United World College East Campus Opened


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The United World College South East Asia (UWCSEA) has opened its new East Campus in Tampines. The school has installed the world’s largest solar air conditioning and hot water system which costed over 10 million dollars. For that, the campus was presented the Singapore Building and Construction Authority’s highest award – the Green Mark Platinum award – in recognition of its sustainable approach to construction. Read more »

Additional Tax For Real Estate Purchased


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And additional 10% stamp duty for foreigner buying Singapore property. And 2nd time for PR (Permenant Resident) / 3rd time for Singaporean (Citizen) home owner pays 3% on top of current stamp duty. The current stamp duty are calculated as follows: 1% on first SGD180,000 of the purchase price, 2% on the next SGD180,000 and 3% for the remainder. According to stats, nearly a third of property buyers are non-citizen. Property prices are now 13% above the 1996 peak. And about 20% of the buyers are owners of more than 2 properties. Some property analyst predict that it will cause up to a 30% correction but not a crash. It has become a question not of if the market will fall in 2012, but by how much. Read more »

Dragon Sold For 130 Million


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Dragon Mansion, located at 14 Spottiswoode Park, was sold by 86 home owners in a collective sale at a bargain price to a property developer – Spottiswoode Development. The sale represent about 1.9 million for each of the owner as the final price was 16%¬†below the initial asking price of S$156 million. If is a 99-years leasehold site, one would understand the rational. But this is a freehold site – so it is another case of the owner killing the goose that lays the golden eggs. Read more »

Punggol Waterfront Town Opens


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Punggol Waterfront Town was an ambitious project to transform what some residents have described as a backwater town into a “New Waterfront Town”. It has been four years in the making and was envisioned by Prime Minister Lee Hsien Loong. The town, one of the biggest in Singapore, will house some 23,000 families by the end of 2011. Nicknamed “Venice of Punggol”, it was built at a cost of S$225 million, lets hope the new waterway built by the Housing and Development Board don’t get flooded during the rainy season. Read more »

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