Government's Latest Move To Curb Property Speculation

[mmm 0]

Hi,

Just want to hear from other forumners on your views towards the government's latest move.

Do you think it will bring the prices down??? I am a owner so I hope it will go up

I do see concerns from some of the friends who already had plans to buy a private property on the need to raise 10% more funds (I suppose cash) inorder to meet the 70% bank loan requirement. So they are trying to get the deal inked and potentially backdate the documents.

We are trying to see how it will affect us as we originally wanted to sell our rented condo in the east. It might not be good now since it's difficult to appeal to HDB upgraders since our property is tenanted and unless they have the 30% to enter the market now.

I also see the stamp duty to curb speculators.

Experts, any views.

[icer 0]

You don't need any experts to tell you the outcome right? Of course prices will either stabilise or fall in the future due to such rulings. If not, government said they might come out with more.

I know there are people trying to sell their properties now fearing that prices will go down and they will make losses. If you can afford to keep for long term, then you can consider keeping it. Rental market should still be ok.

Anyway, I don't think they can backdate the documents. It's illegal?

Hi,

Just want to hear from other forumners on your views towards the government's latest move.

Do you think it will bring the prices down??? I am a owner so I hope it will go up

I do see concerns from some of the friends who already had plans to buy a private property on the need to raise 10% more funds (I suppose cash) inorder to meet the 70% bank loan requirement. So they are trying to get the deal inked and potentially backdate the documents.

We are trying to see how it will affect us as we originally wanted to sell our rented condo in the east. It might not be good now since it's difficult to appeal to HDB upgraders since our property is tenanted and unless they have the 30% to enter the market now.

I also see the stamp duty to curb speculators.

Experts, any views.

[therat 18]

cannot backdate doc

matta caught

[bepgof 20]

Hi,

Just want to hear from other forumners on your views towards the government's latest move.

Do you think it will bring the prices down??? I am a owner so I hope it will go up

I do see concerns from some of the friends who already had plans to buy a private property on the need to raise 10% more funds (I suppose cash) inorder to meet the 70% bank loan requirement. So they are trying to get the deal inked and potentially backdate the documents.

We are trying to see how it will affect us as we originally wanted to sell our rented condo in the east. It might not be good now since it's difficult to appeal to HDB upgraders since our property is tenanted and unless they have the 30% to enter the market now.

I also see the stamp duty to curb speculators.

Experts, any views.

Disclaimer: I'm not expert, received many reports via email on the effects of the nw ruling, summary here:

1. Mass segment most hit, transactions will decrease 30% within 3-6 months. Lead to some moderation in mass pricing.

2. 8k-10k would impact hdb resale market. Indirectly affect future source of "upgrade" demand for mass-end private homes.

3. Buying pattern may be changed,

3-1. dominance of foreigner buying

3-2. preference for smaller units for locals

4. Likely to have compounding dampening effect on sentiment. Tightening of public housing policies impact multiple owners.

Sorry, too much to key in, if you want the report, can PM me with your email.

[Jgal 0]

You don't need any experts to tell you the outcome right? Of course prices will either stabilise or fall in the future due to such rulings. If not, government said they might come out with more.

I know there are people trying to sell their properties now fearing that prices will go down and they will make losses. If you can afford to keep for long term, then you can consider keeping it. Rental market should still be ok.

Anyway, I don't think they can backdate the documents. It's illegal?

Aiyo.. Experts will tell you that pty prices is dependable of alot of factors. And mainly the economic situations, as long as ppl still have jobs/ their assets does not depreciate and disposable income, prices may not fall in a long run.

The rules only curb ppl that does not have deep pockets to come into the market. As long as rental yield is still good, its still deem as a good investment tools to investor , not the flippers.

[Warrior88 0]

Aiyo.. Experts will tell you that pty prices is dependable of alot of factors. And mainly the economic situations, as long as ppl still have jobs/ their assets does not depreciate and disposable income, prices may not fall in a long run.

The rules only curb ppl that does not have deep pockets to come into the market. As long as rental yield is still good, its still deem as a good investment tools to investor , not the flippers.

I agree, this rules curb only a some% of the ppl right now. Flippers and multiple owner.

However, I believe there are still ugraders, PR, newly weds out with real demand. BTO do not suit them due to location /amenities. Price still decided by economic outlook. Govt will not whip out drastic measures before election. Govt just add some spices as many ppl complain abt multiple owner and flipper.More drastic measures to come after the election.

[Jgal 0]

What will really make the prices go down....

High jobless rate ,

- When FT all move out of singapore. no demand for rental , too many property lying empty.

- many ppl lose job, no way to pay instalment.

Stock mkt crash

- ppl need to get immediate cash to "patch" big holes.

>> Actually, i see alot of ppl are actually cash rich, they move to property market after kena burn by LB and interest rate for Fixed deposit remains low. I wont be surprise that our pte mkt goes too low, China / Indian buyer will rush in with their $$. Afterall , a house is a house, even during economic downtown, you still hold a physical item.

[Warrior88 0]

With future developments in the city of Singapore. There will be a lot of job opportunities.

