View Full Version : Property Market Crashing or Freak Deal?
REGENT GROVE CHOA CHU KANG NORTH 7
$380,000, SQF 1,173, 324PSF, May-11 :scared-1:
$800,000, SQF1,195, 670PSF, Apr-11
$768,000, SQF1,163, 661PSF, Apr-11
kingkong1984
20-05-11, 23:58
REGENT GROVE CHOA CHU KANG NORTH 7
$380,000, SQF 1,173, 324PSF, May-11 :scared-1:
$800,000, SQF1,195, 670PSF, Apr-11
$768,000, SQF1,163, 661PSF, Apr-11
its a freak deal and crashing together.
the more we get together together together..
its a freak deal and crashing together.
the more we get together together together..
Wondered how it happened... anyone has encountered such freak deal before?
Show your story here...
kingkong1984
21-05-11, 00:12
Wondered how it happened... anyone has encountered such freak deal before?
Show your story here...
sold to family member lah. Father and son thing. Anyway confirm nut case as they bought in at slightly above their selling price just a few years ago.
No big deal lah.
Maybe they want to cash out their CPF.
hahaha.
I thought IRAS will have something to say about such transaction cos the transfer of ownership meant lower stamp fees?
kingkong1984
21-05-11, 11:22
They will come knocking in no time.
I am under the impression that you can transfer to kin or relative but it has to be at least the lowest professional valuation received.
kingkong1984
21-05-11, 11:30
No lah, just pay correct taxes. 1 dollar also can.
rattydrama
21-05-11, 11:34
REGENT GROVE CHOA CHU KANG NORTH 7
$380,000, SQF 1,173, 324PSF, May-11 :scared-1:
$800,000, SQF1,195, 670PSF, Apr-11
$768,000, SQF1,163, 661PSF, Apr-11
is such deal allowed in the first place?
I know HDB even divorce case, cannot "transfer" to wife but have to sell at market price/valuation price.
So you can transfer at $1 but the tax you pay has to be based on professional valuation?
kingkong1984
21-05-11, 11:35
U see more of these for landed
It can be as a gift but the transfer stamp fee will be based on valuer engaged by IRAS n not your own professional valuer. If you are not happy, you can challenge him. This has happened to someone who got as a gift from the parent. So, do not waste money employing a valuer on your own. Save the $400 for a good meal with your family.
So you can transfer at $1 but the tax you pay has to be based on professional valuation?
I see, anyway, the transfer amount is left pocket and right pocket for such related sale.
One saves lots of money (i.e. gives less tax to the money in terms of stamp fee). Why? Becos Stamp fee is based on the valuation price of the property. If children intends to rebuild the house from a smaller build-up 3000sqft home to a bigger home. The transferred as gift before the renovation will have a substantial saving.
I see, anyway, the transfer amount is left pocket and right pocket for such related sale.
One saves lots of money (i.e. gives less tax to the money in terms of stamp fee). Why? Becos Stamp fee is based on the valuation price of the property. If children intends to rebuild the house from a smaller build-up 3000sqft home to a bigger home. The transferred as gift before the renovation will have a substantial saving.
Good point, dumb to pay stamp on your own reno.
There is a common practice not to pay stamp duty. The father just WILL it to his children. Upon his dead, the children will inherite the property without stamp duty.
Inheritance tax will come someday with so many parents owning multi-millionaire properties. This is a good way of taxing the rich.
There is a common practice not to pay stamp duty. The father just WILL it to his children. Upon his dead, the children will inherite the property without stamp duty.
isn't inheritance tax abolished already?
Inheritance tax will come someday with so many parents owning multi-millionaire properties. This is a good way of taxing the rich.
kingkong1984
21-05-11, 14:16
http://www.iras.gov.sg/irasHome/page04.aspx?id=1186
Since 08 :)
May return in different forms some day.
isn't inheritance tax abolished already?
Could it be
Tenant in common buying over the other 50%?
Divorce case, one buying over the other?
324psf x 2 = 624psf looks alright since it's low floor. The eariler two are above 6 floor.
I thought legally you cannot have "father-son" deals.
I remember when I bought my property, my lawyer got me to sign saying that I don't know the buyer/seller. I think this is to safe guard the public from "fake" transactions so that the property transactions listed are reflective of the market rate.
Else how to stop developers from selling to themselves at inflated prices to draw in the public...
You may not want to lodge caveat if it is a father-son deal.
I thought legally you cannot have "father-son" deals.
I remember when I bought my property, my lawyer got me to sign saying that I don't know the buyer/seller. I think this is to safe guard the public from "fake" transactions so that the property transactions listed are reflective of the market rate.
Else how to stop developers from selling to themselves at inflated prices to draw in the public...
But if there's a bank loan involved, a caveat has to be lodged?
Could it be a "ghost house" or the owner owes "loan shark" money? Where to get such a cheap property nowadays?:scared-2:
It can also be typo error and now the officer who keyed in the figures will kanna fired soon??? :p
I thought legally you cannot have "father-son" deals.
I remember when I bought my property, my lawyer got me to sign saying that I don't know the buyer/seller. I think this is to safe guard the public from "fake" transactions so that the property transactions listed are reflective of the market rate.
Else how to stop developers from selling to themselves at inflated prices to draw in the public...I know that it is not illegal for father-son deals or even developers selling to friends. The bottomline is not to sell below market value. If its a gift, son just report the 'assumed' transacted amount at market value and just pay the stamp duty. Same for friends buy direct from developers. Maybe can knock off a couple of ten thousand dollars and that is about it. At the reported price, it is illegal whether its father-son or developer friend and any other relationship. Maybe the authorities must come forward to explain what happened!!! :p Otherwise it will set a precedence for future freak transactions. :spliff:
Not too long ago such disparity in price published in URA website is very common. Only until recently did they retified the problem.
It was to do with transactions that did not logged a caveat during purchase, but only when it was sold. Naturally prices then were much lower. I assumed this may be one such cases that escape the filtering process.
rattydrama
22-05-11, 21:12
I know that it is not illegal for father-son deals or even developers selling to friends. The bottomline is not to sell below market value. If its a gift, son just report the 'assumed' transacted amount at market value and just pay the stamp duty. Same for friends buy direct from developers. Maybe can knock off a couple of ten thousand dollars and that is about it. At the reported price, it is illegal whether its father-son or developer friend and any other relationship. Maybe the authorities must come forward to explain what happened!!! :p Otherwise it will set a precedence for future freak transactions. :spliff:
not very fair to the future buyer. anyway for URA publish all the transacted price? we need transparency..:p
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