loans, does not exceed half of the mortgaged property’s value. Continue reading

Borrowing money against property easier now for retirees

The Government is relaxing loan limit rules for anyone wanting to borrow money using their residential property as collateral.

It is tweaking the total debt servicing ratio (TDSR) framework which stipulates that all of a borrower’s debt repayments – including mortgage, credit cards and car loans – should not top 60 per cent of monthly income.

The move is set to help retirees, along with others wanting to cash out using the value of their home. Continue reading

New stamp duty for property-holding entities from today

The Government has taken swift legislative action to bring the stamp duty rate in the transfer of equity stakes in property-holding entities in line with the rate applying to regular property deals.

A new stamp duty – called additional conveyance duty (ACD) – will be levied on the purchase and sale of residential real estate in property-holding entities with effect from today.

The new tax is aimed at entities – including firms, trusts and partnerships – that hold at least 50 per cent of its total tangible assets in residential properties here. Continue reading

Some property curbs eased: But what do TDSR, LTV, SSD and ABSD mean?

SINGAPORE – The Government announced tweaks to property cooling measures on Friday (March 10).

With effect from Saturday (March 11), changes to the Seller’s Stamp Duty (SSD) and Total Debt Servicing Ratio (TDSR) framework will take effect, but current rules on Additional Buyer’s Stamp Duty and the general loan-to-value (LTV) limits will stay the same.

Not sure what all this means? Read our quick explainer below. Continue reading

Govt eases some property cooling measures, cutting seller’s stamp duty and slightly relaxing TDSR rules

SINGAPORE – The Government has relaxed some residential property measures relating to the seller’s stamp duty (SSD) as well as the total debt servicing ratio framework (TDSR). The new rules take effect from March 11.

However there is no change to the additional buyer’s stamp duty (ABSD) as well as loan-to-valuation (LTV) limits.

Instead, the Government is making “calibrated adjustments” to the SSD and TDSR framework, the ministries of national development and finance and the Monetary Authority of Singapore (MAS) said in a joint statement on Friday (March 10). Continue reading