Issue 355

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 CONTENTS FROM THE

p2 How the 4% Buyer’s Stamp Duty Made

EDITOR
Welcome to the 355th edition of the
Singapore Property Weekly.
Speculators Look Foolish – Again
Hope you like it!
p8 Resale Property Transactions
Mr. Propwise
(April 9 – April 13)

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 SINGAPORE PROPERTY WEEKLY Issue 355

How the 4% Buyer’s Stamp Duty Made Speculators

Look Foolish – Again

By Property Soul (guest contributor)
The recent Singapore Budget 2018 had only
bad news for the property industry. The top
marginal Buyer’s Stamp Duty (BSD) rate was
raised from 3 to 4 percent for residential
properties valued over $1 million. The revised
rate is effective immediately on or after 20
February 2018.

The Finance Minister explained this is done to

enhance “progressivity” in our tax system.
For industry stakeholders who said
confidently that the government would soon
ease the property cooling measures
“progressively”, this is no doubt a real slap in
their face.

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 SINGAPORE PROPERTY WEEKLY Issue 355
In July last year, I wrote the blog post “MAS
makes commentators look foolish again”.
Seven months later, our Finance Minister
proved the commentators wrong again. It
seems their betting skills haven’t improved at
all.
Flexible payment scheme: genius or
reckless?
Wait, what about buyers of new condo
projects who are on flexible payment
schemes?
What happen to those who bought under the
deferred payment scheme (DPS), stay-then-
pay program or lease option to help solve the
developers’ Qualifying Certificate deadline
problem? Those who got to own, stay or
lease first, with a future date to exercise the
option and pay the balance? Those who paid
a slightly higher price, in exchange for better
cashflow management? Those who bet the
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government would adjust the Additional Buyer
Stamp Duty (ABSD) in a year or two?
Projects which offer such options include:
1. Deferred payment scheme: OUE’s Twin
Peaks and CapitaLand’s Sky Habitat;
2. Stay-then-pay program: CapitaLand’s The
Interlace and d’Leedon, Frasers Centrepoint’s
Soleil @ Sinaran; and
3. Two-year lease option with refundable
deposit: TG Development’s Lloyd Sixtyfive.
The matter is addressed in the IRAS website
under “Requirement to Pay BSD”: If a buyer
of a residential property has been granted an
Option to Purchase on or before 19 Feb 2018
and executes it on or before the earlier of the
following dates: 12 Mar 2018 or date of expiry
of the validity period, the buyer may apply to
IRAS for remission to apply the BSD rates
prior to 20 Feb 2018.
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 SINGAPORE PROPERTY WEEKLY Issue 355
Let’s hope that buyers who opt for such
flexible payment schemes were not ill-advised
and have fully prepared for the possibilities
and consequences.
Ladies know what the DPS is
The Deferred Payment Scheme is nothing
new. I already used it in the 2000s.
When I received a marriage proposal with a
diamond ring, I remembered a good piece of
advice from my sister. I didn’t have to give an
answer right away but could keep the ring
with the option to revert on an unspecified
date.
There are a few advantages of the deferment:
1. I can avoid making a rash decision by
saying “yes” or disappointing the other party
by saying “no” right away.
2. I can still change my mind so long as I
haven’t said “yes”.
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3. I don’t have to be tied down so early. I can
keep my options open.
4. It is a nice and expensive ring. I better
keep it in case it ends up with another girl.
The same benefits apply for buyers who opt
for DPS:
1. They can avoid making a rash decision by
buying it now or disappointing their property
agents by turning them down.
2. They can still change their mind so long as
they haven’t exercised the option.
3. They don’t have to be tied down by the
property now. They can enjoy better cashflow
using the balance of the payment for other
financial commitment.
4. It is a good unit selling on DPS. They better
book it now before it is taken up by other DPS
buyers.
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 SINGAPORE PROPERTY WEEKLY Issue 355
You think you are smart. But the other party is
also not dumb.
How long can you drag? A year or two?
Sooner or later, you must make a decision.
Unless they don’t mind paying 4 percent
BSD, buyers on DPS are forced to make the
call before the remission deadline of March
12.
How could speculators get this wrong?
It is naïve to speculate on the relaxation of
cooling measures and believe the
government will make concessions.
Before the government announced each
round of cooling measures, did they consult
the industry stakeholders, seek their opinions
on suggestions to deal with the issue, or warn
them that “ABSD, SSD and TDSR would be
coming this Friday”?
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Take the hint from the recent incident of
the stolen A-Level Chemistry exam
papers where 238 students from four Junior
Colleges were affected. The exam papers
were stolen in the UK while they were in
transit from the Cambridge Assessment’s
office to the examiner for marking. The same
thing happened before back in 1993.
Students could go for a re-examination or
accept an average score of the other three
papers. One lucky student left one-third of the
paper unanswered but still scored an
“A”. Straits Times then came up with the
headline “Affected students mostly happy with
awarded grades”.
Did the Ministry of Education let slip of the
incident from the theft on November 16 to the
A-level result announcement day on February
23? No.
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 SINGAPORE PROPERTY WEEKLY Issue 355
Did Singapore Examinations and Assessment
Board (SEAB) consult the concerned before
they came up with the options? Not
necessarily.
Did SEAB mention that the affected students
were free to suggest a better alternative other
than the two options given? Not really.
I just read a book by Hong Kong writer Li Yi (
李怡). He explained how a big MNC’s
recruitment mistake could have totally
different consequences in different countries.
Let me try to apply the concepts in the
missing exam paper incident.
If this happened in the US, lawyers from
different States would convince the parents of
the affected students to sue the responsible
party for negligence and pay for all tangible
losses and psychological damages. The legal
fee is a percentage of the compensation the
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students awarded after winning the case.
If this happened in Germany, parents would
insist affected students re-sit the paper for
scoring accuracy. The public would put
pressure on the government to check all
security procedures, report the findings, and
have measures in place to ensure the lapses
would not happen again.
If this happened in Japan, the responsible
party would call for a press conference. In
front of the national TV network and media,
the management team would bow 90-degrees
to admit their mistakes.
If this happened in China, parents of the
students (who expected “B” or “C” but got an
“A” instead) would bring the most expensive
gift they could afford, kneel before the
government officials, and thank them for
giving their child the chance to score an “A”
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 SINGAPORE PROPERTY WEEKLY Issue 355

