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Thread: S'pore private home prices rise 2.5% m/m in May: NUS

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    Default S'pore private home prices rise 2.5% m/m in May: NUS

    http://www.businesstimes.com.sg/sub/...45347,00.html?

    June 29, 2011, 5.04 pm (Singapore time)

    S'pore private home prices rise 2.5% m/m in May: NUS


    SINGAPORE - Prices of non-landed private homes in Singapore climbed at a faster pace in May, with properties near the city centre commanding the largest price increases, the National University of Singapore (NUS) said.

    According to NUS's Singapore Residential Price Index, non-landed homes cost 2.5 per cent more in May compared with the previous month, up from April's 1.1 per cent increase and March's 0.2 per cent rise.

    The growth was led by the sub-index for the central region, which showed prices of non-landed private homes in Singapore's central region appreciated by 3.5 per cent in May compared with a gain of 1.7 per cent for properties in non-central regions.

    Singapore, like Hong Kong and China, has been trying to cool its property market amid flush liquidity and interest rates that are near record lows.

    The NUS report comes a day after real estate consultancy DTZ said resale prices of private residential properties increased at a faster pace in the second quarter compared to the previous three months.

    Private homes account for about 20 per cent of homes in Singapore, where the majority of citizens live in government-built HDB apartments.

    Singapore's Urban Redevelopment Authority will release its own flash estimate for private home prices on Friday. -- REUTERS

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    Quote Originally Posted by mr funny
    http://www.businesstimes.com.sg/sub/...45347,00.html?

    June 29, 2011, 5.04 pm (Singapore time)

    S'pore private home prices rise 2.5% m/m in May: NUS


    SINGAPORE - Prices of non-landed private homes in Singapore climbed at a faster pace in May, with properties near the city centre commanding the largest price increases, the National University of Singapore (NUS) said.

    According to NUS's Singapore Residential Price Index, non-landed homes cost 2.5 per cent more in May compared with the previous month, up from April's 1.1 per cent increase and March's 0.2 per cent rise.

    The growth was led by the sub-index for the central region, which showed prices of non-landed private homes in Singapore's central region appreciated by 3.5 per cent in May compared with a gain of 1.7 per cent for properties in non-central regions.

    Singapore, like Hong Kong and China, has been trying to cool its property market amid flush liquidity and interest rates that are near record lows.

    The NUS report comes a day after real estate consultancy DTZ said resale prices of private residential properties increased at a faster pace in the second quarter compared to the previous three months.

    Private homes account for about 20 per cent of homes in Singapore, where the majority of citizens live in government-built HDB apartments.

    Singapore's Urban Redevelopment Authority will release its own flash estimate for private home prices on Friday. -- REUTERS
    Why seldom people mention about RCR?

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    Quote Originally Posted by irisng
    Why seldom people mention about RCR?
    Because its between OCR and CCR. Just study the 2 extremes already give big headache so cannot study further on the in-betweens!

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    Quote Originally Posted by ysyap
    Because its between OCR and CCR. Just study the 2 extremes already give big headache so cannot study further on the in-betweens!
    recently, i realise analyst lump ocr and rcr together....they mentioned things like ccr and den rcr/ocr......

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    Quote Originally Posted by devilplate
    recently, i realise analyst lump ocr and rcr together....they mentioned things like ccr and den rcr/ocr......
    Sadly so. Some of the OCR prices have infringed into the lower RCR prices le...

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    no thanks to the NUS which only has 2 indices: either you are CCR or you are not.

    Quote Originally Posted by devilplate
    recently, i realise analyst lump ocr and rcr together....they mentioned things like ccr and den rcr/ocr......

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    Too many indices. Very confusing. Just a few days ago, another index says prices have "accelerated" to 3.5%? Now this one says only up 2%. I hope someone forward this to KBW to tell him, prices are stable liao leh and not accelerating. No more cooling required

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    Hi....nus index is based on month on month... Dtz index is based on q over q... Nus lump CCR and RCR together... All this is called central region based on URA master plan.... The rest is ocr

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    industry players... pls set standard for reporting lah, why create so many perimeters. It is very confusing and alot of people could be mislead.

    And MND, pls do something about this. It is not going to help anyone to come up with so many different reports.

    And all this report/data.....did they carry out data validation?

    I guess for the time being only URA data is representive. But even that, some of the buyers did not caveat their buying price cos lawyer lazy or buyer buy in cash ...so how?

    OCR/RCR/CCR should stay but the boundary should be reviewed... and developer should not mislead the buyers...

    set restriction to agents should be same to those developers as well.

    and when are we getting the price list before every project launch?..talk and no action for so long.

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    Does anybody know that stamp duty can be paid by CPF? You have to pay the cash first, then get the lawyer to reimburse back for you. But already 3 months, no reimbursement has been done yet. I have called the lawyer and she is supposed to call me back, but so far didn't get any eply from her yet. Did anybody face such a situation? Normally how long it takes to reimburse back the cash?

