post

Building good credit definitely takes time – but is worth it

Click on Building good credit definitely takes time – but is worth it
for the source.
Author: Ravi Philemon

Building good credit definitely takes time – so starting early will pay dividends later. Even if you ‘building a good credit’ a bank will not loan your business money if it cannot show either substantial assets or a steady, reliable income stream.

So, either the newly acquired property will have to more than pay for itself (e.g., a good cash flowing rental with a signed lease prior to closing) or it will have to have a steady source of other income (e.g. from consulting, property management, or RE sales over time, etc.).

Getting a business loan may not be all that difficult; your choices are somewhat fewer but it’s doable if the business either has assets and credit history of its own, or you give a personal guarantee.

Build a Good Credit for Your Dream Home

With business loans, expect to pay several points and a higher interest rate if you are borrowing from banks. This is because they take higher risks by lending to a company versus a person living in home and those risks reflect in the higher rates. This will impact your ability to cash flow, etc. In many cases, people get excited about the idea of starting a business without understanding it will cost you more to do business in exchange for what can be very limited liability protection.

On the personal guarantee – is it an awesome thing to do? No. But, sometimes we can’t sit back and wait for the perfect situation to present itself. So, business owners need to do the best they can with what they have; if that means taking out a business loan with personal guarantee, and in using your corporation to do the investments for you – then go for it if it is the right business move for you.

In building good credit, whenever possible, try to establish credit lines that will grow along with the business.

For example, in setting up a credit line with your bank, try to get a credit line based on a percentage of your receivables, rather than a constant, static amounts. Chances are your credit line will be reviewed by your bank annually and will be subject to ceilings and restrictions, but try to build as much flexibility into your borrowing relationships as you can. This will leave you better equipped to finance fast growth. Also try to establish credit lines with your trade suppliers that grow along with your business as well.

In building good credit, you should be started before the company needs it.

Building good credit

Image credit: Morgan l Flickr
In building good credit, whenever possible, try to establish credit lines that will grow along with the business

No lending institution wants to lend money to a business in need of cash flow. The business can start out using the owner’s or officer’s credit to gain approvals under the business name, but as the business grows it should start to establish it’s own credit history and credit profile in order to take on business credit of it’s own.

When officers and owners use their own personal credit profiles to obtain credit for the business, they risk the chance of lowering their own personal credit scores. There are two reasons business owners should try not to use their personal guarantee on business credit. First, the individual signer is liable if the business cannot make the payments and second the credit obtained for the business can affect the person’s personal credit score.

Keep in mind, your personal credit score is based on several factors, including available credit, the amounts of available credit used, late payments, and much more.

Obtaining credit for a business is a process that should be established over time. The older the business the more options the business will have to build credit and obtain loans and leases without the use of personal guarantees. It is not easy to do this, but yet it is not impossible. The first step is to start building the business credit today.

5 tips for boosting your chances of getting personal loans

A credit score is built by having lines of credit, credit accounts and trade references that report to the business credit bureaus. For most businesses it’s very difficult to find a business willing to grant credit with no personal guarantee and without any previous credit history.

In building good credit, if you have your own trade references, you should work with them to build the score. However most businesses need additional trade references that will grant credit and report to the credit agencies.

How to Secure a Personal Loan Quickly

If you have limited capital and are searching for a personal loan to expand your business, the loan consultants at iCompareLoan can set you up on a path that can get you a it in a quick and seamless manner. Our loan consultants have close links with the best lenders in town and can help you compare various loans and settle for a package that best suits your needs. Find out money saving tips here.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

If you are looking for a new home loan or to refinance, our Mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us for your business expansion needs.

Contact us for advice on a new home loan.

Contact us for home loan or refinancing advice.

The post Building good credit definitely takes time – but is worth it appeared first on iCompareLoan Resources.

post

Poor credit history – fret not! Following simple rules can get you loans

Click on Poor credit history – fret not! Following simple rules can get you loans
for the source.
Author: Ravi Philemon

You can borrow money for your business growth even if you have poor credit history if you know how to keep your personal and corporate identities separate.

By: Phoenix Lee/

Acquiring a business loan is not easy for businesses with poor credit history. Getting approved for a business loan from a bank with a bad credit score can be extremely difficult. Unfortunately for young businesses bad credit is a common plight.

Many entrepreneurs quickly learn that their initial business loan was helpful in establishing and starting up – but expansion, maintenance or even growth requires additional funding which may not always be available. New small businesses tend to damage their own chances for secondary financing during slow beginnings when fixed loan repayments are not always made on time.

