$297,000p.a. for the next 99yrs (every-yr),
Updated, links viewable at
http://pixel-2.blogspot.com/2007/10/297000pa-for-next-99yrs-every-yr.html Dear 'foreigner', (if your $$ is legitimate): thank you for your faith in Singapore's ability to contribute to your future.
I think:
1) You are a responsible person, understanding that SG's defence costs $11B p.a. and are willing to play your part through investing in a leasehold property that depreciates @ $297K p.a. In return for your interest in Singapore, I'm sure our citizens (trough various NS liabilities) will safeguard your property like their own- with their lives.
2) I salute your vision and integrity.
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Rich Singaporeans should realize that they are 'Defrauding' the govt of $2.03B p.a. through their support for freehold property laws in a land scarce developed country.
ERP, COE, water conservation taxes, GST, medisave etc are all well established pay per use systems.
SLA has already legislated that new 99yr-leasehold land shall be valued at 96% its freehold worth.
Can SG afford $2.03B p.a. annual subsidy to the rich?
Why hurry to implement means testing, annuity schemes?
$2.03B donation to the rich?
***FREEHOLD HAS NO PLACE IN A LAND SCARCE DEVELOPED CITY***
& MBT must stop copying the British crappy property laws...
Anyhow, thank you foreigner, given your contribution, I hope the next GST increase can be delayed by a short while...
($297k pa= $280k +4%prop tax, 1% bc 99yr, 1% maintenance fee )
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$5,600 psf for penthouse new high in property price here
BT 12.10.2007
53rd-storey Orchard Residences unit fetches over $28m
By KALPANA RASHIWALA
A NEW record property price for Singapore has been set, even though fewer sales are being made in high-end residential projects since the time of the US sub-prime mortgage crisis.
CapitaLand and Sun Hung Kai Properties are said to have sold earlier this week a penthouse on the 53rd storey of The Orchard Residences for about $5,600 per square foot (psf), or over $28 million. This surpasses the previous benchmark of $5,500 psf set in August when a 54th storey penthouse fetched about $27.8 million.
This means that all four penthouses in the 99-year leasehold development are now sold.
The developers are said to have sold about 73 per cent of the total 175 units in the condo. The buyer of the final penthouse sold this week is believed to be a foreigner. The 5,048 sq ft unit has five bedrooms, a study and a family room.
A stone's throw away, Wheelock Properties (Singapore) is said to have sold more than 30 apartments at its freehold Scotts Square since the official launch of the project on Sept 28.
The developer is said to have largely maintained its average price at around the $4,000 psf mark from its preview in July, when it sold about half of the project's 338 apartments.
Over in Sentosa Cove, Ho Bee has sold 38 of the 50 units it has released so far in its 91-unit condo, Turquoise, since late September. The units have been sold at prices ranging from nearly $2,500 psf to $2,770 psf.
The average price is about $2,600 psf, Ho Bee Investment executive director Ong Chong Hua said when contacted by BT yesterday. Buyers of the 38 units - which include four penthouses - were an equal mix of foreigners and Singaporeans, he said.
Apartments at the 99-year leasehold Turquoise typically cost around $5.3 million for a three-bedroom unit, $6.4 million for a four-bedder and around $9.3 million for a penthouse.
DTZ Debenham Tie Leung executive director (residential) Margaret Thean acknowledges that buyers, both local and foreign, have been more cautious after the stock market setback at the time of the US sub-prime mortgage crisis.
'But we still see activity going on. For the high-end projects, we've not noticed any withdrawal of liquidity. The only difference is that prospective buyers are more cautious, doing more calculations and being more selective in their choice of investment before making a commitment,' she said.
Market watchers also say that the recovery in the stock market in recent weeks has led to a return of confidence in the property market, as seen in a pick-up in subsales activity lately.
Over in the Seletar Hills area, Tong Eng Brothers unit Fairview Developments is launching two landed developments. One is the freehold 8 @ Stratton, comprising eight cluster semi-detached houses priced at $1.98 million to $2.2 million.
The houses have built-up areas ranging from 3,595 sq ft to 3,649 sq ft and strata areas of 4,930 sq ft to 5,145 sq ft. The second project is Nim Green, a collection of just three terrace houses - a corner unit with an asking price of $2.5 million and two intermediate units with a price tag of about $2 million.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
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