and qualify for admission to university.

Li Yi also has a good advice: Learn to

appreciate the right thing in the right country –
France’s culture, UK’s politics and the US’s
technology. But never the other way round –
France’s politics, UK’s technology or the US’s
culture.

Got it?

By guest contributor Property Soul, a

successful property investor, blogger, and
author of the No B.S. Guide to Property
Investment.

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 SINGAPORE PROPERTY WEEKLY Issue 355

Non-Landed Residential Resale Property Transactions for the Week of Apr 9 – Apr 13

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 THE SAIL @ MARINA BAY 893 1,620,000 1,813 99 9 HILLTOPS 829 2,678,000 3,231 FH
1 THE CLIFT 775 1,310,000 1,690 99 9 SCOTTS SQUARE 947 2,900,000 3,062 FH
2 SPOTTISWOODE SUITES 463 990,000 2,139 FH 9 HELIOS RESIDENCES 1,313 3,050,000 2,323 FH
3 THE CREST 926 1,948,000 2,104 99 9 WATERSCAPE AT CAVENAGH 1,313 2,425,000 1,847 FH
3 THE CREST 700 1,463,000 2,091 99 9 MOUNT SOPHIA SUITES 495 860,000 1,737 FH
3 THE CREST 700 1,423,000 2,034 99 9 NEWTON EDGE 915 1,550,000 1,694 FH
3 THE CREST 1,324 2,443,000 1,845 99 9 STARLIGHT SUITES 1,076 1,800,000 1,672 FH
3 ASCENTIA SKY 1,475 1,800,000 1,221 99 9 VILLE ROYALE 1,044 1,720,000 1,647 FH
4 CARIBBEAN AT KEPPEL BAY 872 1,390,000 1,594 99 9 RHAPSODY ON MOUNT ELIZABETH 2,540 4,180,800 1,646 FH
4 THE INTERLACE 1,055 1,400,000 1,327 99 9 SOPHIA RESIDENCE 1,432 2,290,000 1,600 FH
5 THE ORIENT 721 1,385,300 1,921 FH 9 ESTILO 581 930,000 1,600 FH
5 THE ORIENT 990 1,844,000 1,862 FH 9 LANGSTON VILLE 936 1,480,000 1,580 999
5 SEAHILL 495 740,000 1,495 99 9 WILKIE REGENCY 850 1,150,000 1,352 FH
5 THE PEAK@BALMEG 1,507 1,900,000 1,261 FH 10 PARVIS 2,013 4,280,000 2,126 FH
5 VARSITY PARK CONDOMINIUM 1,475 1,650,000 1,119 99 10 LATITUDE 1,324 2,800,000 2,115 FH
5 REGENT PARK 980 960,000 980 99 10 FIFTH AVENUE CONDOMINIUM 1,496 2,950,000 1,972 FH
5 THE PARC CONDOMINIUM 2,196 2,100,000 956 FH 10 MELROSE PARK 1,345 2,560,000 1,903 999
5 REGENT PARK 1,152 1,100,000 955 99 10 N.A. 3,853 7,300,000 1,894 FH
5 THE PARC CONDOMINIUM 2,239 2,080,000 929 FH 10 DUCHESS RESIDENCES 1,464 2,600,000 1,776 999
7 DUO RESIDENCES 1,023 2,350,000 2,298 99 10 THE TESSARINA 1,033 1,800,000 1,742 FH
7 CONCOURSE SKYLINE 1,119 2,214,420 1,978 99 10 THE SOLITAIRE 2,250 3,800,000 1,689 FH
7 THE BENCOOLEN 1,044 1,350,000 1,293 99 10 VIZ AT HOLLAND 861 1,410,000 1,637 FH
8 KERRISDALE 990 1,150,000 1,161 99 10 D'LEEDON 1,033 1,670,000 1,616 99
8 N.A. 1,259 1,448,000 1,150 FH 10 FONTANA HEIGHTS 3,455 4,900,000 1,418 FH
9 NEW FUTURA 1,098 3,912,000 3,563 FH 10 QUINTERRA 1,679 1,980,000 1,179 99

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 SINGAPORE PROPERTY WEEKLY Issue 355

