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Thread: Raising ABSD for second homes among new property-cooling measures announced

  1. #31

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    book your condo unit today, before 2359HR and you could save *>5% on your purchase price.

  2. #32
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    It’s a move to whack the rich from being too bullish and developers (curb demand side).

    Land prices up. New launch pricing up. Resale did not really go up. HDB price even went south abit.

  3. #33
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    YoY prices have already increased by more than 10%, effectively close to wiping off the 10% decline which the previous cooling measures took 3-4 yrs to achieve.

    Imagine losing what you have worked so hard for 3 -4 yrs in just 1 year.

    Since last Dec, the MAS had issued warnings over the euphoria in property market.
    Even up to yesterday, I kept wondering when the government was finally taking action.

  4. #34
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    Quote Originally Posted by Ayeya View Post
    It did kill transaction volume and did dampen the prices for a while, until the enbloc frenzy happened in nov 2017
    Cannot blame enbloc. Developers need to replenish land bank to do business.

  5. #35
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    Quote Originally Posted by sginvestor View Post
    YoY prices have already increased by more than 10%, effectively close to wiping off the 10% decline which the previous cooling measures took 3-4 yrs to achieve.

    Imagine losing what you have worked so hard for 3 -4 yrs in just 1 year.

    Since last Dec, the MAS had issued warnings over the euphoria in property market.
    Even up to yesterday, I kept wondering when the government was finally taking action.
    there's no euphoria. serangoon gardens sales was already so cool. but the gahmen's announcement just caused euphoria at at least 3 showflats. hahaha

  6. #36
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    Quote Originally Posted by star View Post
    Actually resale prices did not go up much. Only new launches went up alot. Y dampen the resale market?
    Hdb upgraders might turn to resale so that they can immediately sell off their hdb (b4 further lease decay) and at the same time they can pay and quuckly claim back their ABSD. Looks like more and more obstacles for these group.

  7. #37
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    Quote Originally Posted by bargain hunter View Post
    precisely. need bro kelonguni's insight. i really dun understand why now.
    I read this as a herding strategy.

    This will push those who can comfortably afford private to give up their HDB.

    E.g. 7% ABSD can recoup in about 2 years of rent. 12% needs about 4 years.

    That will cause many more to release their HDBs to be free to buy private without ABSD, on top of forcing those who have been preparing to pay the 7% to quickly commit.

    It’s a good slow heat strategy.

    Can buy quickly buy or more heartache awaits.

    Ultimately, those who can afford it will have to shoulder the tax burden!
    The three laws of Kelonguni:

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

  8. #38
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    30% tax for developers buying private...its going to impact en-bloc.

  9. #39
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    Quote Originally Posted by bargain hunter View Post
    precisely. need bro kelonguni's insight. i really dun understand why now.
    I suspect quantum of price increase hit a threshold. Once exceed threshold, need to implement cooling measure. Some more got speculation going to hit new high. Big mouth.

  10. #40
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    Any changes to LTV?

  11. #41
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    Times up. Last order?

  12. #42
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    Quote Originally Posted by star View Post
    Any changes to LTV?
    Yes, loan 5% less.

  13. #43
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    Quote Originally Posted by Khng8 View Post
    Times up. Last order?
    https://www.channelnewsasia.com/news...sures-10503216

    the title itself is so ironic. i think everyone who is still queuing up now deserves an OTP dated 5th July. they r going to be queuing through the night. the queue at riverfront residences has overflowed huge outside.

  14. #44
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    Quote Originally Posted by Veinman View Post
    30% tax for developers buying private...its going to impact en-bloc.
    i think en bloc will be badly hit. 5% makan by gahmen right away.

  15. #45
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    Quote Originally Posted by Kelonguni View Post
    I read this as a herding strategy.

    This will push those who can comfortably afford private to give up their HDB.

    E.g. 7% ABSD can recoup in about 2 years of rent. 12% needs about 4 years.

