Gahmen: No Capital Gains Tax

Finally found this newspaper cutting. Thought I threw it away earlier. Well this is pretty much a big relief for everyone now. Like I said: Capital Gains Tax is the nail in the coffin. So for the moment, all's clear!

Flippers Get the Shaft

Anti-Flippers, Wear Your Tag Proudly in Forums!

The almighty Government has just given Property Flippers the shaft! Deferred Payment schemes for NEW Condos will no longer be available - which to me is actually bloody good news.

Deferred Payment to me has always been a No-No mainly because:

• It generally encourages property bubbles. Flippers with no plan to see the project through to its completion might default, and if widespread might 'crash' the project as the developer has no cash


• If you get your bank loan later, the bank might not 'value' your property equal to its purchase price and you have to fork out alot of cash (also known as 'You Are Screwed')


• I always believe in REAL capital appreciation thank you

I am glad it has come to this. Now real investors and homeseekers who have the power to go for progressive payment schemes will get to play a more even field.

Oh, and I can't find a scrap of this announcement on URA's website even after all the yakking on the radio which is absolutely ridiculous.

Update 28th Oct: The URA website has been edited to include:

On 26 Oct 2007, the Government withdrew the deferred payment scheme, i.e. applications from developers to offer deferred payment scheme for new housing projects will not be approved. However, developers who have already obtained the Controller’s approval to offer a deferred payment scheme may continue to offer it to purchasers after 26 Oct 2007. Purchasers are advised to check with the developers on the payment scheme being offered.

This means that current launches that still have DPS can still go ahead with DPS!

The Great Rochester Sellout

Image Source: Prophunter

The Rochester (renamed from One Rochester, because it technically doesn't sit on One Rochester) has been one hotly anticipated project. Only the second new residence in the area to spearhead the One North Project, it has drawn strong interest with its mixed development concept and proximity to an MRT, Holland Village and Singapore's next infocomm hub.

Finally it was launched, only to dissapoint many. In fact industry insiders told me how most of it was sold through the developer to its own staff, shareholders and select VIP. The public never had a chance.

A friend of mine was cussing under his breathe and hoping for 'those damned inside flippers' to get burnt. I didn't know why he was so unhappy, his One North Residence must have somewhat appreciated thanks to the $1300-1600psf bump from The Rochester i'm sure.

Update: August 7th, been seeing some of them One Rochester units on for sale at some pretty desperate prices. Getting burnt eh?