Other factors such as personal credit may also damage ones ability to be approved for a business loan as most lenders (banks and other financial institutions) look at a combination of both personal and business credit. Many business owners turn to private lenders, moneylenders, or even family and friends. Acquiring the necessary funds through these private channels is usually not realistic as funding amounts are typically limited.

Just as your personal credit history determines whether you qualify for a personal loan, it also affects whether you can get a business loan. The three main things lenders look for on your credit report are:

  • Late payments
  • Missed payments
  • Bankruptcies
poor credit history

Image credit: CafeCredit

These problems can take seven to ten years to cycle off of a credit report. As long as there’s no pattern, the occasional late payment is no big deal in the eyes of most lenders — we’ve all mailed cheques a day or two late.

But missed payments and bankruptcies are a different story. These black marks on your credit report must be explained. Circumstances leading to your bankruptcy are best explained in a letter accompanying your loan request. Don’t just explain what happened. Let your prospective lender know what steps you’ve taken to assure it won’t happen again. Typically, banks won’t consider conventional loans to applicants with a bankruptcy in the past three years.

Urgent loans can help you overcome short term hurdles

That doesn’t necessarily mean you shouldn’t try. Banks are your best financing source, but there are alternatives, including revolving-loan-fund programs and micro-loan programs available through several financial institutions. Some of these programs, however, require you to have been turned down by a bank first before you can apply.

If you are starting a business and have a poor credit history, here are a few tips that should help:

1. Forget big banks as sources of funding.

In the past, obtaining bank financing was based on the four Cs of credit: credit history, cash flows, collateral and character. Today, this is no longer true for most large, well-known financial institutions. They care little about three of the four Cs-and instead tend to focus purely on credit history in making lending decisions to small-business applicants.

This is because consolidation in the banking industry has driven banks to automate their credit decision processes and minimise the labor involved in getting to know credit applicants face to face. If you have a great business idea but poor credit history, you will not get any money from banks.

Even if you have a great business idea, a strong character and relevant work experience, you are not likely to get any money from big banks if you have poor credit history.

There is one notable exception to this rule: home equity loans. If you are willing to secure your business loan with personal equity in your home, you will have plenty of options even if you have poor credit score. But be very careful about relying on home equity loans too early in the life cycle of your business. Cash flows for startups are notoriously difficult to forecast.

Two criteria banks look for when reviewing business loan applications

2. Differentiate your personal credit from your business credit.

While large banks focus on your personal credit score, smaller lenders may focus on a combination of your personal credit score, business credit score and other factors associated with the viability of your business.

Your personal credit score is determined by several factors, including the outstanding debt balance on personal credit cards, the number of open lines of credit accounts, bill payment history and late payment history. Your business credit score is determined by similar factors but is linked to the tax ID for your business, not your personal identity number. This important difference can help you get your business off the ground.

If your personal credit score is damaged, you should seriously consider getting a separate tax ID number for your business. In addition to getting a tax ID number, it is important to ensure that your business is distinct from your personal identity. While these administrative chores might seem minor, they are critical in distinguishing you from your business.

3. Build your business’s credit score.

Once you have a tax ID number and a legal identity for your business, you can start building your business’s credit and establishing a means to qualify for trade and credit lines from suppliers and sources of capital. If you do not have strong personal credit, you should pay special attention to ensuring that you build a good business credit history.

How to Secure a Personal Loan Quickly

If you have limited capital and are searching for a personal loan to expand your business, the loan consultants at iCompareLoan can set you up on a path that can get you a it in a quick and seamless manner. Our loan consultants have close links with the best lenders in town and can help you compare various loans and settle for a package that best suits your needs. Find out money saving tips here.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

If you are looking for a new home loan or to refinance, our Mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us for your business expansion needs.

Contact us for advice on a new home loan.

Contact us for home loan or refinancing advice.

The post Poor credit history – fret not! Following simple rules can get you loans appeared first on iCompareLoan Resources.

post

New private residential property sales increase as foreclosures rise

Click on New private residential property sales increase as foreclosures rise
for the source.
Author: Ravi Philemon

According to the developers’ sales survey by the Urban Redevelopment Authority for February, new private residential property sales rose 4.4 per cent month-on-month (m-o-m) to 455 units in February. Including executive condominium (EC) units, there were 457 new private residential property sales last month, registering a 4.6 per cent m-o-m increase.

On a year-on-year basis, new private residential property sales excluding ECs was 18.5 per cent higher than February 2018.

new private residential property salesCommenting on the new private residential property sales data, Mr Desmond Sim, CBRE’s Head of Research for Singapore & Southeast Asia said:

“In February 2019, 455 units were sold while 596 units were launched. This brings the year-to-date number to 891 units sold and 1,094 units launched. In comparison, over the same period last year when sentiments were stronger, 911 units were sold while only 454 units were launched.

