Which motherfucking smart aleck PAP scholar negotiated the US SG FTA and gave them a loophole to avoid ABSD?

[SBFNews]

EIGHT of the 198 apartments that EL Development sold at the launch of its 275-unit Blossoms By The Park project on Saturday (Apr 29) were bought by foreigners.

Buyers from China picked up four apartments – either two-bedroom units or two-bedroom-with-study units; they will have to pay the 60 per cent additional buyer’s stamp duty (ABSD) rate that kicked in on Apr 27 for foreign buyers of any residential property here.

The other four units were bought by American citizens.

US nationals are accorded the same stamp duty treatment as Singapore citizens under the free trade agreement between the US and Singapore.

The 198 units in the 99-year leasehold project near Buona Vista MRT station were sold at an average price of S$2,423 per square foot (psf). Some 85 per cent of the buyers were Singaporeans, 11 per cent were Singapore permanent residents (PRs) and the balance 4 per cent, foreigners.

The above average price is net of a 12 per cent early-bird discount.


https://www.businesstimes.com.sg/pr...anvjdRiVq8-dFzs6CxljCrfwpRrOA&mibextid=5zvaxg

 

[JohnTan]

EIGHT of the 198 apartments that EL Development sold at the launch of its 275-unit Blossoms By The Park project on Saturday (Apr 29) were bought by foreigners.

Buyers from China picked up four apartments – either two-bedroom units or two-bedroom-with-study units; they will have to pay the 60 per cent additional buyer’s stamp duty (ABSD) rate that kicked in on Apr 27 for foreign buyers of any residential property here.

The other four units were bought by American citizens.

US nationals are accorded the same stamp duty treatment as Singapore citizens under the free trade agreement between the US and Singapore.

The 198 units in the 99-year leasehold project near Buona Vista MRT station were sold at an average price of S$2,423 per square foot (psf). Some 85 per cent of the buyers were Singaporeans, 11 per cent were Singapore permanent residents (PRs) and the balance 4 per cent, foreigners.

The above average price is net of a 12 per cent early-bird discount.


https://www.businesstimes.com.sg/pr...anvjdRiVq8-dFzs6CxljCrfwpRrOA&mibextid=5zvaxg

Under the respective FTAs, Nationals or Permanent Residents of the following countries will be accorded the same Stamp Duty treatment as Singapore Citizens:

Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland
Nationals of the United States of America

https://www.iras.gov.sg/taxes/stamp...-remission-under-free-trade-agreements-(ftas)

 

[Loofydralb]

I suggest ICA do a background check on these US citizens.
In all likelihood, they are chinky Singaporeans holding US passports.
Because I can smell the greed from here.

 

[Lizzert]

I suggest ICA do a background check on these US citizens.
In all likelihood, they are chinky Singaporeans holding US passports.
Because I can smell the greed from here.

more likely ah nehs with US shitizenship

 

[Loofydralb]

more likely ah nehs with US shitizenship

That too is a possibility.
Ahneh will use the acquisition of SG pink IC as a stepping stone for US passports.
Expose them and revoke their passports.

 

[syed putra]

Its a 99 year lease. You can get better deal elsewhere.. bu the time you get tne units, only 90 years left or even less. Developers never mentioned when lease expires.

 

[JohnTan]

Its a 99 year lease. You can get better deal elsewhere.. bu the time you get tne units, only 90 years left or even less. Developers never mentioned when lease expires.

Usually, it should be 95 years left on the lease.

Read the legal documents again. Buyers are always made aware of the lease expiry date before they buy.

 

[batman1]

Ok .sinkees deserved who they voted for.

 

[laksaboy]

Sometimes you read the 'news' from SPH and you wonder if it's more like what you would find on a property agent's newsletter.

PAP regime and their property developer cronies built lots of crap. Obviously not all of them are going to be bought by daft Sinkies. Remember this is a money laundering hub.

 

[mahjongking]

Usually, it should be 95 years left on the lease.

Read the legal documents again. Buyers are always made aware of the lease expiry date before they buy.

most of us dont know, majulah singapura....lol




If you're referring to HDB, lease commencement date is the date the first owner took the key from HDB; for private lease commencement date is the start date of the leasehold of the land. TOP date is the date keys are ready for collection in layman terms.22 Mar 2021

 

[JohnTan]

most of us dont know, majulah singapura....lol




If you're referring to HDB, lease commencement date is the date the first owner took the key from HDB; for private lease commencement date is the start date of the leasehold of the land. TOP date is the date keys are ready for collection in layman terms.22 Mar 2021

For private property, lease commencement date is from when the property developer buys the property from the government or the previous owner.

So after redevelopment, the resident who buys the private property/condo apartment is usually left with 94 - 95 years on the lease. I remember that there was once a condo development in Pasir Ris that had only 90 years left on the lease by the time the residents first moved in. The property developer took too long to complete the project.

 

[searcher1]

They are back !!!

 

[eatshitndie]

shiok! i like to blanjah that pappie scholar a $6.9 nasty lemak.

 

[winnipegjets]

Modi will also demand same treatment!

 

[Willamshakespear]

The FTA between Singapore & USA had been enforced since 2004 & should NOT be confused with other FTAs, yet to be completed, in the Asian regional regions.

Let's be realistic. Should American citizens - 300 million+ wish to invest in land scarce Singapore properties, FOR SURE, they would be guaranteed of high ROI within a few years, based upon the law of supply & demand & the strength of their dollar, let alone their intelligence & American democratic institutions with laws & international banking regulations. They did not, as the critically minded & evolved Americans have other other means to turn a dollar, let alone from a small red dot on the World's map.

Those few Americans whom bought properties with current today's high stamp duties do so with funds PROVIDED by their companies with confidence on our LOCATION, as a huge trading center, & necessary for their top mgmt staff providences, well being & focus upon their respective roles in mgmt hierachies.

The American Civilization had NEVER been afraid to throw money to make it big when NECESSARY, to further their nation or personal aims unlike miserly other nations, They long knew the avarice of Humankind, as well as company's interest if not national interests alone, to achieve their aims.

As for our nation's own interest to ensure each & every citizen gets to call their abode their own home, to be the hands to build & progress our nation for centuries to come, regardless rich or poor, no matter the differences - systemic oversight will be needed to ensure each PR or Foreigner accepted into our nation do have the ability & sincere efforts to contribute to our 58yr old Singapore Civilization, to own homes for personal residency, rather than for investments purpose - so called property investment which is UNSUSTAINABLE in land scarce Singapore with more issues than interest rates & unforseen black swan events in years to come which will cause splits upon our social fabric & way of life...