| D1. City South East
Boat Quay, Chinatown, Havelock Road, Marina Square, Raffles Place, Suntec City |
D2. CBD South
Anson Road, Chinatown, Neil Road, Raffles Place, Shenton Way, Tanjong Pagar |
| D3. South
Alexandra Road, Tiong Bahru, Queenstown |
D4. City South
Keppel, Mount Faber, Sentosa, Telok Blangah |
| D5. South West
Buona Vista, Dover, Pasir Panjang, West Coast |
D6. City Central Upper South
City Hall, High Street, North Bridge Road |
| D7. City Central Upper South
Beach Road, Bencoolen Road, Bugis, Rochor |
D8. City Central East
Little India, Farrer Park, Serangoon Road |
| D9. City Central
Cairnhill, Killiney, Leonie Hill, Orchard, Oxley |
D10. City Central
Balmoral, Bukit Timah, Grange Road, Holland, Orchard Boulevard, River Valley, Tanglin Road |
| D11. City Central
Chancery, Bukit Timah, Dunearn Road, Newton |
D12. Upper East
Balestier, Moulmein, Novena, Toa Payoh |
| D13. East
Potong Pasir, Macpherson |
D14. East
Eunos, Geylang, Kembangan, Paya Lebar |
| D15. East Coast
Katong, Marine Parade, Siglap, Tanjong Rhu |
D16. Upper East Coast
Bayshore, Bedok, Chai Chee |
| D17. Far East
Changi, Loyang, Pasir Ris |
D18. Far East
Pasir Ris, Simei, Tampines |
| D19. North East
Hougang, Punggol, Sengkang |
D20. Central North
Ang Mo Kio, Bishan, Braddell Road, Thomson |
| 21. Central West
Clementi, Upper Bukit Timah, Hume Avenue |
D22. Far West
Boon Lay, Jurong, Tuas |
| D23. North West
Bukit Batok, Choa Chu Kang, Hillview Avenue, Upper Bukit Timah |
D24. Far North West
Kranji, Lim Chu Kang, Sungei Gedong, Tengah |
| D25. Far North
Admiralty, Woodlands |
D26. North
Tagore, Yio Chu Kang |
| D27. Far North
Admiralty, Sembawang, Yishun |
D28. North East
Seletar, Yio Chu Kang |
Aug 04 2010
District Summary
Jul 15 2010
Telecommunications Especially for Expats
So i chanced upon this at the Starhub website. They actually have a whole site especially dedicated to expats.
Most expats have different needs than the locals for their telecommunication services such as Blackberry plans or short term contracts.
This link from Starhub would definitely help you out if you are looking for a customised telecommunications plan!
Jul 04 2010
Property Jargon
For Property Rental
| Letter of Intent | This is the written offer made to the landlord by the tenant outlining the terms of the proposed Tenancy, including and not confined to the following:
It is important at this point for the tenant to request everything they want the landlord to provide or pay for as this document is legally binding. On acceptance by both parties, a one month good faith deposit is payable. |
| Tenancy Agreement | A tenancy or lease is a legal contract between the landlord and the tenant. This document is drawn up after the terms outlined in the Letter of Intent have been agreed and accepted by both parties. |
| Partially/Fully Furnished | Partly furnished accommodation usually has air-conditioning units, refrigerator, hob, cooker, hood, light fittings and window treatments. Fully furnished accommodation will usually have all hard furnishing such as beds and side tables, dining suite, lounge suite, occasional tables, etc. Some landlords also provide other items such as table lamps, fans, televisions, and other appliances. |
| Good Faith Deposit | This is the booking fee, which is usually one month’s rent for a one year lease, that is payable along with the Letter of Intent/Option to Purchase. |
| Security Deposit | One to three months’ rent held by the landlord for the duration of the Lease against damages caused by the tenant. |
| Term | The lease period as stated in the Tenancy Agreement |
| Diplomatic Clause | Most landlords will agree to a “diplomatic clause”, which means the tenant can give early notice to terminate, usually only after the completion of the first twelve months of the term, by serving two or three months written notice or payment of rent in lieu thereof. This clause is only exercisable in the event the tenant or occupant is transferred from Singapore or refused a renewed Employment Pass. In the case of a Corporate Lease, this clause is also exercisable in the event the occupant ceases to be in the employ of the company. The tenant will be responsible for refunding the commission on a pro-rata basis to the landlord. |
| Rent | This is the agreed monthly amount which remains constant for the term of the lease. Normally it includes the monthly maintenance and sinking fund charges payable to the Management Corporation. The rent is open to negotiation in the event the tenant exercises the option to extend for a further one year term after the initial two year lease terminates. Rent is payable direct to the landlord, monthly, in advance. |
For Property Sale
| Option/Offer to Purchase | Usually prepared by the seller’s solicitor or property agent. Buyers are usually given 14 days to decide whether to proceed with the purchase. The Option/Offer to Purchase can include the terms and conditions of the deal. It also includes an Option/Offer to Purchase fee (not exceeding $1000) and a deposit (not exceeding $5000) |
| Sales and Purchase Agreement | The legal contract between the seller and buyer |
