Executive Condominiums (ECs) are a kind of government-subsidized housing that also provide condo-style amenities and the option to be privatized after ten years.
Since there is now such a limited supply of executive condominiums (ECs), there is a high demand for them. Given that the present wave has had no effect on the EC market property cooling measures, it is anticipated that demand would climb even more. North Gaia, the first EC launch of 2022, had over 3,500 guests during its April weekend premier, meaning there is unmet demand.
The annual assessment of property values means that most homeowners, both in the Housing and Development Board (HDB) and the private sector, will see an increase in their property taxes beginning on January 1, 2019. Meanwhile, 72% of the apartments at the Tenet executive condo (EC) in Tampines were sold on the first day of sales.
As a result of the annual reassessment of real estate values used to calculate the tax, the vast majority of HDB flat and private residential real estate owners will see an increase in their property taxes on January 1, 2019.
While demand has been high, not all of the stock from the 2021 releases has been purchased. There has been a gradual decline in unsold EC units, with over 90% of all EC units introduced since 2017 sold by August 2021.
Both the Inland Revenue Authority of Singapore (IRAS) and Singaporean Ministry of Finance (MF)announced in a press release that yearly property valuations will be adjusted upward to account for rising market rentals.
The government “would grant a one-time 60% property tax relief for all owner-occupied homes, capped at a maximum of $60” to help with the rise.
Both the Singaporean Ministry of Finance (MOF) and the Inland Revenue Authority of Singapore (IRAS) announced in a press release that yearly property valuations will be adjusted upward to account for rising market rentals.
The government “would grant a one-time 60% property tax relief for all owner-occupied homes, capped at a maximum of $60” to help with the rise.
The government has said that the refund “will be immediately adjusted vs any property tax due in 2023.”
They said that HDB owners living in units with one or two bedrooms would not have to pay property tax in 2019 since these units’ yearly prices are still less than $8,000.
Even once the rebate is factored in, “the large number of owner-occupiers in other HDB unit types would pay between $30 and $70 higher in property tax comparable to 2022,” they said.
Those with more costly homes will see a greater increase in property tax after the refund.
One of the most recent EC launched is the Senja Residences. You can check out www.senjaresidences.com/ for more details about this recent development.
Senja Residences Singapore Project Details
Project Name: Senja Residences
District: 02
Address: Senja Close, Singapore
Developer: TBA
Tenure: 99-year Leasehold
Total Units: TBA
TOP: TBA
Unit Type: Executive Condominium
