View Full Version : 4 reasons why Hong Kong’s new stamp duty can’t save Singapore’s property market
https://www.propertysoul.com/2017/01/25/hong-kongs-new-stamp-duty/
4 reasons why Hong Kong’s new stamp duty can’t save Singapore’s property market
January 25, 2017
https://i1.wp.com/www.propertysoul.com/wp-content/uploads/2017/01/hong-kong-housing.jpg?resize=300%2C168&ssl=1
Bloomberg just published an article on ‘Hong Kong Property Tax May Help End Singapore’s Housing Slump (https://www.bloomberg.com/news/articles/2017-01-18/hong-kong-s-home-curbs-may-help-end-singapore-s-three-year-slump)’ (Bloomberg, Jan 19).
The journalist cites the remarks of a Cushman & Wakefield spokesperson that foreign buyers may turn to Singapore after the 15 percent increase (30 percent in total) of stamp duty in Hong Kong. This can benefit Singapore to end the slide of property prices this year, especially when the Chinese are looking for a safe haven to park their weakening currency.
The herd of local business and property media, including Business Times, Singapore Business Review, Yahoo News, PropertyGuru, The Edge Property and Property Report, immediately picked up this piece of ‘good news’ without much thought and came up with similar headlines of ‘Singapore to benefit from Hong Kong tax hike’, ‘Hong Kong’s loss in overseas buyers may be Singapore’s gain’, etc.
https://i0.wp.com/www.propertysoul.com/wp-content/uploads/2017/01/bloomberg-HK-SG-curbs.png?w=800&ssl=1
For people who have a habit of comparing with others, they often make the mistake of benchmarking themselves against the wrong parties while overlooking the root of the problem.
Could anyone see that there are at least 4 fundamental faults in Cushman & Wakefield’s comments?
1. Foreigners are paying higher in terms of total stamp duties.
A foreigner buying a home in Singapore has to pay 15 percent Additional Buyer Stamp Duty on top of the existing Buyer Stamp Duty (usually under 3 percent depending on the value of the property).
However, there is a Seller Stamp Duty between 4 to 16 percent payable for the property sold within 4 years’ of purchase.
If the foreigner wants to dispose the property within a year, he is liable to a Seller Stamp Duty of 16 percent. In this whole buying and selling process, he has paid a total of close to 34 percent in stamp duties to the Singapore government.
2. There are plenty of choices in countries besides Singapore.
With aggressive marketing efforts of developers and agents targeting well-to-do overseas buyers, foreign property investors are spoiled for choices.
It is not only Singapore and Hong Kong which are seen as stable economy that helps to preserve capital. Places like New York, London, Vancouver and Sydney are also mature markets that promise stable returns in the long-term.
In the case of China, the government has constantly imposed property buying restrictions in major cities in China. With excessive liquidity and depreciating renminbi, Chinese property investment in global markets remains robust.
According to Juwai.com, an international property broker specialized in Chinese investors, for last year alone, the Chinese have dumped a total of US$80 billion in overseas properties.
The top 10 favorite countries for Chinese property investors are in the following sequence.
1) USA
2) Australia
3) Canada
4) New Zealand
5) United Kingdom
6) Thailand
7) Spain
8) Germany
9) Japan
10) France
Do you notice that Singapore and Hong Kong are not even in the top 10? How naive to believe that overseas property investment is a zero-sum game between two small countries.
Hong Kong developers revealed that around 20 percent of buyers in new projects are from mainland China. According to URA, the Chinese only bought 230 homes in Singapore (a drop from 243 deals a year ago) for the first nine months in 2016.
3. There are many investment options for the Chinese.
Using spare cash to buy properties is most popular for Singaporeans.
But our counterparts in China are far more creative.
Renminbi cannot be exchanged freely in China and there is risk of currency devaluation. There are many ways to transfer money out of the country, both legally and illegally. Let’s talk about only the legal options here.
When renminbi depreciated 6 percent against US dollars last year, the Chinese rushed to the greenback to shield them from the weakness of their local currency.
When the Shanghai-Hong Kong Stock Connect opened in Hong Kong last month, the mainland Chinese know that there is a new legal way to get money out of China.
When the Chinese rushed in droves to Hong Kong to buy insurance, new premium sales from the mainland Chinese hit HK$48.9 billion (S$9 billion) in just the first 9 months of 2016.
