Wednesday, 23 October 2019

How much commission to pay your real estate agent salesperson in Singapore for buying/selling resale residential property?

There is no fixed rules on how much you need to pay your real estate agent salesperson so long as both parties agree to it.


You will only need to pay The Council for Estate Agencies (CEA)* registered real estate agent salesperson that represents you upon successful completion of the transaction(s).

According to CEA, you should sign an agreement with your real estate agent salesperson to prevent any conflicts which also let you indicate the sales commission that both parties agree upon.


*The Council for Estate Agencies (CEA) (房地产代理理事会) was formed as a statutory board under the Ministry of National Development.
Established under the Estate Agents Act, CEA is empowered to administer the regulatory framework for the real estate agency industry. 

A guide as below on the common practice in the market on how much to pay a real estate agent salesperson commission.

For HDB Seller (to agent representing seller)
- Exclusive agent = usually 2% of the transacted amount
- Non-exclusive agent = usually 1% of the transacted amount

For HDB Buyer (to agent representing buyer)
- Exclusive agent = usually 1% ~ 2% of the transacted amount
- Non-exclusive agent = usually 1% of the transacted amount

For Private Residential Property Seller (to agent representing seller)
- Exclusive agent = usually 2% of the transacted amount
- Non-exclusive agent = usually 1% of the transacted amount

For Private Residential Property Buyer (to agent representing buyer)
- Private buyer agent = no need to pay commission

You can even pay higher commission to the real estate agent if you think
he/she adds value to your selling/buying process.

**Note: 
- By law real estate salespersons are not allowed to represent both the Landlord’s/Seller’s Agent and the Tenant’s/Buyer’s Agent in a single deal, as this will present a conflict of interest.
- Real estate agent's commission will be subject to prevailing GST if the agent's Real Estate Agency is GST registered.





Monday, 21 October 2019

The Non-Tourist Trap Guide To Punggol - 99.co

In this instalment of the non-tourist trap guide, we will be looking into the young and vibrant neighbourhood of Punggol; now known for its fast rising property values, and the coming Punggol Digital District:

A Brief History of Punggol

Despite its recent development into a new town, Punggol was inhabited 200 years before the arrival of Sir Stamford Raffles. In fact, it’s one of the oldest settlements in Singapore. For a long time, much of the land was used for plantations and farms for various livestock. Perhaps, this was where the name ‘Punggol’ came about – a word describing the act of “hurling sticks at the branches of fruit trees to bring them down to the ground” in Malay.
In recent years, Singapore has spent much effort building Punggol up. Rising from just 18,000 dwelling units in 2010 to over 43,000 units in 2017, and many more exciting developments down the corner, Punggol’s future is a bright one. The government has set its sights into transforming Punggol into a “waterfront town of the 21st century”: The first Eco-Town, and an important part of Singapore’s push to become a Smart Nation.

Characteristics of Punggol

Youth and children have been steadily on the rise as many new couples have chosen to start their families here. After all, with the lush open spaces for play and great education opportunities, this is pretty much the perfect place to raise a child.
With 134,000 residents currently, this number is likely to rise as Punggol continues to grow and change to become more and more attractive.
The highlight of Punngol, at the time of writing, is the upcoming Punggol Digital District (PDD). The PDD will be Singapore’s first “enterprise district”. It combines academia (Singapore Institute of Technology), multiple start-ups and SMEs (JTC business park), established companies, and a central logistics hub. This will make it easier for students, as well as different companies, to network and share ideas. Hopefully, this is where the next Google or Facebook will come from.

Food Places to Eat

Singapore is known for its food culture, and foodies in Punggol don’t lose out. Here are some great restaurants among many other amazing food places:
Big Fish Small Fish

Situated at Punggol East, Big Fish Small Fish is teeming with customers wanting a taste of its Western selection. Try their Sea Bass with crisps, or grab a couple friends and get the FOMO platter to try a lot more at once! They offer set meals unique to Punggol, and sauces are free-flow. The fresh fish and crisps is definitely worth your while.

Izakaya 95


It’s impossible to miss out Punggol Settlement when talking about great food. It’s foodie heaven with such a wide range of choices of food and drink, all with the backdrop of the mesmerizing seafront. Come here after a relaxing walk along Waterway Park, or just take the LRT for a quick boost. Izakaya 95 is a Japanese bar selling a range of high-quality foods, like barbeque, claypot and sashimi, together with a selection of alcohols.

Leong Ji Seafood


Also at Punggol Settlement, bring your family along to have a hearty meal of Chinese-style seafood. This place is often filled with customers late into the night. The seafood is fresh and mouth-watering, so come here and have a try!

Happening Places to Visit

Whether it be scenic backdrops of greenery, or wide shopping centres for all your needs, Punggol definitely doesn’t lack great places to spend your time out in. Here are some of our favourites:

Waterway Point


You’ll never run out of things to do here. Catch a movie, shop for stuff, eat dinner, have a relaxing walk on the boardwalk, or take your kids to play in the outdoor spaces of this mall, including a dry and wet playground – all within this 50,000m2 of fun. What’s more, Waterway Point is right outside the MRT station, and you can take the LRT from your house just as easily, making it so convenient.
Connect with nature right outside the mall, or take a short walk to Waterway Park!