Statistically, demand appears to be relatively stable as compared to the same period for 2018. However, a shadow of concern lies with the impending launches over the next 9 to 12 months. Any further pressure from the demand side will exacerbate this supply imbalance.

Given that there were no new launches in February, sales were from existing projects such as Affinity at Serangoon (88 units), the Tre Ver (48 units), and Stirling Residences (31 units). Notably, sales at the other existing projects have plateaued, with only a handful of projects launched in the second half of 2018 achieving more than 50% of total units sold. Clearly, buyers are spoilt for choice.

In the EC segment, just one unit was sold from Northwave and another at Rivercove Residences. All eyes will be on the next highly anticipated EC launch at Sumang Walk, which is likely to be in the next quarter.

Going forward, developers will face stiff competition to attract buyers with a torrent of launches arising from the land acquisition spree in 2017 and first half of 2018. This is also against a backdrop of increasing mortgage rates and slowing economic growth. However, with a comfortable leeway to the 5-year ABSD deadline, developers may still hold firm with prices, but will incentivise agents or rely on stronger project attributes to attract buyers.”

Condo buyers seem to be streaming back to the property market

Ms Christine Sun, head of research and consultancy at OrangeTee commenting on the new private residential property sales figures said: “Amid the absence of major project launches and the Lunar New Year festive period, new home sales continued to rise across many previously launched projects last month, a reflection of resilient home buying sentiment.”

New private residential property sales are expected to be revved-up in the coming months said Ms Sun.

She added that home buyers will remain selective and price-sensitive, preferring projects that are well-located, distinctively designed and competitively priced.

“Sales are expected to rev up as more projects are slated to be launched in the coming months, including Amber Park at Amber Gardens, Sloane Residences at Balmoral Road and Rivière at Jiak Kim Street”

Huttons Asia’s research head Lee Sze Teck noted that projects in Serangoon accounted for more than half of February’s new private residential property sales, and contributed to 30 per cent of total units sold.

“MRT infrastructure announcements tend to move condo sales. … Projects in Serangoon – The Garden Residences, Affinity and Riverfront – accounted for one-third of total sales in February.”

An earlier report by Colliers International said that property auction listings in 2018 reached record high numbers amid slower sales. Colliers said that it expects property auction listings and sales to grow in 2019 as residential cooling measures continue to bite.

The report said that there were 1,088 property auction listings (including re-listings) in 2018. This is an increase of 35 per cent over 2017, and mortgage listings (foreclosures) comprise of about 30 per cent of all auction listings.

Property auction listings in 2018 reach record high amid slower sales

Mr Paul Ho, chief mortgage officer at iCompareLoan commenting on the new private residential property sales said that in an uncertain economic climate, home buyers should be more careful.

“Bank interest rates are on the uptrend and foreclosures by banks are increasing. Home buyers should be mindful to not put themselves in a place where they struggle to pay their mortgage loans. They should speak to professionals and try and get the best home loans which fits their unique profile,” he said.

How to Secure the Best Home Loans Quickly

iCompareLoan is the best infomercial loans portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On iCompareLoan, you will be able to find all the latest news and views, informational guides, bank lending rates and property buying trends, and research data and analysis.

Whether you are looking to buy, sell or refinance apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s most comprehensive and up-to-date property news and best home loans trends to facilitate your property buying decisions.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

Our trademarked Home Loan Report is Singapore’s first one-of-a-kind analysis platform that provides latest updates of detailed loan packages and helps property agents, financial advisors and mortgage brokers analyse best home loan packages for their clients, so that they may give unbiased home loan/commercial loan analysis for their property buyers and home owners. Our distinguished Panel of Property Agents who are users of our Home Loan report can give the best all-rounded advise to real estate seekers.

All the services of our mortgage consultants are ABSOLUTELY FREE, which means it’s all worth it to secure a loan through us.

Whether it is best home loans, best commercial loans or refinancing of existing loans or SME loans, CONTACT US TODAY!

The post New private residential property sales increase as foreclosures rise appeared first on iCompareLoan Resources.

post

Uncover The Promise Of Treasure at Tampines

Click on Uncover The Promise Of Treasure at Tampines
for the source.
Author: iCompareLoan Editorial Team

Image Credits: Treasure at Tampines, Sim Lian Group Ltd

Usually treasures are meant to be kept as secrets and promises of treasures are quite rare, if at all true. However, this time, this is not the case as the Sim Lian group has promised and delivered the one and only Treasure at Tampines with their new property launch. The infamous real estate and architecture group has been providing families and individuals in Singapore with amazing housing, and communities for well over 40 year. The property investment and construction group has revealed their newest property, in Tampine and it is truly a treasure of a property with many luxurious features and unique characteristics that will surly leave you in awe at the beauty and sophistication of this high end residential property.

