When to Pay Property Tax?
You need to pay property tax yearly. At the end of each year, you will receive your property tax bill for next year.
You will need to pay your property tax by 31 January. Otherwise, you may be charged a late payment penalty of 5% on the unpaid tax.
For ad-hoc property tax notice, such as if you were to take over ownership of a newly purchased house, payment will be due one month from the date of notification.
How to Pay Property Tax?
Generally, there are four ways to pay your property tax.
- General Interbank Recurring Order(GIRO)
You can apply for payment using GIRO through the following ways:
Online GIRO Application – Instantaneous approval by Banks
- myTax Portal – Applicable for both Individual Income Tax and Property Tax(currently available for DBS/POSB and OCBC customers only)
- Internet Banking(for DBS/POSB, OCBC and UOB customers)
- AXS stations (for DBS/POSB customers)
GIRO Form Application – Allow for three weeks to process and approve
- Complete the GIRO application form and submit to IRAS
- Electronic Payment
- Internet Banking Bill Payment
Internet Banking for tax payment is available to the following banks: DBS/POSB, OCBC, UOB, CitiBank, BOC, CIMB, HSBC, ICBC, MayBank, RHB, Standard Chartered Bank, State Bank of India
(Only DBS/POSB, HSBC, OCBC, Standard Chartered Bank and UOB are applicable for corporate account holders).
- DBS PayLah! Mobile App
- Phone Banking
Only available for DBS/POSB, OCBC and UOB account holders who have subscribed to this service. - ATM
Only available at DBS/POSB or OCBC Automated Teller Machines. - AXS Station
- AXS e-Station (Internet) / AXS m-Station (Mobile)
- SAM Kiosk
- SAM Web / SAM Mobile
- NETS
Only available over the counter at any Penrose condo
Post Branch. - Internet Banking Fund Transfer
- Credit Card
Check with your credit card issuing bank if they offer any payment scheme to pay tax using your credit card.
- Telegraphic Transfer
Telegraphic Transfer is only for payments from overseas, and the payment modes listed above are not applicable.
If you are not in Singapore or only maintain an overseas bank account, IRAS may accept payment by Telegraphic Transfer.
Readmore: Penrose showflat location
How Does The En Bloc Sales Process Work?
As mentioned, the closure of an en bloc sales usually takes around two years – due to the complex processes behind such collective sale.
Here are the few essential steps that one needs to follow when applying for en bloc:
Step 1: Establishing A Collective Sale Committee
Owners who are interested in selling the property will come together to form a Collective Sale Committee (CSC).
This committee is responsible for proposing the reserve price of the property, and collecting signatures from owners who agree to the en bloc sales.
To form the CSC, a General Meeting must be held – which can be done by collectively getting approval from at least 25% of the owners in the development OR getting owners with a combined share value of 20% to agree.
During the formation of the CSC, the elected candidates shall be transparent with their potential conflicts of interest as this may affect the en bloc sales in the future.
Step 2: Getting External Help
Once the CSC is formed, they will start consulting property agents and lawyers to get an independent valuation report, to determine the proceeds of the sale, and get a clear idea on what kind of process they need to follow ahead.
Step 3: Getting Votes
The CSC will have to get owners to sign on the Collective Sale Agreement (CSA).
If the development is ten years and older, at least 80% of share value and strata area are required to be in favour of the sale.
However, if the development is less than ten years old, the committee needs to get consent from at least 90% share value and strata area. En bloc can only proceed after reaching such requirements.
According to the Land Titles (Strata) Act :
· Developments < 10 years old – require at least 90% by share value and strata area
· Developments > 10 years old– require at least 80% by share value and strata area
*i.e. 80% of share value refers to 80% of what the entire development is valued at while 80% of strata area refers to 80% of the total area of the development.
Step 4: Finding A Buyer
If the development does not have a current buyer, it will be placed on the market for interested developers to bid for it.
Homeowners may advertise the en bloc of the development following the guidelines here.
Step 5: Informing Strata Titles Board
After getting the owners to sign on the CSA, the CSC must apply to the Strata Titles Board.
In the event where there are objections, the Strata Titles Board will decide if it is possible to proceed with the en bloc sales.
The board helps to evaluate whether this sale will be profitable(or not) for all unit owners.
With the report provided by the Strata Title Board, the CSC can take a better course of action regarding the sale of the development.
Step 6: Handing Over The Penrose showflat location
After a successful en bloc, the existing owners are given a grace period to move out of their property or make necessary arrangements with their tenants.
Readmore: How Does En Bloc Work In Singapore
Penrose Condo @ Sims Drive, Aljunied
Project Details
| Developer | Hong Leong Holdings' Intrepid Investments and City Developments Ltd |
| Address | Sims Drive |
| District | D14 - Geylang, Eunos |
| Region | Rest of Central Region |
| Property Type | Non-Landed Residential |
| Tenure | 99 Years Leasehold |
| Land Size | 174,648 sq ft / 16,225 sq m |
| Total Units | 570 |
| Estimated TOP | 2024 |
| Land Bid Price | $732 psf per plot ratio |
Disclaimer: PrivateHome takes due measures to ensure that all information provided is as reliable as possible but will not be responsible for any wrong or inaccurate information.
Land Bid Price
The site at Sims Drive was launched for tender on 30 November 2018.
The tenders for these sites closed on 28 March 2019.
Urban Redevelopment Authority (URA) awarded the tenders for the site at Sims Drive to Intrepid Investments Pte. Ltd. & CDL Constellation Pte. Ltd.