Waterway Park


The Punggol Waterway and the endless greenery around makes for wonderful scenic beauty. Bird-watchers and photographers can enjoy the beautiful flora and fauna, especially in the Nature Cove. Families with children can have fun in the open spaces of the Recreation Zone. Those seeking a better understanding of Singapore’s culture and history can make a visit to the old walkway at the Heritage Zone, or admire the conserved landscape and various fauna at the Green Gallery. Apart from fitness corners around the park, fitness enthusiasts can cycle or jog around the park, or take the park connectors for a smooth trip all the way to Kalland in the South. The beautiful fusion of blue waters and green lands here makes Punggol truly a ‘waterfront city’.

Coney Island


One might not immediately think of Coney Island when Punggol is mentioned, but this gem of nature is just a stone’s throw away and a great place to frequent. In this little island, you can find sandy coasts, swampy mangroves, wide grasslands, and dense woodlands, each habitat home to its own unique flora and fauna, some of which are rare or endangered. For example, there are over 80 avian species here. A great haunt for nature enthusiasts, photographers and bird watchers alike. Families can bring their kids to appreciate nature, or bond while having a fun day playing. Or get lost in the enchantic rustic feel of the island as you learn about its history.

Punggol SAFRA


NSmen and their families can enjoy a wide range of facilities here. Sweat it out in the gym or while playing sports like swimming or badminton. Alternatively, you can take the day to relax in a spa. Or spend it having fun playing electronic darts, bowling or singing karaoke. Your children can also develop themselves at the learning centres here.
Pros

Start a Family

Lush open spaces for fun and play for your growing child are everywhere in Punggol. As they grow older, the 11 primary schools and 3 secondary schools available give you a lot of choice for their education. Moreover, the Singapore Institute of Technology is expected to open in 2023, and if you live here, your child’s university might just be next door.

Green Eco-Town

A short trip on the LRT can get you from the confines of your room to being immersed in nature. Both Waterway Park and Coney Islands are great getaways for a relaxing escape. Moreover, recent residential buildings like Treelodge@Punggol and future developments incorporate more vegetation into their design for a refreshing view.

But there are some downsides:

New Town

Even for a New Town, Punggol is not fully developed in terms of housing or amenities. While its growth and development will be rapid in the next few years, for now, it is still lacking in terms of quantity of residential estates or various places to work and play in.

Long Travel Times

Punggol is located in the northeast corner of Singapore, and travel times to the CBD are long. It’s great if your place of work is around the area, but if it’s further away, the long distance and traffic congestions along the TPE and KPE might be a source of frustration when travelling around.
In conclusion, Punggol is a great place for you if you are a young couple starting a family that wants your child to have a conducive living environment for their growth, a nature buff who loves enjoying the serenity of nature, or a futurist who wants a place with a community of like-minded people to live, work and play with.
Do you think Punngol is right for you? Voice your thoughts in our comments section or on our Facebook community page.
Looking for a property? Find the home of your dreams today on Singapore’s largest property portal 99.co! You can also access a wide range of tools to calculate your down payments and loan repayments, to make an informed purchase.
7 min read · 

Source: 99.co (21 Oct 2019)



Singapore’s Rental Market Slips in September, but Still Stronger Than Last Year - 99.co

The rental market softened for both private and public housing last month. The good news is, it’s still up year-on-year. Here’s what’s going on:

Rental prices fell 0.4 per cent for condos in September, down 0.3 per cent for HDB






sign that a house is for rent
CCR condos took the worst hit in rental rates

Core Central Region (CCR) condos saw the sharpest dip in rent, falling 1.1 per cent; in the Rest of Central Region (RCR) and Outside of Central Region (OCR), rents dipped 0.2 per cent and 0.1 per cent respectively.
For HDB flats, fall in rental was led by three-room flats, which fell 1.1 per cent, while four-room flats dipped 0.3 per cent. Five-room and executive flats bucked the trend, edging up 0.1 per cent and 0.2 per cent respectively.
At present, condo rental rates are down close to 17 per cent from the last peak in January 2013, while HDB rents are down 14. 8 per cent from the last peak in August 2013.
This is still a stronger showing compared to the same time last year: condo rents are up by 3.2 per cent compared to September 2018, while HDB rents are up 1.1 per cent.

Rental volumes are down for condos, but up for HDB flats

In terms of volume, condo rents shrank 11.9 per cent compared to August, and are currently down 7.3 per cent year-on-year. HDB flats managed a rise in rental volume, up 2.6 per cent from August, with three-room and four-room flats leading (34.9 per cent and33.9 per cent of volume, respectively).
But HDB rental volumes are also down compared to the same time last year, by 2.6 per cent.

The reasons are partly cyclical, and partly due to a weakening economy






property on a chart
The weakening global economy may be impacting rents

It’s not unusual to see rental volumes dip toward Q4, as a cyclical issue. However, an ongoing worry is the weakening global economy, and the resulting cutbacks that companies have to make.
Singapore seems headed toward a technical recession in 2020, and Sino-US trade tensions, Brexit, and weak data out of the US, China, and Germany are all darkening forecasts. This may cause companies to scale back expansion plans, which in turn means less hiring. Housing allowances may be slashed for the fewer expatriate workers that still get hired.
Since foreigners make up the vast majority of tenants, this exerts significant downward pressure on the rental market.

It’s not all doom and gloom, though

There’s a chance that rental rates may pick up a bit, toward end 2019. We’re looking at initiatives like Tech@SG, which will expedite work passes for foreign tech workers. Some areas may benefit more from this than others (e.g. condos near the Punggol Digital District, or China Business Park); but depending on the number of workers coming in, we might see a general boost to the rental market.
In the meantime, landlords can feel a bit better that rental rates are picking up year-on-year.
3 min read · 
Source: 99.co (16 Oct 2019)