View Full Version : Cooling moves stop prices going north
http://www.straitstimes.com/Money/Story/STIStory_637425.html
Feb 22, 2011
Cooling moves stop prices going north
Crowds still showing up at condo launches, but sales not quite hopping
By Esther Teo, Property Reporter
THE property cooling measures certainly did not deter crowds from visiting a number of launches over the weekend.
Showrooms for new condo launches were bustling. Many projects, including My Manhattan and d'Leedon, saw a steady stream of visitors, although the number of sales was not quite enough to nudge prices north.
If the first phase of a launch is successful, developers could be tempted to raise prices to cash in - but that sort of buyer enthusiasm was missing over the weekend.
Property analysts note that while significant price reductions are unlikely, developers will be wary of pushing values up in case they provoke yet another round of cooling measures.
CapitaLand's 1,715-unit d'Leedon released 150 units over the weekend, with some 1,500 people visiting the show gallery at the former Farrer Court estate.
Various unit types were sold - including a garden house for more than $4 million - said a spokesman, with the average price remaining at $1,680 per sq ft (psf). This is unchanged from prices during its public launch last December.
There were around 10 sales at Nin Residences near Potong Pasir MRT station over the weekend. This brought total sales to more than 100 of the 144 units launched. Prices at the 219-unit project have also held steady, at about $1,250 psf, since its launch.
Far East Organization said it sold 45 units over the past week, bringing total sales to 315 out of 444 units released at the 561-unit Waterfront Isle at Bedok Reservoir Road. Average prices have inched up to $940 psf, from the $936 psf for 270 units sold a week earlier.
Frasers Centrepoint's Flamingo Valley in Siglap moved 12 units over the weekend; the average price was $1,200 psf.
The Straits Times understands that the project has also been re-adjusted and resized to include smaller units for buyers looking for more affordable overall prices.
Almost half the 150 units launched at the 301-unit My Manhattan near Simei MRT station have also found buyers.
Chip Eng Seng chief executive Raymond Chia said that while the turn-out at the showflat has been encouraging, take-up rates have slowed and prices have stabilised.
'This is well within our expectations, especially since there are so many project launches and re- launches at the same time. Plus, Chinese New Year is just over, buyers will need time to get themselves in tune with the market again,' he added.
When The Straits Times visited the showflat on Sunday, a 560-sq ft apartment was priced at $774,000 - or $1,382 psf - while a three-bedroom unit of 1,076 sq ft had a price tag of $1.26 million or $1,171 psf.
Potential buyers at showflats say the cooling measures have served as a dampener, and that they are spending more time doing their sums before committing to a purchase.
Lawyer Desmond Tan, who bought a one-bedroom-plus-study unit at d'Leedon for $1,560 psf, said the good location was key to his decision.
He will settle the outstanding loan on his Housing Board flat in order to qualify for an 80 per cent loan.
'The measures definitely prompted a rethink, they were a dampener... but we didn't foresee much of a dip in prices but more of a gradual increase and a cap on the stratospheric price climb instead, and so decided to buy now,' he added.
Analysts say that the good response to recent launches means that developers are unlikely to drop prices.
Dennis Wee Group director Chris Koh expects prices to hold steady for the next couple of weeks as developers watch one another and monitor the market.
'Response is still good; there's no necessity to raise prices and risk a standoff for now. Buyers find that prices are still attractive so it's a win-win situation for both,' he added.
[email protected]
Hmmm... I went to a couple of show flats over the weekend and they were crowded but not packed to the brim. The crowd at Canberra R looked thin a few hours ago.
Think we should take note of what MBT said recently, he is a very powerful man:
'Housing prices are rather high now... if you wait for a while, you might find more affordable properties,' Mr Mah was quoted in the paper as saying.
Another quote from MBT:
"The government may take further measures to cool the property market if needed following last month’s curbs. This is according to National Development Minister Mah Bow Tan, who was responding to a question by MP Lee Bee Wah in Parliament on Monday" - in parliament last week only.
It looks likely because China has just imposed more measures. Singapore will most likely follow but we can only guess when and what measures.
It looks likely because China has just imposed more measures. Singapore will most likely follow but we can only guess when and what measures.
Met up with a good buddy of mine who is an agent for lunch today. He said that he is facing tough times, many potential buyers especially 2nd property quoted MBT as saying " hold yours horses", they believe that MBT will introduce more measures soon before election. I asked my friend if got any firesales let me know, he said ok but as a friend, he advise me to wait and see 1st, no hurry to buy since it is not for self stay.
