More expat turning to buying instead?

[Jadey]

Recently there was a report that highlight the increase of foreigners buying property, and there is also a report that Singapore is slowing becoming the top destination for expats/FT. Does that means the more companies will start offering FT local terms rather than expat package (due to the attractiveness of working in Singapore) and eventually this will drive these FT to buy property instead of renting?

Just recently a caucasian neighbor was just talking to me about buying after the lease expired. And his reasoning is that i have plans to live here for another 5 years, and with the low interest rate and economic stability it makes more sense to invest in Singapore rather than paying sky high rental.

what your thought on that?

[devilplate]

Recently there was a report that highlight the increase of foreigners buying property, and there is also a report that Singapore is slowing becoming the top destination for expats/FT. Does that means the more companies will start offering FT local terms rather than expat package (due to the attractiveness of working in Singapore) and eventually this will drive these FT to buy property instead of renting?

Just recently a caucasian neighbor was just talking to me about buying after the lease expired. And his reasoning is that i have plans to live here for another 5 years, and with the low interest rate and economic stability it makes more sense to invest in Singapore rather than paying sky high rental.

what your thought on that?

definitely encourage foreigners to BUY BUY BUY!!!

we only give advise to our fellow singaporeans

[rockinsg]

definitely encourage foreigners to BUY BUY BUY!!!

we only give advise to our fellow singaporeans

If foreigners buy then no Renters later on, means bigger market crash.. would be good time to buy then...


If this keeps up we gonna head for even bigger crash later on

[DKSG]

I very much agree with a ST (25 June) comment on its Review and Forum section.

It was quoted that a random Chinese from China saying that the Chinese will soon own Singapore.

The big number of foreigner buyers who come in, buy, constrict supply, then later jack up the price and sell to genuine dwellers does nothing to make Singapore better (except maybe the developers are better off).

The Government should seriously consider the meaning of housing in Singapore. The basic principle of housing is ... housing! The investment component is really secondary.

The Government should start restricting foreigners who has "nothing to do with Singapore" from distorting the market. These vultures are the same as the hedge funds attacking the Asian currencies during Asian Financial Crisis in 1997. They dont add value to our society.

The most efficient housing Buy-Sell transaction is for the developer to sell to the end user directly. Not after passing the hands of numerous people whose aim is just to jack up the price and pass the hot potato to another person. Who gets burnt at the end ? Its the end user!

So, think ... Do we really want foreigners (and trust me, there are many many of them richer than us here) to come and own all our private properties without even being here themselves ? Or even worst move their whole village here and make us the "foreigners" ?

Think my friends ... Think ...

DKSG

[devilplate]

I very much agree with a ST (25 June) comment on its Review and Forum section.

It was quoted that a random Chinese from China saying that the Chinese will soon own Singapore.

The big number of foreigner buyers who come in, buy, constrict supply, then later jack up the price and sell to genuine dwellers does nothing to make Singapore better (except maybe the developers are better off).

The Government should seriously consider the meaning of housing in Singapore. The basic principle of housing is ... housing! The investment component is really secondary.

The Government should start restricting foreigners who has "nothing to do with Singapore" from distorting the market. These vultures are the same as the hedge funds attacking the Asian currencies during Asian Financial Crisis in 1997. They dont add value to our society.

The most efficient housing Buy-Sell transaction is for the developer to sell to the end user directly. Not after passing the hands of numerous people whose aim is just to jack up the price and pass the hot potato to another person. Who gets burnt at the end ? Its the end user!

So, think ... Do we really want foreigners (and trust me, there are many many of them richer than us here) to come and own all our private properties without even being here themselves ? Or even worst move their whole village here and make us the "foreigners" ?

Think my friends ... Think ...

DKSG

u tink too much!

let them buy as much air space as they WANT! i got no worries abt it...furthermore, govt only sell 99LH land to build air space since few decades ago...so NO PROBLEM....let them own for 99yrs and our govt can take back from them FOC!

BUT govt shd tighten foreigner/PR restriction on our FH/999 LANDED!!!!

and also tighten PRs from buying resale HDB flats whereby 80% of our locals r staying in it!

[chiaberry]

That's a sobering thought. Singaporeans are so happy that the prices go up (those who are vested in pty) but in their greed, they don't realise the long-term effects, that eventually their children and other middle-income Singaporeans will be priced out of their dream home in their own country. The more the Govt moves to clamp down on the prices of HDB flats going up, the bigger will be the gap between HDB and private housing so how do the upgraders make the jump? Especially since FT may also be gunning after their jobs at lower salaries.

