'Premature' to relax property cooling measures now: Khaw

[princess_morbucks]

http://www.channelnewsasia.com/news/...medium=twitter

SINGAPORE: Existing concessions are already in place for those looking to upgrade their properties, and these are "reasonable and sufficient", said Minister for National Development Khaw Boon Wan on Monday (Aug 4).

MP Foo Mee Har asked in Parliament on Monday if the Government will consider relaxing some property cooling measure such as those relating to Additional Buyer's Stamp Duty so Singaporeans who meet the total debt obligation cap of 60 per cent can upgrade their properties while remaining financially prudent.

In response, Mr Khaw said: "The property market cooling measures are intended to keep our housing market stable and sustainable. They aim to encourage financial prudence among home-buyers and moderate property prices.

"Various concessions are already in place to benefit upgraders. The existing concessions are reasonable and sufficient. Any move to relax the cooling measures, including broadening these concessions, is premature under market conditions."

The minister said such a move could lead to an upswing in demand, which would increase the number of transactions and raise housing prices. "This would not be welcome to Singaporean home-buyers, particularly those with aspirations to upgrade," Mr Khaw added.

- CNA/kk

[walkthetiger]

In response, Mr Khaw said: "The property market cooling measures are intended to keep our housing market stable and sustainable. They aim to encourage financial prudence among home-buyers and moderate property prices."Various concessions are already in place to benefit upgraders. The existing concessions are reasonable and sufficient. Any move to relax the cooling measures, including broadening these concessions, is premature under market conditions." The minister said such a move could lead to an upswing in demand, which would increase the number of transactions and raise housing prices. "This would not be welcome to Singaporean home-buyers, particularly those with aspirations to upgrade," Mr Khaw added

You have a government of the people, by the people, for the people, so should expect this coming. If you didn’t see this coming, then do self-examination to see how much you understand about local property market.
Teddy knew this long ago, but he just can’t help complaining….haha….Don't work against the market, work with it…干杯!

[sandbox]

Prices should remain stable or drop till end 2015. After that, it should run up again.

[walkthetiger]

Prices should remain stable or drop till end 2015. After that, it should run up again.

"After that, it should run up".... Hope you didn't mean a immediate bull run after 2015.haha...The recent economics restructure means shifting away from how they run things from the past…....try to read more and learnt more about it…may give you some hints what is going on….

[august]

The govt is determined to force prices down. It is engineering a correction without explicitly saying so.

[Patrickstar]

Khaw said that he didn't want to see price spike as it would give upgraders a chance to move up the ladder. He is more concerned about upgraders and first time home buyers than the thousands that already hold a property.

The govt is determined to force prices down. It is engineering a correction without explicitly saying so.

[Arcachon]

Too early to relax property curbs: MAS
Yasmine Yahya
The Straits Times
Friday, Jul 25, 2014
PROPERTY cooling measures of recent years are helping to rein in housing prices and household debt, but it is too soon to ease restrictions, a top official says.

Monetary Authority of Singapore (MAS) managing director Ravi Menon, speaking at the release of the MAS annual report yesterday, noted that housing prices
have moderated but that risk factors are largely unchanged.

"Property prices remain at elevated levels...Prices have gone up 60 per cent in the past four years, and they've declined just 3.3 per cent in the past three quarters,"
he noted. "Global interest rates are still extremely low, and if you relax property measures in the current, very easy liquidity environment, it might set off another spiral of price increases."

Also, high-debt households are still cleaning up their finances and need time to pay off their loans.

Still, he said, property cooling measures have helped strengthen overall household balance sheets.

First, household debt growth has moderated. In the third quarter of 2011, for example, households took on 13 per cent more debt than they did in the same quarter of 2010.
But in the first three months of this year, debt grew just 5.5 per cent.

Second, new housing loan borrowers are better placed to repay loans. Almost all new housing loans granted since the introduction of the total debt servicing ratio - designed
to stop borrowers from overextending themselves - were within the 60 per cent limit.

The moderation in property prices, along with a fall in car prices, has seen MAS narrow its forecast range for headline inflation to 1.5 per cent to 2 per cent, from 1.5 per cent to 2.5 per cent before.