The newest property launch, Treasure at Tampines, is situated on the former Tampines court, Tampines street 11 with around 2,203 luxurious, high end residential units available for customers to enjoy as soon as possible. The 2,203 units are spread over 29 blocks of 12 stories each, featuring state of the art construction materials, amazing modern architecture and a great, intuitive urban design to make sure the residents enjoy a busy, exciting and luxurious lifestyle with both family and friends. The property will also feature shuttle buses to help residents reach their destinations with ease and comfort, also the Tampines condo is quite close to Simei M.R.T station and can be reached pretty quickly on foot.

You might be wondering, what makes this new property so unique, Well, if the previous description isn’t grabbing your attention, it’s because this is just the tip of the iceberg when it comes to describing and mentioning the many perks and features of this great new addition to the properties of Sim Lian group. The 648,889 sqf residential project is immaculately designed by Design link architects and developed by Sim Liam group, with a promise of a luxurious, and sophisticated lifestyle for all owners and community members. There several reason why treasure at Tampines should be your next real estate purchase and investment, and here is why:

Future community development and long term urban power: The project is located on Tampines street 11 and is situated between several future landmarks that are bound to boost and rejuvenate the neighborhood in the near future. Projects include the anticipated jewel of Changi Business-Park, Changi Development-Project, And Tampines Industrial-Park. These aforementioned projects are bound to turn Treasure at Tampines into a future capital.

Proximity to several key locations: In addition to the future landmarks, the property is situated near century square, and is a short drive to Tampines hub and Mall, as well as East point mall. The project is developed in the key suburban areas of Tampines, and covers an area equivalent to 11 football fields that is surrounded by many recreational and commercial opportunities.

Several convenient properties and mixed use estate: Since this new property launch is located within the heart of Tampines and in close proximity to Simei MRT, residents and future owners can enjoy the hundreds of department stores, shops, restaurants and other conveniences around Treasure at Tampines.

Such an opportunity is too good to let pass by, and show rooms for properties are now accessible to the public and potential Treasure at Tampines residents. Registration has opened on the website and interested clients can book a showing for any of the properties available, also floor plans and residential layouts are accessible on the website.

Ready To Purchase Your Future Home?

The real estate supports normal progressive payment, but if you feel the payment scheme is not as convenient, then do not fret, you can use iCompareLoan to view and compare home loan Singapore and choose the best suited scheme for your needs. The mortgage broker company, iCompareLoan, allows clients to access several home loan information databases and help them compare different Singapore home loans without any extra steps or time consuming broker meetings.

Purchasing and owning a property can be a hassle for some people, especially setting up payment plans and checking the hundreds of housing loan plans that are available. With iCompareLoan mortgage brokers can help you figure out the next step in your housing financing plan and guarantee a chance to own your dream home. It may seem difficult but the reality is much different and what nay seem like a far-away dream is actually within reach, just give iCompareLoan a try and you’ll be amazed at how streamlined and straightforward the service is, allowing for an easy way to compare between several house loan plans in Singapore.

For advice on a new home loan.

For refinancing advice.

Download this article here.

The post Uncover The Promise Of Treasure at Tampines appeared first on iCompareLoan Resources.

post

Unlock The Promise Of Fourth Avenue Residences

Click on Unlock The Promise Of Fourth Avenue Residences
for the source.
Author: iCompareLoan Editorial Team

Image Credits: Fourth Avenue Residences, Allgreen Properties Ltd

The real estate market has been one among the top topics in 2018, and by all means will continue in 2019. When it comes to new property launch, Fourth Avenue Residences is something that is still trendy in the real estate world. The project was developed by Allgreen Properties Limited, Singapore’s leading property developer.

The Fourth Avenue Residences are placed next to Sixth-Avenue M.R.T Station of the Downtown M.R.T Line. The location is perfect since the locals will fancy the direct-covered linkway to Sixth Avenue M.R.T Station, and also as in the district of the top schools.

The public is still fascinated with this new project launch, so why not make a short review about it? What is so special about the Fourth Avenue Residences? Read on to find out.