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
11 RESIDENCES @ EVELYN 1,539 3,100,000 2,014 FH 14 DAKOTA RESIDENCES 1,970 2,600,000 1,320 99
11 THE LINCOLN RESIDENCES 1,841 3,200,000 1,739 FH 14 BAODE BUILDING 1,216 1,330,000 1,093 FH
11 MONTEBLEU 850 1,460,000 1,717 FH 14 EUHABITAT 1,012 1,080,000 1,067 99
11 NEWTON IMPERIAL 1,938 3,310,000 1,708 FH 14 ASTORIA PARK 1,195 1,200,000 1,004 99
11 ROSEVALE 1,313 2,200,000 1,675 FH 14 ASTORIA PARK 1,173 1,170,000 997 99
11 NINETEEN SHELFORD ROAD 947 1,550,000 1,636 FH 14 NICOLE GREEN 2,228 1,950,000 875 FH
11 MIRO 1,959 3,000,000 1,531 FH 15 THE MEYERISE 1,270 2,350,000 1,850 FH
11 DERBYSHIRE HEIGHTS 1,292 1,750,000 1,355 FH 15 THE SEAWIND 915 1,495,888 1,635 FH
11 N.A. 1,152 1,518,000 1,318 FH 15 THE SHORE RESIDENCES 1,292 2,000,000 1,548 103
11 THE THOMSON DUPLEX 2,110 2,730,000 1,294 FH 15 MAYFAIR RESIDENCES 1,195 1,820,000 1,523 FH
12 EIGHT RIVERSUITES 441 755,000 1,711 99 15 BELLA CASITA 463 690,000 1,491 FH
12 DOMUS 1,001 1,500,000 1,498 FH 15 PALAZZETTO 818 1,198,000 1,464 FH
12 D'MIRA 1,507 1,750,000 1,161 FH 15 RIVEREDGE 1,679 2,428,000 1,446 99
12 CHELSEA GROVE 958 1,080,000 1,127 FH 15 VERSILIA ON HAIG 1,130 1,550,000 1,371 FH
12 THE RICHMOND 1,238 1,300,000 1,050 FH 15 BUTTERWORTH 8 1,313 1,750,000 1,333 FH
12 NADIA MANSIONS 2,282 2,380,000 1,043 FH 15 WATER PLACE 1,216 1,560,000 1,283 99
13 BARTLEY RIDGE 1,109 1,445,000 1,303 99 15 COSTA RHU 1,012 1,275,000 1,260 99
13 WAN THO LODGE 1,152 1,225,000 1,064 FH 15 PALM VISTA 861 1,060,000 1,231 FH
14 AVANT AT ALJUNIED 420 746,300 1,778 99 15 DAWN VILLE 1,496 1,750,000 1,170 FH
14 AVANT AT ALJUNIED 377 664,800 1,765 99 15 COSTA RHU 1,399 1,615,000 1,154 99
14 WATERBANK AT DAKOTA 1,184 1,868,000 1,578 99 15 THE AMBRA 840 965,000 1,149 FH
14 AVANT AT ALJUNIED 538 838,900 1,559 99 15 DE CASALLE 936 963,000 1,028 FH
14 AVANT AT ALJUNIED 527 816,600 1,548 99 15 LE CONNEY PARK 990 968,000 977 FH
14 AVANT AT ALJUNIED 527 811,300 1,538 99 15 NEPTUNE COURT 1,636 1,480,000 905 99
14 SILVERSCAPE 409 565,000 1,381 FH 15 NEPTUNE COURT 1,636 1,448,000 885 99
14 SUITES@CHANGI 441 608,000 1,378 FH 15 SUNNY PALMS 3,649 2,530,000 693 FH
14 CASA AERATA 420 570,000 1,358 FH 16 ARCHIPELAGO 829 1,100,000 1,327 99

