April 2022

Corporate Income Tax filing obligations – what they are and what records you should keep

What are the general corporate income tax rules in Singapore? Corporate Income Tax is assessed on a preceding year basis in Singapore. Singapore’s Corporate Income Tax rate is 17%. For corporate income tax purposes, the following is considered a company: A business entity incorporated or registered under the Companies Act 1967 or any law in […]

The post Corporate Income Tax filing obligations – what they are and what records you should keep appeared first on iCompareLoan.

Why it’s important to elect the right people for MCST during AGM

When it comes to condo living, a lot has been said and written about how and why it’s important to choose the right managing agent. But equally important is to elect the right people into the management council of the MCST. A little background about MCST, management council and AGM MCST is short for Management...

The post Why it’s important to elect the right people for MCST during AGM appeared first on 99.co.

600 households over 4 blocks in Ang Mo Kio picked for SERS

Four residential housing blocks in Ang Mo Kio have been selected to be renewed under HDB’s Selective En Bloc Redevelopment Scheme (SERS).  This is the first such SERS announcement in nearly four years.  Which blocks were picked? Blocks 562 to 565 along Ang Mo Kio Avenue 3 have been identified for redevelopment. 606 households will be affected by the...

The post 600 households over 4 blocks in Ang Mo Kio picked for SERS appeared first on 99.co.

Family with 3 kids bought and overhauled HDB Executive Apartment (EA) in Punggol after forgoing condo option

When cybersecurity specialist Daren (now 39) got married, the couple moved into their first home – a 4-room BTO in Punggol. It was a nice location and they got their apartment within the budget they wanted then. However, as time passed, they became a family with three children – “4 kids with their toys, if...

The post Family with 3 kids bought and overhauled HDB Executive Apartment (EA) in Punggol after forgoing condo option appeared first on 99.co.

Returning to Singapore, Finding A New Home and Financing It

These days, you may have a job posting anywhere. That’s certainly the case for Von Lim, who is a researcher who specialises in sustainable energy. The native Singaporean returned to Singapore in 2019 after a short stint in Australia and decided to stay; a decision he made considering the ongoing pandemic.

Instead of renting, he wanted to purchase a house as he feels would be more beneficial in the long term. "Renting in Singapore is hefty, and it doesn’t make sense, particularly to the older generation. My parents advised me to always buy instead of rent if you have the means to do it,” shares Von.

In searching for his new place, Von’s main criterion was accessibility. “As Asians, parents are always an integral part of our lives even as we grow older. I’ll be living with them in this new condo, so having easier access for them to roam around Singapore in Chinatown or Telok Blangah is crucial,” he shares.

 

Reaching Out to an Old Friend

von lim home story propertyguru

Von decided to reach out to one of his long-time friends who happens to work as a property agent now. They visited just two places before deciding on his current condo in Bukit Merah. “We had gone to District 3 and Newton, as we wanted somewhere in the city fringe area,” he says. Although he eventually decided on a place in Bukit Merah, he is happy because it’s actually within walking distance to Sentosa and Vivocity. “It’s right at the doorstep of Singapore’s General Hospital,” he smiles.

Related article: Would You Live Near a Hospital in the Age of Endemic COVID-19? We Ask 5 Singaporeans

As the condo is currently still under construction, he’s not living in the condo yet. Von says that he was quite hesitant to buy an uncompleted property at first, but he was ultimately convinced because of the developer. “Buying something that doesn’t exist can be quite daunting, but the developer has a good track record, and every time I go by, the construction is continuously happening,” shares Von.

Von also went to the show flat to choose the right floor plan and layout that best suits his needs.

 Related article: Condo/HDB Floor Plan in Singapore: How To Read and 4 Things to Look out For

 

Financing a New, BUC Condo

 von lim home story propertyguru

Von understood that purchasing a new home is a decision one should not take lightly. "I had various discussions with my family and agent to come up with the best solution in terms of budget that I can afford and how to finance it properly. My prior business ventures also helped me in my decision making," Von remembers.

Trying to D-I-Y Was Challenging

von lim home story propertyguru

He tried to secure a home bank loan on his own, but because his day job requires most of his attention, he was unable to keep up with everything that was required to secure the loan and deal with the financial side of things promptly. To make things easier, his agent introduced him to Joyce Lim, a financial advisor from PropertyGuru Finance.

"When you want to purchase a house, there is a lot of jargon that is difficult for the average person to understand. Moreover, there are schemes and payment options to choose from. You have to consider how much downpayment you're willing to pay from your CPF. All of these can be challenging to manage on your own," says Von.

Securing A BUC Loan With Help

von lim home story propertyguru

With the assistance of Joyce and his property agent, he was able to finance his condo properly and with ease. Joyce advised him on which payment schemes and options to take. They ended up with a progressive payment scheme for Buildings Under Construction (BUC) with a 1.06% interest rate to be paid over 24 years. 

Related article: Should You Get A BUC Home Loan Before Your New Home Is Completed?

However, he still did his own due diligence after consulting with Joyce. "As a researcher, it's in my nature to do my own research, even after what Joyce said to me. After I did my research, I realised that what she had been saying added up and was true."

Von also admired Joyce's professionalism in handling his queries. "I know that I'm not the only client Joyce had; she has many, but she always remembers each of her clients' needs. She always answers my calls promptly and is very patient with me. Her service was phenomenal, Von grins.

 

Planning for Investment Opportunities Ahead

Once the condo is built, Von plans to stay there in the near future, but he's open to renting out the condo as an investment. "As I'm a researcher, I may be posted in different countries to do my research. I arrived in 2019 after a year in Australia, so it would be nice to rent it out if I'm not in Singapore. It can be an excellent investment for the long haul as properties continue to grow and appreciate," Von closes.

 von lim home story propertyguru

 

Read stories of real people and their home journeys. Still searching for your dream home? Browse properties for sale on PropertyGuru or compare home loans on PropertyGuru Finance.

All images featured in this article are owned by PropertyGuru and should not be used without permission.

Selling your condo before TOP? Here’s what you should know about sub-sale and SSD

Seller’s Stamp Duty was introduced more than a decade ago in 2010 in a bid to curb speculation and disincentivize house flipping in the real estate market. Since then, sub-sales of condos have been steadily declining, with numbers spiking again in 2021.  Looking at the numbers over the last decade (since 2012), the top 3...

The post Selling your condo before TOP? Here’s what you should know about sub-sale and SSD appeared first on 99.co.

Compare listings

Compare

What you must know before buying Singapore property…

Subscribe to our mailing list