Project Details and Overview

We mentioned before that Fourth Avenue Residences has been developed by the best property developer in Singapore, which is a part of Robert Kuok’s group of businesses. Allgreen was incorporated in the year of 1986 and was listed in the Singapore Stock-Exchange in May in 1999. After that, it became a part of the Kouk’s group, and it was delisted in August 2011. Today, this is the largest property developer groups in Singapore with a reputation for quality and track record for its powerful take-up rate for its projects. Robert Kuok – the owner of the Kouk’s group, is the richest businessman and investor in Malaysia and according to Forbes, his net worth is estimated in 14.8 billion in March last year.

Now, the area on which the Fourth Avenue Residences is built was under a reserve list of the first half of 2017 Government Land-Sales. It was triggered with a minimum bid of $448.8 million. This is a plot of 18,532.2 square meters (199,480.6 square feet) and is also a collection 476 homes settled and surrounded by lush greenery and Good-Class Bungalow Areas in Prime-District 10.

One notable thing about the residence is the charming neighbourhood which has the most beautiful parks in the city. One of them is the highest-hill in Singapore, Bukit Timah Nature Reserve, a perfect place for all the green activists who would love to go hiking in the tropical-canopy. Also, if you need a recreation, this place offers awesome choices in the recreation activities, such as horse-riding for all the horse-lovers. You can visit the Bukit Timah Saddle-Club, which houses more than 23 horses and ponies. There is a place for all the horticulture lovers as well at the Botanic Gardens, which is a UNESCO World-Heritage Site. This is accessible right from Bukit Timah, which possesses thousands of plant spices.

Another great think about this very area is that it has prestigious schools like Nanyang Girls’-School, the Hwa Chong-Institution and the Methodist Girls’-School, which makes it perfect for children as well. Not to forget, the Avenue Residences’ location is a heaven for all the shopaholics since it is close to Shopping Malls such as Sixth-Avenue Centre and the Guthrie House.

Live in Style

The residences are built for all the people who would like to live in style. It has profusion of 5-star facilities in its area. The best part about that is that they are composed of swimming pools, tennis courts, lap pools, playground, gymnasiums, clubhouse, and BBQ pit areas.

The lap pools, as well as the swimming pools are not only wide, but also their water is clear all the time. For those who wish to take up their hoby, there is the tennis court, and for all the people who’d like to gather with their family and friends – here is the BBQ pit. You can gather for cosy weekends, as this is a great resort which can provide you entertainment and let you bond over food. For all the sports people, there are gymnasiums with high-quality equipment to satisfy all kinds of people who enjoy exercising – from beginners all to fitness professionals.

In the Fourth Avenue Residences, people should expect none other than designer fittings. A whole new level of sophistication which will satisfy every single need of yours ought to be expected from this place.

If we are thinking location wise, this is one of the best places you can find a new housing launch – it has everything you want and need.

When it comes to the price, the indicative launch prices for 1 bedroom starts from $1,050,000. The price for 2 bedroom is a bit higher – $1,506,000,or if you are interested for a condo with 4 bedroom and a study, the initial price would be around $3,387,000.

Remember….

For those who are interested in buying, we would recommend to use iCompareLoan mortgage broker. This is a website where you can compare mortgage loan Singapore, calculate and find the best loan packages for your new property.

We truly hope you will enjoy your new home! Good Luck!

For advice on a new home loan.

For refinancing advice.

Download this article here.

The post Unlock The Promise Of Fourth Avenue Residences appeared first on iCompareLoan Resources.

post

Normanton Park: A Blissful Haven Where Urban Living Meets Nature

Click on Normanton Park: A Blissful Haven Where Urban Living Meets Nature
for the source.
Author: iCompareLoan Editorial Team

Image Credits: Normanton Park, Kingsford Huray Pte Ltd

Normanton Park is a new and upcoming deluxe condo, located in Normanton Park in the prime District 05. Developed by the renowned Kingsford Huray, the condo is set to be one of the most sought-after properties in the region considering its convenient location, extensive amenities and serene environment.

Unit Types

The entire Normanton Park development will comprise 1864 premier condo apartments, 19 strata landed houses and 8 commercial shops. Buyers wishing to invest in the apartments can choose from 1 to 5 bedroom units, some that come with study and premium options. Those on upper storeys can enjoy unobstructed views of the Kent Ridge Park and the pond lying nearby.

Connectivity

Normanton Park sits just next to Science Park drive, which is connected via a roundabout that’s interlinked with Portsdown Road. The condo is also close to a number of transport amenities that make moving around convenient.

For those hoping to use road as mode of transport, the Ayer-Rajer Expressway (AYE) and the Central Expressway (CTE) are located a tiny distance from the development. Residents can literally get to Orchard Road and the Central Business District (CBD) within a few minutes.