| Approval in Principle Loan | Approval in-principle is a provisional approval provided by the Bank based on the information provided by the applicant. Upon satisfaction of all requirements fulfilled by the applicant, including submission of the documents as stated on the Letter of Instruction, the Bank shall review and if appropriate, grant a formal approval of the loan. |
Types of Housing in Singapore
| 1+1, 2+1, 3+1 | The first number refers to the total number of common and master bedrooms. The +1 refers to a smaller utility room/study room/maid’s room. |
| Bungalow | A landed property that stands alone. |
| Maisonette | A duplex apartment/an apartment with 2 storeys within. |
| Condominium | A private apartment complex that includes amenities such as pool, tennis courts, gym, spa, function rooms and other recreational facilities. |
| Semi-detached house | Two landed property houses joined together with a common wall. |
| Terrace house | A landed house in a row of not less than 3 houses. Being in between 2 houses, it has 2 common walls. |
| Corner terrace house | The landed house at the end of a row of terrace houses that normally has a larger land area compared to the other terrace house. |
| Cul-de-Sac House | A landed house at the end of a large turnaround dead-end road. |
| Town House | One in a row of not less than 3 residential units having ground contact and common ownership of the land. |
| Cluster/Strata House | A hybrid between conventional landed housing and condominium housing. All units have ground contact but with shared facilities similar to those found in condominiums. Cluster housing therefore have Strata Titles. |
| Duplex House | A 2-storey house consisting of one residential unit on the first floor and another residential unit on the second floor sharing the same land. The second floor unit is accessible from a staircase outside the first floor unit. |
| Walk-up Apartment/House | A residential unit in a building generally 4 to 5 storeys or less. |
HDB
| Housing Development Board (HDB) | The statutory board of the Ministry of National Development responsible for public housing in Singapore. |
| Types of HDB Flats |
|
Financial Loans
| Cancellation Fees | The amount that banks charge, usually a percentage of the loan amount, if you were to cancel your housing loan after you have accepted the Letter of Offer but before the housing loan is disbursed. |
| Cashback Housing Loan | The lender refunds a percentage of the housing loan the cashback and you are usually tied by way of an early redemption penalty for a set number of years. |
| Claw-back Period | If you are to fully redeem your mortgage within the claw-back period, the lender will reclaim the cost of freebies they gave to you when you sign with them. These would usually be the legal subsidy and may include valuation fees, fire insurance premiums et cetera. |
| Fixed Rate Housing Loan | Packages offering a fixed interest rate for a set period, during which there will almost certainly be early repayment charges. You are protected from interest rate increases and allows for easy monthly budgeting. However, if rates were to fall during the fixed interest period, you would be left paying a relatively high rate. |
| Floating/Variable Rate Housing Loan | The interest rate can rise or fall throughout the tenure of the loan. Lenders usually give at least one months notice when adjustments are made to the interest rate. Most lenders allow partial prepayments for this type of loan, making this a good package if you intend to repay a significant portion of your housing loan in the initial few years. |
| FullRedemption/Repayment Penalty | The amount that banks charge, usually a percentage of the loan amount, if you were to fully repay your housing loan within a specified period of time. |
| In-principle Approval/Pre-approval | Loan approval from a bank based on the credit standing of borrower(s). Approval is normally valid for around a month and subject to the property valuation being higher or equal to the property purchase price. |
| Interest-only Housing Loan | Monthly payments consist entirely of the interest due on your loan so that the balance you owe is not reduced during the term. |
| Loan to Value (LTV) | A percentage figure indicating the size of the housing loan on a property in relation to its value. Thus, a house worth S$500 000 with a mortgage of S$400 000 would have a loan to value of 80%. Most banks and financial institutions have better housing loan deals for LTV 80% and below. The maximum LTV that lenders can legally go to in Singapore is 90%. |
| Lock-in Period | The number of years that you are tied to your lender. If you fully redeem your loan within this period, there will be a full redemption penalty that is equal to a percentage of your loan quantum. Lenders may also charge a penalty for making partial payments within this period. |
| Partial Redemption Penalty | The amount that mortgage lenders charge, usually a percentage of the loan amount, if you were to prepay your housing loan within a specified period of time. |
| Payment Holiday Housing Loan | A relatively new type of mortgage in the Singapore market. You take a break towards paying of your interest or monthly instalment at certain periods during your loan tenure. |
Jul 04 2010
The Viewing Process
So, what entails the entire viewing process in Singapore when you are looking to rent or buy? What can you expect? How do things function?