Met up with a good buddy of mine who is an agent for lunch today. He said that he is facing tough times, many potential buyers especially 2nd property quoted MBT as saying " hold yours horses", they believe that MBT will introduce more measures soon before election. I asked my friend if got any firesales let me know, he said ok but as a friend, he advise me to wait and see 1st, no hurry to buy since it is not for self stay.
Same quote from agent frd. If not urgency for a roof. Hold it back 1st.
More measures will come,as wayang show to prevent hot monies creating a bubble. Thus MBT is trying to save sgp from a bubble building. So must vote for him!!
Geylang OKT
22-02-11, 21:12
Very goot! :D
Same quote from agent frd. If not urgency for a roof. Hold it back 1st.
More measures will come,as wayang show to prevent hot monies creating a bubble. Thus MBT is trying to save sgp from a bubble building. So must vote for him!!
I believe many developers may have analyze MBT statements and they seem to believe some more measures may be brewing. Quite unlike FEO to give furniture vouchers of 3-5% on most of it's unsold units and to launch projects right after CNY. Other developers also follow suit. Either they know something or heard hints, if not why the rush....Mr MBT is also writing a housing booklet as he announced late last mth, could this be his swan song, parting gift in current portfolio? Cabinet reshuffle is possible after each election.
Geylang OKT
22-02-11, 21:21
honest mistake, let's move on :D
rattydrama
22-02-11, 21:22
There are many so many new apartment for sales... It's hard for the price to hold on if another cooling measures comes. Market will halt and go south in another few quarters.
It looks likely because China has just imposed more measures. Singapore will most likely follow but we can only guess when and what measures.
Can't sgp impose stricter rules to reverse the trend.
Usually hot monies go through to hk and china 1st, and forced out into sgp with their new measures.
Will sgp come out a more aggressive measures to forced feed the hot monies into hk and china once and for all?
Possible cabinet reshuffle after election?
http://www.sgpolitics.net/?p=4445
Mah Bow Tan notable absentee in PAP’s latest CEC
December 16, 2010 by admin
Filed under: Media articles*
CNA, 15 Dec 2010
SINGAPORE : The ruling People’s Action Party has released the names of those elected to its Central Executive Committee (CEC), with National Development Minister Mah Bow Tan being the notable absentee.
Mr Mah who was one of five members co-opted into the previous CEC two years ago, did not feature in the party’s latest highest decision-making body – which was decided at a meeting on Wednesday.
His place has been taken over by Law and Home Affairs Minister K Shanmugam, who was elected by party cadres in secret ballots cast at the PAP Party Conference on November 29 at the NUS University Cultural Centre.
Mr Shanmugam is a member of the HQ Executive Committee and also Chairman of the PAP Awards Sub-Committee.
Another change involves Mrs Josephine Teo. She is now a member of the HQ Executive Committee, and takes over as Chairman of the External Relations Sub-Committee from Mr Lee Yi Shyan.
Mr Lim Boon Heng remains as Chairman of the CEC, with Prime Minister Lee Hsien Loong as its Secretary-General.
Finance Minister Tharman Shamugaratnam is now the new Treasurer of the CEC, replacing Mr Mah.
Mr Tharman was Assistant Treasurer in the previous CEC.
PAP CEC
Mr Lim Boon Heng Chairman
Dr Yaacob Ibrahim Vice-Chairman
Mr Lee Hsieng Loong Secretary-General
Mr Wong Kan Seng 1st Asst Sec-General
Mr Teo Chee Hean 2nd Asst Sec-General
Mr Tharman Shanmugaratnam Treasurer
Mrs Lim Hwee Hua Asst Treasurer
The other members of the CEC are:
Mr Goh Chok Tong
Mr Lee Kuan Yew
Mr George Yeo
Mr Lim Swee Say
Mr Khaw Boon Wan
Mr K Shanmugam
Dr Vivian Balakrishnan
The CEC also co-opted:
Mr Gan Kim Yong
Dr Ng Eng Hen
Ms Indranee Rajah
Mr Teo Ser Luck
Same quote from agent frd. If not urgency for a roof. Hold it back 1st.
More measures will come,as wayang show to prevent hot monies creating a bubble. Thus MBT is trying to save sgp from a bubble building. So must vote for him!!
You are a funny person and do not know history.
Mah's policies to allow PRs and Foreigners to buy HDB and Private housing past 5 years was the reason for record price rise of housing and now elections pressure come, he suddenly introduce 4 measures in a short space of time, and you want to thank him?
Plus immigration policy was super lax.
MBT was the cause and effect of all things and the bubble was forming already.
He ignored advices to cool the market at 2009 when bubble forming.
He was also the reason why PM Lee need to delay elections because of housing issues.