Hong Kong insurance agents reportedly swiped the credit cards of eager Chinese customers till midnight every weekend before they went back to China.
Unlike properties, these investment-linked insurance policies are bought in a currency pegged with the US dollar; with guaranteed return; no risk of price fluctuation; and can cash out any time.
Who cares about buying properties in Singapore?
With shortage of the Chinese currency in local banks, especially approaching Lunar New Year, the 6 to 12-month fixed deposit interest rate has just gone up to 6 percent per annum.
Facing a similar risk of declining in value, any Singapore investment property selling in this market able to offer 6 percent net return in the next 6 to 12 months?
4. Money from QE is not benefiting the real home buyers.
Thanks to QE (Quantitative Easing) for so much liquidity and hot money flowing around. Many people have no idea what to invest with their excessive cash and resort to following the crowd.
When the government of US, UK, Europe and Japan are printing money like nobody’s business, the banks find no better ways than lending more loans to large corporations.
But these big companies all know that the market is suffering from over-capacity with contracting consumer demand. There is no point to invest in improving productivity or cost-efficiencies.
The only way to spend that huge amount of cash is through endless acquisitions – through buying investment properties and acquiring profitable or unprofitable companies.
Both activities are not helping the economy: Acquiring properties at top prices further increases prices of the already overheated property market. Buying companies lead to unavoidable restructuring after the merge with more workers losing their jobs.
The actual end users of the residential properties are further priced out of the market. With high property prices and high unemployment rate, where can we find HDB upgraders and real home buyers to clear those 21,000 unsold units in Singapore?
Somebody’s pain is not necessarily your gain
Two months after the announcement of the increased stamp duty in Hong Kong, buyers continue to snap up new projects at record prices. Last Friday, 400 units at a project launch in Tsuen Wan priced at a record of over HK$20,000 per square foot were all sold out by the end of the day.
When was the last time we saw this in Singapore?
Foreigners may deter from buying Hong Kong properties with 30 percent stamp duty. Hong Kong property prices may face a correction. But that won’t benefit the Singapore housing market in any way.
For developers, agents, sellers and landlords, it’s time they went back to work harder on attracting buyers and tenants if they want to stop the continuous slump of the property market.
For fellow property buyers and investors, this is a perfect example why we need to read the news from the media with a pinch of salt, especially from industry stakeholders with vested interest.
Exactly true. HK is HK's business.
How about this internal news?
Which category of owners get to celebrate after this is implemented?
http://www.straitstimes.com/singapore/new-hdb-rental-rules-for-work-permit-holders?login=true
Exactly true. HK is HK's business.
How about this internal news?
Which category of owners get to celebrate after this is implemented?
http://www.straitstimes.com/singapore/new-hdb-rental-rules-for-work-permit-holders?login=true
those seniors who rent out rooms only?
Exactly true. HK is HK's business.
How about this internal news?
Which category of owners get to celebrate after this is implemented?
http://www.straitstimes.com/singapore/new-hdb-rental-rules-for-work-permit-holders?login=true
Hopefully, private property landlords like us...
Hopefully, private property landlords like us...
"For Govt, developers, agents, sellers and landlords, it’s time they went back to work harder on attracting buyers and tenants if they want to stop the continuous slump of the property market".
I would say good job to the Govt for ensuring the balance going for a few years already. We know where this will get to eventually.
I would say good job to the Govt for ensuring the balance going for a few years already. We know where this will get to eventually.
We also know very well that that the property cooling measures has resulted in:
1) The average people can only buy over-priced OCR properties (since OCR properties barely dropped from their HISTORICAL HIGH)...
2) The rich people can buy very cheap CCR and luxury properties (since their property cooling measures has crashed the CCR property prices from peak price like 20-35% by removing foreigners from competing with them in their property purchase)...
3) Property Market will be CRASHING in next few years with the economic recession coming, with OCR prices dropping the MOST (since it has not dropped much since the property cooling measures vs CCR)...
"For Govt, developers, agents, sellers and landlords, it’s time they went back to work harder on attracting buyers and tenants if they want to stop the continuous slump of the property market".
I would say good job to the Govt for ensuring the balance going for a few years already. We know where this will get to eventually.