This comes amid a somewhat brighter economic outlook, with growth set for a modest pickup in the second half, Mr Menon said.

The economy is on track to grow 2 per cent to 4 per cent this year, with both major engines of world growth, the United States and China, holding up, he said.

Sectors relying on regional demand, including some financial services, business services and chemicals, should do well, he added. And those looking to the home market should stay resilient.
But the likes of electronic production will keep seeing slower growth as economic restructuring forces firms to face a new reality of higher labour costs, he said. "What is happening now is the
'servicisation' of manufacturing, where production is shifted offshore but control centres continue to be located here."

Looking at the Middle East, Ukraine and Thailand, CIMB economist Song Seng Wun noted that external risks remain.

Even so, Singapore has fared well as a financial centre. Financial and insurance services grew 10.8 per cent last year.

MAS, which manages Singapore's foreign reserves, reversed a $10.6 billion loss to post an overall profit of $15.8 billion for the financial year. Stripping away the effect of currency translation,
it made foreign investment gains of $10.6 billion, up slightly from $9.4 billion previously.

[email protected]
- See more at: http://news.asiaone.com/news/singapo....gUY2RhCL.dpuf

[teddybear]

How to give upgraders a chance to move up the ladder to buy OCR heartland condos when the ABSD that MAS implemented is forcing most foreigners to buy the OCR properties, keeping them at high price which is up >60% and foreigners will continue to support to keep their ABSD costs low?
They forgot that they need targeted policy to keep OCR condos price low!
Think upgraders should consider buying CCR properties because the CCR price has dropped to 2010 low!
Oh, my bad, forgot upgraders can't afford CCR properties, actually only high-incomers earners will benefit...

Khaw said that he didn't want to see price spike as it would give upgraders a chance to move up the ladder. He is more concerned about upgraders and first time home buyers than the thousands that already hold a property.

[thomastansb]

Singaporeans stupid mah. Want HDB to drop. So cannot upgrade lor. Anyway, OCR mainly bought by Singaporeans. So get your facts right.

How to give upgraders a chance to move up the ladder to buy OCR heartland condos when the ABSD that MAS implemented is forcing most foreigners to buy the OCR properties, keeping them at high price which is up >60% and foreigners will continue to support to keep their ABSD costs low?
They forgot that they need targeted policy to keep OCR condos price low!
Think upgraders should consider buying CCR properties because the CCR price has dropped to 2010 low!
Oh, my bad, forgot upgraders can't afford CCR properties, actually only high-incomers earners will benefit...

[teddybear]

Not any more now for those who want to save on ABSD... Recent transactions also shown that fact..........

Singaporeans stupid mah. Want HDB to drop. So cannot upgrade lor. Anyway, OCR mainly bought by Singaporeans. So get your facts right.

[august]

Singaporeans stupid mah. Want HDB to drop. So cannot upgrade lor. Anyway, OCR mainly bought by Singaporeans. So get your facts right.

Be it ocr or ccr, majority of buyers are still singaporeans.

[thomastansb]

Don't talk like WP Faisal la. Show some stats at least. Plug figures from sky only and look like a joker.

Livia was launched like 5-6 years back. Coco palms was launched a few months back. Both are in that Pasir Ris plot next to each other.

Livia - 78% Singaporean
Coco Palms - 82% Singaporean

Not much changes to me. Still majority Singaporean buyers. In fact, the % went up (Singaporeans higher % !!! ) but I will give/take 5% fluctuation.

Not any more now for those who want to save on ABSD... Recent transactions also shown that fact..........

[teddybear]

Obvious more Singaporeans, but the proportion of foreigners buying property in OCR is rising, and many attributed this to trying to save on ABSD costs..........

Don't talk like WP Faisal la. Show some stats at least. Plug figures from sky only and look like a joker.

Livia was launched like 5-6 years back. Coco palms was launched a few months back. Both are in that Pasir Ris plot next to each other.

Livia - 78% Singaporean
Coco Palms - 82% Singaporean

Not much changes to me. Still majority Singaporean buyers. In fact, the % went up (Singaporeans higher % !!! ) but I will give/take 5% fluctuation.