It like somebody make you lose a leg and say sorry later. What is the use?
Devil is him and you want to give him the angel as well ??
http://forums.hardwarezone.com.sg/showthread.php?t=3116382&page=2
You are a funny person and do not know history.
Mah's policies to allow PRs and Foreigners to buy HDB and Private housing past 5 years was the reason for record price rise of housing and now elections pressure come, he suddenly introduce 4 measures in a short space of time, and you want to thank him?
Plus immigration policy was super lax.
MBT was the cause and effect of all things and the bubble was forming already.
He ignored advices to cool the market at 2009 when bubble forming.
He was also the reason why PM Lee need to delay elections because of housing issues.
It like somebody make you lose a leg and say sorry later. What is the use?
Devil is him and you want to give him the angel as well ??
http://forums.hardwarezone.com.sg/showthread.php?t=3116382&page=2
he made yr hdb appreciate, u sell and make $$ = thank him lor
after u sell his measure bring down price = also must thank him mah
P.S. i am not mbt fan....every time see his photo feel like slapping him :D
phantom_opera
23-02-11, 14:25
why?
it will be a real disaster if HDB resale index underperformed CPI
starting from 1992, hdb becomes an asset which can fight inflation
http://www.tradingeconomics.com/singapore/inflation-average-imf-data.html
Wild Falcon
23-02-11, 14:36
No need more measures lah. Current measures + interest rate increase + 2012 onwards oversupply/TOP (yes, finally 2012 is near) are good enough to curb the price increases. In fact, I sense some slow down in the secondary market already.
Same quote from agent frd. If not urgency for a roof. Hold it back 1st.
More measures will come,as wayang show to prevent hot monies creating a bubble. Thus MBT is trying to save sgp from a bubble building. So must vote for him!!
he made yr hdb appreciate, u sell and make $$ = thank him lor
after u sell his measure bring down price = also must thank him mah
P.S. i am not mbt fan....every time see his photo feel like slapping him :D
I make money ONLY IF I willing the sell to UNLOCK the paper value to become real cash.
Anything on paper only is useless to me.
So where will I stay?
The next HDB I buy will be same or even higher price and plus renovations, I need to fork out more.
So what is the point ?? just to spend time moving house ??
My relative sold his AMK flat for X amount and bought a same size flat in Changi for X+Y amount more. His case is classic example.
Mah never say prices will drop but will stablise.
It means prices after the great crazy rise of 2009-2010 will rise but slower than 2010 or remain at plauteau for 2011.
But anything goes after elections.
His last minute planning is not good for anyone at all.
Think we should take note of what MBT said recently, he is a very powerful man:
'Housing prices are rather high now... if you wait for a while, you might find more affordable properties,' Mr Mah was quoted in the paper as saying.
MBT knows singaporean obedient ma...garmen says something, people will listen...when he says the above, what will be the consequence? people hold horse liao..than what happen ? price soften not erect... than what happen? DON't need to to INTRODUCE more meansures liao.. than what happen?
All segments not so angry liao.. segments= stakeholders=buyers, sellers, agents, developers, banks..etc... than what happen? vote up? this I dont knw..:D
dr peterng
MBT knows singaporean obedient ma...garmen says something, people will listen...when he says the above, what will be the consequence? people hold horse liao..than what happen ? price soften not erect... than what happen? DON't need to to INTRODUCE more meansures liao.. than what happen?
All segments not so angry liao.. segments= stakeholders=buyers, sellers, agents, developers, banks..etc... than what happen? vote up? this I dont knw..:D
dr peterng Ya, also dun know. Kena hantam 1 sentence like this, some of us also scared..., look and see. Unless have good deal then buy
Actually if u are PAP, how to appraise MBT performance under National Development compared to Lim Hng Kiang. And who else better to takeover if reshuffle. MBT reign since 1999.
Actually if u are PAP, how to appraise MBT performance under National Development compared to Lim Hng Kiang. And who else better to takeover if reshuffle. MBT reign since 1999.
Everyone can blamed MBT except property investors wor (including most of the guru here...) as they profited from his errors....:D :D :D
I
Everyone can blamed MBT except property investors wor (including most of the guru here...) as they profited from his errors....:D :D :D
I
cannot blame mbt lah.....he is too short to look far. tats SHORT ASS!!
cannot blame mbt lah.....he is too short to look far. tats SHORT ASS!!
Anyway, didn't aware MBT's chinese language damn powerful. Read his's article in chinese newspaper explaining his housing policies. He write well and tot he qualify to teach mother tongue wor!