If you push people out of HDBs which is mostly outskirts, you know where they go to.
Don't self deny, bro. Your crash is 5 years overdue. Next cycle is coming.
I would say good job to the Govt for ensuring the balance going for a few years already. We know where this will get to eventually.
We also know very well that that the property cooling measures has resulted in:
1) The average people can only buy over-priced OCR properties (since OCR properties barely dropped from their HISTORICAL HIGH)...
2) The rich people can buy very cheap CCR and luxury properties (since their property cooling measures has crashed the CCR property prices from peak price like 20-35% by removing foreigners from competing with them in their property purchase)...
3) Property Market will be CRASHING in next few years with the economic recession coming, with OCR prices dropping the MOST (since it has not dropped much since the property cooling measures vs CCR)...
Exactly true. HK is HK's business.
How about this internal news?
Which category of owners get to celebrate after this is implemented?
http://www.straitstimes.com/singapore/new-hdb-rental-rules-for-work-permit-holders?login=true
If anyone would like to know the truth can pm me. Others can just believe what is written.
Amber Woods
25-01-17, 17:31
3 Danger Signs for Singapore Property in the Year of the Rooster and Beyond
JANUARY 24, 2017
So much is going on in the global economy that I find very interesting and disturbing at the same time. We’ve seen incredible changes in governments, economies, stock markets, currency and real estate.
I am not making a forecast that a crash is going to occur
My best guess is there are unavoidable, short to long-term economic forces that are about to deal a devastating blow to our real estate market, economy and society. I am not bullish on Singapore’s real estate market in the near or long term. Looking back at the lessons of the past, it had been oversupply, speculative buying, lack of affordability, and lack of sustainable investment that have really deflated the market.
I am still 100 percent pro real estate no matter how “bearish” you think I am. But it would be irresponsible to wildly claim that there are no clouds on the horizon near and far, when building cranes are casting very visible shadows on the market. I believe there are currently three danger signs in the market.
Danger Sign #1 – Per Capita GDP Contraction
The industry might lie, but the numbers don’t deceive. Below is a historical real per capita GDP growth rate for Singapore’s aging society. Notice the obvious growth decline over the decades.
1961 – 1965: 4.52%
1966 – 1970: 10.71%
1971 – 1975: 7.58%
1976 – 1980: 7.2%
1981 – 1985: 4.26%
1986 – 1990: 6.35%
1991 – 1995: 5.46%
1996 – 2000: 3.12%
2001 – 2005: 3.67%
2006 – 2010: 2.93%
(Source: World Bank and Singapore’s Economic Development)
The most recent number for 2016 GDP growth rate was 1.8%. What do you think your property values might be moving forward if you bought into the peak of the market?
Danger Sign #2 – Rise of the US Economy… And (Likely) Slowdown of Asian Economies
The US economic trends are the opposite of Singapore’s and Asia’s economy – and so is their real estate markets. Mortgage rates in the US are currently at an all-time low, around 4.5%p.a.
The US economy continues to improve, so much so we now know the FED is projecting to raise interest rates three times instead of twice in 2017. It’s going to take quite a while before interest rates revert back to their previous norms – and some years before we see another 2008 type of bubble.
As the US economy continues its uptrend, Asian economies like Singapore will continue its downtrend. The Singapore property market will likely fall further as the US real estate market improves. “Gurus” who opine that it is currently a good time to enter the Singapore property market because prices are down 11% from peak are either in serious denial, lying or misinformed.
Danger Sign #3 – Diminishing Longer Term Prospects
All investments consist of two components: risk and reward. But all real estate investment books and “experts” and “authorities” I know of consist of only one component: Reward. Risk? What’s that?
The current weak housing market is not a cyclical issue. It is one impacted by long-term changes in global economic issues, such as an aging population. It has little room left for accelerated growth. The mantra “real estate values always go up” has therefore become a fundamentally flawed belief for the changing markets of the future.
A recent McKinsey Economic Report by world central banks and economists suggest “diminishing returns” will be the new norm for at least the next two to three decades.
For Singapore’s real estate market, I’m not inferring a local market-crash or bubble-bursting scenario. The real danger comes not from within our shores, but from a turbulent world outside. Our government cannot prevent an external crisis from happening and a fast-evolving geopolitical – it can only seek to minimize the harm with good policies.