1 Commercial developments

1.1 Ocean Financial Centre

1.2 One Raffles Place (Tower 2)

1.3 Marina Bay Financial Centre

1.4 Asia Square

1.5 South Beach

2 Leisure and Entertainment

2.1 Changi Motorsports Hub

2.2 Sports Hub

2.3 Jurong Lake District

2.4 River Safari

3 Transport

3.1 Circle MRT Line (CCL)

3.2 Downtown MRT Line (DTL)

3.3 Gali Batu Depot

3.4 Eastern Region Line (ERL)

3.5 Thomson Line (TSL)

3.6 Tuas Extension (East West Line)

3.7 Marina Bay Extension (North South Line)

3.8 Marina Coastal Expressway (MCE)

3.9 North–South Expressway (NSE)

3.10 Changi Airport Terminal Four

3.11 International Cruise Terminal

3.12 Singapore Cable Car

4 Other developments

4.1 Serangoon and Punggol Reservoirs

4.2 Punggol 21

4.3 Gardens by the Bay

4.3.1 Gardens by the Bay at Marina South

4.3.2 Gardens by the Bay at Marina East

4.3.3 Gardens by the Bay at Marina Centre

[matrix0405 0]

The huge influx of FT, PR and new citizen and low liquidity are the 2 key factors driving up prices. These 2 factors are not addressed, don hope for prices to go soft.

[bepgof 20]

The huge influx of FT, PR and new citizen and low liquidity are the 2 key factors driving up prices. These 2 factors are not addressed, don hope for prices to go soft.

Absolutely & fundamentally correct. Those measures introduced are believed to be "temporary", which aim to curb speculation, as well as to deter "crazy buying spin". Gov knows very well population growing rate is > than home completion rate & actually there is a shortage of supply of home. "Smart Singaporeans" see this and try to have "2 homes"-one for rent, the other for own stay. This is what exactly happening. With the low interest available in the prevailing and fierce competition among banks is like adding oil to fire.

Gov is speeding up construction, & releasing GLS (a bit "late", better than non). Reduce BTO from 3yr to 2.5yr(compromise in safety? quality? we shall see). Previously I was mentioning there seem to be having some communition error between Statistic Board and URA/HDB/SLR, or some lag/delay of data collection problem which leads to present's situation (# of ppl vs # of home). What's happened to those high-pay office scholars who are good at "calculation"?

Going forward 2~3 yrs later, will there be "over supply" of home and land? I'm not the highly paid scholar, not responsible for such calculation, however, demand/supply/substitution/invisible hand/visible hand theories all hold true, and be "prepared" for "over supply" issue in coming 3~4 yrs and the impacts, I believed, will be worse than what the "visible hand" is now doing.

Edited August 31, 2010 by bepgof

[matrix0405 0]

The whole infrastructure is bursting. Housing is one. Shortage of hospital beds is another. Public tpt is in adequate. New mrt line is behind the curve. Big bosses are throwing smoke bombs all round with all sort of reasons to keep sheep blur blur while they fix the problem.

[Warrior88 0]

The huge influx of FT, PR and new citizen and low liquidity are the 2 key factors driving up prices. These 2 factors are not addressed, don hope for prices to go soft.

The consumer price index in July 2010 rose by 1.3 per cent over June 2010 due to higher costs of housing, transport as well as clothing & footwear.

Transport = 10.7%, Education = 2.9%, Housing = 2.7%

http://www.thegovmonitor.com/world_news/as...ndex-37410.html

[bepgof 20]

The consumer price index in July 2010 rose by 1.3 per cent over June 2010 due to higher costs of housing, transport as well as clothing & footwear.

Transport = 10.7%, Education = 2.9%, Housing = 2.7%

http://www.thegovmonitor.com/world_news/as...ndex-37410.html

In Singapore, cpi typically =< 5% yty. If price of any one of the items in the "whole basket", shoots up to >10% qtq. Lee SL's office buzzle will sound. Some yrs ago while he was trade minister, he changed the "basket monitoring system" from yearly to quarterly (every 3 months), ppls around him all tensed up. This enables gov to response quickly, but this round, should be some scholars manipulated the buzzle and reduced the sensitivity.....theses scholars' heads going to roll on ground liao.

Edited September 1, 2010 by bepgof

[therat 18]

hmm trade minister

Ministry of Trade and Industry

Lim Hng Kiang, Minister

S Iswaran, Senior Minister of State

Lee Yi Shyan, Minister of State

http://en.wikipedia.org/wiki/Lim_Hng_Kiang

Lim was the Minister of Health during the SARS epidemic that swept through the region. Many Singaporeans felt his initial handling of the crisis, citing his lack of leadership and indecisiveness, helped prolong the epidemic that eventually drove the economy into a recession.

[bepgof 20]

hmm trade minister

Ministry of Trade and Industry

Lim Hng Kiang, Minister

S Iswaran, Senior Minister of State

Lee Yi Shyan, Minister of State

http://en.wikipedia.org/wiki/Lim_Hng_Kiang

Lim was the Minister of Health during the SARS epidemic that swept through the region. Many Singaporeans felt his initial handling of the crisis, citing his lack of leadership and indecisiveness, helped prolong the epidemic that eventually drove the economy into a recession.

I'm talking about dragon Lee.

Edited September 1, 2010 by bepgof