Solid!!!! :scared-5:
rattydrama
23-02-11, 18:36
he made yr hdb appreciate, u sell and make $$ = thank him lor
after u sell his measure bring down price = also must thank him mah
P.S. i am not mbt fan....every time see his photo feel like slapping him :D
My friend benefited, his Jurong West Executive flat was sold to him at 213K by HDB (lelong price) cos no one want that place, 800m away from Boon Lay MRT, now suddenly can sell 5xxk and it is just merely over 4 years old.
rattydrama
23-02-11, 18:38
Anyway, didn't aware MBT's chinese language damn powerful. Read his's article in chinese newspaper explaining his housing policies. He write well and tot he qualify to teach mother tongue wor!
Solid!!!! :scared-5:
his wife an ang moh leh... not be surprised someone actually wrote on his behalf. dont think people in his era can master mandarin and english well.
his wife an ang moh leh... not be surprised someone actually wrote on his behalf. dont think people in his era can master mandarin and english well.
The article author stated as MBT wor. If written by someone, how can! Seem like another desperate attempt to rescure MBT from poor handling of housing policies. :doh:
Btw, anyone know MBT born in which year, tot pf checking his chinese zodiac sign to see how he will perform in the year of rabbit!:p
rattydrama
23-02-11, 18:56
The article author stated as MBT wor. If written by someone, how can! Seem like another desperate attempt to rescure MBT from poor handling of housing policies. :doh:
Btw, anyone know MBT born in which year, tot pf checking his chinese zodiac sign to see how he will perform in the year of rabbit!:p
He give the idea or draft in eng and someone translated in Mandrain......:scared-5:
his wife an ang moh leh... not be surprised someone actually wrote on his behalf. dont think people in his era can master mandarin and english well.
Check out his bio on
http://en.wikipedia.org/wiki/Mah_Bow_Tan
After all, he is scholar, give him benefit of doubt, am sure he is academic incline.
The article author stated as MBT wor. If written by someone, how can! Seem like another desperate attempt to rescure MBT from poor handling of housing policies. :doh:
Btw, anyone know MBT born in which year, tot pf checking his chinese zodiac sign to see how he will perform in the year of rabbit!:p
He is born 12 sep 1948, data from his bio
http://en.wikipedia.org/wiki/Mah_Bow_Tan
Wonder how many of u remember this quote in Jan 2010:
"THE current contentious issue on the affordability of public housing was given another airing by Minister Mentor Lee Kuan Yew who cautioned Singaporeans not to cast a protest vote against the ruling party over this.
As Singaporeans lament rising flat prices, he said they ought to understand that the Government sells them at a subsidised price, below market rate, so that they can own an asset that will appreciate in value over the years.
It adds to their wealth and this is an asset-enhancing policy Mr Lee believes citizens should not find fault with.
If they do, they must be 'daft', he said, at a dialogue during a housing conference as part of a series of events to mark the Housing and Development Board's 50th anniversary.
And if National Development Minister Mah Bow Tan is unable to defend this policy, 'he deserves to lose' at the next general election, he quipped, to laughter from the participants, including a chuckling Mr Mah.
But if Mr Mah loses to the opposition, he warned that Singaporeans better sell their flats fast as they would no longer be of any value.
http://www.straitstimes.com/Breaking...ry_483139.html
Wonder how many of u remember this quote in Jan 2010:
"..............
But if Mr Mah loses to the opposition, he warned that Singaporeans better sell their flats fast as they would no longer be of any value.
http://www.straitstimes.com/Breaking...ry_483139.html
so that's what MBT means when he ask us not to buy now, he say prices will drop :D
his wife an ang moh leh... not be surprised someone actually wrote on his behalf. dont think people in his era can master mandarin and english well.
someone must have written for him. he seldom or never speak mandarin in front of camera. so far i have not seen him speaking to media in mandarin. he is a short potato
someone must have written for him. he seldom or never speak mandarin in front of camera. so far i have not seen him speaking to media in mandarin. he is a short potato He really live up to his breed. Many famous intelligent people are short. Hiltler is one of them and American actor, Danny Devito. Many have much taller and pretty wife
He is born 12 sep 1948, data from his bio
http://en.wikipedia.org/wiki/Mah_Bow_Tan
【属鼠人士的2011年风水运程】.
【出生年】：1948、1960、1972、1984 、1996、2008.
