Month: March 2018

Singapore Buyer’s Stamp Duty May Elevate the Prices of New Condo Development in 45 Amber Road

egappropertyNew Developments, Things to Know

Due to the recent outline for a rate hike of the Buyer’s Stamp Duty, this may however affect developer’s prices for new condo developments in the future. The developer pays a significant premium to develop on residential sites as the need for newer developed condo property rises but; Are these premiums in need of a hike in higher price rate? Should developers pay more for new condo projects that are underway and coming in the near future?

While it’s certain due to the condo real-estate market, the hikes are inevitably going to take place in order to keep the economy stable. However, it’s not much clarity as to why developers should pay more in premium property prices. For developers of newly developed condo buildings like the Amber 45 condo building located at 45 Amber Road, this means it will force a slight increase in site purchases for future condo building sites. As uncertain as it is, it may even elevate the buying price of new condo units.

Friction in transactions for Singapore condos

The buyer’s stamp duty will certainly cause some friction in transaction volumes throughout the Singapore real-estate market. With potential buyers proving that they are not really ready for the prospect of elevated realty prices, these price hikes are inevitable, especially, if developers have to pay more premium prices for their new developments. With friction inevitability, a clarifying glimpse of the market for Singapore condos may show why buyer are still sensitive to the initial price hike of private condo property.

With the new development condo property market in the earliest stages of recovery from its past 15 quarter decline, the optimism of potential buyers is still growing after the optimism decline for the real-estate market. Although Singapore real-estate prices are considered higher than average property prices, these prices are still within affordable range compared to other areas with luxury real-estate. As the market buyer’s stamp duty rises the sales momentum may take a few years or more before it strengthens the real estate market for new condo developments.

How to keep the friction down for Amber 45 Condo

It’s simple to give all the right methods and strategies for keeping friction down for Amber 45 condo. One method and/or strategy would be to leave the buyer’s duty stamp right where it is and not even think of a hike, until there is more clarity of why the rate hike should be made. The friction will most likely slow the market growth, even though it’s on an upturn. Potential buyers will move slower to purchase newly developed condo properties, due to the buyer’s stamp price.

Why will people be slower to purchase newly developed condo property? Simple to answer, they will have to pay higher prices for their condo units as their BSD rises and higher because developers BSD rises. To avoid this, keep the BSD at the same rate for maybe 3 more year’s time, when it will be easy to understand why it should be risen. Keeping potential buyer active now instead of slowing them down will help to get the real-estate market to grow faster before the 3 years expect market growth strength time is up.

Questions to Ask Property Agent or URA before buying Park Colonial Condo

egappropertyNew Developments

If you are opting to purchase Park Colonial Condo, there are some questions that you will want to ask your local property agent or the URA. The URA is the Urban Redevelopment Authority of Singapore. Taking charge of your residential condo premises which plays many crucial roles in the way the condo building is being operated. Buying a residential property will certainly come with some important Q&A that will make it easier for you to understand before moving into Park Colonial Condo along Upper Serangoon road at Woodleigh lane.

We will make the journey of acquiring the property a smooth process for you and your loved ones when you have finally decided to settle down in Woodleigh Lane by purchasing Park Colonial Condo. It will be one of the wisest choice in buying this new residential project as you will be a part of the growth in this new town. A second Bishan in the making will certainly be enough to salivate over when HDBs there crosses the million dollar mark in recent years.

Who is URA?

The URA, also known as the Urban Redevelopment Authority, is a board of directors, whom were elected to run or oversees the project admin in its entirety. Areas that the URA focuses on are the financial management of the project, business affairs dealing with the development, the enforcement of rules for the properties, common assets of the entire property and/or areas of the properties. Most of all the URA sees to the overall maintenance and upkeep of the building interior and exterior. The MCST aptly provides the essential elements to protect property values, structure the community within and provide a great place to live in for the owners of residential units.

Questions to ask a property agent about URA:

How accessible and active is the URA?

Many a times, when you’re trying to contact someone from URA, it could prove to be difficult and there are many reasons to this. Probably you want to ask your agent just how accessible they are to the public. If you’re trying to get important documentation before you move into the condo or even if you’re already living in it, you’ll want easy access to the URA for getting the important issues done in a timely manner. The URA holds crucial datas and documentation, most of them are important missing puzzles to questions that you’ll have.

Before you move into a condo development, it’s best to request as many documents as you can, that you’ll need from the URA. Your agent will be able to get the documents from them but most likely after the offer is accepted. The documents of importance that you’ll need includes CC&Rs and by-laws of the building, also the annual budget, special assessments, reserve studies and URA board minutes are some important documents for you to acquire. These documents will also allow you to know how active your URA is and how often they work to keep your building in tip top condition.

What are the URA fees and what they cover?

If you live in a private property in Woodleigh such as Park Colonial Condo, you’ll certainly have to pay certain fees. Maintenance fees are similar but differ in each different condo as they may offer more or lesser amenities. However, it will surely cover most area especially the exterior building maintenance, garbage, water, sewer, undergrounds, pool, community centre, security and much more that the building has to offer the residents. A lot of home buyers who bought other developments were shocked because they are unaware of the fees required that comes along with buying a condo apartment. You should always know what fees to expect, and what they cover from them so that you won’t have the shock of your life after committing the purchase of your new condo.

Still Unsure?

If you’re still in a dilemma on what to expect, please do not hesitate in contacting us here and we’ll assist you further on your purchasing of Park Colonial journey.