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Thread: First-timers cheer move; others get cold feet

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    Default First-timers cheer move; others get cold feet

    http://www.straitstimes.com/PrimeNew...ry_742374.html

    BUYERS SAY:

    First-timers cheer move; others get cold feet

    Published on Dec 8, 2011

    By Esther Teo, Property Reporter


    EARLY reactions to the latest round of property market measures were mixed though the consensus seems to be that home prices will moderate.

    First-time Singaporean home buyers generally cheered the move, as they believe it will now be easier for them to get a foothold on the property ladder. Many have been concerned that foreign buyers, especially those purchasing mass-market homes, have been driving prices up.

    But some foreigners and permanent residents (PRs) expressed disappointment at the measures, which they labelled as 'harsh'.

    The hardest hit will be foreigners who are not PRs. They will be slugged with an additional 10 per cent on any home purchase, on top of the existing stamp duty of about 3 per cent.

    For a foreigner buying a $1 million home, the stamp duty will jump significantly to $124,600 from $24,600.

    PRs will also be slapped with a 3 per cent additional stamp duty for their second and subsequent home purchases while Singaporeans will face the same charge only for their third and subsequent buys.

    Property agents say that foreign buyers are likely to put any home purchases on hold in anticipation of prices dropping as the new measures take effect.

    Some agents have already reported deals falling through in the first few hours after the measures were unveiled.

    PropNex chief executive Mohamed Ismail said that two of his firm's foreign clients pulled out of separate deals at Marina Bay Residences. Another backed out of a deal for an Orchard Road property.

    'Although one was already at his third viewing and will be unaffected if he closed the deal by today, he saw no point because prices might drop,' he said.

    Mr Ismail added that the measures did not seem to be 'well thought through' as their blanket application will adversely affect the high-end market in particular.

    He suggested that the additional buyer's stamp duty be applied in a more targeted manner instead. For example, it could be applied to mass-market homes of less then $1,500 per sq ft so that the segment remained largely for Singaporean buyers, he said.

    A Chinese buyer who wanted to be known only as Mr Chen said that he was surprised at how 'harsh' the new rules were. He had flown in from Shanghai last week to visit some friends but also to explore the possibility of buying a home in the prime districts of 9, 10 and 11.

    He said that he would put his plans on hold until the market situation became clearer.

    However, first-time Singaporean buyers and upgraders like human resource executive Germaine Lim welcomed the news, which they hope will bring prices down.

    Ms Lim, 29, said: 'Hopefully, without foreigners competing with us, we can finally find something within our budget.'

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    Wah, 29 years old only wanting to buy private property?
    Last time I wait till 35 years old to have more enough bullets & holding power. These young people are just simply too greedy! And the gahmen helping them out!
    May be those >80% citizens buying Bedok Residences at average price $1350 psf consisting many of such young punks?
    Strange strange, if so, why measure not directly target these SG citizens? Why target foreigners?

    Quote Originally Posted by reporter2
    http://www.straitstimes.com/PrimeNew...ry_742374.html

    BUYERS SAY:

    First-timers cheer move; others get cold feet

    Published on Dec 8, 2011

    By Esther Teo, Property Reporter


    EARLY reactions to the latest round of property market measures were mixed though the consensus seems to be that home prices will moderate.

    First-time Singaporean home buyers generally cheered the move, as they believe it will now be easier for them to get a foothold on the property ladder. Many have been concerned that foreign buyers, especially those purchasing mass-market homes, have been driving prices up.

    But some foreigners and permanent residents (PRs) expressed disappointment at the measures, which they labelled as 'harsh'.

    The hardest hit will be foreigners who are not PRs. They will be slugged with an additional 10 per cent on any home purchase, on top of the existing stamp duty of about 3 per cent.

    For a foreigner buying a $1 million home, the stamp duty will jump significantly to $124,600 from $24,600.

    PRs will also be slapped with a 3 per cent additional stamp duty for their second and subsequent home purchases while Singaporeans will face the same charge only for their third and subsequent buys.

    Property agents say that foreign buyers are likely to put any home purchases on hold in anticipation of prices dropping as the new measures take effect.

    Some agents have already reported deals falling through in the first few hours after the measures were unveiled.

    PropNex chief executive Mohamed Ismail said that two of his firm's foreign clients pulled out of separate deals at Marina Bay Residences. Another backed out of a deal for an Orchard Road property.

    'Although one was already at his third viewing and will be unaffected if he closed the deal by today, he saw no point because prices might drop,' he said.

    Mr Ismail added that the measures did not seem to be 'well thought through' as their blanket application will adversely affect the high-end market in particular.