As expected of a mature economy, economic growth rates will be lower. In the past decade, Singapore’s annual real GDP per capita growth has slowed to about 3% to 3.5%. We can assume a rather a more optimistic real property growth of 3% and slower real growth rate of 0.5% to 2% from the recovery of a major recession. This is quite a reversal from the bygone golden years of 6 to 8% annual growth.
A slow economy and moderate real estate price growth is likely to be the new normal going forward and it may not be such a bad thing.
Should You Sell or Hold?
“Due to the lack of positive economic news, we are expecting that prices will generally continue their decline. However, buyers may capitalise on this continued window of falling prices to snag some attractive deals,” said Eugene Lim, Key Executive Officer of ERA Realty Network, who expects private home prices to drop by 3 to 3.5 percent this year.
If property prices are on an uptrend, they sell you the idea of not missing out on “future gains.” If property prices are on a downtrend, they sell you the idea of not missing out on “discounts.”
Beware of the hubris of those in charge
There are no “attractive deals” in a market when every important indicator points DOWNWARDS – falling rents, falling prices, a potentially devastating recession on the horizon, and rising interest rates.
As a savvy asset-buyer, you only want to buy into a recession since prices always revert back to their fundamental values. Leave the measly discounts (and the balloting) and cheapskate marketing ploys for penny wise, pound foolish buyers.
SELL or HOLD are the only actions for property owners and buyers today. There’s no “but” or “if” unless you want to be kicked in the butt when things go further south.
What Should You Do Now?
From 1960 to 2013, there were eight major economic crises in the Singapore market. This means recessions occur roughly once every 6.6 years. Our present economic expansion has lasted far longer than seven years. The last recession ended in June 2009, about seven and half years ago. Even though certain indicators look amazing today, if history is any guide, we are due for another economic downturn.
Economic theories, such as works by economist Hyman Minsky, explain that the longer an expansion continues, the more likely a recession becomes. Whatever the reasons that expansions end, Singapore has rarely had an expansion that lasted longer than seven years in the last 50 years. There was only one exceptional period from 1986 to 1996.
The economy is like a game of musical chairs at a party. Everyone has a wonderful time until the music stops and then everyone wants to sit down simultaneously. Then suddenly the euphoria becomes a panic, and the boom becomes a slump.
No individual has the power to stop a recession. However, by planning you can mitigate the impact an economic downturn has on you and your family. Right now most people are enjoying good economic times. They will not last forever. Save some money now. Pay down credit card debt and other loans. Give yourself a financial cushion that will protect you in the event of an economic downturn.
Make some plans now for the next downturn. Even if I am wrong, the worst thing that will happen is that you will have less debt and more money saved. Is that so bad?
By guest contributor Gerald Tay, who is the founder and coach at CREI Academy Group Pte Ltd, an organization dedicated to empowering retail property investors with smarter investing philosophy and strategies. He is a full-time investor with over 13 years of solid experience in building his wealth through Property Investment and is financially wealthy today.
The question is, must GERALD Tay pay ABSD? His answer will change accordingly.
Amber Woods
26-01-17, 01:12
The question is, must GERALD Tay pay ABSD? His answer will change accordingly.
Challenge the writer's contents instead of his intent; only then can your argument become credible.
Challenge the writer's contents instead of his intent; only then can your argument become credible.
People will still believe what they wish to believe I guess...
My views have been quite systematically explained before.
OK back to writer's content:
1. 1.8% growth is still growth. With respect to huge numbers of baby boomers exiting the workforce, 1.8% is good. Below 1% will be bad, and 2-3% will be outstanding. PM say one.
2. 2008-2009 crisis was created because US fell remember? We have had to depend on China as transition demand for close to a decade waiting for US to recover. Finally US recovers, or appears to. What's so bad about that even if it comes with a little protectionism?
3. Diminishing growth of returns is apparent in every instrument on the market. It is a fact of life. By slowing down the growth from 2013 onwards (with strategies put in as early as 2010), we have created a new meaning to sustainability of growth. Imagine nothing was done since 2010 to arrest growth (all areas) - I will be the first to exit the property market today. Only people who want to profit by entering and exiting quickly want fast growth - most of us are happy with the slow growth, the more sustainable the better. Remember, I am the one with a good night sleep, not the one still grappling at 3am.
