Redas calls for review of property tax policies in Budget 2017

SINGAPORE – The Real Estate Developers’ Association of Singapore (Redas) has called for a review of Singapore’s property tax policies among other suggestions for the upcoming Budget.

Redas is asking the Government to reduce property tax for vacant land, exempt the tax on land slated for or under development and buildings undergoing renovations, give tax concessions for vacant properties and make the valuation process more transparent.

It also proposed that the current basis of tax assessment for vacant land be reviewed to reflect the land’s lease term. Continue reading

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Call for review of property curbs increasingly insistent

Singapore’s second-biggest property developer, City Developments, has been calling on the government to ease the property cooling measures “as soon as possible”, reported the Singapore Business Review.

The company saw its profit fall 16 percent in Q3, on the back of lower contributions from its property development unit. “The Group continues to hold the view that the property cooling measures need to be reviewed as soon as possible, given that the home ownership rate in Singapore is over 90 percent. Timing is the most important factor to achieve a healthy and sustainable property market,” it said in a statement. Continue reading

Ease stamp duties on high-end properties: REDAS

SINGAPORE: In its latest call for the Government to scale back on property cooling measures, the Real Estate Developers’ Association of Singapore (REDAS) took aim at the imposition of the Additional Buyers’ Stamp Duties (ABSD) on the high-end real estate market.

Speaking at its Lunar New Year celebration lunch held at Shangri-La Hotel on Friday (Feb 27), REDAS President Augustine Tan said the high-end market is “not a segment the Government needs to safeguard”. Continue reading

Review of cooling measures tops wish list

43.5% of the Real Estate Sentiment Index (RESI) participants wish the government could review the policies on Additional Buyer’s Stamp Duty (ABSD), Seller’s Stamp Duty (SSD) and Total Debt Servicing Ratio (TDSR) in 2015.

Jointly developed by the Real Estate Developers’ Association of Singapore (REDAS) and the Department of Real Estate at National University of Singapore (NUS), RESI surveys senior executives of REDAS member firms every quarter, and measures the perceptions and expectations of Singapore’s real estate development and market conditions. Continue reading