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 SINGAPORE PROPERTY WEEKLY Issue 355

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
16 EAST COAST RESIDENCES 872 1,135,000 1,302 FH 18 MODENA 1,410 1,250,000 886 99
16 THE SUMMIT 1,238 1,600,000 1,293 FH 18 RIS GRANDEUR 1,539 1,350,000 877 FH
16 OPTIMA @ TANAH MERAH 850 1,038,000 1,221 99 18 NV RESIDENCES 1,184 1,030,000 870 99
16 OPTIMA @ TANAH MERAH 872 1,065,000 1,221 99 18 LIVIA 1,539 1,290,000 838 99
16 BALCON EAST 1,367 1,380,000 1,009 FH 18 EASTPOINT GREEN 1,130 938,000 830 99
16 COSTA DEL SOL 1,733 1,700,000 981 99 18 CHANGI RISE CONDOMINIUM 1,259 978,000 777 99
16 THE BAYSHORE 1,012 945,000 934 99 18 MELVILLE PARK 936 650,000 694 99
16 BAYSHORE PARK 936 860,000 918 99 19 THE SCALA 904 1,330,000 1,471 99
17 THE INFLORA 463 556,000 1,201 99 19 CASA CAMBIO 484 708,000 1,462 FH
17 HEDGES PARK CONDOMINIUM 872 810,000 929 99 19 KOVAN REGENCY 980 1,400,000 1,429 99
17 AZALEA PARK CONDOMINIUM 1,507 1,270,000 843 999 19 WATERTOWN 958 1,330,000 1,388 99
17 CARISSA PARK CONDOMINIUM 1,302 1,080,000 829 FH 19 WATERTOWN 581 800,000 1,376 99
17 THE EDGEWATER 1,001 828,000 827 FH 19 WATERTOWN 603 790,000 1,311 99
17 CASA PASIR RIS 1,098 830,000 756 946 19 TANGERINE GROVE 1,184 1,500,000 1,267 FH
17 BALLOTA PARK CONDOMINIUM 1,862 1,250,000 671 FH 19 WEMBLY RESIDENCES 560 678,000 1,211 FH
18 MY MANHATTAN 861 1,130,000 1,312 99 19 RIVERSAILS 850 890,000 1,047 99
18 D'NEST 753 845,000 1,121 99 19 JANSEN 28 1,216 1,265,000 1,040 999
18 D'NEST 753 838,000 1,112 99 19 RIVERSAILS 883 900,000 1,020 99
18 D'NEST 753 820,000 1,088 99 19 RIVERSOUND RESIDENCE 1,345 1,350,000 1,003 99
18 WATERVIEW 1,130 1,205,000 1,066 99 19 THE MINTON 936 900,000 961 99
18 RIS GRANDEUR 1,066 1,100,000 1,032 FH 19 RIVERSOUND RESIDENCE 1,066 1,015,000 952 99
18 THE PALETTE 893 920,000 1,030 99 19 REGENTVILLE 1,076 850,000 790 99
18 DOUBLE BAY RESIDENCES 1,324 1,330,000 1,005 99 20 SKY VUE 1,141 1,850,000 1,621 99
18 WATERVIEW 1,130 1,100,000 973 99 20 THOMSON THREE 732 1,135,000 1,551 99
18 SEA ESTA 1,119 1,068,000 954 99 20 SKY HABITAT 1,302 1,967,800 1,511 99
18 SEA ESTA 1,141 1,075,000 942 99 20 THOMSON THREE 1,485 2,238,000 1,507 99
18 LIVIA 1,539 1,400,000 910 99 20 CENTRO RESIDENCES 926 1,275,000 1,377 99