Let’s break the entire process up into three simple rounds.
Round 1
You shortlist properties that meet your criteria.
You make an appointment via your agent – if you are represented by an agent, you cannot expect direct access to the landlord/their representing agent.
You go around and view all suitable properties as available at this stage.
You have a short post-viewing session with your agent, indicating your preferences. Should you need to view more properties as this round was unfruitful, then you arrange for another round of preliminary viewings with your agents. Should it be fruitful with some potential properties sparking your interest, then you move on to Round 2
Round 2
You go back to view only the potential properties that have interested you.
Go over all the details carefully and really consider the pros and cons of each property.
At this point, you can broach the negotiating process but still give the overall impression that you do have more “choices” to be considered.
Have another post-viewing session with your agent. Discuss the necessary details of each property and do take into consideration your agent’s predictions on the potential outcome of the negotiation (for they are often much more experienced at foretelling!)
Mull over your choices, sleep on it if you have to and make your choice. Once you’ve made a choice, inform your agent. Some of you might want to do one last viewing before you make an offer and present the Letter of Intent to the landlord or the Option (Offer) to Purchase to the seller. Remember that the Letter of Intent/Option (Offer) to Purchase is a legally binding document that serves as a booking form. This requires a booking fee of either one month’s rent for a one year lease; and a booking fee not exceeding $1000 along with a deposit not exceeding $5000 for the Option (Offer) to Purchase.
Round 3
Once the Letter of Intent/Option(Offer) to Purchase has been presented, you should follow up with the Tenancy Agreement/Sales and Purchase Agreement. At this juncture, the final legal and financial proceedings will take place.
You should go back and check the premises to ensure all agreed upon amenities/provisions/furnishings are in order. You should have an inventory list to check as well if you are renting. Also, do take note, that you have a window period of 14 days usually to make changes.
And finally, now you are all set to prepare to move in!
Jul 04 2010
Utilities & Telecommunications
The one stop portal for starting up utilities when you move in is Singapore Power.
