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21 August 2012

21st August, Tuesday




Iras: Property tax flat for most landed homes

Source: The Straits Times

The taxman's review of the annual values of 56,000 landed homes so far this year has left about two-thirds unchanged, so the owners will not have to pay higher property tax.

The other homes have had their annual values adjusted upwards by an average of about 10 per cent, generally below last year's rises, the Inland Revenue Authority of Singapore (Iras) told The Straits Times.

A small number were increased over 20 per cent, as they had not been revised for a year or more.

Iras is still reviewing the annual values of the private apartments and the rest of the landed homes. The review is expected to be completed by the end of the year.


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Auto-park systems still no-go for condo buyers

Source: The Straits Times

The wait and the inconvenience that come with an auto-park system - where drivers drop off their cars to be parked under a computerised system using moving platforms and lifts – are putting some buyers off.

Agents say that of every 10 potential buyers, two or three will lose interest in a development that has a mechanised carpark.

Even so, the number of such carparks looks set to grow due to the urgency of maximising land use, said suppliers.

Mechanised carparks have been here for decades, and were first used in commercial buildings. They began appearing in residential properties such as condominiums in the last five years or so.

Agents say there are over a hundred residential developments with such carparks, including Kembangan Suites and Attitude @ Kim Yam. A popular system would require only floor space of just three normal carpark spaces to stack up to 50 cars.

While expensive to build, they are still a cheaper option than basement carparks requiring deep excavation. Developers may also prefer to use basement space for facilities like swimming pools. But mechanised carparks often mean waiting in line to retrieve one's car, and being incapacitated if the system breaks down.


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