    He suggested that the additional buyer's stamp duty be applied in a more targeted manner instead. For example, it could be applied to mass-market homes of less then $1,500 per sq ft so that the segment remained largely for Singaporean buyers, he said.

    A Chinese buyer who wanted to be known only as Mr Chen said that he was surprised at how 'harsh' the new rules were. He had flown in from Shanghai last week to visit some friends but also to explore the possibility of buying a home in the prime districts of 9, 10 and 11.

    He said that he would put his plans on hold until the market situation became clearer.

    However, first-time Singaporean buyers and upgraders like human resource executive Germaine Lim welcomed the news, which they hope will bring prices down.

    Ms Lim, 29, said: 'Hopefully, without foreigners competing with us, we can finally find something within our budget.'

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    The recent CM is clear. Singaporean First.

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    Quote Originally Posted by teddybear
    Wah, 29 years old only wanting to buy private property?
    Last time I wait till 35 years old to have more enough bullets & holding power. These young people are just simply too greedy! And the gahmen helping them out!
    May be those >80% citizens buying Bedok Residences at average price $1350 psf consisting many of such young punks?
    Strange strange, if so, why measure not directly target these SG citizens? Why target foreigners?
    These are our future man. PAP in power will have to depend on them. They must be kept happy or else how can MIW continue to collect $million salaries!

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    Quote Originally Posted by DC33_2008
    The recent CM is clear. Singaporean First.
    The later CM is foreigners first???

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    I have been having some thoughts - many be the CM turn out to help foreigners (even if un-intentionally)?
    See, they say prices already super high, so introduce 10% buyers stamp duty to foreigners, warn them not to buy anymore, wait till crash then come.....
    Singaporeans? You want to buy? Buy lah! Bedok Residences sold out 400 units within 2 days, long queue behind launch, at super peak price of average $1350 psf! Then, in the end these citizens would become slaves working till 80 years old all their life here, and they can't fly away from Singapore, not like foreigners still can leave any time they like...

    If they really think price too high, and want to help & protect Citizens, they should just introduce 50% Additional Buyers Stamp duty for Citizens buying 2nd properties that are:
    1) >$2m absolute figure

    2) < $1m (if you are not rich enough, don't play property)!
    3) Furthermore, to prevent them from too stretched, those who buy private property must sell their HDB flats within 6 months!

    Quote Originally Posted by DC33_2008
    The recent CM is clear. Singaporean First.

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    Quote Originally Posted by teddybear
    I have been having some thoughts - many be the CM turn out to help foreigners (even if un-intentionally)?
    See, they say prices already super high, so introduce 10% buyers stamp duty to foreigners, warn them not to buy anymore, wait till crash then come.....
    Singaporeans? You want to buy? Buy lah! Bedok Residences sold out 400 units within 2 days, long queue behind launch, at super peak price of average $1350 psf! Then, in the end these citizens would become slaves working till 80 years old all their life here, and they can't fly away from Singapore, not like foreigners still can leave any time they like...

    If they really think price too high, and want to help & protect Citizens, they should just introduce 50% Additional Buyers Stamp duty for Citizens buying 2nd properties that are:
    1) >$2m absolute figure

    2) < $1m (if you are not rich enough, don't play property)!
    3) Furthermore, to prevent them from too stretched, those who buy private property must sell their HDB flats within 6 months!
    If I am a buyer of Bedok Residences, I will not exercise the option now with these 'COOLING MEASURES'. Its better to lose the option money than losing your pants!!!!!!!!!!!!

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    Quote Originally Posted by teddybear
    Wah, 29 years old only wanting to buy private property?
    Last time I wait till 35 years old to have more enough bullets & holding power. These young people are just simply too greedy! And the gahmen helping them out!
    May be those >80% citizens buying Bedok Residences at average price $1350 psf consisting many of such young punks?
    Strange strange, if so, why measure not directly target these SG citizens? Why target foreigners?
    don't compare lah, young people are now very motivated and ambitious.
    most of my friends bought private at the age of 30. only some locals like to live with parents till their 40s ....

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    They forgot or don't even know what is called "HDB"!
    Most people from middle and lower income families start with HDB!
    No money or money not enough still want to buy HDB at <30 years old and then cow-pay cow-bull?

    Quote Originally Posted by cl0ver
    don't compare lah, young people are now very motivated and ambitious.
    most of my friends bought private at the age of 30. only some locals like to live with parents till their 40s ....

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    channel 5 property news;

    orchard and bukit timah cld slump to 40%,

    mass market 20%

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    No no no!
    Orchard & Bukit Timah could slump >70%!!! Wah ha ha ha!
    Mass market? Most buyers also disappeared! Suddenly all the so-called genuine demand & needs also shrunk! Real demand & need? Ah pui!
    Like "Honey I shrunk my kid!"

