The recent introduction of New Condo Launches in Singapore has garnered considerable attention from foreign investors, presenting an alluring investment opportunity. While these ventures may appear appealing, it is essential for potential buyers to have a comprehensive understanding of the various regulations and limitations surrounding property ownership before making a final decision.
In comparison to landed properties, condos typically have less strict ownership guidelines, making them a viable option for foreigners to acquire. However, they are still subject to the Additional Buyer’s Stamp Duty (ABSD), currently set at 20% for their first property purchase. Despite this additional cost, the steady market growth and potential for appreciation in the Singapore real estate market continue to make it a highly sought-after choice for foreign investors. Therefore, New Condo Launches have become a top consideration for many individuals looking to invest in the thriving Singapore market.
The long-standing feud between father and son at City Developments has finally come to an end, with chairman Kwek Leng Beng dropping legal actions against a group of directors led by his son, group CEO Sherman Kwek. In addition to the two Kweks, two newly appointed independent directors, Jennifer Duong Young and Su Yen Wong, will continue to serve on the board.
In a joint statement, the board members have agreed to set aside their differences for the sake of the company and its stakeholders. “We will all continue to focus on strengthening CDL’s business, adhering to good corporate governance, and maximizing shareholder value,” the statement reads. This decision comes after the recent resignation of Dr. Catherine Wu and allegations made by Kwek Leng Beng regarding the board’s coup.
The board’s primary goal remains the growth and success of CDL, including the completion of various developments in Singapore and globally, expanding the Millennium & Copthorne brand, and continuing the company’s capital recycling efforts. With this issue now resolved, CDL can move forward with a united front to achieve its objectives. In other news, CDL has acquired five PBSA assets in the UK for a total of $357 million and has also offered a portfolio of 11 strata shops at The Venue Shoppes for $40.77 million.