They provide:
- electricity
and act as supporting agents for:
- water for the Public Utilities Board (PUB)
- gas for City Gas
The application of utilities cannot possibly be more convenient with a host of options as listed below:
| Mode of Application | Earliest Appointment Available | Submission of required documents |
| Phone 1800-2222 333 |
Next business day if application is received before 3pm on weekdays, or 12pm on Sat/ eve of PH. (Appointments are subject to availability) | Required documents can be submitted to our technician by applicant or representative during the turn-on appointment. (A copy of our application form can be obtained from our technician.) |
| Fax 6304 8229 | 3 business days, if application is received before 3pm on weekdays, or 12pm on Sat/ eve of PH. | Required documents can be submitted to Fax . |
| 3 business days, if application is received before 3pm on weekdays, or 12pm on Sat/ eve of PH. | Required documents can be mailed to: Manager (Customer Services) SP Services Ltd 111 Somerset Rd #01-10 Singapore 238164 |
|
| Online application | Next business day if application is received before 3pm on weekdays, or 12pm on Sat/ eve of PH. (Appointments are subject to availability) | An online application form can be submitted. |
| SMS [Send SMSOPENACC to "71777"] |
Next business day if application is received before 3pm on weekdays, or 12pm on Sat/ eve of PH. (Appointments are subject to availability) | Required documents can be submitted to our technician by applicant or representative during the turn-on appointment. (A copy of our application form can be obtained from our technician) |
| In Person | Next business day if application is received before 3pm on weekdays, or 1pm on Sat/ eve of PH. (Appointments are subject to availability) | Please bring along the required documents during your visit to our Customer Service Centre in Somerset or Toa Payoh. Application forms are available at customer service counters. |
Do take note of the followning:
An initial deposit is payable when you open an utilities account and the details are as follows:
| For Singaporean/ Permanent Resident | ||
| Type of Premises | Deposit for GIRO Customers |
Deposit for non-GIRO Customers |
| HDB 1 or 2 rooms | $40 | $60 |
| HDB 3, 4 or 5 rooms | $70 | $100 |
| HDB Executive/ HUDC Flat/ Terrace House | $100 | $150 |
| Condominium/ Semi-Detached House/ Private Apartment | $150 | $250 |
| Bungalow/ Penthouse/ Townhouse | $250 | $400 |
| For Non-Singaporean/ Non-Permanent Resident | ||
| Type of Premises | Deposit for GIRO Customers |
Deposit for non-GIRO Customers |
| HDB 1 or 2 rooms | $80 | $120 |
| HDB 3, 4 or 5 rooms | $140 | $200 |
| HDB Executive/ HUDC Flat/ Terrace House | $200 | $300 |
| Condominium/ Semi-Detached House/ Private Apartment | $300 | $500 |
| Bungalow/ Penthouse/ Townhouse | $500 | $800 |
The deposit can be paid upfront via cheque to SP Services Ltd (indicate your name, FIN/NRIC no and address on the back of the cheque), NETS or cash at the customer service center, or it can be consolidated as part of your first bill.
You also need to be at least 21 years of age to open an utilities account, or you will need a guarantor.
Express activation of utilities is available for weekdays with prior notice of at least 3 hours but a $50 surcharge is payable for this service on weekdays and Saturdays.
This will take care of electricity and water supply. However, for the start-up of gas supply for cooking / gas water heaters, you will have to make a separate appointment with City Gas after you have opened an account with Singapore Power. There are separate charges for this as follows:
| i) | Gas supply turn-on for gas installation with pre-installed gas appliance | $30 | |
| ii) | Gas supply termination for gas installation without gas appliance disconnection: | ||
|
$30 | ||
|
$50 | ||
| iii) | Gas supply turn-on including gas appliance installation | $50 | |
| iv) | Gas supply turn-on including kitchen gas pipe and appliance installation | $100 | |
| v) | Express service for gas turn-on (No gas pipework involved) | $50 | |
| vi) | Express service for gas supply cut-off (Exclude removal of gas pipe/appliances disconnection) | $50 |
Telecommunications start-ups are a little bit more complex. We have 3 main service providers – Starhub, Singtel and M1. All three providers provide competitive packages for mobile services however only Starhub and Singtel offer stand alone/bundle packages for a home line, mobile line, broadband connection and cable TV. My personal preferred provider would be Starhub for their bundle packages and more importantly, customer service and support. You can easily visit any of these providers website or call the hotline for more information:
- For Starhub, dial 1633 or +65 6820 1633 when overseas
- For Singtel, dial 1688 or +65 6235 1688 when overseas
- For M1, dial 1627 or +65 9680 1627 when overseas
However, do take note that telecommunications start ups take at least 3-5 working days for implementation so you might want to plan ahead if this is a crucial need for you. Otherwise, just get hold of a prepaid mobile line card from any of the service providers at any convenience store to function temporarily while you do more research on who to get contracted with. This is important as contracts come with exorbitant termination charges!
Jun 18 2010
Brokerage Fees
We all dread paying brokerage fees/comission fees whenever property transactions are due. After all, the miniature representation of 1-2% - more often than not printed in small font - in contractual agreements digs a huge hole in our pockets.
So in this post, I shall endeavour to clarify what exactly we are paying for and how much when it comes to the sale and rental of property.