There are three MRT stations located near the condo: Kent Ridge MRT (1 km), Haw Par Villa MRT (1.1 km) and Pasir Panjang MRT (1.2km). The convenient location of these MRT stations means access to other parts of the island will be quicker and easier.

Nearby Educational Institutions

Access to education is one of the key aspects people consider when looking for a residential home. With many prestigious schools-both local and international-available within Normanton Park close proximity, taking children to school or enrolling for a course is way more convenient.

Some of the schools available in the condo’s immediate vicinity include the following:

-Newtown Primary

-Queensway Secondary

-Anglo Chinese School

-Na Hua High School

-NUS High School of Mathematics & Science

-Singapore Polytechnic

-National University of Singapore

-ISS International School

-Global International School

Nearby Shopping Centers

Residents of Normanton Park will have plenty of options when it comes to shopping for general stuff and specialty goods. Anchorpoint Shopping Center lies just 1.6 miles from the residence while the West Coast Plaza and Harborfront Centre sit 3km and 4 km away respectively.

When it comes to shopping for foodstuff, residents can go to the nearby Mei Chin Block Market, Alexandra Village Food Center, Tanglin Halt Food Center and Commonwealth Crescent Market. Other food centers are ABC Brickworks Centre and Redhill Lane Block 79 Market.

Lifestyle Amenities

First of all, Normanton Park is located in a serene and relaxed setting, which creates a feeling of living in a high-end resort. Residents can enjoy the engrossing views of the nearby Kent Ridge Park, even as they breathe in fresh air from their rooms.

Some of the fun-filled nature parks that are easily accessible from the residential development include Telok Blangah Hill Park, Singapore Botanic Gardens, Hortpark and the West Coast Park. Sports enthusiasts can visit the Queenstown Stadium, Tamasek Club, Queens Townclub and Delta Sports Complex and the Tanglin Public Golf Course, which are located a tiny distance from Normanton Park.

Estimated Selling Price

The prestigious Normanton Park was sold to Kingsford Huray Development at a whopping cost of $830.1 million. There was also $231.11 million additional payment to be made as top up to the 99-year lease. Now, factoring in other costs construction, legal fees, marketing among others, the estimated breakeven price comes to 937 psf ppr.

The average pricing at its launch in 2015 was $1,100 psf. The prices for the condo have been increasing since then. You can request the correct price estimates from Normanton Park developers at the very time you want to buy a unit as prices keep shifting due to market sentiments.

iCompareLoan Mortgage Broker: Your Go-To Broker When Looking For A Home Or Housing Loan

When looking for a home loan, what any potential home buyer or investor would want is secure that loan in fast, reliable and cost-effective manner. Fortunately, that is what iCompareLoan Mortgage broker is all about and we are at your service.

Whether eyeing a new loan or re-finance, our platform makes it easier for you to compare home loan Singapore, find favorable packages and get straight to processing the loan. We work with several top lenders in the country, which means you have varied options to choose from.

Our processes are easy to follow through and you’ll get your home loan early enough or just in time for you to make the purchase of desired residential unit. And what’s more, our service to you is absolutely FREE!

Begin your home ownership journey here today

For advice on a new home loan.

For refinancing advice.

Download this article here.

The post Normanton Park: A Blissful Haven Where Urban Living Meets Nature appeared first on iCompareLoan Resources.

post

MCST: a good one works within a finite budget for best outcomes

Click on MCST: a good one works within a finite budget for best outcomes
for the source.
Author: Ravi Philemon

Management Corporation Strata Title (MCST), refers to the managing body of a condominium or any compound which has multiple owners and shared public facilities. MCSTs are associated often with private residential properties.

An MCST is automatically formed when the strata title plan for the development is lodged with the Chief Surveyor and a strata title application is made to the Registrar of Titles, Singapore Land Authority. But a developer is only allowed to register the strata title plan when construction has reached the roof level, meaning the project is nearly completed.

Officially, it will be called “The Management Corporation — Strata Title Plan No.____” with the BCA issuing a tracking number to differentiate it from other managing bodies.

Subsidiary proprietors (SP) of the private residential development automatically becomes a member of the MCST. The MCST, being a legal entity, may sue and can be sued. MCST plays an important role in representing the collective interest of all SPs in a strata-titled estate.

The BuildingMCST Maintenance and Strata Management Act (BMSMA) empowers the management corporation (MC) of each development to control and manage the common property. The spirit of the BMSMA is for each MC to exercise self-governance and manage its own domestic affairs.

