A few agents and clients asked this question. If they buy a new condo and pay the stamp duties in cash first and wishes to get a reimbursement later,  how long does CPF takes to reimburse them?

Well the ans is simple, 2 weeks from the the day the law firm calls for the release of CPF funds.

The documents needed by CPF for the withdrawal are : Letter of offer, Letter of instructions and Valuation report.

In case if client are only taking up a loan later, this will be treated like a cash purchase, there will be no Letter of offer and Letter of instructions as the bank is absent at this point of time.

CPF may still require the buyer to appoint a valuer and submit a copy of valuation report before giving approval for the CPF refund.

Fusce eget nibh et lacus tincidunt rhoncus. Proin luctus eu erat quis tincidunt. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Suspendisse ullamcorper nunc eu placerat fermentum.

Etiam scelerisque iaculis felis, eu sollicitudin arcu hendrerit vitae. Aliquam eget dapibus nulla. In nulla enim, fermentum nec placerat hendrerit, sagittis et diamer nunc eu placerat fermentum.

Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Etiam dui libero, tempor quis congue in, interdum eget tortor. Nam et urna ante, vitae pretium lacus vehicula. Sed rhoncus ullamcorper mauris, ac condimentum metus egestas ut. Nam et urna ante, vitae pretium lacus.

Fusce eget nibh et lacus tincidunt rhoncus. Proin luctus eu erat quis tincidunt. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Suspendisse ullamcorper nunc eu placerat fermentum.

Etiam scelerisque iaculis felis, eu sollicitudin arcu hendrerit vitae. Aliquam eget dapibus nulla. In nulla enim, fermentum nec placerat hendrerit, sagittis et diamer nunc eu placerat fermentum.

Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Etiam dui libero, tempor quis congue in, interdum eget tortor. Nam et urna ante, vitae pretium lacus vehicula. Sed rhoncus ullamcorper mauris, ac condimentum metus egestas ut. Nam et urna ante, vitae pretium lacus.

The Kampong Bugis site (right) will be released for sale under the reserve list to a master developer. It is expected to yield 4,000 private homes and 50,000 sq m of space for retail, offices, community uses, serviced apartments, sports and recreatio
The Kampong Bugis site (right) will be released for sale under the reserve list to a master developer. It is expected to yield 4,000 private homes and 50,000 sq m of space for retail, offices, community uses, serviced apartments, sports and recreational facilities.ST PHOTO: MARK CHEONG

9.2ha site allows for range of uses, gives developer chance to create urban ecosystem

The much-awaited white site at Kampong Bugis, to be released for sale under the reserve list to a master developer, is among the most keenly watched sites due to its size and relative novelty, amid current market headwinds, analysts say.

Only a few master developer projects exist here, including Marina Bay Financial Centre and Suntec City.

Located at the mouth of the Kallang River, the 9.2ha Kampong Bugis site, to be completed over nine to 11 years, is expected to yield 4,000 private homes and 50,000 sq m of space for retail, offices, community uses, serviced apartments, sports and recreational facilities. White sites allow for a range of uses.

“The intention is for a single developer to comprehensively master plan the site and implement urban solutions” such as a district-wide pneumatic waste conveyance system and a storm water treatment and water management system, said the National Development Ministry.

Kampong Bugis should be attractive to a large developer or consortium as it offers a rare opportunity to plan and create an urban ecosystem over the long term, said Ms Tricia Song, head of research for Singapore at Colliers International.

But some analysts say there may be limited interest given the sizeable cost of the development and current market headwinds.

Cushman & Wakefield senior manager of research Wong Xian Yang believes the total land cost could exceed $5 billion and “would be prohibitive even for the big boys”.

Two other white sites are on offer. CBRE head of research for South-east Asia Desmond Sim said the Marina View site has “a strong focus on in-city living and commercial, while the site at Woodlands Avenue 2 is part of the Northern Corridor identified in the Draft Master Plan 2019”.

  • 4,000

    Number of private homes the 9.2ha Kampong Bugis site is expected to yield, among other things.

Credit Suisse analyst Louis Chua said a new hotel site in River Valley Road is expected to appeal to developers given its prime location and robust bids received for a Club Street hotel site that closed in January at $2,149 per sq ft.

Ms Song noted this hotel plot replaced the Sims Avenue hotel site, which would have yielded 575 rooms. The Sims Avenue site has been removed from the Government Land Sales (GLS) programme.

The River Valley hotel development will be integrated with Fort Canning MRT station, and is walking distance to Clarke Quay and Fort Canning Park. Mr Govinda Singh, Colliers’ executive director of valuation and advisory services, said the site presents a good opportunity to establish the Fort Canning area as a major tourist destination, creating additional footfall to Clarke Quay.

“At potentially 560 rooms, this will be a significant project… in addition, a smaller lifestyle property could also be added to enhance the overall development,” he added.

Payment Schedule for New Launch Purchase

% to be paid Process Mode of payment
5 Booking Fee (upon booking and signing of Option To Purchase (OTP)) Cash
3* Buyer Stamp Duty* Cash &/or CPF
15 Downpayment on signing of Sales & Purchase Agreement (to be paid within 8 weeks of Booking Fee) Cash &/or CPF
10 Foundation completes Cash &/or CPF
10 Reinforced Concrete Framework completes Cash &/or CPF
5 Brick wall completes Cash &/or CPF
5 Ceiling / Roofing completes Cash &/or CPF
5 Window Frames and doors in position; together with Electrical Wiring (w/o fittings), Plumbing and Internal Plastering completes Cash &/or CPF
5 Car Park, Roads and Drains of development completes Cash &/or CPF
25 Temporary Occupation Permit (TOP) and Architect’s Certificate of Completion obtained Cash &/or CPF
15 2% – Sale & Purchase completes
8% – Certificate of Statutory Completion produced
5% – 12 months after the notice date to take vacant possession
Cash &/or CPF

 

Buyer Stamp Duty and Additional Buyer Stamp Duty Table
1st property 2nd property 3rd property 4th property and more
Singapore Citizen BSD BSD + ABSD 7% BSD + ABSD 10% BSD + ABSD 10%
Singapore Permanent Resident BSD + ABSD 5% BSD + ABSD 10% BSD + ABSD 10% BSD + ABSD 10%
Foreigner BSD + ABSD 15% BSD + ABSD 15% BSD + ABSD 15% BSD + ABSD 15%