    Quote Originally Posted by jwong71
    channel 5 property news;

    orchard and bukit timah cld slump to 40%,

    mass market 20%

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    Quote Originally Posted by teddybear
    They forgot or don't even know what is called "HDB"!
    Most people from middle and lower income families start with HDB!
    No money or money not enough still want to buy HDB at <30 years old and then cow-pay cow-bull?
    A lot of young people think that living in a condo after a few years of work is their birth right.

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    Quote Originally Posted by teddybear
    No no no!
    Orchard & Bukit Timah could slump >70%!!! Wah ha ha ha!
    Mass market? Most buyers also disappeared! Suddenly all the so-called genuine demand & needs also shrunk! Real demand & need? Ah pui!
    Like "Honey I shrunk my kid!"
    what happen to the bulletproof CCR?

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    Quote Originally Posted by kane
    A lot of young people think that living in a condo after a few years of work is their birth right.
    kids as young as 3 years old are already playing with iPad, who do you think?

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    With the new CM, it seems that S'pore is driving away the foreign investors, will this affect our economy, though ppty prices might be adjusted. There is always a two way traffic, pro and con.

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    Quote Originally Posted by irisng
    With the new CM, it seems that S'pore is driving away the foreign investors, will this affect our economy, though ppty prices might be adjusted. There is always a two way traffic, pro and con.
    Influx of foreigners investing in Singapore property is actually pushing up inflation and causing hardship for majority of Singapore. If left unchecked, it will eventually kill our competitiveness and economy.

    FDI in property doesnt create jobs, they are here to park their money and to make a profit.

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    I would rather donate my condos to charity than sell any one of them to these young upstarts at 20% discount. To hell with this group of gen Ys

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    if we continue to bring in more foreigners and if they're unable to buy a place, we could be faced with a rental supply crunch in the coming years.

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    Quote Originally Posted by Jadey
    Influx of foreigners investing in Singapore property is actually pushing up inflation and causing hardship for majority of Singapore. If left unchecked, it will eventually kill our competitiveness and economy.

    FDI in property doesnt create jobs, they are here to park their money and to make a profit.
    now is our turn

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    Quote Originally Posted by Komo
    now is our turn
    our turn to roll the dice involves an extra 3% cost.

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    Quote Originally Posted by Komo
    now is our turn
    this will give us the opportunity to buy something nice to call it home.

    To make money from property? you can, but at a much slower pace.

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    Quote Originally Posted by kane
    our turn to roll the dice involves an extra 3% cost.
    3% vs 20-30% drop?

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    With the new measures, nothing is bulletproof!
    But I still think OCR will be affected more than CCR - just think: Who got higher holding power?

    Quote Originally Posted by Jadey
    what happen to the bulletproof CCR?

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    Quote Originally Posted by Jadey
    this will give us the opportunity to buy something nice to call it home.

    To make money from property? you can, but at a much slower pace.
    No chance make money....play wif fellow singkies nia....either i earn ur money or u earn mine.....game over la

    Ppty px will drop more den 20yrs......dun hope for recovery

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    Quote Originally Posted by Komo
    3% vs 20-30% drop?
    Be patience.....1yr drop 30%, 5yr drop 40%, 10yr drop 50%, wait 20yr drop 60% whahahaha

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    Quote Originally Posted by teddybear
    With the new measures, nothing is bulletproof!
    But I still think OCR will be affected more than CCR - just think: Who got higher holding power?
    This time round no one survives ....quite fair compared to cm4.... Whahahaha

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    Quote Originally Posted by Komo
    3% vs 20-30% drop?
    drop 20% they lift the ABSD, then foreigners roll the dice again...

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    Quote Originally Posted by kane
    drop 20% they lift the ABSD, then foreigners roll the dice again...
    Now singkie continue to buy when they see 10% drop....drop 20% buy more....30% all showhand.....but den kena prolonged depression.....20yrs later one by one kena bank top up and all bankrupt den foreigners come in to their rescue!

    Bestest!

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    Quote Originally Posted by devilplate
    Now singkie continue to buy when they see 10% drop....drop 20% buy more....30% all showhand.....but den kena prolonged depression.....20yrs later one by one kena bank top up and all bankrupt den foreigners come in to their rescue!

    Bestest!
    then ABSD for foreigner 50%, for local citizen 0%?

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    now you can see who are PRs and who are foreigners..

    well down Government for cooling the market
    I am not the extremist who wish to see market drop by 50%.
    prices should be reasonably priced and normalized if all talk about making big $$$ from property market.

    at least landed homes are still restricted to singaporeans

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