Prices are going in their favour, too. Data released last week from the Urban Redevelopment Authority showed private residential prices rose for the first time since the housing curbs were introduced. Dwelling values jumped 1.5 per cent in the three months through June 30, spurred by luxury apartment sales.
Property agents and lawyers that Bloomberg News spoke with said they don't have data on the number of trust accounts being set up with that as the primary objective. But both OrangeTee's Sun and Savills' Mr Cheong say more homebuyers are inquiring about this option.Nicholas Mak, head of research at APAC Realty Ltd unit ERA Singapore, said trusts aren't cheap to establish.
For people like Shawn, who asked that his surname not be used given the sensitive nature of the transaction, that could mean additional expense in the future. Unless he sells the penthouse his parents have gifted him, any future property purchases would be counted as his second home, and incur ABSD. "It's definitely uncommon to own property in Singapore at my age and I'm appreciative of the fact that I do have my own house," he said, seated in his living room dotted with handmade Swedish, Japanese and Thai ceramics."It's a privilege and something I know a lot of people cannot afford to do."
Education Education Latest News, Education Education Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: The Straits Times - 🏆 8. / 63 Read more »