Daily Briefing: Five-room HDB flat in Boon Tiong Road sold for record $1.2m; Allianz Real Estate invests US$600m into GLP

And about 164,000 Singaporeans living in private properties have not declared their income.

From DealStreetAsia:

Allianz Real Estate, the realty investment arm of German insurer Allianz, has committed to invest US$600m in the China and Japan-focused funds of Singapore-based logistics major GLP, according to an announcement Wednesday.

DealStreetAsia reported last year that Allianz Real Estate has been actively scouting for logistics deals in the booming consumer economies of China, India, and Southeast Asia as it seeks to build a pan-Asia logistics portfolio.

The investment in GLP funds is part of Allianz Real Estate’s strategy to grow its real estate exposure in the Asia-Pacific region, the firm said.
GLP’s China and Japan development funds focus on developing modern, large-scale logistics facilities across China and in the Greater Tokyo and Osaka regions in Japan.

Read more here.

From PropertyGuru:

A standard 5-room HDB flat was sold for $1.2m in April this year, which is said to be the first time that a standard HDB flat price surpassed the most expensive non-standard flats ever sold.

Located between the 34th and 36th storeys, the 112 sqm flat in Boon Tiong Road has a remaining lease of 95 years.

It smashed the previous records set by a 5-room DBSS unit at Boon Keng Road sold in January this year and a 237 sqm HDB Terrace at Jalan Bahagia in September 2018, both of which were sold at $1.185m.

The property consultancy Orange Tee & Tie noted that whilst only 26 standard flats were sold for over $1m as of April this year, the number has been steadily rising through the years.

OrangeTee & Tie added that demand for HDB resale flats remains resilient, with sales volume for Q1 2019 hitting a seven-year high of 4,835 units sold.

Read more here.

From Channel NewsAsia:

About 164,000 Singaporeans live in private properties and do not declare income for the purpose of personal income tax here, said Second Minister of Finance Indranee Rajah.

This group, making up about 6% of 2.7 million adult citizens, either do not have any yearly income or have non-taxable income, such as those from interests or dividends.

Some may have taxable income, but are not required to file tax returns after taking into account tax deductions and reliefs.

This group also includes citizens who have access to other financial means, said Rajah. These can be retirees with private savings and those who are receiving financial support from economically active family members.

The Government, however, does not have further details of the financial situation of these citizens as it only collects information required for tax administration, she added.

Read more here.

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