Sibeh tulan always kena told by agents at RCR launches that
1. 1 + S sold out
2. 2 bedders sold out
3. Left those 1200, 1300 sq ft 3 bedder u want? (i want but no money la sibeh tulan)
All because of added demand from foreigners and speculators.
I wanna propose that foreigners can only buy private properties above S$1 million and/or 1000 Sqft and stop buying cheaper/smaller apartments that I want to buy. Afterall, we want to attract high net worth people to our shores, no? This will allow more Singaporeans to be landlords by owning more 1bdrm and 2bdrm apartments which are in demand by tenants, and restrict upward pricing pressures due to demand from foreigners to the segment above S$1 million/1000 Sq Ft.
This way property prices will be more stable for citizens due to less influence from external demand. Families are becoming smaller in SG due to many couples having 1 or 2 kids, so a 1+S or 2 bdrm apartment would be comfortable for many upgraders.
By the way this should apply immediately to both new and resale transactions. Any thoughts on this?