Asked by Ms Teo
Hi all commercial gurus. Have few qns to ask regards to procedure for investing in commercial property.
1. What are the financial outlay required when purchasing a commercial office/retail unit? Is it same like private ppty where 1% to get contract, 4% exercise and then rest on completion?
2. Is there a minimum cash percentage that I need to fork out like in private ppty (5%)? I currently own residential ppty but I understand recent ruling on LTV does not affect commercial purchases?
3. Is usage of CPF also subjected to minimum sum scheme for CPF?
4. What does it mean that I have to pay GST? Isn't GST tied to a company? So if I buy a commercial ppty, why do I still need to pay GST? GST is on what price?
5. Is there also stamp duties on the purchase? If yes, how to calculate?
6. If I buy SOHO, what rules apply? That of residential or commercial?
Appreciate your answers as well as any other advice you can give!
Thank you so much!
1. What are the financial outlay required when purchasing a commercial office/retail unit? Is it same like private ppty where 1% to get contract, 4% exercise and then rest on completion?
2. Is there a minimum cash percentage that I need to fork out like in private ppty (5%)? I currently own residential ppty but I understand recent ruling on LTV does not affect commercial purchases?
3. Is usage of CPF also subjected to minimum sum scheme for CPF?
4. What does it mean that I have to pay GST? Isn't GST tied to a company? So if I buy a commercial ppty, why do I still need to pay GST? GST is on what price?
5. Is there also stamp duties on the purchase? If yes, how to calculate?
6. If I buy SOHO, what rules apply? That of residential or commercial?
Appreciate your answers as well as any other advice you can give!
Thank you so much!
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