[devilplate]

That's a sobering thought. Singaporeans are so happy that the prices go up (those who are vested in pty) but in their greed, they don't realise the long-term effects, that eventually their children and other middle-income Singaporeans will be priced out of their dream home in their own country. The more the Govt moves to clamp down on the prices of HDB flats going up, the bigger will be the gap between HDB and private housing so how do the upgraders make the jump? Especially since FT may also be gunning after their jobs at lower salaries.

we r not alone in this world! if try to tighten too much on foreigner from buying will one day become like MALAYSIA!!!!!!!!!!!!!!!!!!

dream home? must be condo? HDB not gd enuff? den locals goto strive harder and make their dreams come true!

u shd b glad tat foreigners r buying our ppty! meaning to say SG is attractive to them! i only worry the reverse is true after this GE! yng gen CMI!!!!!!!!!!!!!!!!!!!!!

[teddybear]

The purpose of HDB is NOT to allow those owners to have a small gap to jump over / upgrade to private. Otherwise govt should just quicken asset appreciation of HDB flats! However, that is exactly what all the complaints are: "HDB flats asset appreciation"!

HDB should just keep to their original mandate: To private cheap affordable and liveable housing!
What DBSS? What EC? That just contradicts their original mandate.

That's a sobering thought. Singaporeans are so happy that the prices go up (those who are vested in pty) but in their greed, they don't realise the long-term effects, that eventually their children and other middle-income Singaporeans will be priced out of their dream home in their own country. The more the Govt moves to clamp down on the prices of HDB flats going up, the bigger will be the gap between HDB and private housing so how do the upgraders make the jump? Especially since FT may also be gunning after their jobs at lower salaries.

[chiaberry]

The purpose of HDB is NOT to allow those owners to have a small gap to jump over / upgrade to private. Otherwise govt should just quicken asset appreciation of HDB flats! However, that is exactly what all the complaints are: "HDB flats asset appreciation"!

HDB should just keep to their original mandate: To private cheap affordable and liveable housing!
What DBSS? What EC? That just contradicts their original mandate.

Agreed regarding the true purpose of HDB. But in reality that is what a lot of Gen Y is using HDB for. Although they are complaining but if the prices of HDB resale remain stagnant or even come down, I don't think they will be happy either. They will be stuck indefinitely in their HDB while they see FT living it up in the condos. Is that what Singaporeans would be content with?

[devilplate]

Agreed regarding the true purpose of HDB. But in reality that is what a lot of Gen Y is using HDB for. Although they are complaining but if the prices of HDB resale remain stagnant or even come down, I don't think they will be happy either. They will be stuck indefinitely in their HDB while they see FT living it up in the condos. Is that what Singaporeans would be content with?

so they must work hard and smart to compete wif global competitors

SG is not a safe heaven!

[kellogs]

so they must work hard and smart to compete wif global competitors

SG is not a safe heaven!

I strongly agree with Devilplate points on this matter.

It is jungle out there, perform or be prepared to be sidelined. Those expecting handout, SG is not the place to be.

[DC33_2008]

Kiasu parents are buying for their children now.

That's a sobering thought. Singaporeans are so happy that the prices go up (those who are vested in pty) but in their greed, they don't realise the long-term effects, that eventually their children and other middle-income Singaporeans will be priced out of their dream home in their own country. The more the Govt moves to clamp down on the prices of HDB flats going up, the bigger will be the gap between HDB and private housing so how do the upgraders make the jump? Especially since FT may also be gunning after their jobs at lower salaries.

[CCR]

u tink too much!

let them buy as much air space as they WANT! i got no worries abt it...furthermore, govt only sell 99LH land to build air space since few decades ago...so NO PROBLEM....let them own for 99yrs and our govt can take back from them FOC!

BUT govt shd tighten foreigner/PR restriction on our FH/999 LANDED!!!!

and also tighten PRs from buying resale HDB flats whereby 80% of our locals r staying in it!

Totally agree with you man... If they want to buy then go ahead and buy, gahmen justnincrease plot ratio to 10 like in hkg....the biggest myth isnthat Singapore is short of land.... Do you know singapore marina baupy and the tanjong pager confined terminal and will see us thru the next 60 years... 30 years for marina bay area and and other at least 30 years for the tanjong pager container port area, after that lease period up for shenton way, old tanjong pager area and raffles place and the merryngo round continues...

That is the beauty of LH99

[CCR]

I mean look at all the empty land around ALL MRT stations.... Gahmen going to be damn rich man.... Look at bishan, Thomson, area, all the buildings so short.... Pasir panjang also the same....

[Allthepies]

Totally agree with you man... If they want to buy then go ahead and buy, gahmen justnincrease plot ratio to 10 like in hkg....the biggest myth isnthat Singapore is short of land.... Do you know singapore marina baupy and the tanjong pager confined terminal and will see us thru the next 60 years... 30 years for marina bay area and and other at least 30 years for the tanjong pager container port area, after that lease period up for shenton way, old tanjong pager area and raffles place and the merryngo round continues...

