More foreign buyers of private homes in Q3

[reporter2]

http://www.businesstimes.com.sg/sub/...18340,00.html?

Published October 29, 2011

More foreign buyers of private homes in Q3

Marketing blitz aimed at mainland Chinese - facing policy controls and rising interest rates at home - seen playing part in higher take-up

By KALPANA RASHIWALA


FOREIGN buying of private homes has risen in the third quarter of this year, show latest figures from Urban Redevelopment Authority. The blitz by developers and property consultants to market projects to mainland Chinese buyers may have played a part in this, say market watchers.

Foreigners (who were not permanent residents) picked up 843 uncompleted private homes from developers in Q3, up nearly 20 per cent from 703 homes in the previous quarter. Their share of the total number of uncompleted private homes sold by developers rose from 16.3 per cent in Q2 to 20.1 per cent in Q3.

Included in the foreigners' purchases of private homes in Q3 were 46 terrace houses. These are believed to be strata landed homes in projects with condominium status such as Thomson Grand, euHabitat and Woodhaven.

Foreigners do not require permission from Land Dealings (Approval) Unit to buy such landed homes, which are within a development with condominium status. Hence, such landed units are popular with foreigners and some developers have taken to making them a strong selling point in their condo projects.

The above foreign buying data was released by Urban Redevelopment Authority as part of the Q3 real estate statistics yesterday. The information on ownership profile of uncompleted units sold by developers is based on developers' monthly sales declarations to URA, which are compiled into the quarterly numbers.

Separately, DTZ analysed URA Realis' caveats database which showed that foreigners' share of total private home purchases in both primary and secondary markets rose to 18.7 per cent in Q3 2011 from 15.9 per cent in Q2 2011 and 15.8 per cent in Q1 this year. The figure for the whole of last year was 11.7 per cent.

PRs' share of this buying pool has crept up less markedly, from 13.1 per cent for the whole of 2010 to 13.8 per cent in each of Q1 and Q2 this year and 13.9 per cent in Q3.

Said DTZ's Southeast Asia research head Chua Chor Hoon: 'The higher percentage of foreign buyers in Q3 2011 is due mainly to the mainland Chinese who accounted for 36.1 per cent among foreign buyers, up from 30.6 per cent in Q2 2011. This could be due to more of them looking to purchase overseas as they face policy controls in buying homes in China.

'In Hong Kong, sales volume and residential prices have fallen in Q3 2011 due to the stock market decline, effect of government policies and the tightening of interest rates by banks. This could also have spurred more mainland Chinese to buy beyond Hong Kong. The marketing efforts by developers and agents could also have made more of them aware of the buying opportunities in Singapore.'

In contrast, among PRs, Malaysians form the most dominant buying group largely because many of them study here and stay on to work and set up families, said Ms Chua. 'Hence many of their purchases are for owner-occupation.'

[howgozit]

Eh...??

How come foreigners and PRs bought up 63.8% (6.3%+57.5%) of our terrace houses?

That is an overwhelming majority!

[devilplate]

Eh...??

How come foreigners and PRs bought up 63.8% (6.3%+57.5%) of our terrace houses?

That is an overwhelming majority!

its impossible for foreigner to buy landed....so i guess cud be sentosa landed and strata homes within condo like woodhaven, euhabitat, TG

[radha08]

foreigners have made a lot of money investing property in their own countries....thats why they buying up OUR country.....

[hyenergix]

It will be clearer if Singaporeans buying ECs are added. More Singaporeans are turning to ECs due to cheaper prices and subsidies. Anyway in Q3, the figures are shown falling.

[litmon]

I think Malaysia is good for property investment. What you think?

[Laguna]

I think Malaysia is good for property investment. What you think?

which state/city?

[blackjack21trader]

Eh...??

How come foreigners and PRs bought up 63.8% (6.3%+57.5%) of our terrace houses?

That is an overwhelming majority!

WAHLAUEH ! I did not notice this until kind brother howgoit pointed this out leh

Is there a data error ? Or it is really PR & Foreigners had already bought up these terraces?

Let your humble brother tell you that this have to be an honest mistake la. You know why ? Because :

1) TERRACES equals to LANDS hor...and

2) the property on the land MUST be maintained responsibly.

Foreigners and PRs can leave anytime hor...if they just balik kampong, then many of these landed properties can be left to rot hor !!!!!!!

BUT foreigners buying private condo or apartments is different hor... there is an MCST managing agent to maintain the property la.

Landed has to be CONTROLLED or RESTRICTED to Singaporean only hor. Tell me it is an honest mistake. Dun believe me later see how lor.

Imagine a country with foreigners and PRs staying in branded property and the locals in condos la......!!!



神龙股侠。
nil sine labore!

[blackjack21trader]

WAHLAUEH! last time in NUS, I do private tutoring la... then I went to this landed terrace in Macpherson...guess what: It became a student dorms la.

