Articles

Thought of renting out your condominium or HDB apartment on AirBnB to tourists for short periods of time? I’m afraid it’s going to be illegal now. Back in 2016, the Urban Redevelopment Authority (URA) has witness an increase of over 60 percent in complaints on the breaches of rules in private residences – That was what Minister for National Development Lawrence Wong reported in the Parliament on 6th February 2017. With the amendment in place, home owners committing such offences (i.e renting out their property for a term less than 6 months) will face a fine up to $200,000 and even jail for up to a year – following the earlier guidelines set by the Urban Redevelopment Authority (URA) Understandably, the Urban Redevelopment Authority (URA) …

Sales of new private homes, including executive condominiums (ECs), climbed to a high of 12,408 units last year compared to the 9,026 and 10,199 units transacted in 2014 and 2015 respectively, with ECs accounting for 32.6 percent of the overall figure, according to PropNex Realty citing data from the Urban Redevelopment Authority (URA). PropNex CEO Mohamed Ismail revealed that one factor behind the high transaction volume last year was the greater affordability of new projects. In fact, sales in the Core Central Region (CCR) spiked by around 67.2 percent, after developers slashed prices at some projects by 20 to 25 percent from their peak to avoid paying extension fees. In agreement, real estate consultancy JLL said a more realistic pricing for ECs, with median prices …