Kovan Jewel: Double whammy of higher tax rates, higher annual values could hit rental property owners hard
RESIDENTIAL property investors in Singapore could soon face a double whammy from higher property tax rates and an increase in annual values of both private and public housing, said analysts. On Friday (Dec 2), the Ministry of Finance and Inland Revenue Authority of Singapore (Iras) announced that the annual values (AV) of most residential properties will be revised upwards from Jan 1, 2023, as part of their annual review of properties to calculate property tax payable. The AV assessment is based on estimated annual rent if the property was rented out. Since AVs were last revised on Jan 1, 2022, Iras said market rentals of Housing and Development Board (HDB) flats and private residential properties had risen by more than 20 per cent. The AVs of residential property will therefore be revised from Jan 1, 2023, to reflect this, it said.
Kovan Jewel is a freehold development comprises of 34 residential units & 1 shop. Kovan Jewel boasts of numerous amenities that are within a short 5-10 minutes stroll away, such as Kovan MRT Station, Kovan market place, Supermarkets (NTUC Fairprice, Sheng Siong, Cold Storage) & Heartland Shopping Mall.Kovan Jewel has a full range of facilities with lap pool, children’s splash pool, jacuzzi, gym, function room & bbq pit.
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Owners of higher value properties and those holding properties for rent will see a larger tax bill, in line with revised rates announced in Budget 2022. Changes were made to put in place a more progressive structure, with higher value and non-owner-occupied residential properties being taxed at higher rates. Owner-occupiers of one- and two-room HDB flats continue to be exempted from paying property tax. Analysts believe that investors, particularly those with properties in the Outside Central Region (OCR) and Rest of Central Region (RCR), will soon start feeling the pinch from this increase.
Kovan Jewel located at 51A Kovan Road then JANSEN Mansions is located at 25 Jansen Road, the 12-unit development sits on approximately 16,592.7 square feet (sq ft) of land with a parcel ratio of 1.4 and a gross floor area (GFA) of approximately 23,229.8 square set. It is planned for residential use, with a lease term of 999 years beginning September 1, 1876.
Kovan Jewel is strategically located within the 1km radius of the highly sought-after schools like Paya Lebar Methodist Girls & Rosyth School (2km). Investments on properties that are located within the radius of renowned primary schools potentially yield higher capital appreciation well above the national average in the long run. Data trends show that the average psf of condominiums within the zones have appreciated by a sizable 77.74% over a 10-year period from 2008 to 2018, while the average psf of condominiums across Singapore within the same time period has only increased by a modest 54.39%.
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