Ravi Chandran
The Commodore, a condominium development in Canberra, Sembawang, has sold 162 of its 219 units during its launch weekend
According to niche developer JBE Holdings, a total of 162 units of The Commodore were sold by 6pm on Saturday (27 November). The 99-year-leasehold development consists of a total of 219 units of 6 5-storey blocks, with unit sizes ranging from 1 to 5 bedrooms, including 4 penthouses, of 4-to-5 bedrooms, with private lifts.
JBE said in a press statement that about 93 per cent of the buyers of The Commodore are Singaporeans and that 60 per cent of them are below the age of 40.
Mr Paul Ho, chief officer at iCompareLoan, said: “With the 1 and 2 room units priced at around $700,000 and $920,000 respectively, the development will appeal to HDB upgraders and younger buyers.”
Buyer’s Stamp Duty
| Purchase Price or Market Value of the Property | BSD Rates for Residential Properties | BSD Rates for Non-Residential Properties |
| First $180,000 | 1% | 1% |
| Next $180,000 | 2% | 2% |
| Next $640,000 | 3% | 3% |
| Remaining Amount | 4% |
Additional Buyer’s Stamp Duty
| Nationality | 1st Property | 2nd Property | 3rd Property |
| Singapore Citizens | N.A. | 12% | 15% |
| Permanent Residents | 5% | 15% | 15% |
| Foreigners | 20% | 20% | 20% |
| Entities / Companies | 25% | 25% | 25% |
Payment Scheme
Normal Payment Scheme (NPS)
Also known as Progressive Payment Scheme, allows you to service your loan via monthly instalments progressively stage by stage as the property is being built.
| Stage | Payment Under a Standard Payment Scheme (% of Purchase Price) |
| Upon the grant of Option to Purchase | 5% (Booking Fee) |
| Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date | 20% less Booking Fee |
| Completion of foundation work | 10% |
| Completion of reinforced concrete framework of unit | 10% |
| Completion of partition walls of unit | 5% |
| Completion of roofing/ceiling of unit | 5% |
| Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit | 5% |
| Completion of car park, roads and drains serving the housing project | 5% |
| Notice of Vacant Possession (TOP) | 25% |
| On Completion date | 15% |
Housing Loan Rules
The following a summary of the rules on maximum limits for new housing loans.
| Rule | Description |
|---|---|
| Loan Tenure | 30 years for HDB flats.35 years for non-HDB properties. |
| Loan-to-Value (LTV) | The maximum amount that an individual can borrow for a housing loan based on the loan tenure, borrower’s age, borrower’s existing loans and whether the borrower is a shell company. |
| Mortgage servicing ratio (MSR) | No more than 30% of a borrower’s gross monthly income should go towards repaying all their property loans, including the loan being applied for.Only applies to the purchase of HDB flats and ECs. |
| Total debt servicing ratio (TDSR) | No more than 60% of a borrower’s gross monthly income should go towards repaying all their debt obligations, including the loan being applied for. |
In addition, lending Financial Institutions must also:
- Deduct discounts, rebates or benefits when calculating the purchase price of a residential property.
- Ensure that borrowers are also the mortgagors of the property.
- Ensure that guarantors are brought in as co-borrowers if they are standing guarantee for borrowers who have not met the TDSR threshold requirements.
Mr Ho said, “It is best for those that want to buy The Commodore to get the services of a trusted mortgage consultant.”
“They can help the buyer understand the jargons used by the financial institutions and get the best home loan with the best interest rate for the home buyer,” he added.