The highest bid of $383.5 million ($732 psf per plot ratio) came from a 60:40 joint venture between Hong Leong Holdings’ Intrepid Investments and City Developments Ltd, both members of Hong Leong Group Singapore.
The top bid is the lowest for a private residential land site on a psf ppr price basis since the Chong Kuo Road site near Mandai was sold for $681 psf ppr in Feb 2018.
There were five bids for the site at Sims Drive.
Source: URA
Estimated Breakeven Price
According to Edgeprop, the estimated breakeven price of Penrose is $1264 psf.
Developer Profile
Penrose Condo is developed by Hong Leong Holdings’ Intrepid Investments and City Developments Ltd, both members of Hong Leong Group Singapore.
Hong Leong Group has more than 50 years of history. It has developed close to 100 residential properties and manages about 10 commercial projects.
Some of their notable completed projects are:
- ST. REGIS RESIDENCES
- COCO PALMS
- SOUTH BEACH RESIDENCES
- ONE SHENTON
- THE RESIDENCES AT W SINGAPORE SENTOSA COVE
CDL is also ranked 1st on the top 10 developers list by BCA (Building and Construction Authority), taking into consideration their average CONQUAS scores and QM subscription in the last six years.
Location & Amenities
Schools within 1km
- CANOSSA CATHOLIC PRIMARY SCHOOL
- GEYLANG METHODIST PRIMARY SCHOOL
Schools within 1-2km
- BENDEMEER PRIMARY SCHOOL
- CEDAR PRIMARY SCHOOL
- KONG HWA SCHOOL
Childcare Centres
- PU TI CHILD CARE CENTRE
- BETHEL CHILD DEVELOPMENT CENTRE
- MORAL CHILD DEVELOPMENT CENTRE (MACPHERSON)
Kindergartens
- PCF Macpherson Blk 108-107
- Geylang Chinese Methodist Kindergarten
- Raffles Montessori Kindergarten (Aljunied)
Shopping malls
- Paya Lebar Square
- PLQ Mall
- SingPost Centre
- Kinex
- Kallang Wave Mall
- Leisure Park Kallang
Eateries
- Sims Vista Market & Food Centre
- Geylang Serai Market and Food Centre
Accessibility
According to Google Map, it takes about 6 minutes to walk from Penrose Condo to Aljunied MRT via Aljunied Road.
Aljunied MRT is just 450m away which makes it very convenient for residents or tenants who do not drive.
Aljunied MRT is just one stop away from Paya Lebar interchange station where you can connect to the Circle Line.
3 stops down towards the city direction, you can connect to the Downtown Line at Bugis interchange station.
City Hall interchange station is 4 stops away and you can connect to the North-South Line.
It does not take more than 4 stops from Aljunied MRT to connect to 3 of the major MRT operating lines.
For those who drive, Pan Island Expressway (PIE) is running just behind Penrose Condo.
You will have convenient access and links to other major expressways such as the Kallang-Paya Lebar Expressway (KPE) and the East Coast Parkway (ECP).
This makes it easy to reach areas such as Marina Bay, the Central Business District and Changi Airport.
Comparative Market Analysis
Let’s compare Penrose to it’s closest neighbour Sims Urban Oasis which TOP in 2017.
Penrose has half the number of units compared to Sims Urban Oasis total of 1024 units.
Till date, there have been 26 profitable resale transactions and 0 unprofitable resale transaction.
The indicative rental yield of Sims Urban Oasis is 3.1% which is very decent.
The average transacted price of Sims Urban Oasis is $1,596 psf.
The breakeven cost price of Penrose for the developer is $1,264 psf.
If we factor in a 25% profit margin for the developer, which is considered high for a new launch project in this uncertain economic period, the average price would be $1,580 psf.
Hence, if Penrose launches at a selling price of below $1,580 psf, it would mean that you are buying a new launch project at a resale price.
Conclusion
We foresee that Penrose Condo will be attractive to HDB upgraders and young families due to the following reasons:
- Location in the city fringe
- Proximity to the Aljunied MRT station
- Connectivity via nearby MRT interchanges
- Accessibility via PIE
- Surrounding popular schools
- New launch at resale price? (Subject to launch price)
Penrose Condo is subjected to a larger minimum average unit size of 85 sq m which will attract HDB upgraders who do not want to compromise on living space.
There is nothing much to dislike about Penrose Condo project.
One possible reason could be that some buyers might be turnoff by its proximity to the PIE especially the stack that is directly facing it.
Readmore: Primary 1 Registration: Schools Within 1km of New Launch Condos
Primary 1 Registration: Schools Within 1km of New Launch Condos
Every year from July to August is a period of anxiety for many parents who are enrolling their children for Primary 1 registration.
One of the ways to ease that anxiety is to register your child in Phase 1, 2A(1), or 2A(2) in the school where you have priority.
This way, your child’s place in the school is more or less guaranteed, and you can focus your energy on preparing him for primary school life, instead of worrying about the registration outcome.
It is a fact that staying within 1km of the school gives your child top priority admission during Primary 1 registration.
If you are preparing for your child’s Primary 1 registration in the future, PrivateHome has complied a list of the latest new launch Penrose condo that are within 1km of schools.
We have also put the ranking of the schools out of all the 185 primary schools in Singapore.
The ranking is based on the P1 registration vacancies for Phase 2B, which we believe is a good gauge of how popular each school is.
Disclaimer: PrivateHome takes due measures to ensure that all information provided is as reliable as possible but will not be responsible for any wrong or inaccurate information.
