http://www.businesstimes.com.sg/real-es ... ts-amended
read tat
1) Heeton, about S$160 million in size, has potential QC charges running up to about S$19 million by end-2016 in the worst-case scenario.
2) iLiv@Grange (TOP oct-2013) rcv 3 bids with conditions and is 5 mths away from their 2yr QC deadline
Qualifying Certificate (QC) charges are calculated: at per annum rates of
- 1st yr = 8 % of the land purchase price
- 2nd yr = 16%
- 3rd yr & onwards = 24% per cent
The amount is pro-rated according to how many units are unsold.
iLiv@Grange land purchase price = S$72.8 m (en bloc purchase of the 20,325 sq ft Grange Road site in 2007 )
so i assume QC charges are
- 1st yr = 5.824m
- 2nd yr = 11.648m
- 3rd yr & onwards = 17.472m
read that b/even = $ 2000 psf
assume they sell at 2k psf
=> gfa = 4,362 sqm = 46,970 sqft
=> selling price =46,970 sqft x 2k = S$ 93.9m
(dear behappyalways or anyone here, pls correct if my way of calc is wrong)
Buyer's stamp duty = 5400 + 3% of (purchase px - 360k)
ABSD for entity = 15%
So if they set up some pte ltd to buy at 93.9m, means their
BSD = 2.81m
ABSD = 14.085m
total duties = 16.895m
make sense for them to do it but not sure how easy to get bank to lend them 100m to buy this freehold ppty