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 SINGAPORE PROPERTY WEEKLY Issue 355

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
20 SKY HABITAT 1,765 2,289,900 1,297 99 27 THE SENSORIA 1,076 948,000 881 FH
20 THOMSON V TWO 743 925,000 1,245 FH 28 SELETAR PARK RESIDENCE 1,378 1,650,000 1,198 99
20 BISHAN POINT 936 1,100,000 1,175 99 28 RIVERBANK @ FERNVALE 495 580,000 1,171 99
20 BISHAN POINT 936 1,100,000 1,175 99 28 H2O RESIDENCES 883 900,000 1,020 99
20 RAFFLESIA CONDOMINIUM 1,195 1,400,000 1,172 99 28 SERENITY PARK 1,324 1,300,000 982 FH
21 FLORIDIAN 1,292 2,380,000 1,843 FH 28 SELETAR SPRINGS CONDOMINIUM 1,270 854,800 673 99
21 THE CASCADIA 581 930,000 1,600 FH
21 THE BEVERLY 1,119 1,500,000 1,340 FH
21 THE HILLSIDE 1,528 1,770,000 1,158 FH
21 SYMPHONY HEIGHTS 1,281 1,300,000 1,015 FH NOTE: This data only covers non-landed residential resale property
21 SHERWOOD TOWER 1,518 1,150,000 758 99 transactions with caveats lodged with the Singapore Land Authority.
22 THE CENTRIS 1,259 1,380,000 1,096 99 Typically, caveats are lodged at least 2-3 weeks after a purchaser
22 THE LAKESHORE 1,109 1,130,000 1,019 99 signs an OTP, hence the lagged nature of the data.
22 THE LAKESHORE 1,141 1,138,000 997 99
23 THE SKYWOODS 1,345 1,750,000 1,301 99
23 THE HILLIER 592 750,000 1,267 99
23 ECO SANCTUARY 980 1,230,000 1,256 99
23 ESPA 1,442 1,730,000 1,199 999
23 THE TENNERY 883 943,888 1,069 99
23 HAZEL PARK CONDOMINIUM 1,335 1,400,000 1,049 999
23 HILLINGTON GREEN 1,528 1,600,000 1,047 999
23 MI CASA 1,238 1,010,000 816 99
23 NORTHVALE 1,270 948,000 746 99
23 GUILIN VIEW 1,281 950,000 742 99
26 THE BROOKS II 603 807,899 1,340 FH
26 THE BROOKS I 1,152 1,221,000 1,060 FH
27 EIGHT COURTYARDS 1,152 1,080,000 938 99

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