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RES Course Day 1

Course notes for property agent wannabe

Lectures

The online course

  • Class max 40 pax
  • Use Singpass to take attendance at start of lesson, including after lunch break
  • Also screenshots of zoom

Not everything in course is tested. But knowledge is good.

Superior knowledge = Superior income

The teacher for my batch (Sep 2023) is David Huan. He has tons of practical experience yet he never stops learning. In the night, he still attends other classes.

Only 20% of the agents are competent

Intro

  • Agencies have power apps
  • Don’t make client wait as you find the answers

Tell the client what they don’t know.

  • Submarket
    • CCR (Core) -> RCR (Rest) -> OCR (Outside)
  • Government policies have big impact
    • Cause the bull run in 2007
    • 2M foreigners in 10 year = 60k house/year
    • Sentosa Cove
      • Fast track 48h for foreigners, good for $laundering
      • Abolish in 2014
  • Nothing wrong with new launch
    • Buy high, sell higher

REITs

  • Liquid
  • ITM are initiatives to transform industries
  • Real Estate Industry Transformation Map (REITM)
    • Use of technology
    • New HDB portal
    • Agency apps

Laws

Cannot give legal advise, but can give guiding posts

  • Conveyancing
    • Sunset industry, pathetic fees
    • Please don’t ask for discount
    • Unless bulk
  • Restrictive covenants
    • Eg. Cannot build high near Istana
  • Rights of easement
    • Eg. cross neighbour land to access a road because no other path
  • Acquisition Act:
  • Acquired building next to Thomson Road for NS corridor

Types of properties

Apartment vs Condo:

  • 1,000 sqm vs 4,000 SM sqm
    • Multiply 10.764 = sqft
  • Condo max 50% Site Coverage
    • Facilities, greenary, walkways
  • Apartment status
    • Previously F/PR cannot buy
    • Until 2005 changed
    • Cannot buy 100%
    • Can buy in different names

Landed:

  • Own the land and house
  • Can build as many basement, but
    • Rights to go 30m deep
    • Singapore Height Datum (SHD)
    • Above Mean Sea Level (AMSL)
  • Can build as high, but
    • Has URA storey restrictions

Strata Landed:

  • F/PR cannot buy
  • Strata Terraces = Townhouses
  • Exception: Condo status
    • Eg kew Green, D’leedon, Thomson Grand, Euhabitat, Archipelago, Woodhaven, Gallop Green, Seahill
    • 1 land = 1 CT
    • Owners have SSCT
    • F/PR can buy this
    • Kind of mistake by URA
      • 2012 changed -> no more condo status for SL

Land Dealings Approval Unit (LDAU) by SLA

  • $1220 fee
  • Need approval first eg. PR buy strata landed

Master Plan:

  • 2024 upcoming
  • URA Map
    • Control Plan > Filter > Building Height

Types:

  • Detached = Bungalow
  • GCB = Citizens only
    • But 28 embassies for diplomatic reason
  • Cluster Housing = a mix

Factors

  • Rich ones buy GCB, D9 mostly use cash

Supply & Demand

  • Supply curve

Cycle

4 Phases:

  1. Recovery
  2. Expansion
  3. Decline
  4. Recession

Business cycle leads property cycle.

Statistics

  • Primary Market = New Sale
  • Secondary Market = Resale
  • Temporary Occupation Permit (TOP)
  • Certificate Of Statutory Completion (CSC)
    • Usually TOP then CSC
    • But can be CSC first
  • URA uses Property Price Index (PPI) to track market prices
    • There is an improvement of the algo in 2015
  • HDB uses Resale Price Index ((RPI)) to track market prices
    • No private txn

Postal Code

  • 6 digits
  • First 2 = Sector code
  • Next 4 = Delivery Point

Cooling Measures

  • Reversioner
  • Reversionary Interest
    • Eg. 99y lease ended, HDB takes back, HDB = Reversioner

Lot Number

  • 34 Mukim (MK)
  • 30 Town Subdivision (TS)
  • Prefix U = Strata lot
    • But HDB is also U, but it is not Strata, because it is SCT not SSCT
  • Prefix A = Accessory lot
  • Airspace (above ground) is 70,000 series
  • Subterranean (below ground) is 80,000 series
  • Format AADD-[UA]DDDDD
    • eg. MK27-U31314K
  • From the lot number, can know:
    • Land or strata

Land Betterment Charge

  • Effective 1st August 2022
  • Replaces Development Charge, Temporary Development Levy & Differential Premium
  • Streamline process
  • All Payable To SLA

Easements

  • Easements are non-possessory rights in land

Registration of titles

  • Why need register?
    • Principle of priority
    • Identify various interest
  • RODA, Common Law System (Old)
    • Unregistered Land = No compulsion to register
    • Need to search 15y = time consuming & expensive
  • Torrens Law (New, 99%)
    • Efficient
  • But registration gives priority and admissibility
  • Land Titles Act
    • Objective: Simplify dealings, register is everything and WYSIWYG
  • Qualified Title = title attached with a caution, therefore must search past 15y
    • For CL converting TL
  • What can be registered:
    • Conveyance, mortgages
    • Covenant, easement
    • Assignments
      • Assignor (outgoing tenant) -> Assignee (incoming)

Caveat

Caveat Is Like A Warning And Protection

A caveat is a warning (in land law) that someone is claiming an interest on a parcel of land. A caveat is only a notice of a claim of interest on land.

  • Anyone can lodge with an OTP (paid 1%)
  • But usually lodge after exercise
  • Lapse after 5y
  • Trustor (settler) -> Trustee -> Beneficiaries
  • Eg. Beneficiary don’t trust trustee, they can lodge his own caveat
    • Forbid any dealings without the consent of the caveator
  • Non-caveatable interests
    • Agent cannot; commission is a debt from the vendor
    • Licensees cannot; mere permission to be on the land