Amber Woods
26-01-17, 08:00
Remember, I am the one with a good night sleep, not the one still grappling at 3am.
There is no need to be "insulting" when trying to justify your points. Be more constructive and people will enjoy engaging with you.
There is no need to be "insulting" when trying to justify your points. Be more constructive and people will enjoy engaging with you.
It's not insulting actually. I was in those shoes before. If anything, it is almost like explaining to myself. Self persuasion if you will.
In the meantime, the demand gets more and more pent up till HDB has to rework its arrangements.
Have to agree with you that "NEXT CYCLE IS COMING", starting with a BIG PROPERTY PRICE CRASH first
since OCR private property prices is NOW already AT HISTORICAL HIGHEST PRICE since 0 BC (2017 YEARS AGO)!
Who honestly would expect the price to continue to go up without any crash (if so there is no "next cycle")!
If you push people out of HDBs which is mostly outskirts, you know where they go to.
Don't self deny, bro. Your crash is 5 years overdue. Next cycle is coming.
Amber Woods
26-01-17, 10:15
3 Danger Signs for Singapore Property in the Year of the Rooster and Beyond
The writer has been consistent all these years in his appraisal of the Singapore property market.
Looking back, by late 2011, savvy investors had already started to withdraw from the market despite no concrete fact indicating that the Singapore property market is facing a long drawn downturn. This has got to do with experience and intuition these investors possessed.
By mid 2013, when prices started to decline, many investors were convinced with some hard facts what was coming.
Now 2017, we see gradual decline in property prices. Minority of the investors (like the writer) see the Singapore property market going to experience a long long decline due to both internal and external factors affecting Singapore. The majority of the investors believe that prices are bottoming sooner rather than later because developers and vested groups are saying the same thing at any given opportunity.
Like what the writer said; "Make some plans now for the next downturn. Even if I am wrong, the worst thing that will happen is that you will have less debt and more money saved. Is that so bad?"
When everyone know there is a crash coming, the chances very low. Crash only occurs when everyone think it will never come or when you see long queue a few days before the property launch.
If one would like to believe an idea, one will still believe in that idea a decade later, no matter how conditions change.
It does not mean it is the right, or the best idea.
The writer has been consistent all these years in his appraisal of the Singapore property market.
Looking back, by late 2011, savvy investors had already started to withdraw from the market despite no concrete fact indicating that the Singapore property market is facing a long drawn downturn. This has got to do with experience and intuition these investors possessed.
By mid 2013, when prices started to decline, many investors were convinced with some hard facts what was coming.
Now 2017, we see gradual decline in property prices. Minority of the investors (like the writer) see the Singapore property market going to experience a long long decline due to both internal and external factors affecting Singapore. The majority of the investors believe that prices are bottoming sooner rather than later because developers and vested groups are saying the same thing at any given opportunity.
Like what the writer said; "Make some plans now for the next downturn. Even if I am wrong, the worst thing that will happen is that you will have less debt and more money saved. Is that so bad?"
Amber Woods
26-01-17, 10:26
When everyone know there is a crash coming, the chances very low. Crash only occurs when everyone think it will never come or when you see long queue a few days before the property launch.
Isn't this the situation now less seeing people queuing?
Isn't this the situation now less seeing people queuing?
He is referring to crash only when there is long queue - that means people who do not need or cannot afford are buying, and they will be tomorrow's fire sales sellers.
If there are less people queuing, these are people who need and can afford to buy and hold, and they will most likely be holders through tomorrow.
Holders don't sell, developers can afford to hold, Govt just act blur, how can there be a crash for buyers to buy?
Amber Woods
26-01-17, 10:34
He is referring to crash only when there is long queue - that means people who do not need or cannot afford are buying, and they will be tomorrow's fire sales sellers.
If there are less people queuing, these are people who need and can afford to buy and hold, and they will most likely be holders through tomorrow.
Holders don't sell, developers can afford to hold, Govt just act blur, how can there be a crash for buyers to buy?
Too simplistic an assumption.
Amber Woods
26-01-17, 10:35
A long drawn price correction is what the government wants.
A long drawn price correction is what the government wants.
So if the Govt's plan is going to be -1% every year, how many years would you wait?
It's too generalize to say OCR will drop fast.
