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Greening of buildings in Singapore
By Sandra Seah and Tony Quek
Developers and Owners Environmental sustainability is now a key criteria in the assessment of a building’s credentials. Due to the ongoing efforts of governmental agencies such as Building & Construction Authority (BCA) and National Environment Agency (NEA), more energy efficient and innovative buildings are being constructed in Singapore.
Singapore Government Imposes Additional Buyer’s Stamp Duty for Residential Properties
On 7 December 2011, the Inland Revenue Authority of Singapore (“IRAS”) issued an e-Tax guide entitled “Stamp Duty: Additional Buyer’s Stamp Duty (ABSD) on Purchase of Residential Properties” (“IRAS Circular”)1 to provide guidance on the application of the new additional buyer's stamp duty (“ABSD”) on certain categories of residential property purchases, following the Singapore government’s recent announcement on the imposition of the ABSD requirement to moderate investment demand for private residential property and promote a more stable and sustainable market.
SPECIFIC PERFORMANCE NOT AUTOMATIC FOR CONTRACTS FOR LAND
E C Investment Holding Pte Ltd v Ridout Residence Pte Ltd and others and another appeal [2011] SGCA 50
The Singapore Court of Appeal has, for the first time, held that specific performance will not automatically be granted for contracts relating to immovable property.
“Overreaching” – A Creature of General Law
The Singapore High Court has held that a mortgagee’s power to effect the sale and conveyance of a mortgaged property free from all subsequent encumbrances – the concept of “overreaching” – applies in general law, independent of any statute. In such situations, a subsequent mortgagee’s interest in the mortgaged property is extinguished and he can only look to the surplus sale proceeds to satisfy his interest.