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Thread: Govt should rein in soaring private property prices

  1. #1
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    Default Govt should rein in soaring private property prices

    Govt should rein in soaring private property prices

    May 14, 2018


    In land-scarce Singapore, government action is required to ensure that residential properties, both public and private, should first and foremost be homes for Singaporean owner-occupiers (Apartments should be homes, not investments, by Mr Toh Cheng Seong; May 13).

    Leaving the private property market purely to market forces would widen social inequality in Singapore and leave future generations at a disadvantage.

    The collective sale frenzy has already distorted the property market, resulting in a sharp spike of 3.9 per cent in property prices in the first quarter from the previous quarter, the steepest in eight years.

    Last month's year-on-year price increases range from a worrying 7.3 per cent in the outside central region to a dizzying 12.6 per cent in the city fringes.

    From the introduction of the first property cooling measure in 2009 until the last cooling measure introducing the total debt servicing ratio in 2013, it took four years of hard work by the Government to finally stabilise the property market. However, this good work is now becoming undone in the space of a year.

    The Government has expressed the need to ensure a sustainable, stable property market. However, it has not taken any action on what is clearly an unsustainable rise in private property prices.

    Given the time taken for measures to have an impact, the Government should take immediate action to rein in the soaring prices.

    These could include setting a minimum size on new apartments, increasing government land sales, raising additional buyer's stamp duty rates for foreign purchasers and investors, introducing a vacancy tax on properties left vacant for more than six months and raising property taxes on non-owner-occupied property.

    Jeremy Teo Chin Ghee (Dr)

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    The have nots wants to rein in price.The haves want to sell at higher price.Nothin to do with gahment.

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    HDB cannot increase price, private also cannot increase.

    But more and more welfare required with ageing population.

    Everybody eat grass?
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Sounds like a sour grape who missed the boat and asking government to help them to crash the property price for them to board the "boat" cheap cheap?


    Quote Originally Posted by reporter2 View Post
    Govt should rein in soaring private property prices

    May 14, 2018


    In land-scarce Singapore, government action is required to ensure that residential properties, both public and private, should first and foremost be homes for Singaporean owner-occupiers (Apartments should be homes, not investments, by Mr Toh Cheng Seong; May 13).

    Leaving the private property market purely to market forces would widen social inequality in Singapore and leave future generations at a disadvantage.

    The collective sale frenzy has already distorted the property market, resulting in a sharp spike of 3.9 per cent in property prices in the first quarter from the previous quarter, the steepest in eight years.

    Last month's year-on-year price increases range from a worrying 7.3 per cent in the outside central region to a dizzying 12.6 per cent in the city fringes.

    From the introduction of the first property cooling measure in 2009 until the last cooling measure introducing the total debt servicing ratio in 2013, it took four years of hard work by the Government to finally stabilise the property market. However, this good work is now becoming undone in the space of a year.

    The Government has expressed the need to ensure a sustainable, stable property market. However, it has not taken any action on what is clearly an unsustainable rise in private property prices.

    Given the time taken for measures to have an impact, the Government should take immediate action to rein in the soaring prices.

    These could include setting a minimum size on new apartments, increasing government land sales, raising additional buyer's stamp duty rates for foreign purchasers and investors, introducing a vacancy tax on properties left vacant for more than six months and raising property taxes on non-owner-occupied property.

    Jeremy Teo Chin Ghee (Dr)

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    They asking Singapore to be like communist country?
    actually the biggest communist country in the world right now is already more capitalist than communist!

    Quote Originally Posted by Kelonguni View Post
    HDB cannot increase price, private also cannot increase.

    But more and more welfare required with ageing population.

    Everybody eat grass?

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    Tighten measures to bring down property prices

    May 17, 2018


    Dr Jeremy Teo Chin Ghee's letter deserves serious consideration by our future-looking Government (Govt should rein in soaring private property prices; May 14).

    Those belonging to the sandwiched class who do not qualify for public housing have few choices, and the usual route is to purchase a condominium unit. This, however, is now priced out of their reach.

    This has the effect of delaying marriage and having children.

    The quantitative measures implemented so far have simply pushed property prices higher and higher because they can be circumvented with ease.

    For example, more shoebox units are being built because smaller units command higher per square foot prices, which would allow developers to further reduce prices for larger units, which are the primary targets of foreign buyers and corporate investors.

    This allows developers to maintain total revenue and profit, but at the expense of Singaporeans.