Mature OCR area like AMK, Bedok, Serangoon will be recilient and tend to be priced as RCR.
Non mature OCR area like pasir ris and beyond hougang have excessive suppy thus been down faster than average rate.
Basically it's still a supply and demand issue.
Have to agree with you that "NEXT CYCLE IS COMING", starting with a BIG PROPERTY PRICE CRASH first
since OCR private property prices is NOW already AT HISTORICAL HIGHEST PRICE since 0 BC (2017 YEARS AGO)!
Who honestly would expect the price to continue to go up without any crash (if so there is no "next cycle")!
What do you mean "when everyone know there is crash coming"?
In late 2007, when people are warning about crash coming, and we don't see long queue at every property launch, property price still crash in 2008! By right chances of crash is low why still CRASH so badly???
Your theory is too simplistic! :bee:
When everyone know there is a crash coming, the chances very low. Crash only occurs when everyone think it will never come or when you see long queue a few days before the property launch.
I tend to agree to this view.
The current market i believe will become the new normal, gov will try to maintain the price sustainability with new GLS sales and keep existing policy for a while till average income catching up. HdB market will be the first priority to keep it affordable for first home owner.
It's almost like higher earner buying condo for investment to pay higher tax to subsidize Hdb grant :), of course not that direct.
A long drawn price correction is what the government wants.
Amber Woods
26-01-17, 13:08
I tend to agree to this view.
The current market i believe will become the new normal, gov will try to maintain the price sustainability with new GLS sales and keep existing policy for a while till average income catching up. HdB market will be the first priority to keep it affordable for first home owner.
It's almost like higher earner buying condo for investment to pay higher tax to subsidize Hdb grant :), of course not that direct.
While the government is looking for a soft landing, the economic environment is also helping the government toward this end. However, what the government cannot control is external headwinds and recession which are already felt. This may well lead to more accelerated downside to the extend that a sudden crash is not unexpected when economic situation takes a steep turn.
do our gov always get what they planned?
I always hear people say like this:
When they get what they planned, it is their GREAT FORE-SIGHT and CAPABILITY and they DESERVE their HUGE REWARD...
When they DON'T GET what they planned, it is because of EXTERNAL FACTORS beyond their CONTROL, HONEST MISTAKES so please move on (and don't continue to talk about it) since NOBODY COULD DO BETTER if in their position...
If you cannot provide a solution, please DO NOT CRITICISE the problem... This just makes you a bloody lousy loser since it is very easy to criticise and make empty talk and if you have NO solution means you are NOT BEING CONSTRUCTIVE...
Sounds familiar???
We learn from the past. Should recession coming probably the impact will be much lesser to previous Asian financial crisis.
Thing must be very unexpected to trigger the crash. As when sars first happened people scare so much like zombie movie, and when US crashed people thought it's like end of financial market.
What would be the next unexpected shock? Wars? Trump's side effect? No one know.
While the government is looking for a soft landing, the economic environment is also helping the government toward this end. However, what the government cannot control is external headwinds and recession which are already felt. This may well lead to more accelerated downside to the extend that a sudden crash is not unexpected when economic situation takes a steep turn.
Yah right.
Headwinds.
http://www.straitstimes.com/business/economy/singapore-manufacturing-output-jumps-to-5-year-high-of-213-in-december-smashing
While the government is looking for a soft landing, the economic environment is also helping the government toward this end. However, what the government cannot control is external headwinds and recession which are already felt. This may well lead to more accelerated downside to the extend that a sudden crash is not unexpected when economic situation takes a steep turn.
do our gov always get what they planned?
Better hope the govt is in control of what they planned.
Everytime things get beyond their control, prices spike beyond everyone's imagination. Everytime.
Amber Woods
26-01-17, 18:10
We learn from the past. Should recession coming probably the impact will be much lesser to previous Asian financial crisis.
Thing must be very unexpected to trigger the crash. As when sars first happened people scare so much like zombie movie, and when US crashed people thought it's like end of financial market.
What would be the next unexpected shock? Wars? Trump's side effect? No one know.
Maybe we shouldn't be too overly concern with the definition of crash. If price decline 30% over say five to 10 years period, it is quite serious from an investment point of view. You can call it "crash" if you refer to the 30% price correction. However, you can call it a soft landing since the 30% price correction is over an extended period of time.
