No end to cooling measures! SG property to crash 50%!!!

[teddybear]

Ha ha ha!
CM1
CM2
CM3
CM4 - 4 years SSD & 60% LTV &
CM5 - ABSD 10% & 3%

CM6 - Every property owner capital gain tax 50%?
CM7 - All foreigners cannot buy properties in Singapore?
CM8 - All PRs cannot buy properties in Singapore?

No end to cooling measures that seem haphazard and not well thought out! Singapore property prices most probably will crash 50% sooner or later!
All you people there, as long as Singapore property prices don't crash 50%, don't buy! HDB same same! Never ever buy HDB resale properties!

[proud owner]

Ha ha ha!
CM1
CM2
CM3
CM4 - 4 years SSD & 60% LTV &
CM5 - ABSD 10% & 3%

CM6 - Every property owner capital gain tax 50%?
CM7 - All foreigners cannot buy properties in Singapore?
CM8 - All PRs cannot buy properties in Singapore?

No end to cooling measures that seem haphazard and not well thought out! Singapore property prices most probably will crash 50% sooner or later!
All you people there, as long as Singapore property prices don't crash 50%, don't buy! HDB same same! Never ever buy HDB resale properties!

are you being sarcastic or are now a Mr B convert ?

give evidents to sustaintiate your 50% leh ..

[teddybear]

Ha ha ha!
Why you didn't ask Mr B to justify his 50% crash?
I am just quoting his figure mah. He is becoming more like a "Prophet" step by step as time goes by!

are you being sarcastic or are now a Mr B convert ?

give evidents to sustaintiate your 50% leh ..

[Worsty]

Ha ha ha!
Why you didn't ask Mr B to justify his 50% crash?
I am just quoting his figure mah. He is becoming more like a "Prophet" step by step as time goes by!

What if Mr B is KBW? hahahaha...like that in the end he sure win la...

[heroes]

What if Mr B is KBW? hahahaha...like that in the end he sure win la...

hahahahhaha LOL

[ysyap]

What if Mr B is KBW? hahahaha...like that in the end he sure win la...

No lah... KBW don't look like one who frequently call people 'fools' and 'idiots'... Lol!

[teddybear]

Below is what I call stupid report just plainly to support the establishment!

Property cooling measure just out on Wednesday. Thursday they said tender closed with 22 bids despite property curbs? Probably many developers already submitted bids and can't withdraw?

Latest cooling measures is the most deadly of all, property prices sure crash and burnt! >50%! May be >60%!!!! Wah ha ha ha! I am waiting! Wah ha ha ha!

--------------------------------------
Business Times - 08 Dec 2011


Tender for Upper Bukit Timah site draws 22 bids despite property curbs

SINGAPORE - A Singapore government land tender on Thursday drew a massive 22 bids, the Urban Redevelopment Authority said, signalling developers remained keen to acquire new sites despite tough new measures to cool the city-state's housing market.

The site, in the relatively popular Upper Bukit Timah suburb northwest of the city-centre, attracted a top bid of S$70.80 million (US$55 million) from a company called SCB Terraform.

The top bid works out to S$5,494 per square metre of built-up space, higher than the winning bid of S$4,584 per square metre of gross floor area for a nearby site in a tender last month that attracted 12 bids.

Shares of Singapore developers fell sharply on Thursday after the government took new steps to cool property prices with the toughest measures aimed at foreign buyers who have become increasingly visible in the residential sector.

The Southeast Asian city-state's residential property market has been among the hottest in Asia over the past two years alongside China and Hong Kong. -- REUTERS

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

[Fisherman]

Business Times - 08 Dec 2011


Tender for Upper Bukit Timah site draws 22 bids despite property curbs

SINGAPORE - A Singapore government land tender on Thursday drew a massive 22 bids, the Urban Redevelopment Authority said, signalling developers remained keen to acquire new sites despite tough new measures to cool the city-state's housing market.

The site, in the relatively popular Upper Bukit Timah suburb northwest of the city-centre, attracted a top bid of S$70.80 million (US$55 million) from a company called SCB Terraform.