You let the PRs and foreigners buy up these landed, once they short of cash..they dun care will just convert them into anything one hor. because there is NO SECURITY GUARD or MCST la.also their mentality and culture is different one hor...they interpret what is legal differently. Then the Singaporean owners in these estates how har ?

Control the foreigner purchases in LANDED la !!! There are still many rich Singaporeans that can support the landed demand mah.

STOP IT BEFORE IT IS TOO LATE !

[Petersim]

Hi BJ21T,

These 46 terrace house units bought by the foreigners are in strata titled landed home projects; ala condominium type status. See the paragraph in the main article:

"....Included in the foreigners' purchases of private homes in Q3 were 46 terrace houses. These are believed to be strata landed homes in projects with condominium status such as Thomson Grand, euHabitat and Woodhaven."

WAHLAUEH! last time in NUS, I do private tutoring la... then I went to this landed terrace in Macpherson...guess what: It became a student dorms la.

You let the PRs and foreigners buy up these landed, once they short of cash..they dun care will just convert them into anything one hor. because there is NO SECURITY GUARD or MCST la.also their mentality and culture is different one hor...they interpret what is legal differently. Then the Singaporean owners in these estates how har ?

Control the foreigner purchases in LANDED la !!! There are still many rich Singaporeans that can support the landed demand mah.

STOP IT BEFORE IT IS TOO LATE !

[devilplate]

its impossible for foreigner to buy landed....so i guess cud be sentosa landed and strata homes within condo like woodhaven, euhabitat, TG

i din read....only look at the table but i guess it right...

Bro BJ, dun get so excited lah! whahaa

[blackjack21trader]

Hi BJ21T,

These 46 terrace house units bought by the foreigners are in strata titled landed home projects; ala condominium type status. See the paragraph in the main article:

"....Included in the foreigners' purchases of private homes in Q3 were 46 terrace houses. These are believed to be strata landed homes in projects with condominium status such as Thomson Grand, euHabitat and Woodhaven."

Oic, thanks brother Petersim. So much for wasting my energy shouting....Kekekekekeek...

[blackjack21trader]

i din read....only look at the table but i guess it right...

Bro BJ, dun get so excited lah! whahaa

yahor... paiseh.. I was affected by forumer basic la...my mind is now tuned to "battle" mode..HAHAHAHA

[radha08]

yahor... paiseh.. I was affected by forumer basic la...my mind is now tuned to "battle" mode..HAHAHAHA

cool bro......ur mind must stay focused to grab oppurtunity when it comes....

[radha08]

all this only means singapore got more mustafa condos....

[maisonjai]

A new problem for China: How to spend S$926 billion by January

by The Daily Telegraph
04:45 AM Nov 25, 2011

SHANGHAI - While governments in the West fret about their dire finances, Chinese bureaucrats are facing the opposite problem: How to spend as much as 4.5 trillion yuan (S$926 billion) before January.

With China's financial year ending on Dec 31, government officials have just over six weeks to splurge their spare cash, or have their budgets for next year cut.

As the season of "tu ji, hua qian" or "spending frenzy" gets under way, government officials have entered a gruelling round of marathon banquets and drinking sessions.

In office hours, there is the challenge of inflating the cost of everything from computer equipment to travel expenses, with reports suggesting that government departments are paying three or four times the going rate for their purchases.

"You get criticised, not praised, for saving money," Mr Ye Qing, the deputy head of the Hubei provincial statistics bureau, told China Youth Daily. "We do not allow budgets to roll over to the next year, so there is only a little time to spend."

Mr Lu Guanglin, the official in charge of rolling out Guangzhou's No 2 metro line, said he was blamed for spending parsimoniously.

"They wanted me to be more extravagant. They said if I was not spending money, I was an idiot," he told the China Youth Daily.

With China's tax revenues growing rapidly, following a campaign to crack down on evasion, the challenge to spend it all only increases each year.

"The intensity of the spending becomes more and more astonishing," said Mr Ye.

This year, the Ministry of Finance estimates that 3.5 trillion yuan will be spent this month and the next, almost a third of China's public spending budget.

Mr Stephen Green, an economist at Standard Chartered in Hong Kong, believes the sum could as high as 4.5 trillion yuan in the final three months of the year.

Professor Wang Jingbo, from China's University of Political Science and Law, said the spending frenzy was a relatively recent trend.

"In the past, there was no rigid requirement to submit final annual accounts and they were not tied to the following year's budget. In terms of policy, the new rules are stricter and an improvement."

However, despite the lavish spending, many social projects are likely to go unfunded this year,

"Officials often do not feel much responsibility to spend the money well. They do not care and there is no effective way to enforce and supervise budgets more sensibly," said Mr Li Weiguang, an economist at Tianjin Finance university.

BJ21, more newly minted chinese millionaires in the yr of dragon?

[kane]

go and buy over all the foreign banks, save their import demand PLUS capital appreciation.

OR

buy other countries natural resources but could be more challenging as they could face resistance from those countries' governments.