    Hence, the Government should consider qualitative measures such as ensuring that no apartment unit is less than 70 sq m, rather than having that be the average size of units in a development.

    In addition, foreigners and corporate investors should not be allowed to purchase units smaller than 120 sq m. This policy will increase the supply of apartments for Singaporeans.

    A family needs a permanent home, not just a roof over their heads rented for a couple of years. Children cannot grow up healthily when they need to adapt to a new environment every few years.

    Francis Zhan

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    Cheap HDB flats are always available, why need to buy condos if cannot afford?
    Even if household income above S$12k p.m. also can buy resale HDB flats, still very cheap in Woodlands area etc.

    Looks like another person wanting to buy condo but also want Gov to crash the price for him/her to buy cheap cheap?

    Quote Originally Posted by reporter2 View Post
    Tighten measures to bring down property prices

    May 17, 2018


    Dr Jeremy Teo Chin Ghee's letter deserves serious consideration by our future-looking Government (Govt should rein in soaring private property prices; May 14).

    Those belonging to the sandwiched class who do not qualify for public housing have few choices, and the usual route is to purchase a condominium unit. This, however, is now priced out of their reach.

    This has the effect of delaying marriage and having children.

    The quantitative measures implemented so far have simply pushed property prices higher and higher because they can be circumvented with ease.

    For example, more shoebox units are being built because smaller units command higher per square foot prices, which would allow developers to further reduce prices for larger units, which are the primary targets of foreign buyers and corporate investors.

    This allows developers to maintain total revenue and profit, but at the expense of Singaporeans.

    Hence, the Government should consider qualitative measures such as ensuring that no apartment unit is less than 70 sq m, rather than having that be the average size of units in a development.

    In addition, foreigners and corporate investors should not be allowed to purchase units smaller than 120 sq m. This policy will increase the supply of apartments for Singaporeans.

    A family needs a permanent home, not just a roof over their heads rented for a couple of years. Children cannot grow up healthily when they need to adapt to a new environment every few years.

    Francis Zhan

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    But the problem is... If ever the government crash the market which I am sure they will will not do... Those who have not bought will be so fearful and wants prices to drop even more but they still dare not buy...

    If marker stagnant then these buyers will be like property soul who keep steady g population will not go up... Aging population etc...

    And when the market turns they will say it's a false dawn and wait again...

    And when prides cheong like now they woll ask government to crash the market coz they miss the boat... And the cycle repeat itself

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    They have to brace for the next three years of upturn. It will not be as phenomenal like 2009-2012 but 5-8% every year is easily achievable unless global events slow it further for a sustained longer period of growth.

    HDB and resales are so affordable now. They should go for it before HDB prices fully stabilise and start to follow private directions, although not likely in its magnitude.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Whenever someone says property is too expensive, I just fire up propertyguru, and click HDB, 3 or 4 room, punggol, woodland, choa chu kang, and there you go.
    Buy what one can afford. I mean, every one wants to have a penthouse in orchard, right?

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    I agree with you totally..

    If market rises another avg 6% per year for the next three years then prices will be 20% more than today...

    After three years even if market crash like 25% like during the GFC it will only be slightly lower than now

    But at that time those sitting in the fence or bears will scream,prices will drop some more

    What they don't understand is that inflation goes up 2-3% per year and after 10 years prices will be at least 30% higher even if prides don't increase vis a vis inflation...

    Anyways with prices rising daily they will just sit by and watch the world go buy...

    Nothing wrobf w that too

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    Can buy still don't Buy wait for what. Was talking to one walk in who bring along his two son.

    He told his son to buy HDB then private. I told him I will not do that but help my son buy Private instead.

    Then he said wait for War between North Korea and America, his son almost fell from his chair hearing what the father have said.

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    The diehards probably memorised your formula from 10 years ago.

    Aiming for two bites of the cherries. Then private.

    Even if the conditions have changed, they still follow he doctrine. Your message (10 years ago) was too powerful and convincing.

    Quote Originally Posted by Arcachon View Post
    Can buy still don't Buy wait for what. Was talking to one walk in who bring along his two son.

    He told his son to buy HDB then private. I told him I will not do that but help my son buy Private instead.

    Then he said wait for War between North Korea and America, his son almost fell from his chair hearing what the father have said.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Actually resale prices still lag behind new launches by a huge margin. It might be a better choice for now.

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    Quote Originally Posted by azeoprop View Post
    Actually resale prices still lag behind new launches by a huge margin. It might be a better choice for now.
    Tell it to the Japanese and they tell you they want new one.

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