Moving to Singapore - should I just buy rather than rent?

SingMark · Post by **SingMark** » Sat, 03 Dec 2011 4:43 pm

sundaymorningstaple wrote:Stamp duty is just another way the gahmen line their coffers. Everything in Singapore is taxed one way or the other. It's how they pull the wool over everybody's eyes by shouting to the world "look how low our corporate tax rates are, come and set up shop here" meanwhile, once you are locked in, they gouge the hell out of you for everything else.

Stamp duty,
COE
ERP
Property Tax
Sales Tax (GST)
Income Tax
CESS
Customs duties (high)
Road Tax
and countless others

I agree. Pretty smart really how they run things, but I know what you mean. You missed out one important one by the way, especially noticeable for those of us who are moving over from Hong Kong - TAXES ON ALCOHOL!

Post by **sundaymorningstaple** » Sat, 03 Dec 2011 5:26 pm

I didn't miss it. It's called customs duties. Primarily Alcohol & Tobacco!

SingMark · Post by **SingMark** » Sat, 03 Dec 2011 5:40 pm

sundaymorningstaple wrote:I didn't miss it. It's called customs duties. Primarily Alcohol & Tobacco!

Ha ha - OK, well what about the tax on maids. You missed that one. We don't have that in HK!

Post by **sundaymorningstaple** » Sat, 03 Dec 2011 8:05 pm

That's not a tax, it's a "levy".

Taxes are based on monetary valuation. The maid levy is a fixed amount regardless of how much or how little you pay her. Same with all the S & WP levies.

zzm9980 · Post by **zzm9980** » Sat, 03 Dec 2011 11:19 pm

sundaymorningstaple wrote:Stamp duty is just another way the gahmen line their coffers. Everything in Singapore is taxed one way or the other. It's how they pull the wool over everybody's eyes by shouting to the world "look how low our corporate tax rates are, come and set up shop here" meanwhile, once you are locked in, they gouge the hell out of you for everything else.

Stamp duty,
COE
ERP
Property Tax
Sales Tax (GST)
Income Tax
CESS
Customs duties (high)
Road Tax
and countless others

Oh let's be fair here; Except for anything related to cars and alcohol, Singapore has *way* lower taxes than anywhere in the west, and most of the rest of the world. Hong Kong is probably the notable exception.

ecureilx · Post by **ecureilx** » Sun, 04 Dec 2011 4:16 pm

sundaymorningstaple wrote:That's not a tax, it's a "levy".

Taxes are based on monetary valuation. The maid levy is a fixed amount regardless of how much or how little you pay her. Same with all the S & WP levies.

SMS: a lot of people in HK think see maid levy as TAX, and somehow they also think it is the maids being taxed ..

no kidding ..

Post by **sundaymorningstaple** » Sun, 04 Dec 2011 4:38 pm

We are not in Hong Kong.

No, not kidding.....

SingMark · Post by **SingMark** » Tue, 06 Dec 2011 4:37 pm

Here is a place similar to mine on Park Island http://parkislandhongkong.blogspot.com/ ... -rent.html

What sort price would I be looking at to pay for Sentosa (in Singapore dollars)?

movingtospore · Post by **movingtospore** » Thu, 08 Dec 2011 10:45 pm

Add 10% to that price after today's latest non-tax tax dreamed up here, ie a 10% increase in stamp fees for foreigners.

Maybe it will help hurry up and make that market crash!

SingMark · Post by **SingMark** » Fri, 09 Dec 2011 2:13 pm

Should't I need to pay 10% less, as prices will fall 10%?

Post by **sundaymorningstaple** » Fri, 09 Dec 2011 4:15 pm

Don't count on it falling all that much. On the news after the new measures were some interviews with the man in the street. Pretty suspected answer from one Indian gentlemen, "PR's still have to buy so they will still pay the additional percentage" As they need a place to live without paying exorbitant rentals, I reckon he's right.

SingMark · Post by **SingMark** » Sat, 10 Dec 2011 5:40 pm

Meanwhile, in HK, the Govt has hinted as easing cooling measures. So, guess where the hot money is going to flow in the short term....

Where I live (Park Island, HK) and am about to move from, the agents are already noticeably busier as buyers in HK are starting to take a renewed interest in anticipation of the market picking up agian.

So, who is smarter? HK or Singapore?

Segue · Post by **Segue** » Mon, 12 Dec 2011 9:58 am

The luxury market here has been ready for a perfect storm for a long time. Its the combination of a slowing economy, drying up of liquidity in key buyer markets like PRC, and an unprecedented rush of new launches up until 2013. Predictions have been for at least a 30% adjustment in the near term. The government introduced the cooling measures to keep valuations from getting even more out of wack and preventing an even harder crash, however the result is that the contraction will likely happen in a years time rather than three.

If you want to buy, I'd hold out to 2013 at least. But the brokers will all tell you the same thing - the market remains "hot" and the buyers still out there.

SingMark · Post by **SingMark** » Tue, 13 Dec 2011 10:57 am

Thanks -apart from the luxury market, how about older style places in nice areas such as near the bottanical gardens. Places that have a nice layout, higher cielings, but are a little outdated inside in terms of furnishings, etc? Some are around 1800 per square foot. That seems quite high to me!

PrimroseHill · Post by **PrimroseHill** » Tue, 13 Dec 2011 9:53 pm

SingMark, I am not trying to hijack your thread, which I think is rather interesting.
As an expat relocating, how easy is it for folks like me to buy a place in Spore? Generally, how much deposit do I have to put down? Are there any restrictions as to what I can buy? We are thinking about either an older property or a newer gated community type landed property.
What is the current interest rate at the moment in Spore?

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Moving to Singapore - should I just buy rather than rent?

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