The top bid works out to S$5,494 per square metre of built-up space, higher than the winning bid of S$4,584 per square metre of gross floor area for a nearby site in a tender last month that attracted 12 bids.

Shares of Singapore developers fell sharply on Thursday after the government took new steps to cool property prices with the toughest measures aimed at foreign buyers who have become increasingly visible in the residential sector.

The Southeast Asian city-state's residential property market has been among the hottest in Asia over the past two years alongside China and Hong Kong. -- REUTERS

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

Ha Ha Catcha. The last carrot head!!!!!!!!!!!

[ysyap]

Below is what I call stupid report just plainly to support the establishment!

Property cooling measure just out on Wednesday. Thursday they said tender closed with 22 bids despite property curbs? Probably many developers already submitted bids and can't withdraw?

Latest cooling measures is the most deadly of all, property prices sure crash and burnt! >50%! May be >60%!!!! Wah ha ha ha! I am waiting! Wah ha ha ha!

Agreed. Latest measure slices from the head, while the previous ones sliced from the tail. No tail still can survive but losing one's head ...

[phantom_opera]

Agreed. Latest measure slices from the head, while the previous ones sliced from the tail. No tail still can survive but losing one's head ...

Brilliant summary in one sentence

[Geylang OKT]

70% fall in ppty prices then worth to go in

[kane]

everyone is dreaming to own a small bungalow that will sell for $2m. and a bigger one that will sell for $4m. heh heh.

[cl0ver]

this weekend can see lots of FIRESALE advert liao....

[jwong71]

70% fall in ppty prices then worth to go in

wow undertaker good business, and free ribena to drink from reservoir

[Geylang OKT]

wow undertaker good business, and free ribena to drink from reservoir

it really is quite tasty

[hyenergix]

this weekend can see lots of FIRESALE advert liao....

Actually we r juz talking among ourselves here. Nobody here has fire saled anything. Nobody has jumped into Bedok reservoir. Nobody has shouted immediate 10% discount. We r juz entertaining ourselves.

[devilplate]

this weekend can see lots of FIRESALE advert liao....

I oredi got smses stating firesale today.....

Check wif some agts...u shd get some gd deals

[Geylang OKT]

Actually we r juz talking among ourselves here. Nobody here has fire saled anything. Nobody has jumped into Bedok reservoir. Nobody has shouted immediate 10% discount. We r juz entertaining ourselves.

cos they will shout immediate 20% discount

[devilplate]

Actually we r juz talking among ourselves here. Nobody here has fire saled anything. Nobody has jumped into Bedok reservoir. Nobody has shouted immediate 10% discount. We r juz entertaining ourselves.

Dun believe u call a few agts now.....really got some quick sale....not fire yet la....

[Geylang OKT]

Dun believe u call a few agts now.....really got some quick sale....not fire yet la....

Bro, no hurry. Can wait for another 6 mths to 12 mths to see how the plummeting prices pan out

[devilplate]

Bro, no hurry. Can wait for another 6 mths to 12 mths to see how the plummeting prices pan out

Hoot boleh land better

[hyenergix]

Yah, wait a few weeks more to decide. Particularly on e property tax for pte condos. So many condos in e pipeline, sure got better deals coming along. Developers r more scare than anybody now. Last time bully buyers into submitting blank cheques than up e launch price. Now muz bully them back.

[Geylang OKT]

Yah, wait a few weeks more to decide. Particularly on e property tax for pte condos. So many condos in e pipeline, sure got better deals coming along. Developers r more scare than anybody now. Last time bully buyers into submitting blank cheques than up e launch price. Now muz bully them back.

No 70% discount No Buy!

[Jadey]

IMO, its too late for developers to react now. Redas guys should e having some round table meeting now to discuss about how to move forward from here. I expect some might just convert their unsold TOP units to rental instead;

[dmonddd]

developers will have more muscle in renting and doing the units nicely

now we will see which sellers can run faster

some who hope
some who action
some who talk only

[teddybear]

Dear all forumers, property price no drop >80% no buy!!! Please remember!!!

No 70% discount No Buy!