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    Quote Originally Posted by irisng
    Does anybody know that stamp duty can be paid by CPF? You have to pay the cash first, then get the lawyer to reimburse back for you. But already 3 months, no reimbursement has been done yet. I have called the lawyer and she is supposed to call me back, but so far didn't get any eply from her yet. Did anybody face such a situation? Normally how long it takes to reimburse back the cash?
    Well 3 months is pretty decent. Even the agents will only get their commission 3 months after the initial sale. Buying a property if its BUC vs ready condos, time frame may defer by about 2 to 4 weeks! Don't worry. This is Singapore. No problem! My last lawyer also not very attentive to my queries and I was quite unhappy but they were cheap so I just play according to their time and finally everything was done. All those talks were cold (no hearty talks, etc) so just get job done and off we go! So just wait awhile more.

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    Quote Originally Posted by ysyap
    Well 3 months is pretty decent. Even the agents will only get their commission 3 months after the initial sale. Buying a property if its BUC vs ready condos, time frame may defer by about 2 to 4 weeks! Don't worry. This is Singapore. No problem! My last lawyer also not very attentive to my queries and I was quite unhappy but they were cheap so I just play according to their time and finally everything was done. All those talks were cold (no hearty talks, etc) so just get job done and off we go! So just wait awhile more.
    Thank you, I'll wait for 1-2 months more and see how is it. But I think the lawyer should have the courtesy to call me back, is already 1 week, never receive any call from her. BTW, it is stamp fee and not stamp duty, actually are they the same.

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    Quote Originally Posted by irisng
    Thank you, I'll wait for 1-2 months more and see how is it. But I think the lawyer should have the courtesy to call me back, is already 1 week, never receive any call from her. BTW, it is stamp fee and not stamp duty, actually are they the same.
    shd be stamp duty leh...

    ssd...seller stamp duty....

    its stamp duty lah
    http://www.iras.gov.sg/irasHome/page_ektid1904.aspx

    You are required to pay stamp duty for documents executed for a sale and purchase of property. Stamp duty will be computed on the purchase price or market value of the property (whichever is the higher amount).

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    Quote Originally Posted by irisng
    Thank you, I'll wait for 1-2 months more and see how is it. But I think the lawyer should have the courtesy to call me back, is already 1 week, never receive any call from her. BTW, it is stamp fee and not stamp duty, actually are they the same.
    Just call them. Even if they still don't give you satisfactory answers, at least you get the assurance that they are still around to process your purchase, etc and not some run away lawyers!

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    Quote Originally Posted by Wild Falcon
    Too many indices. Very confusing. Just a few days ago, another index says prices have "accelerated" to 3.5%? Now this one says only up 2%. I hope someone forward this to KBW to tell him, prices are stable liao leh and not accelerating. No more cooling required
    that depends on which camp you are in now right?

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    Quote Originally Posted by devilplate
    shd be stamp duty leh...

    ssd...seller stamp duty....

    its stamp duty lah
    http://www.iras.gov.sg/irasHome/page_ektid1904.aspx

    You are required to pay stamp duty for documents executed for a sale and purchase of property. Stamp duty will be computed on the purchase price or market value of the property (whichever is the higher amount).
    Very confusing leh, the 1st page of the lawyer letter asked us to prepare the stamp fee of $xxxxx but next page asked us to bring along the cheque for the stamp duty when going down for appointment. But we received a letter from CPF stating that we can utilise the CPF amount to pay for stamp duty. So, are they the same. I'm buying an uncomplete ppty.

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    Ur stamp fee is most likely the fee for the stamping of the mortgage doc itself, around 500bucks is it ? This has nothing to do with the 3% stamp duty of the pty.

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    these days lawyers during a lousy jobs, nvr explain clearly to the customer....oops not the lawyer but the secretary...

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    Quote Originally Posted by amk
    Ur stamp fee is most likely the fee for the stamping of the mortgage doc itself, around 500bucks is it ? This has nothing to do with the 3% stamp duty of the pty.
    No leh, I paid $12k+ which is 3% less $5,400, I think.

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    Quote Originally Posted by irisng
    No leh, I paid $12k+ which is 3% less $5,400, I think.
    For new projects, Your lawyer has to write to CPF Board to approve the use of CPF funds for stamp duty, 15% downpayment and the repayment of the loan. This is done immediately after you pay the 5% booking fee. You have to pay the stamp duty within 14 days from the date the S&P is delivered. CPF Board will write to you detailing exactly how much can be used Once option is signed (usually 8 weeks from the time the S&P is delivered to your lawyer), CPF Board will release the 15% and your stamp duty to your lawyer. Your lawyer will pay you the stamp duty within a week.

    It is better if your lawyer is also on the CPF's panel of lawyers. He/She can act for you and the CPF. Saves time.