    That will cause many more to release their HDBs to be free to buy private without ABSD, on top of forcing those who have been preparing to pay the 7% to quickly commit.

    It’s a good slow heat strategy.

    Can buy quickly buy or more heartache awaits.

    Ultimately, those who can afford it will have to shoulder the tax burden!
    the 7% part prob only valid at showflats till later this morning but that's about it haha. after that it "walks into history".

    the dump hdb for private trend will continue to be in play.

  16. #46
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    http://m.gaochengnews.net/pinglun/18...appinstalled=0

    Comparison against china and sgp properties. On the prices and interest rate

  17. #47
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    Buy 1 Million dollar property you need to pay extra.

    12% = 120K
    15% = 150K

  18. #48
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    Quote Originally Posted by Kelonguni View Post
    I read this as a herding strategy.

    This will push those who can comfortably afford private to give up their HDB.

    E.g. 7% ABSD can recoup in about 2 years of rent. 12% needs about 4 years.

    That will cause many more to release their HDBs to be free to buy private without ABSD, on top of forcing those who have been preparing to pay the 7% to quickly commit.

    It’s a good slow heat strategy.

    Can buy quickly buy or more heartache awaits.

    Ultimately, those who can afford it will have to shoulder the tax burden!
    The latest policy moves are two pronged - one is to cool down the enbloc market. The other broader objective is to ensure a steady and gradual appreciation of property assets in asset rich singaporeans / residents. But I personally think they are over micromanaging / over engineering the market now. There is really no need for additional ABSD on retail investors as the market has not seen broad based recovery in all locations. With such proactive policy tweaking, it will be increasingly difficult for laymen to get into the property investment ladder. I guess the gahmen is discouraging everyone from being landlords.

    For existing landlords, one bright spot would be that this latest move will put off a whole segment of foreigners / PR from buying their property and this preserves the pool of tenants for us.

  19. #49
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    Quote Originally Posted by Arcachon View Post
    Buy 1 Million dollar property you need to pay extra.

    12% = 120K
    15% = 150K
    Extra 50K. The increase is 5% from existing, sorry! previous, rates. That's an additional 2 years of lease to claw back.
    In the long term, not such a big thing.
    Just leaves a sour taste in the mouth.

  20. #50
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    For 2nd property If u don't buy yesterday your CPF will be locked in till age 55 as u need to pay extra stamp duty. For those age 30s by the time u reached 55yrs old CPF min sum will likely be $300k or more. If u buy after 6 july govt made another 5% from absd. What a smart move to trap your cpf.

  21. #51
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    star, it's best not to keep mentioning CPF CPF, trust me on this. Our govt is trigger happy.
    Last edited by tonymontana; 06-07-18 at 08:21.

  22. #52
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    Sorry it is not 55yrs old, should be 65yrs old. Min sum will be locked till 65yrs old

  23. #53
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    The impact on the enbloc market is very significant or putting enbloc RIP.
    Other than paying higher duty on the purchases by the developers, the demand side is going to come down.
    So, all the old 99 LH properties aiming for big money from enbloc will face the reality of cannot find buyers as there is limit on CPF withdrawal

  24. #54
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    BTW, how is IRAS going to know whether the OTP is signed before or after 2359?
    is there a time-stamp by the agents?

  25. #55
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    Any damage report from the overnight storm in showflats?

  26. #56
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    overnight become buyers market ?

  27. #57
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    City development share price drop 16% now.

  28. #58
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    Quote Originally Posted by star View Post
    City development share price drop 16% now.
    They can start selling attap houses for those ultra expensive land they paid for.

  29. #59
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    Just build more 300sqft mickey mouse, and throw in aloft.
    Low quatuam, ultra high psf
    Last edited by jwong71; 06-07-18 at 09:42.

  30. #60
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    Now the garden residences really need to give out free car for every purchase.

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