Government's Latest Move To Curb Property Speculation

[Warrior88 0]

Yes. Somehow I have the same feeling too. Only when people start asking, they came out with this answer. I even heard that even for those who owned properties like fields cannot buy properties in SG too. And the problem is they are not able to sell the properties overseas as there's no demand for it. So these people are trapped.

So if this group of people cannot buy, demand will be down right?

Cannot buy HDB, but can buy pte mah? so pte sector go up.

Also, if cannot afford to buy HDB, rental go up.

[forgotten 1]

Cannot buy HDB, but can buy pte mah? so pte sector go up.

Also, if cannot afford to buy HDB, rental go up.

And when rental price gets too exp, more PRs will consider buying a unit to stay.

Edited September 9, 2010 by forgotten

[Warrior88 0]

And when rental price gets too exp, more PRs will consider buying a unit to stay.

If they are eligible to buy HDB

[forgotten 1]

If they are eligible to buy HDB

Private property

[bepgof 20]

And when rental price gets too exp, more PRs will consider buying a unit to stay.

Uncles/Aunties in mkt also know this le. When coffee too expensive, drink tea lor. No fish? Shimp also can. No rice? Eat sweet potatos liao, anyway sweet potato is more expensive than rice.

Edited September 9, 2010 by bepgof

[forgotten 1]

Uncles/Aunties in mkt also know this le. When coffee too expensive, drink tea lor. No fish? Shimp also can. No rice? Eat sweet potatos liao, anyway sweet potato is more expensive than rice.

Now everything getting exp, must drink rain water liao haha.

Edited September 9, 2010 by forgotten

[jansenboy 0]

Personally my opinion is that most of the latest measures are just policies in place in a desperate and pathatic attempt to try "bluff" first time buyer into thinking the Govt is trying to put them first and "think" for them ahead of a possible election.

Any idiot will know that it will be impossible for any govt in the world to try control the ownership of property outside it's own country. Even if they could, this simple problem can be easily avoided by transferring the property legally to some relatives/parent/son of the original owner. Unfortuntately, it seems that there are more idiots than we think in Singapore who might believe this policy might work.

Like I mention earlier, all these policy does is stop potential HDB seller from wanting to sell their HDB esp if it is to fund the purchase of a private property. This will not make them think twice (rather they won't think at ALL) about selling their HDB anymore as all the restrictions that come with buying another re-sale flat in the future will just be too much.

Today Straits Times got people want to buy re-sale flat, happy as they think that now they will be able to afford one. I would be very interested to know if there is anyone with a good example of how it is harder instead to get one as the amount of sellers evaporates. Singaporeans won't sell, PR who got re-sale already lagi won't sell. Owners of private properties as well as those who already have re-sale flats will be happy as their rental will definitely shoot up over time.

With regards to the overseas policies, I am open to being corrected and humbled and look forward to seeing our minister explain how is it that they intend to enforce the rule to make sure that nobody is able to exploit the policy and thus prove my views of it wrong. But more likely than not, I think what we will hear is a number of "clarification" and "adjustments" to the rule in the future that will slowly come quietly and in time to help PR get over this problem of owning a home overseas while having a HDB.

To be fair, I agree that the seller stamp be extended to 3 years and 30% downpayment if you already got an existing loan are good policies to be implemented, but the others I just cannot agree

Edited September 11, 2010 by jansenboy

[bepgof 20]

Any idiot will know that it will be impossible for any govt in the world to try control the ownership of property outside it's own country. Even if they could, this simple problem can be easily avoided by transferring the property legally to some relatives/parent/son of the original owner. Unfortuntately, it seems that there are more idiots than we think in Singapore who might believe this policy might work.

With regards to the overseas policies, I am open to being corrected and humbled and look forward to seeing our minister explain how is it that they intend to enforce the rule to make sure that nobody is able to exploit the policy and thus prove my views of it wrong. But more likely than not, I think what we will hear is a number of "clarification" and "adjustments" to the rule in the future that will slowly come quietly and in time to help PR get over this problem of owning a home overseas while having a HDB.

GCT's remarks on Monday to review PRs' status triggered my memory of my 2 neighbours, one is taiwanese, another is shanghainese.

- The Shanghanese bought the diagonal unit(same floor), at a later stage, stayed for ~ 6 months, sold away. Kpo and asked the agent, agent said they bought a unit at Savannah and stayed there. Happened to meet the same agent at swimming pool, just chat, was told the Shanghainese made some quick buck and sold Savannah and flied to the States.

- Stayed my opposite was an old Taiwanese couple, they already stayed there even before we moved in. We have good terms. Now till in contact Understood she paid the unit by CASH, and she an unit in Bayshore on rental, and a house in HK. Not long after we moved out, they sold their unit too, now renting a condo, paying monthly $3,200. She has "advised" me before we moved out, not to buy, better wait till Dec 2010. She is now waiting.

