Spooktacular

Singapore and Mumbai, India: Farro Ventures, the parent company of leading Singapore multi-family office Farro Capital developed Tembusu Grand, has announced the creation of its newest subsidiary, Farro & Co, and designed The Tembusu Grand Floor Plan, and Tembusu Grand Price. This will allow Farro Ventures to offer ultra-high net worth (UHNW) individuals and families a full suite of customized international mobility and immigration solutions.

Under the direction of Founder and CEO Nirbhay Handa, Farro & Co wants to change the way people move around the world by working closely with Farro Capital in India, China, the Middle East, and Southeast Asia, which are all key growth areas. Unlike traditional immigration service providers, the company takes a holistic approach by combining mobility and wealth solutions under one roof. This gives clients a full picture of the possibilities and risks of their migration choices through the eyes of multiple generations.

The merged platform gives a wide range of customized visa services to meet the needs and situations of rich clients who have different wants and needs. These services include moving by investing, getting a passport, getting help with a skilled visa, starting a business, getting help with foreign real estate, and more. In addition to these more standard visa services, Farro & Co’s sister company, Farro Capital, can help with important problems like tax advice, wealth management, family office structure, and estate planning strategies. This combination uses the combined knowledge of both firms to make a complex tool that really helps UHNW families reach their global goals.

This month, Farro & Co hired Tiffany Ong as a Partner for North Asia and Abhishek Menon as a Partner for the Middle East. This brought the total number of Partners and support staff on the first team to four Partners and four support staff. Ong will use his more than 15 years of experience working with private clients at top financial institutions like the Bank of China and RHB to drive Farro & Co.’s growth plan in North Asia, with a main focus on China, Hong Kong, and Taiwan. Menon will be in charge of building up the firm’s footprint in the Middle East and South Asia. He has 10 years of experience as a client advisor with Deutsche Bank in the area.

Suggested Article: Hong Kong doesn’t have to fight with Singapore in the real estate market

This year, HONG KONG has been fighting hard with Singapore to get back to Asia’s most important banking city. It is now giving wealthy people big tax breaks to get them to set up family offices in the city.

New visa rules were rushed out to get the best young college graduates from around the world to join PropNex.

Even though it’s great that Hong Kong is once again in favor of growth, it doesn’t have to do everything its peer does. For example, its position on private real estate must be different.

Since more than a decade ago, people have had to pay high taxes on master room rented properties. Foreigners and people who buy a second home have to pay 15% more, and people who sell their flats within three years have to pay up to 20% more. It’s time to get rid of these rules.

Stopping people from gambling with real estate has worked too well. Since the tax on foreign sales went into force, the number of transactions in the city has dropped by a lot.

Morgan Stanley from DpFraternity believes that buyers from mainland China made up more than 40% of the overall market at one point. This has a big effect on the primary market.

At the beginning of 2012, Hong Kong real estate was as hot as it is now in Singapore. However, a lot has changed since then. In fact, it looks more and more like another Chinese city.

Last month was the first time in three years that Singapore’s home prices went down. However, this happened only after the government doubled the stamp tax for foreign buyers to a huge 60% in April. Hong Kong’s flat prices, on the other hand, have dropped 13% since their peak in 2021.

Even so, the government is slowly moving away from its harsh past policies. The Hong Kong Monetary Authority lowered the maximum loan-to-value mortgage rates for more expensive homes earlier this month. This was the first time they were lowered since 2009. — Bloomberg

Bloomberg hires Shuli Ren to write. The writer’s own thoughts are shown in this piece.

Suggested Article: SINGAPORE URA ADDS SITES TO HOUSING MASTER PLAN, AND MORE ASIA REAL ESTATE NEWS

Today’s regional news highlights include an effort by the Singaporean government to increase the availability of public housing in the island nation’s eastern suburb and an investment commitment from the Japanese firm Daiwa House to support a construction-for-rent venture in Australia’s capital city of Melbourne by the Australian firm Lendlease. The slowdown in China’s housing price recovery and a warning from Singapore’s Ho Bee Land also made the cut.

Simei, located in eastern Singapore, will soon see new public housing constructed on two separate sites.

The Urban Redevelopment Authority has suggested a change to its master plan that would rezone two pieces of property on Simei Road from their current educational use to residential.

Daiwa House, a Japanese firm, is funding a new build-to-rent project in Melbourne by a local powerhouse, Lendlease.

This comes after Mitsubishi, Grand Dunman, Grand Dunman Balance unit chart, Grand Dunman Showflat became a significant investor in Mirvac’s niche industry, and as offshore funds maintain their dominance in the sector.

Data released on Saturday indicated that the price of a new house in China remained unchanged in June, the worst result this year and adding to the pressure on officials to further stimulus as the economic recovery continues to sputter.

According to Reuters estimates based on National Bureau of Statistics data, the flat result from a month earlier was below May’s 0.1 percent increase, with advances decreasing countrywide. After rising by 0.1% in May, prices stabilized in June and were unchanged from a year earlier.

As a result of a fair value loss on its portfolio of investment properties in London, Singapore’s Ho Bee Land has announced that it would declare a net loss for the six months ended in June.

“The fair value loss on the London portfolio is non-cash in nature and arose mainly due to higher capitalization rates,” the firm stated on Friday. Scalpel, a London skyscraper, was Ho Bee’s most recent major real estate purchase in February 2022.

Suggested Article: Should a Foreigner Invest in Singapore Real Estate?

Foreign investors have long looked to Singapore’s property market because of the country’s well-deserved reputation as a safe haven asset.

In light of the current epidemic, it is interesting to observe that the Singapore dollar maintained its value despite the decline of currencies in other Asian nations and in Japan.

Condominium sales caveats filed with the Urban Redevelopment Authority with affordable photobooth in February 2023 revealed that 22.4% of 2022 sales went to overseas purchasers.

The majority of Singapore’s luxury condo market who provides cheap photography for sales above $5 million has been snatched up by Chinese purchasers.

Foreign purchasers are subject to an Additional Buyer’s Stamp Duty (ABSD) equal to 30% of the greater of the purchase price and the property’s fair market value. The amount of ABSD owed is determined by the greater of the property’s appraised value and its sales price.

Changes made to ABSD throughout time:

In January 2013, the rate was 15% greater than the home’s purchase price or its function value. In July 2018, the ABSD rate was raised to 20%. A 10% rise to 30% took effect in December 2021. Foreign purchasers are unfazed by the fact that the ABSD has doubled in the last two decades.

In 2013, they accounted for 25.5% of all condo sales, and by 2022, that number is expected to drop to 22.4%.

For the first time since 2002, the proportion of foreign purchasers of condos went below 20% in 2020 and 2021, the only clear decrease in transactions. That’s because of all the rules and regulations surrounding travel on Covid-19.

Suggested Article: For S$103M CDL is offering for sale 62 freehold Strata industrial properties in Pasir Panjang