Currently in Singapore, there isn’t a legally fixed amount by law when it comes to brokerage fees. However, there is a recommended industry standard ( as proposed by REDAS) that can differ across a small range.
Be it a sale or rental procedure, what we pay agents for are the following:
- Procurement of eligible buyers/tenants.
This involves a suitable background search of eligibility to buy/rent including employment details, financial clearance and matters of legal compliance.
- The actual “selling” of the premises to a prospective buyer/tenant
It is not as easy as it seems to “sell” one’s unit to a prospective buyer/tenant. The agent takes on the burden to pitch the property at the right channel to the client. Most of us assume, hey I’ve got a pretty nice place in a good location so selling is easy! Not quite – agents or at least worthwhile agents are skilled at various techniques like reading body language, using positive affirmation, etc to ensure that your property comes across as the “right choice” thereby cutting down the time the property sits as listed on the market.
-The paper work
Agents will also handle and ensure all administrative documentation is seamlessly handled and that all legalities are properly taken care of, giving you a much valued breather which would otherwise take up precious time queing at various governmental bodies. Some of these paperwork include stamping of documents, setting up power and electricity connections, banking transactions, liasing with relocation firms, etc.
And of course, although the next one is not mentioned officially, let’s not forget the poor agent’s fuel consumption in all the chartering back and forth of prospective clients, the coffees and teas bought and time spent mulling with buyers/tenants and the artful manner of persuading them that your unit is the way to go.
So, what figures are we looking at exactly? Like I mentioned above, there is no fixed legal amount per say, but according to REDAS, the following are some guidelines to prevailing industry standards:
Brokerage Fee is only payable upon the completion of a Sale/Rental Agreement meaning all invested parties have signed and Buyer/Tenant has paid due monies to Seller/Landlord.
Legally speaking, agents need not be paid should Buyer/Tenant choose not to exercise the Option to Purchase or Lease after signing the Letter of Intent (legal letter which binds Buyer/Tenant to the respective property with a deposit fee in place), however alot of agencies now include a fine print that states that their agents are due brokerage fees once the Letter of Intent is signed irregardless of whether the final sale/rental procedure goes through. So, you should clarify this with the agent from the beginning.
If the Seller/Landlord defaults on the Option to Purchase or Letter of Intent after signing and collecting the deposit fee, then he/she is legally bound to return the deposit to the Buyer/Tenant and furnish the agent with the due brokerage fee.
Brokerage fee is a one time transaction and even if the Tenant chooses to renew or buy the property the Landlord/Owner does not pay the broker additional commissions.
Conversely, if the Tenant terminates the lease prematurely, the agent is not liable to refund his received brokerage fee.
And lastly, but most importantly here are the figures as commonly practiced by most agencies/agents
| Brokerage Fee for Sale | Brokerage Fee for Rent |
| 1-2% of the sales price payable by the Seller to be split between agents representing both Seller and Buyer. However, agents representing Buyers can arrange for an additional or a variable component of the brokerage fee owing to certain reasons. | 50% of 1 month’s rent for every period of a 12 month lease for properties listed above $3000 per month – payable by Landlord – which will be divided equally should there be more than one agent involved in the transaction.
**For properties rented at $3000 or less per month, the Landlord still pays 1/2 month’s rent as commission however should the Tenant be represented by an external agent; the Tenant might have to bear the cost of his/her own agent’s brokerage fees (which is still the same rate of 1/2 month’s rent). This is due to the the common practice that the low rental fee and it’s ensuing commission rate might hinder agents representing the Landlord from negotiating with tenants represented by external agents as they are reluctant to split the lower commission rate. |
In any case, it is always best to consult with your respective agents before proceeding with any arrangement. Remember, above board and transparency will only ensure a smoother, efficient and more pleasant experience for all involved parties.
May 06 2010
Licensed moneylending – better or worse?
A much needed evaluation in my opinion.
A lot of us who are looking to buy homes in this current market are often strapped for liquid cash to put down as down-payment – not to mention the other bills that come along with the purchase of a new home. Some unfortunate folks thus turn to their property agents for advice who in turn either
a) Offer them a loan from their agency’s moneylending branch
or
b) Recommend them to a licensed moneylender.
Whilst they may not be leading their clients to loansharks like lambs to the slaughter, they do get unfair advantage in collecting additional “kopi-money” (cash on the side) under the blanket of helping their client to close the case.