Foreigners' share of private home buys seen shrinking in first half
'Very high' ABSD rate of 15% will significantly cut demand, say consultants
The Business Times - January 23, 2013
By: Kalpana Rashiwala
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Foreigners' share of private home buys seen shrinking in first halfPRs' share of private home purchases increased from 13.4 per cent in 2011 to 15.8 per cent last year - PHOTO : BLOOMBERG
FOREIGNERS' share of private home purchases in Singapore is expected to decline in the first half of this year, given the harsher additional buyer stamp duty (ABSD) rates imposed on them under the recent property cooling measures, say property consultants.

Last year, foreigners who were not Singapore permanent residents (PRs) accounted for just 6.3 per cent of all private home purchases on the island - the lowest proportion since 2003 and a significant drop from the 17.6 per cent share in 2011, Knight Frank's analysis of URA Realis caveats data showed.

"The record low proportion is a reflection of reduced foreign buying interest arising from higher (transactional) cost, with the introduction of 10 per cent ABSD on all residential property purchases by non-PR foreigners starting Dec 8, 2011," said Knight Frank's senior manager, consultancy and research, Alice Tan.

And with the ABSD rate for this group jacked up to 15 per cent since Jan 12 this year, Knight Frank forecasts that these non-PR foreigners' share of private home buying will shrink to 5 per cent in the first six months of this year.

International Property Advisor's CEO Ku Swee Yong predicts the share could fall to 4-5 per cent, while Ong Teck Hui, Jones Lang LaSalle's national director of research and consultancy, projects the share may contract to "no more than 3 per cent". "Most of the demand will be eliminated by the very high ABSD rate of 15 per cent on non-PRs," added Mr Ong.

PRs' share of private home purchases increased from 13.4 per cent in 2011 to 15.8 per cent last year. This, Knight Frank attributes to first-time PR home buyers being spared the ABSD rod last year. However, things have changed. Since Jan 12, PRs have to pay 5 per cent ABSD even on their first Singapore home purchase, and 10 per cent for any subsequent purchases.

As a result, Knight Frank expects the PR buying share to slip in the first half to 12-15 per cent, though Mr Ku suggests a more severe drop to around 10 per cent, and Mr Ong, to 5-10 per cent. "The ABSD's impact on PRs is a bit hard to assess as it depends very much on whether it's their first property purchase, in which case a 5 per cent ABSD rate is a figure that some people may be able to stomach, but some can't," says Mr Ong.

IPA's Mr Ku pointed out that PRs who currently own a HDB flat may postpone their decision to upgrade to a private property as they would be slapped with 5 per cent ABSD. They will also be required to sell their HDB flat.

Knight Frank's Ms Tan said that depending on economic sentiment and take-up at new launches, more foreigners (including PRs) could potentially return to the market assuming market conditions normalise towards year-end.

Observing that neighbouring economies are growing strongly, Mr Ku said that if their citizens feel their own economies and property markets have better prospects than Singapore, they will slow down investing in Singapore's real estate market. "So if we push this clampdown on foreign buying too far, ultimately we'll suffer," he warned.

Based on caveats lodged, Singaporeans acquired 24,815 private homes last year, up 17.7 per cent from 2011. The number of private homes bought by PRs increased 20.6 per cent to 5,086, while that purchased by non-PRs slipped 63.2 per cent to 2,038.

Knight Frank's analysis showed that despite mainland Chinese overtaking Malaysians as the top foreign buyers (including PRs) of private homes in the fourth quarter of last year with a 24.4 per cent share, Malaysians posted the lion's share on a full-year basis. They accounted for 26.1 per cent of caveats lodged by foreigners last year (including PRs), followed by mainland Chinese (22 per cent) and Indonesians (19.4 per cent).

Although the number of caveats Malaysians lodged declined 3.9 per cent to 1,858 last year, the drop is the smallest among the top four nationalities of foreign buyers. The number of caveats lodged by mainland Chinese buyers slipped 42.1 per cent to 1,570 last year. Caveats lodged by Indonesians declined 22.4 per cent to 1,382, while those from India citizens fell 18.4 per cent to 927.