SPs in the strata scheme have to pay contributions to maintain the common property and pay ancillary expenses. This money is paid to the MCST to enable the MC to meet the costs of regular and periodical maintenance of the estate. All levies that SPs have to pay are worked out in proportion to the share value of each lot.

The share value of a property is a figure that represents the proportionate share entitlement assigned to each strata unit in the same development. The purpose of the share value is to determine the amount of shares each owner has in relation to the other owners in the development.

Once the MCST is constituted an initial period is assigned to it by which it must hold its annual general meeting (AGM).  The maximum duration of the initial period is 12 months. During this period, the developer plays the role of the council. Once the MCST is constituted, the developer is required to open a bank account in the name of the MCST and pay into the account all the money he has collected for the maintenance fund and keep proper books of accounts so that they can be conveniently and properly audited.

MCSTs managing an estate involves the following safeguarding procedures:

  • maintaining good security;
  • upkeeping communal facilities; and
  • regulating the rules of the estate.

The management fund is for day-to-day recurrent expenses of maintaining the development. The amount collected for this has to be enough for the MCST to pay the following expenses:

  • Cost of looking after the common property;
  • Payment of insurance premiums;
  • Other recurrent expenses besides amounts covered by the sinking fund.

In addition MCs must also require residents to not leave or park their vehicles in the common property without its approval. Additionally, there is a statutory by-law regarding the disposal of rubbish and unwanted items on the common property. Without the permission of the MCs, residents should not dispose of rubbish or unwanted items (such as discarded sofas) on the common property that is likely to interfere with the peaceful enjoyment of others in the estate.

It can be very challenging for the MCs to manage a condominium. The MC has to work within a finite, limited budget to maintain a fairly large space that is largely open and accessible 24/7 to all its residents. The MC has to be proactive about a range of issues ranging from cleaning to security to the maintenance of the condominium amenities. It, therefore, plays a vital role in ensuring that the condominium facilities are fully functional and are in good repair.

MCs should advise SPs when their contributions or instalments are due. When contributions becomes 30 days overdue, it will bear interest at the rate determined by the MC unless the MC has decided at the general meeting not to charge interest either generally or in a particular case.

When your contribution becomes 30 days overdue, the MC may serve a written demand on you. If you fail to pay within 14 days after the written demand has been served, you are liable for an offence amounting to a fine. The MC can recover any unpaid contribution through the Small Claims Tribunal or the courts. The MC can also register a charge on the lot for not paying.

MCs may also fine residents who breach its by-laws. But be mindful that MCs are not entrusted with undefined and unlimited powers of imposing monetary payments upon SPs for breaches of by-laws made. The MC, owner or resident may apply to the court for an order to stop someone from disobeying the by-laws and to recover damages.

The first thing that one can do when involved in a dispute is to come together and discuss the problem. Then the possibility of finding an amicable solution is higher. However, when the disputing parties are unable to find an acceptable solution, they should seek mediation by an independent and neutral party. The role of the mediator is to guide the disputing parties to achieve their own resolution.

If mediation fails, the dispute can be referred to the Strata Titles Boards (STB) for arbitration. The STB is a statutory body that is made up of a panel of members who are lawyers and experienced practitioners in the building industry. A strata titles board is constituted to hear each dispute. The decisions of the STB are final. After such a decision, an appeal can only be made to the High Court on question of law.

However, not all disputes can be referred to the STB. Only disputes listed in the Building Maintenance and Strata Management Act (BMSMA) can be heard by the STB. These are listed as follows:

  • Settling dispute on costs or repairs, or rectifying a complaint in respect of a defect in a lot, a subdivided building and the common property;
  • Convening a general meeting where the MC has defaulted;
  • Invalidating proceedings of meetings where the provisions of the BMSMA have been contravened;
  • Annulling a resolution if voting rights are denied or due notice of business is not given;
  • Revoking an amendment to a by-law that affects all the subsidiary proprietors (SPs) in a strata lot;
  • Invalidating a purported by-law that the MC has no power to make;
  • Varying the rate of interest fixed by the MC for late payment of contribution;
  • Varying the contributions levied or the manner of payment;
  • Varying the amount of insurance to be provided;
  • Requiring an MC to make or pursue an insurance claim in respect of damage to the subdivided building;
  • Giving consent to owners to alter the common property;
  • Appointing a managing agent;
  • Compelling an MC to supply information or documents to an applicant who is entitled to have access to them;
  • Compelling an owner to grant access to the MC to carry out works;
  • Resolving disputes between the MC and a sub-MC.