【整体运势】：属鼠人兔年刑生太岁，桃花煞临，事业运势难免不顺意，身体也容易出问题，外出时要注意，防止意外事件的发生，特别是桃色事件发生。今年为劳苦奔波的一年，往往事倍功半，磨难重重，令财政、健康不堪重负。但一定不要懈怠，要脚踏实地，为来年的发展做积累，否则将一事无成。不宜做转业或转行的打算，是为学习、积累的一年，应潜心充实自己，学习一些新的东西，多花一些精力在家庭或感情方面，容易得到幸福。刘椰荣大师建议有自己公司者，业务宜守不宜攻，在本地发展比较可靠，肆意扩大业务，恐怕造成难以挽救的危机，令你难以应付。
Jialat for MBT...:scared-5:
【属鼠人士的2011年风水运程】.
【出生年】：1948、1960、1972、1984 、1996、2008.
【整体运势】：属鼠人兔年刑生太岁，桃花煞临，事业运势难免不顺意，身体也容易出问题，外出时要注意，防止意外事件的发生，特别是桃色事件发生。今年为劳苦奔波的一年，往往事倍功半，磨难重重，令财政、健康不堪重负。但一定不要懈怠，要脚踏实地，为来年的发展做积累，否则将一事无成。不宜做转业或转行的打算，是为学习、积累的一年，应潜心充实自己，学习一些新的东西，多花一些精力在家庭或感情方面，容易得到幸福。刘椰荣大师建议有自己公司者，业务宜守不宜攻，在本地发展比较可靠，肆意扩大业务，恐怕造成难以挽救的危机，令你难以应付。
Jialat for MBT...:scared-5:
no wonder he so stress and come up so many measure. he must have got big "F#@k" from PM
Regulators
24-02-11, 12:23
The PM said prices will increase over time with the economy and government projected healthy growth this year and this makes people bullish, how can pm blame mbt.
no wonder he so stress and come up so many measure. he must have got big "F#@k" from PM
no wonder he so stress and come up so many measure. he must have got big "F#@k" from PM
Well, the fun in analysing MBT's zodiac sign is too see how MBT's zodiac prediction. If not so good, maybe more cooling measures to come. If good, then everyone good also wor... Not here to spread superstition but tot maybe we can use this to develop some strategy to mitigate the impacts.
Anyway, his zodiac sign predicted his immediate future looks rather bleak wor...By end of the year, let review this back to see how accurate the zodiac prediction can be. :cool:
Well, the fun in analysing MBT's zodiac sign is too see how MBT's zodiac prediction. If not so good, maybe more cooling measures to come. If good, then everyone good also wor... Not here to spread superstition but tot maybe we can use this to develop some strategy to mitigate the impacts.
Anyway, his zodiac sign predicted his immediate future looks rather bleak wor...By end of the year, let review this back to see how accurate the zodiac prediction can be. :cool:Haha, maybe he already know and seen his FengShui Sifu to counter this...
The PM said prices will increase over time with the economy and government projected healthy growth this year and this makes people bullish, how can pm blame mbt.
The issue here is: Since SG open up for more FT for the past few years, have we planned well ahead to manage demand for housing?
Assuming if ICA and MND failed to coordinate well (example, on one hand ICA open up to more FT and MND/HDB pulling breaks on housing developement), for sure housing demand will goes up over time.
Poor MBT, he might has tried to catch up with the growth rate in FT numbers but by the time he realised that, it's too late to build alot to cater for the needs of all...:(
I do not envy his position now... siong...poor MBT :o
80% or more are HDB..this concern is somehow arrested by policies introduced earlier...resultng in COV under control...left over are 10 plus percent private...if the box result is good for P + P later this year with also the latest round of damping measures in Jan 2011...what is your take will they introduce more measure to take care of this 10% plus of pte property which price will appreaciate nevetheless due to factors such as inflation, economy imprving etc...:)
Obviously the measures are not working coz we just had record price for the bishan site
Obviously the measures are not working coz we just had record price for the bishan site
20 year old bishan hdb will be drawing comparisons with that. Those who bought natura loft dbss will be laughing as hard as pinnacle owners.
devilplate
25-02-11, 00:22
Obviously the measures are not working coz we just had record price for the bishan site
measures r working lah.....
developers r bidding high and tat doesnt guarantee a sell out rite
measures r working lah.....
developers r bidding high and tat doesnt guarantee a sell out rite
When is the last time developer sell a good site at a loss? They will keep until market good then release.... And once people mentally get used to 1500 psf and above OCR condo then all bew launches will be same prices....
devilplate
25-02-11, 00:48
When is the last time developer sell a good site at a loss? They will keep until market good then release.... And once people mentally get used to 1500 psf and above OCR condo then all bew launches will be same prices....
u oredi got the answer....they can hold until later on den sell(but got certain restrictions liao....i tink must sell all upon TOP? and complete the construction within 4yrs....).....every yr ppty realistically grow 5-10%....3yrs later they can sell at 300- 400psf more den current market pricing ....sounds reasonable?
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