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1.
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Is there a time limit for me to own the property?
(recent update)
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You cannot sell your estate and interest in the property within 3 years after the date of purchase of the property. However, if the property purchased is:
a. a plot of vacant land for your construction of a dwelling house; or
b. a built-up property which you intend to or subsequently in future
(i) tear down to re-build a new dwelling house;
(ii) carry out reconstruction of the existing dwelling house; or
(iii) carry out addition and alteration works to the existing dwelling house,
you cannot dispose of your interest in the property within 3 years after the date of issue of the Temporary Occupation Permit (TOP) or 3 years after the date of issue of the Certificate of Statutory Completion (CSC), whichever is earlier.
You are required to give an undertaking to this effect. Please note that a breach of the condition is an offence under the Residential Property Act ("the Act") for which you may be fined up to $200,000 and/or imprisoned for a term of up to 3 years. The Controller of Residential Property will also be lodging a caveat to prevent any unauthorised disposal of the property. You will receive a notice informing you of the lodgement of the caveat.
[Note: The 3 years shall run from the date of contract to purchase the property if it is a built-up property. If you enter into a contract to dispose of your interest in the property, the date of contract shall be after the expiry of the 3-year non-disposal period. The date of contract refers to the date of the exercise of the option or the date of the sale and purchase agreement, as the case may be.
If the property is under construction or those mentioned in 3A, B (i) to (iii) above, the 3 years shall run from the date of issue of the TOP or CSC, whichever is issued earlier. If you enter into a contract to dispose of your interest in the property, the date of contract shall be after the expiry of the 3-year non-disposal period. The date of contract refers to the date of the exercise of the option or the date of the sale and purchase agreement, as the case may be].
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2.
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Why does the buyer, financial institution or CPF Board lodge a caveat against the property?
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The primary purpose of a caveat is to protect the interest in land claimed by the caveator (whether as "purchaser" when a buyer pays a deposit; as "mortgagee" when the financial institution releases the loan; or as "chargee" when CPF releases CPF funds). It is a precautionary step taken by the caveator pending completion of his transaction.
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3.
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Can I apply if I do not have a specific property in mind?
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Yes, you can state in the application form that you are applying for an Approval In-Principle (AIP). In fact, we encourage applicants to submit the application for the AIP before entering into any contract to purchase a specific property.
The AIP, if granted, is valid for 6 months. It is not renewable. Once the 6-month period has lapsed, a fresh application must be made for another Approval In-Principle or for purchase of a specific property.
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4.
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How is land premium payable based on DC rates computed?
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The formula for calculating land premium payable for remnant land based on DC rates1 is:
Land premium = Area of State Land x Master Plan GPR x DC Rate x 5/7 x Leasehold Factor (only applicable for leases that are 99 years or less)
Master Plan Gross Plot Ratio
Identify the Master Plan gross plot ratio and zoning from URA’s Master Plan.
Step by step guide on how to determine applicable DC rate
Step 1 – Determine Geographical Location of Subject Property
Find out from OneMap
the major roads surrounding the subject property.
Next, identify the geographical sector number of the subject property from URA’s DC Sector Maps
with reference to the major roads.
Step 2
– Determine Use Group of the Subject Property
Identify the use group of the subject property from URA’s Use Group Tables e.g. residential (landed dwelling-house) comes under use group B1.
Step 3
– Determine applicable DC rate for the Subject Property
Determine the applicable DC rate for the subject property from URA’s Table of DC Rates. The DC rate applicable at the date of Notice of Preliminary Terms and Conditions, offer, or closed tender (whichever is applicable) will be used.
Once you have selected the appropriate Table of DC rate, match the geographical sector number of the subject property against the use group of the subject property to determine the applicable DC rate.
Leasehold Factor
Where remnant State lands are sold on a leasehold basis less than or equal to 99 years, the premium will be adjusted accordingly using the Leasehold Table.
Please refer to Change in Determination of Land Value for Remnant State Lands for more details.
1
For suitable cases not based on DC rates, the premium payable may be determined using other methods
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5.
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How does SLA determine the premium of the remnant land?
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The premium payable for remnant land is generally determined using the prevailing DC Table of Rates. The DC Table applicable at the date of Notice of Preliminary Terms and Conditions, offer, or closed tender (whichever is applicable) for sale of the remnant land will be used. This will provide some certainty in the pricing of such land and incentive to the adjoining private landowners to incorporate such land into their development. However, in suitable cases where the State land is considerably large in size and/or is integral to the redevelopment resulting in a better integrated development, the premium payable may be determined using other methods and the resultant amount could be higher than the rate determined by the DC table.
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Last Update : 16 January 2012 |
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