Quite correctly, industry players have pointed out that this can be a temptation for agents to skew the sale towards their own advantage as opposed to looking after their client interests. One statistic reports that about 20% of buyers who apply for such loans default on their payment.
Currently such practices and even exorbitant interest rates are not illegal. To make things worse, there is an even larger loophole that allows moneylenders to lodge a caveat to ensure a nice big first bite from the profit when the property is sold.
It is well and fine that Ministry of National Development is looking into this state of affairs to see how it can protect citizens against flagrant sharks out to squeeze them, however, it is a reality that with the current market inflation, too many people are unable to meet the excessive downpayments. And yet, houses need to be bought – inflated market or not – perhaps the MND should take a wider perspective of this matter rather than simply making it illegal for property agencies to broker loans.
As one real estate agency pointed out, “If we don’t lend them the money, they will go to illegal moneylenders.”
Apr 14 2010
The Glass Is Not Always Half Empty!
Let’s talk about property
For all the gripes about high COVs, no one complains when they’re selling …
Sunday’s inaugural episode of Singapore Talking – the new live talk show shown at 10.30pm on MediaCorp Channel 5 – saw MP Lim Wee Kiak (Sembawang GRC), PropNex CEO Mohamed Ismail and struggling househunter Iris Lim go back-and-forth on the issue of whether escalating property prices are making housing increasingly out-of-reach for the ordinary Singaporean. This letter was sent in response to the topic.
Letter from Lulu See
05:55 AM Apr 13, 2010
I AM Singaporean, but seriously, sometimes I think Singaporeans just want to complain.
On the gripe about high COVs (cash-over-valuation): Though we are all complaining about the high COV, when we have a unit for sale, I am sure all will do the same – ask for a high COV.
The current property system has proven a godsend to many. How many of us will be able to make $100,000 off a single transaction? Many of us, no matter how hard we work, will never be able to save that sort of money. It is only through selling and buying wisely that we will be able to make that first bucket of gold, and thus improve and upgrade our lifestyle.
Then, there are those who say they are unable to get a flat. There are many options available for newlyweds, single parents, and so on. However, most insist on getting what they want. Let’s say I can only afford a $250,000 flat, but insist on buying one in a neighbourhood like Bishan, Toa Payoh, Clementi, Holland or Queenstown. I want it on a high floor, a corner unit, and it must be close to an MRT station.
If I can never find one that fits my bill and my budget, is that then HDB’s fault?
Even those with bigger budgets claim there are no options available to them. But look at Iris, who appeared on Singapore Talking and who earns more than $8,000 a month. HDB flats – especially newly-built ones – are meant to help those with low incomes, or who are just starting a family. If you are earning more than $8,000, it is a happy problem.
Besides, I’ve found that the HDB is quite gracious – you can always write in and explain your situation. My partner and I earn more than $8,000, but we were allowed to buy a unit at The Pinnacle after they reviewed our request.
Really, it’s just a question of looking for a place you can afford. We should always live within our means and not ask for the sky.
The only change I would suggest is that the income cap should be raised for “premium” new flats – say those worth $450,000 of more – to ensure that buyers don’t run into problems paying their installments.
via TODAYonline | Voices | Let’s talk about property.
I think Ms Lulu has made an excellent observation above. We do complain heck of a lot. We have to scale our expectations and temper it with the current market situation. Sure, it’s not a buyer’s market, but it sure is a seller’s market – am I am sure there are just as many sellers among us out there who are benefiting from the current market conditions. And the government has just launched 8 new sites for about 3000++ new homes. We should be really thanking our lucky stars at the quality homes we enjoy – be it our own or having to shack it with our extended family members. Hey, we still can gallivant home safely whatever time it is, there is always a 7-11 or S11 next door for food, we have hot water, air-conditioning, reliable electricity and lifts on every floor landing. And if there is one thing I’ve learnt about Singapore – with this many rules in place, there is always an appeal channel somewhere. Just depends on how judicious you are in finding it.
Mar 27 2010
Enviable Living Area
Simply love the luxurious windows with the gorgeous panelling; the casual neutral shades intermingled with random textures. And who can possibly overlook/ignore that view?!
Next Page »