Last call to settle your renovation before 2024 GST hike!

If you are collecting your keys in Q1’24, or even early Q2’24, please try to settle your renovation before the turn of the year.

Watch our tiktok video on this if you lazy to read.

We have shared in an earlier post some time back on the impending 1% GST hike in 2024. Now that we are left with 2 months (i..e Nov/Dec), we thought that it was important to remind everyone who is planning to do a renovation to confirm on the costs before the year ends!

To recap, what we fear is not the mathematical impact of the 1% GST hike.

It is the subsequent profiteering by the suppliers, and/or the renovation firms, who will make use of this 1% GST hike to easily justify their hiked prices, when the truth is they are just increasing their margin.

“Oh, you know the GST hike, then all the suppliers raise their cost you know, that’s why renovation now very expensive.”

We expect this line to become increasingly common come 2024.

Behind the scenes, we are already hearing that with the 1% GST hike, suppliers plan to raise cost by 10%. While these are just rumours, there are just too many uncertainties going on what the price might hike to in 2024.

This is why we highly recommend all homeowners who are looking to renovate, to lock-in their pricing and settle it before 2024 arrives. 2 months is a good time frame to meet the various IDs and contractors and confirm on the details.

Hopefully the prices will remain more or less the same, but we highly highly highly doubt it.

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