new cooling measures effective 8dec 2011

[taggy]

Divorce first then buy, then re-marry again on the next day

singles pls choose wisely... more benefit for sg to marry sg

[taggy]

"Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister for Finance, said, “We have always had open markets and must keep them that way. However, the reality is that investment flows into our property market are now larger than before, and unlikely to recede as long as interest rates remain low."

Not sure it is about speculation but rather where to park the money to keep it's value in line with inflation. I take this as a good sign that S'pore properties is rated AAA

console myself... interest rates remain low...

[land118]

Maybe some developers will give % discount or furniture voucher to cushion this additional for citizen and PR owning more than 1 property..

[buttercarp]

PR-SG couple own 1 property.
Then SG spouse buy 2nd property, how?
Will kena extra ABSD?

[august]

PR-SG couple own 1 property.
Then SG spouse buy 2nd property, how?
Will kena extra ABSD?

yes, the higher ABSD applies.

[buttercarp]

I think those strata semiD doomed liao.

[buttercarp]

Additional Buyer's Stamp Duty

yes, the higher ABSD applies.

Even if 2nd property is only under SG spouse name?

[taggy]

PR-SG couple own 1 property.
Then SG spouse buy 2nd property, how?
Will kena extra ABSD?

if SG spouse buy alone, then no kenna... but if buy jointly with PR, then kenna

[Laguna]

my analysis
1. The 3% is not that stiff for the PR and SC, the sellers or developers can absord that easily
2. foreign interest will definitely drop.
3. market will be very quite.....property agents...jobless...

So, next, where will the China buyers go to now? A place with growth, and not much of taxes. My guess
1. London Prime (zone 1)
2. US prime (SF Bay and NY)

For Asia, where the money goes to...I think should be Malaysia...the only cooling measure is the capital gain up by another 5% this year....and the prices are still so cheap...

My Malaysia property tour starts tomorrow....

[august]

Even if 2nd property is only under SG spouse name?

For purchases made jointly by two or more parties (e.g. a Singaporean with a PR, or a PR with a foreigner), the higher applicable ABSD rate will be imposed. For example, if a citizen purchases a property with a foreigner, the ABSD of 10% will apply. In the case of a joint purchase by Singaporeans, who each already owns properties, the ABSD of 3% will apply as long as one of the purchasers already owns two properties.

[taggy]

my analysis
1. The 3% is not that stiff for the PR and SC, the sellers or developers can absord that easily
2. foreign interest will definitely drop.
3. market will be very quite.....property agents...jobless...

So, next, where will the China buyers go to now? A place with growth, and not much of taxes. My guess
1. London Prime (zone 1)
2. US prime (SF Bay and NY)

For Asia, where the money goes to...I think should be Malaysia...the only cooling measure is the capital gain up by another 5% this year....and the prices are still so cheap...

My Malaysia property tour starts tomorrow....

i wonder will developers start directly or indirectly give foreigners slightly more discount then locals ?

[GSLJ]

if SG spouse buy alone, then no kenna... but if buy jointly with PR, then kenna

So a SG couple can still own 4 properties, 2 each under single owner.

[buttercarp]

For purchases made jointly by two or more parties (e.g. a Singaporean with a PR, or a PR with a foreigner), the higher applicable ABSD rate will be imposed. For example, if a citizen purchases a property with a foreigner, the ABSD of 10% will apply. In the case of a joint purchase by Singaporeans, who each already owns properties, the ABSD of 3% will apply as long as one of the purchasers already owns two properties.

So a SG couple can still own 4 properties, 2 each under single owner.

Hi august, is GSLJ correct?

[taggy]

So a SG couple can still own 4 properties, 2 each under single owner.

how i wish i can utilize the quota

[phantom_opera]

Agree with Laguna, developers can easily absorb 3% for 3rd purchase of SC or 2nd purchase of SPR and to my knowledge, many SPRs are renting actually without owning anything

This new measure is to kill foreign buyers ... of course will affect resale market, 10% downside is likely

[dmonddd]

Two very impactful cooling measures this year. It is sending a clear signal to foreign investors that they are not welcome to speculate in local properties or park their money in local properties and inflate prices.

right on bull's eye...lessons learnt from dubai crisis when foreigners just pack and run, abandoning the properties and also cars

tenants just fled the condos and forget about collecting rent
thousands of cars were left at the airport car park, unlocked with keys inside

one suggestion that can protect us..one year rental upfront..cant recall which country in asia

government should set that as cooling measure

[Laguna]

So a SG couple can still own 4 properties, 2 each under single owner.

ya, ur right

[andy]

Must be the Q at BR that caused this

No. It's always in the plan if more than usual capital flows into property. The Q at BR just push the button for the garment;-)

[august]

Hi august, is GSLJ correct?

yes, correct.

[buttercarp]

yes, correct.

Thanks.
Must plan move carefully now.......

[august]

No. It's always in the plan if more than usual capital flows into property. The Q at BR just push the button for the garment;-)

most BR buyers are locals leh.

[Laguna]

pl all post to this thread

http://forums.condosingapore.com/sho...t=12486&page=4

rather to have two threads on the same subject

[solsys]

Lol, no wonder all the big developer boys all absent from recent lands bids. Government informed them of the upcoming measure liao. Left only the small timers and foreign developers bidding.

[buttercarp]

Mr Basic could be right afterall...

Maybe his thread can become a bestseller?

[mcmlxxvi]

thats it. market will come to standstill...

[teddybear]

Wahhhhh! The nails hit into coffin already! Property prices to drop 50%???

SINGAPORE: The government has imposed an additional buyer's stamp duty for private property of between 3 per cent and 10 per cent for Singaporeans, Permanent Residents and foreigners from December 8.

Foreigners will pay 10 per cent Additional Buyer's Stamp Duty (ABSD) for any residential property.

Permanent Residents owning one and buying second and subsequent properties will pay 3 per cent ABSD.

Singaporeans owning two and buying third and subsequent residential properties will pay 3 per cent Additional Buyer's Stamp Duty.

- CNA/de

Comments?

[maisonjai]

Thanks.
Must plan move carefully now.......

either don't marry or divorce, need to plan wan meh?

[maisonjai]

Wahhhhh! The nails hit into coffin already! Property prices to drop 50%???

transaction drop 50% first bah.

[andy]

Wahhhhh! The nails hit into coffin already! Property prices to drop 50%???

In that case, don't mind pay the 6%

[amk]

Not only to stop foreigners. To discourage pty as an investment as a whole

.... and new sales should be affected even more: since it's not built, almost every buyer is buying a 2nd pty or more. PRs, or citizens marrying PRs will have less incentive to buy new sales.

Bad policy ! To stop the foreigner and protect the bank, u can always say foreigner no loan. If foreigners put full cash in SG, it's good for SG !

And did I read correctly, HDB exempted ? So the high resale HDB prices will not be affected ? that's what ppl really want !

KBW, I'm very disappointed at you ! HK does better: it just simply refuses loan to foreigners!