Singapore homebuyers to benefit from new rules that require developers to disclose discounts and other perks unmask the actual value of properties for sale.
As of early June, the Urban Redevelopment Authority has been publishing weekly net prices on home transactions that take into account incentives and rebates, such as those for stamp duties. This means that homebuyers are now able to know the real value of any property and ascertain the exact price.
This in effect ensures greater transparency when they approach banks to seek mortgages for their properties. Hefty furniture rebates became the subject of a S$181 million lawsuit in November after United Overseas Bank Ltd. claimed it was a “victim of a conspiracy” and handed out larger-than-permitted housing loans after some buyers at the luxury Marina Collection on Sentosa island didn’t declare perks that cut prices by as much as 34 per cent.
Under the new scheme, homebuyers can also drive a better bargain predict market experts like Chesterton Singapore. More information on transactions can be found on the HDB website, here.
For further reading, check out the coverage on Bloomberg and MalayMail.
Plus, if you’re looking to buy a new home, it’d be useful to get informed on how to recognise a good property agent.
Find the home of your dreams today at Singapore’s largest property portal, 99.co!
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
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