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    Why not leave it in CPF account which pays 2.5% and also can be used as a buffer for installment payment?

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    Quote Originally Posted by rattydrama
    these days lawyers during a lousy jobs, nvr explain clearly to the customer....oops not the lawyer but the secretary...

    Ya, I am quite surprised the my 'lawyer' is actually the secretary! At first, I thought that the lawyer will be present to tell me all the details. But till today , have not meet the lawyer at all!

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    Quote Originally Posted by fclim
    For new projects, Your lawyer has to write to CPF Board to approve the use of CPF funds for stamp duty, 15% downpayment and the repayment of the loan. This is done immediately after you pay the 5% booking fee. You have to pay the stamp duty within 14 days from the date the S&P is delivered. CPF Board will write to you detailing exactly how much can be used Once option is signed (usually 8 weeks from the time the S&P is delivered to your lawyer), CPF Board will release the 15% and your stamp duty to your lawyer. Your lawyer will pay you the stamp duty within a week.

    It is better if your lawyer is also on the CPF's panel of lawyers. He/She can act for you and the CPF. Saves time.
    Look likes my lawyer is a bit blur. Talk so soft also, can't hear clearly. When we went to her office to sign the S&P agreement, we had handed her 2 cheques (15% downpayment + stamp duty) and told her that we want to reimburse the stamp duty from my CPF account and she told me that once approve, she will bank in the cheque into my account for me. Luckily, either my agent or my banker (couldn't remember who) told me to tell the lawyer that I want to reimburse my stamp duty from CPF, otherwise we won't know that that can be done because the lawyer never tell us so.

    I had already received an approval letter from the CPF board for the instalments/capital repayment/stamp duty but till todate there is no deduction of the stamp duty from my CPF account yet, don't know what happen, should I contact the CPF board or the lawyer to clarify.

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    Quote Originally Posted by rattydrama
    these days lawyers during a lousy jobs, nvr explain clearly to the customer....oops not the lawyer but the secretary...
    Her name card shows that she is a lawyer but to me her behaviour seems to be very unprofessional. She only gave 1 name card to my husband and can't even spare one for me, look down on me er, maybe I looked like auntie auntie lol. Either my ear got problem or that she really spoke so soft, I had to pay very attention before I could hear what she said. Sometimes seemed like mumuring to herself. A very very brief explanation and just asked us to sign on all pages, and when we told her that we want to reimburse back the stamp duty, she said, "oh, so you want to reimburse back," then she started to search for the page and tick the box. I hope for the next few transactions, everything can go on smoothly, really 谢天谢地 This is the 1st time I encounter such a headache, no problem with my current ppty. The secretary was so helpful and she even recommended a painter for me to paint my house. Too bad, the law firm had already closed down because the lawyer is getting very old.

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    Quote Originally Posted by irisng
    Her name card shows that she is a lawyer but to me her behaviour seems to be very unprofessional. She only gave 1 name card to my husband and can't even spare one for me, look down on me er, maybe I looked like auntie auntie lol. Either my ear got problem or that she really spoke so soft, I had to pay very attention before I could hear what she said. Sometimes seemed like mumuring to herself. A very very brief explanation and just asked us to sign on all pages, and when we told her that we want to reimburse back the stamp duty, she said, "oh, so you want to reimburse back," then she started to search for the page and tick the box. I hope for the next few transactions, everything can go on smoothly, really 谢天谢地 This is the 1st time I encounter such a headache, no problem with my current ppty. The secretary was so helpful and she even recommended a painter for me to paint my house. Too bad, the law firm had already closed down because the lawyer is getting very old.
    Don't use them for subsequent transactions!

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    Quote Originally Posted by ysyap
    Don't use them for subsequent transactions!
    But how, this lawyer was recommended by my banker and all the legal fees are fully subsidized.

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    Quote Originally Posted by irisng
    But how, this lawyer was recommended by my banker and all the legal fees are fully subsidized.
    Is this firm from HDB hub?

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    Quote Originally Posted by ysyap
    Is this firm from HDB hub?
    No.

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    Quote Originally Posted by irisng
    No.
    Well there are definitely other law firms that can match the bank's legal subsidy. Just ask your banker to recommend another lawyer that can match the subsidy amount. Not a big problem.

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    Quote Originally Posted by irisng
    But how, this lawyer was recommended by my banker and all the legal fees are fully subsidized.
    I have bad experiences with lawyers recommended by the bank, esp for BUC projects. Many buyers to handle from the same project, so mass production. No personal touch. They seem to be more keen to protect the bank's interest than mine. Better to use your own lawyers. Afterall, it's a million dollar or more transaction.

    The lawyer's obligation continues until CSC is obtained (usually 2 to 3 years after TOP). And when you want to sell the property years later, you can use the same lawyer. All your documents are with them. Nowadays with all the CM rules, lawyers have to do their due diligence to ensure you do it get into trouble with the Authorities when you sell.

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