Should the gov does "something" to these ppl?

[bepgof 20]

Personally my opinion is that most of the latest measures are just policies in place in a desperate and pathatic attempt to try "bluff" first time buyer into thinking the Govt is trying to put them first and "think" for them ahead of a possible election.

Read today's Straits Time A2. History + data with good analysis. Last 4th paragraph need some time to digest.

[forgotten 1]

Straits Times News - HDB only' rule won't stay

Sep 11, 2010

http://heresthenews.blogspot.com/2010/09/o...e-won-stay.html

Edited September 11, 2010 by forgotten

[wind30 2]

Any idiot will know that it will be impossible for any govt in the world to try control the ownership of property outside it's own country. Even if they could, this simple problem can be easily avoided by transferring the property legally to some relatives/parent/son of the original owner. Unfortuntately, it seems that there are more idiots than we think in Singapore who might believe this policy might work.

Are you willing to bet 500k of your money that the government cannot check??? All the government need to do is to repossess a few HDB flats and the policy will work. They have ways to check lah. This is singapore government. They don't have to check all of them... They probably need to check only like 1% and catch a few and publish that they took back 3 hdbs, etc....

If you are going to transfer your property, go ahead. The ruling allows for that. you think so easy meh... common will you transfer your private property to your relatives or even your parents??? please be realistic. This method is not only available to PRs. Singaporean citizens can try that too...

Edited September 11, 2010 by wind30

[Jgal 0]

Personally my opinion is that most of the latest measures are just policies in place in a desperate and pathatic attempt to try "bluff" first time buyer into thinking the Govt is trying to put them first and "think" for them ahead of a possible election.

Any idiot will know that it will be impossible for any govt in the world to try control the ownership of property outside it's own country. Even if they could, this simple problem can be easily avoided by transferring the property legally to some relatives/parent/son of the original owner. Unfortuntately, it seems that there are more idiots than we think in Singapore who might believe this policy might work.

Like I mention earlier, all these policy does is stop potential HDB seller from wanting to sell their HDB esp if it is to fund the purchase of a private property. This will not make them think twice (rather they won't think at ALL) about selling their HDB anymore as all the restrictions that come with buying another re-sale flat in the future will just be too much.

Today Straits Times got people want to buy re-sale flat, happy as they think that now they will be able to afford one. I would be very interested to know if there is anyone with a good example of how it is harder instead to get one as the amount of sellers evaporates. Singaporeans won't sell, PR who got re-sale already lagi won't sell. Owners of private properties as well as those who already have re-sale flats will be happy as their rental will definitely shoot up over time.

With regards to the overseas policies, I am open to being corrected and humbled and look forward to seeing our minister explain how is it that they intend to enforce the rule to make sure that nobody is able to exploit the policy and thus prove my views of it wrong. But more likely than not, I think what we will hear is a number of "clarification" and "adjustments" to the rule in the future that will slowly come quietly and in time to help PR get over this problem of owning a home overseas while having a HDB.

To be fair, I agree that the seller stamp be extended to 3 years and 30% downpayment if you already got an existing loan are good policies to be implemented, but the others I just cannot agree

as i mentioned in the other thread, it's not the actual outcome that the government is looking for.

Cos' i think the scholars shld know that the demand outstrip the supply.

They probably looking at the following :-

1. want to shut up the ppl that say that pte owner shld not be allowed to own a hbd.

2. Curb speculators that holds empty units. Make them hold for at least 3 yrs.(pte) , 5 yrs (hdb) , thus, these speculators will need to "rent" out during these period. So you have less empty units.

3. Buy time.... they shld be able to meet the demand in 3 yrs time..

... what i think in 3-5 yrs time ... prices will really stop raising because demand/supply shld match.

Edited September 11, 2010 by Jgal

[forgotten 1]

Sep 12, 2010

Wait-and-see over property measures

Analysts say more people are sitting on the sidelines and prices unlikely to head south any time soon

By Joyce Teo, Property Correspondent

NV Residences in Pasir Ris Grove surprised industry players with robust sales despite coming on the market after the property cooling measures. It attracted 160 buyers on its preview day. -- ST PHOTO: BRYAN VAN DER BEEK

Last Wednesday, one mass market condominium project in Pasir Ris attracted 160 buyers on its preview day.

This caught many property experts by surprise because the Government had just announced measures aimed at cooling the property market on Aug 30.

But the market has since largely settled into a stalemate, as buyers wait for prices to fall while sellers refuse to budge on their prices.

But property experts say robust sales at the 642-unit NV Residences in Pasir Ris Grove have not affected the general mood in the market.