[jwong71]

developers will have more muscle in renting and doing the units nicely

now we will see which sellers can run faster

some who hope
some who action
some who talk only

hmmm.. it's a rental market afterall...

some who talk up market,
some who talk down market,
some who just standby the side to see show and wait..

[teddybear]

SINGAPORE NEWS

New property curbs seen to cool prices
By Joanne Chan | Posted: 08 December 2011 1241 hrs

New property curbs seen to cool prices

SINGAPORE : The Singapore property market is bracing for a slowdown, with experts predicting a steep drop in transaction volume and prices over the next few months.

This comes after tougher residential property measures kicked in on Thursday, hours after they were announced on Wednesday night.

Under the new measures, foreigners and companies must pay an additional stamp duty of 10 percent of the value of residential property purchases in Singapore.

Permanent residents who buy a second property and citizens who buy three or more properties will pay an extra 3 percent.

The new stamp duty is on top of the prevailing fees of between one and three per cent.

Property buyers hit hardest by the new measure would be foreigners like Norman Lu.

The 34-year-old healthcare consultant arrived in Singapore a year ago to work in a multinational company.

Mr Lu is renting a place, but in the last three months he has been looking to buy a condominium in Paya Lebar or Braddell. However the new rules have put a stop to such plans.

He said: "We are very disappointed. Even though we are foreigners, we have been working in Singapore for a year, we also contribute to this country. So as a foreigner, we feel that the government does not welcome us."

Mr Lu said he was on the verge of closing a deal, but will need to evaluate his options now.

He said: "(There is) 80 per cent (chance that) I will not buy now. I will wait for one year, then I can get PR (permanent resident status) then I will buy a private condo or buy an HDB flat."

His other options include leaving Singapore, "because I can easily find another job opportunity in another country" and "if property owners drop the price by 10 to 15 per cent, then I will buy a condo immediately because I want to stay in my own property."

Market watchers expect transaction volumes in the core region like Orchard Road and Bukit Timah to slump by 40 per cent, because of the significant number of foreign buyers for such properties.

Prices will also be hit, with a possible correction of up to 20 per cent.

Mohamed Ismail, CEO of PropNex, said: "It takes a very bullish decision from a foreigner to come and invest in Singapore in today's market, having to pay a 13 per cent stamp duty upfront, and (being) subjected to the Seller's Stamp Duty in the next four years, of 16 per cent, 12 per cent, 8 per cent, and 4 per cent.

"And even if he sells after four years, if he buys a property today, he must expect at least a 25 to 30 per cent increase in the property price to break even, taking into consideration other costs and interests and all other elements."

Mr Mohamed said there were a few foreigners who had already expressed interest in buying properties and were planning to sign the option papers on Wednesday, but pulled out after the announcement of the new rules.

He added that even though these buyers will not be affected by the higher stamp duty, they felt their returns will be severely impacted.

The mass market segment - which has seen more foreign buyers moving in - is also expected to dip, which may be a boon for Singaporeans.

Mr Mohamed said: "When more foreigners enter the mass market, they are competing with Singaporeans and Singaporeans' aspirations are challenged mainly because the prices keep increasing. Overall, the buyers are now going to wait and see....with such a policy, where is the correction before entering the market."

He added: "I do expect, in the next six months, the mass market properties are likely to see a correction of 10 to 15 per cent."

New developments are springing up all over Singapore, but may soon have difficulties finding buyers. Property watchers expect the market to be fairly quiet over the next one to two months.

December and January normally see fewer transactions due to the school holidays and New Year celebrations. And with the latest round of cooling measures, buyers are expected to adopt a wait-and-see approach, hoping that prices will drop, before dipping their toes into the market again.

- CNA/ck/ms

[kane]

work here and pay the rent here lor. Still there's a net positive income no? No need to buy a property as well right?

[Jadey]

foreigners come here because Singapore offer better job opportunities and living enviroment than their home country and foreigners, who doesnt have plan to plant their roots here, can still pursue their dreams without having to buy property.

for 1 foreigners who kaopeh, I am sure there will be 10 foreigners who will rejoice because finally rental will be more affordable.