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
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
TODAY reports: REDAS president Augustine Tan called for property cooling measures to be re-examined to minimise risks from an uncertain global economic conditions, adding that they would work with Government agencies in the coming weeks to offer their input.
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