'Most people are still in the wait-and- see mode,' said ERA Asia Pacific associate director Eugene Lim.

'NV Residences is near the MRT station and keen buyers got the first cut. This was the initial response, which is usually good,' he said.

'We'll have to see how quickly the rest of the project sells.'

Experts believe buyers were likely drawn to the project's affordable pricing. Also, agents had started drumming up interest in the project some time back, before the cooling measures were introduced.

Said ECG Property chief executive Eric Cheng: 'We can't judge the market by one launch. There are other projects that are not performing as well.

'I believe market sentiment has been affected by the measures and developers will have to be realistic.'

Property experts say sales volume will drop as more prefer to sit on the sidelines. They are unsure if prices will head south but if they do, it will not be any time soon.

Mr Cheng's advice for buyers is: 'If you're not in need of a property immediately, you can wait a while. We feel that prices will stabilise or fall slightly by 3 per cent to 7 per cent.'

The new measures include tighter lending rules for those with existing mortgages looking to buy another property. They can now borrow up to only 70 per cent of the property's value, down from 80 per cent.

Those who buy an HDB resale flat on or after Aug 30 must sell their private property - including any held overseas - within six months of the HDB purchase.

'I think the HDB resale market prices will correct first,' said Chesterton Suntec International's research and consultancy director, Mr Colin Tan.

'If we bar investment monies from flowing into this HDB segment, prices may start to correct, especially if these hot monies have been mainly responsible for the rise in resale flat prices.'

But at the moment, liquidity is still very strong, said Mr Tan.

'It is a global problem and it is not easy to tackle... We may have slowed down the price increases, but prices are still rising.'

Another property expert said: 'We will have to wait till the end of the year to see if there is a price correction in the HDB market.'

But certainly, 'sellers can no longer ask for high COVs unless their flats are very special. For example, if they were very nicely renovated', said ERA's Mr Lim.

COV is cash over valuation, the amount of cash a buyer has to fork out on top of the valuation price.

An experienced industry source who declined to be named said: 'Things won't likely change very much in the next few months.

'I think people will still buy and prices may still rise. We will have to wait till perhaps early next year when supply kicks in, in both the HDB and private markets.'

The Government will offer more than 16,000 new build-to-order flats this year and up to 22,000 next year.

It is also pushing out a record amount of land for sale in the second half of this year.

joyceteo@sph.com.sg

Edited September 12, 2010 by forgotten

[jansenboy 0]

Are you willing to bet 500k of your money that the government cannot check??? All the government need to do is to repossess a few HDB flats and the policy will work. They have ways to check lah. This is singapore government. They don't have to check all of them... They probably need to check only like 1% and catch a few and publish that they took back 3 hdbs, etc....

If you are going to transfer your property, go ahead. The ruling allows for that. you think so easy meh... common will you transfer your private property to your relatives or even your parents??? please be realistic. This method is not only available to PRs. Singaporean citizens can try that too...

You are right, I won't be surprise at the very least if a few cases are make as "examples". Similar to what the Govt did via HDB when they re-possess some HDB flats a few months ago as they clamp on the ruling.

Nevertheless just like the rental restrictions, people find ways to go about it. I am merely pointing out some "viable" ways off my mind that PR can easily utilise to legally go around the "no overseas property" when buying HDB. I do not know the complications in transferring property in overseas country such as Malaysia, China, India. I am relatively certain though that if a PR really want a flat, he/she will definitely not mind the hassle of doing some paperwork that will serve to benefit him in the long run. I mention PR because they are most likely to have overseas property even though singaporeans are able to do the same thing as well. In any case, I am just pointing out a obvious loophole. Whether it is realistic or not is up to individuals preferences and not for you to decide. Maybe you think it's not worth your time, others might not agree.

I hope the Govt will be able to enforce the policies that they create and I will hate for it to be just a "unenforced" policy. Seeing as how over the past years HDB already got some problems finding out who rent out illegally in Singapore, I think it is safe to say they will definitely have much bigger problem checking if Mr X and Mr Y own any property in ABC country.

As mentioned in my original post, I look forward to hopefully hearing some clear measures in ensuring that this new policies are enforce correctly. But until there, I will have to go with my opinion that it doesn't seemed to serve any purpose other than to allow Govt to say that they are doing something.

[jansenboy 0]

Read today's Straits Time A2. History + data with good analysis. Last 4th paragraph need some time to digest.

I read it. Do you agree?

ST also more or less must explain why the Govt policy works best. Since when did you see a ST articles saying that the Govt policy is not the best solution? In ST view, Govt always have the best solution.

The writer did mention that she think the Govt will sooner or later change the "private property must sell" rule. Which is one of the point I am making.

Edited September 12, 2010 by jansenboy