That is the beauty of LH99

isn't that wonderful

[DC33_2008]

Watch it for coming concept plan 2011. Hope plot ratio revision for those plots.

I mean look at all the empty land around ALL MRT stations.... Gahmen going to be damn rich man.... Look at bishan, Thomson, area, all the buildings so short.... Pasir panjang also the same....

[CCR]

A small trivial for all forummers.... Do you know that new York city itself is just 10% larger than Singapore but theynhave 8m residents.... It's in the planning.... If all the MRT are up now and we build more malls and shops... Nobody will complain too crowded... I also don't like a city too crowded, but on the flip side, i agree with the planners that we need a certain mass to create buzz and economies of scale.... If Clarke quay andnorchard road is empty, will it be nice? No buzz you will also find it boring....

[scsc]

A small trivial for all forummers.... Do you know that new York city itself is just 10% larger than Singapore but theynhave 8m residents.... It's in the planning.... If all the MRT are up now and we build more malls and shops... Nobody will complain too crowded... I also don't like a city too crowded, but on the flip side, i agree with the planners that we need a certain mass to create buzz and economies of scale.... If Clarke quay andnorchard road is empty, will it be nice? No buzz you will also find it boring....

dun use urban cities of big nations.
Singapore is a city nation. Land need to cater for water & military needs too. That means only 60% of Spore land is potentially reserved for residential and amenities...
Spore infrastructure definitely needs to catch-up for enlarged population..

[ysyap]

dun use urban cities of big nations.
Singapore is a city nation. Land need to cater for water & military needs too. That means only 60% of Spore land is potentially reserved for residential and amenities...
Spore infrastructure definitely needs to catch-up for enlarged population..

Good point!

[CCR]

Good point.... So actually maybe 6.5m is an ideal number after all

[august]

Spore is already up there with HK in terms of density... this is not a good thing in terms of public health. See now HK kena dunno what scarlet fever...

[hyenergix]

My colleague's tenant has also bought a unit waiting for TOP in 1 years+ time and shift out. Potential landlords thought they are smart by investing in 1/2 bedders to rent out to earn rental and capital gain. Tenants are not stupid either. When the TOP party starts next year, it would be interesting. Better to buy for own stay.

[kingkong1984]

My colleague's tenant has also bought a unit waiting for TOP in 1 years+ time and shift out. Potential landlords thought they are smart by investing in 1/2 bedders to rent out to earn rental and capital gain. Tenants are not stupid either. When the TOP party starts next year, it would be interesting. Better to buy for own stay.

Yes.... All property owners start out as tenants.. Can be considered owners only when the property is fully paid. Otherwise, tenants.

As a kid, they tenant a room from parents for free.

[hyenergix]

My guess is rental market is starting to weaken. In propertyguru, I see relatively new 2-bedders MM near MRT rental rate is only around $2.8k/mth. Next year probably it could weaken to $2.5k/mth if the economy remains at this level.

[kane]

plot ratio adjustment is how space is created literally out of thin air. only a matter of time.

[zzz1]

Recently there was a report that highlight the increase of foreigners buying property, and there is also a report that Singapore is slowing becoming the top destination for expats/FT. Does that means the more companies will start offering FT local terms rather than expat package (due to the attractiveness of working in Singapore) and eventually this will drive these FT to buy property instead of renting?

Just recently a caucasian neighbor was just talking to me about buying after the lease expired. And his reasoning is that i have plans to live here for another 5 years, and with the low interest rate and economic stability it makes more sense to invest in Singapore rather than paying sky high rental.

what your thought on that?

Well....this is a new alternative of buying interest...In the end, is the supply and demand in the market...

[ysyap]

So the important thing now is to renew your tenancy with tenants in 2012 for 2 years, hopefully can weather through all the TOP period... If they reveal they've just bought, then quickly look for those who can stay 2 years... best 3 years!

[rattydrama]

Kiasu parents are buying for their children now.

this is not wrong if you have the means.

[rattydrama]

My colleague's tenant has also bought a unit waiting for TOP in 1 years+ time and shift out. Potential landlords thought they are smart by investing in 1/2 bedders to rent out to earn rental and capital gain. Tenants are not stupid either. When the TOP party starts next year, it would be interesting. Better to buy for own stay.

maybe need to change investment strategy to look at 2+1 or 3 bedder as potentially there could be capital gain as these foreigners start to buy for own stay?

[DC33_2008]

What's the % of tenants will buy?

My colleague's tenant has also bought a unit waiting for TOP in 1 years+ time and shift out. Potential landlords thought they are smart by investing in 1/2 bedders to rent out to earn rental and capital gain. Tenants are not stupid either. When the TOP party starts next year, it would be interesting. Better to buy for own stay.