$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.
- -
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
)
------
$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.
http://forums.condosingapore.com/showthread.php?t=2758