I am looking for one last OCR one.
Near HDBs. Very long haven't struck TOTO already.
This time sure win!
Maybe we shouldn't be too overly concern with the definition of crash. If price decline 30% over say five to 10 years period, it is quite serious from an investment point of view. You can call it "crash" if you refer to the 30% price correction. However, you can call it a soft landing since the 30% price correction is over an extended period of time.
I am looking for one last OCR one.
Near HDBs. Very long haven't struck TOTO already.
This time sure win!
why you still buying OCR as compare to CCR price has crushed, should have better buys?
why you still buying OCR as compare to CCR price has crushed, should have better buys?
CCR got 400 to 700K
Only very good deal if buying propery > 2 millions.
Or maybe could gather those with same interest to perform group buy, better bargaining power with developer.
Anyway CCR may feel cheap comparing to its peak, but the bulls may not repeat.
I always hear people say like this:
When they get what they planned, it is their GREAT FORE-SIGHT and CAPABILITY and they DESERVE their HUGE REWARD...
When they DON'T GET what they planned, it is because of EXTERNAL FACTORS beyond their CONTROL, HONEST MISTAKES so please move on (and don't continue to talk about it) since NOBODY COULD DO BETTER if in their position...
If you cannot provide a solution, please DO NOT CRITICISE the problem... This just makes you a bloody lousy loser since it is very easy to criticise and make empty talk and if you have NO solution means you are NOT BEING CONSTRUCTIVE...
Sounds familiar???
You notice those overpaid clowns have been very quiet lately? Almost like they are in hiding. :D
Amber Woods
28-01-17, 06:33
You notice those overpaid clowns have been very quiet lately? Almost like they are in hiding. :D
There are quite a handful of individuals in this forum including Leeds, vip and Economist (sorry, I can only remember these three names) who had been constantly reminding us to be caution in the Singapore property market since 2011. They shared their experiences despite being mocked at by many in this forum. Thus far, they have been accurate in their analysis of the market. If they are still reading this forum, may I wish you guys "A prosperous Year Ahead". I am quite sure the wisdom and experiences you guys gained and your willing to share unselfishly in this forum will bring you prosperity throughout your lives. I am quite sure there are as many people here who have benefited from their sharing. I certainly have learned a lot from them.
You notice those overpaid clowns have been very quiet lately? Almost like they are in hiding. :D
I was one of the overpaid clowns in Jun 2006, yesterday overpaid clown become future guru.
Wish everyone a Happy and Prosperous Lunar New Year and many more property guru.
http://www.herworldplus.com/sites/default/files/cny%202014%20superstitions.jpg
The winner of the game is not at the start of the game or during the game, it is at the end of the game.
Amber Woods
28-01-17, 07:51
I was one of the overpaid clowns in Jun 2006, yesterday overpaid clown become future guru.
Wish everyone a Happy and Prosperous Lunar New Year and many more property guru.
The winner of the game is not at the start of the game or during the game, it is at the end of the game.
People who bought during 2006 was no clown. The price index was the lowest for that cycle. Many people missed the boat to buy in 2006 hoping that prices would go down further.
In property investment, there is no end of the game. It is a cycle game. The game is ongoing and you just need to buy when the price is right at any particular cycle. For those who buy and keep and never sell, buying at the right time is important to maximize your wealth. For those who buy and sell (more of a speculator investor), all the more it is critical to buy at the right phase of the property cycle.
Actually we were considered jokers then.
Whole blocks of oversupply, everyone thinking so much supply why buy then.
Everything fully occupied in 2 years. It's want, or don't want only.
People who bought during 2006 was no clown. The price index was the lowest for that cycle. Many people missed the boat to buy in 2006 hoping that prices would go down further.
In property investment, there is no end of the game. It is a cycle game. The game is ongoing and you just need to buy when the price is right at any particular cycle. For those who buy and keep and never sell, buying at the right time is important to maximize your wealth. For those who buy and sell (more of a speculator investor), all the more it is critical to buy at the right phase of the property cycle.
Ask my sister-in-law (a Malaysian) about real estate and she claims 5 years ago trained as RES but was surprise she did not learn much.
Ask her about District 29 and she even give a Singaporean answer, she must have stayed too long in Singapore.
Powered by vBulletin® Version 4.2.2 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.