For matters that are outside the jurisdiction of the STB, the disputing parties can seek resolution from the courts. As such, it is not uncommon to hear of disputes between the residents and tenants of a condominium and its management corporation. Given that such disputes are very close to home for the residents, the potential for such disagreements to become acrimonious is high, especially since they may affect the comfort and standard of living for these residents.

Every MCST is required to keep accounting records and financial statements for at least seven years. The books and accounts of the MCST must be audited for each financial year. The MCST is also required to keep proper records of all notices it receives or court orders served to it.

It must keep notices and minutes of its meetings, including details of motions passed, as well as copies of all correspondence received and sent, and any other documents. All records must be kept for at least seven years after the completion of each transaction.

Another responsibility of the MCST is to prepare and keep a strata roll. Essentially, the strata roll is a register of the owners of each unit in the development. The information recorded in a strata roll should include the following.

  • The share value of each lot;
  • The name and address of each SP;
  • The name and address within Singapore of each mortgagee of a lot;
  • The name of the nominee of any company that is the SP or mortgagee of the lot;
  • The discharge, transfer, assignment or sub-mortgage of any mortgage of a lot;
  • The entry into possession of the lot by a mortgagee;
  • The address within Singapore for the service of notices on any person as shown in a notice given to the MC.

A proactive MCST may use the sinking fund at its disposal for the following:

  • Painting of the common property;
  • Acquiring movable property;
  • Renewing or replacing any fixtures on the common property and other property belonging to the MCST;
  • Replacing, repairing or making good the common property;
  • Any debts other than amounts covered by the management fund;
  • Other capital expenses.

The amount in the sinking fund must be enough to such expenses.

When the Building Maintenance and Strata Management Act was introduced in April 2005, there were only 2,700 MCSTs and 170,000 strata units across Singapore. According to the General Household Survey 2015, 13.9% of households in Singapore reside in Condominiums and Apartments, which are invariably managed by MCs.

Further, as of June 2018, there are 3909 registered MCs managing various strata title developments in Singapore. Statistics also show that as of December 2017, the number of MCSTs and strata units respectively surged to 3,400 and 354,200. These include residential, industrial and commercial buildings as well as mixed-use projects.

For a fee, owners can apply to the management corporation (MC) for information such as the name of your estate’s managing agent and the names and addresses of the office bearers of the MC. They can also inspect the following
records of the MC.

  • Minutes of general meetings of the MC and the council;
  • Books of account;
  • Other records or documents under the custody of the MC.

For prospective buyers of private properties, always ask the real estate agent who is managing the property. Then check up on the management agent, or MC to check what other places they have worked on. If there were serious complaints in their previous management, there will probably be complaints here.

SPs and residents should be mindful that the management corporation or MCST is a juridical entity with perpetual succession that is empowered by the law to administer and oversee the common property of a strata development.

How to Secure the Best Home Loans Quickly

iCompareLoan is the best infomercial loans portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On iCompareLoan, you will be able to find all the latest news and views, informational guides, bank lending rates and property buying trends, and research data and analysis.

Whether you are looking to buy, sell or refinance apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s most comprehensive and up-to-date property news and best home loans trends to facilitate your property buying decisions.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

Our trademarked Home Loan Report is Singapore’s first one-of-a-kind analysis platform that provides latest updates of detailed loan packages and helps property agents, financial advisors and mortgage brokers analyse best home loan packages for their clients, so that they may give unbiased home loan/commercial loan analysis for their property buyers and home owners. Our distinguished Panel of Property Agents who are users of our Home Loan report can give the best all-rounded advise to real estate seekers.

All the services of our mortgage consultants are ABSOLUTELY FREE, which means it’s all worth it to secure a loan through us.

Whether it is best home loans, best commercial loans or refinancing of existing loans or SME loans, CONTACT US TODAY!

The post MCST: a good one works within a finite budget for best outcomes appeared first on iCompareLoan Resources.

post

Singapore REIT Price / NAV Range Chart Mar-2019

Click on Singapore REIT Price / NAV Range Chart Mar-2019
for the source.
Author: Marubozu

Original post from http://mystocksinvesting.com

Singapore REIT Price / NAV Range Chart base on Mar 4, 2019 Singapore REITs Table.

 

See last Singapore REITs Price/NAV here to see the changes.

Disclaimer: This chart is NOT a recommendation to buy or sell. Do NOT use it if you don’t understand how to interpret it.

 

Check below on other events:

http://mystocksinvesting.com/course/singapore-reits-investing/REITs Investing Course 

http://mystocksinvesting.com/course/private-portfolio-review/REITs Portfolio Advisory 

http://mystocksinvesting.com/events/