For Q4 2012, mainland Chinese bought 421 private homes (one more than in Q3) - placing them ahead of Malaysians, with 382 caveats. This put the mainland Chinese share of the foreign buying pie at 24.4 per cent and that for Malaysians at 22.2 per cent in the October-December period.

Another trend Knight Frank gleaned is that among the pool of private homes acquired by foreigners including PRs, the proportion of homes located in the suburbs, or Outside Central Region (OCR), has been picking up in recent years. Last year, OCR accounted for 55 per cent of the 7,124 private homes bought by foreigners, up from a 49 per cent share in 2011 and 39 per cent share in 2010. Knight Frank said the trend reflects a shift in foreigners' focus to more affordably priced suburban homes following the ABSD's introduction in late 2011. Furthermore, it predicts this OCR share will rise by up to 5 percentage points this year, given that the high-end market has become relatively less attractive as an investment asset or accommodation choice following the latest round of ABSD rate hikes.

Market watchers also note the larger trend of developers rolling out more projects in OCR over the past few years on sites sold at state tenders. Against this backdrop, the OCR proportion among private homes purchased by Singaporeans has also climbed from 51 per cent in 2010 to 62 per cent in 2011 and 65 per cent last year. This too could rise by up to 5 percentage points in 2013, says Knight Frank.

[thomastansb]

1.5 years ago news. Get some current news please. I think Coco Palms vs Livia is the best example. Launch date difference about 5 years. Both condos beside each other. I don't see more foreigners snapping up OCR. If so, the % would have reflected the increase.

Unless you have some hard concrete data but if you don't, then no point carrying on.

Obvious more Singaporeans, but the proportion of foreigners buying property in OCR is rising, and many attributed this to trying to save on ABSD costs..........




Foreigners' share of private home buys seen shrinking in first half
'Very high' ABSD rate of 15% will significantly cut demand, say consultants
The Business Times - January 23, 2013
By: Kalpana Rashiwala
Share on facebookShare on twitterShare on emailShare on favoritesShare on print|More Sharing ServicesMore
Foreigners' share of private home buys seen shrinking in first halfPRs' share of private home purchases increased from 13.4 per cent in 2011 to 15.8 per cent last year - PHOTO : BLOOMBERG
FOREIGNERS' share of private home purchases in Singapore is expected to decline in the first half of this year, given the harsher additional buyer stamp duty (ABSD) rates imposed on them under the recent property cooling measures, say property consultants.

Last year, foreigners who were not Singapore permanent residents (PRs) accounted for just 6.3 per cent of all private home purchases on the island - the lowest proportion since 2003 and a significant drop from the 17.6 per cent share in 2011, Knight Frank's analysis of URA Realis caveats data showed.

"The record low proportion is a reflection of reduced foreign buying interest arising from higher (transactional) cost, with the introduction of 10 per cent ABSD on all residential property purchases by non-PR foreigners starting Dec 8, 2011," said Knight Frank's senior manager, consultancy and research, Alice Tan.

And with the ABSD rate for this group jacked up to 15 per cent since Jan 12 this year, Knight Frank forecasts that these non-PR foreigners' share of private home buying will shrink to 5 per cent in the first six months of this year.

International Property Advisor's CEO Ku Swee Yong predicts the share could fall to 4-5 per cent, while Ong Teck Hui, Jones Lang LaSalle's national director of research and consultancy, projects the share may contract to "no more than 3 per cent". "Most of the demand will be eliminated by the very high ABSD rate of 15 per cent on non-PRs," added Mr Ong.

PRs' share of private home purchases increased from 13.4 per cent in 2011 to 15.8 per cent last year. This, Knight Frank attributes to first-time PR home buyers being spared the ABSD rod last year. However, things have changed. Since Jan 12, PRs have to pay 5 per cent ABSD even on their first Singapore home purchase, and 10 per cent for any subsequent purchases.

As a result, Knight Frank expects the PR buying share to slip in the first half to 12-15 per cent, though Mr Ku suggests a more severe drop to around 10 per cent, and Mr Ong, to 5-10 per cent. "The ABSD's impact on PRs is a bit hard to assess as it depends very much on whether it's their first property purchase, in which case a 5 per cent ABSD rate is a figure that some people may be able to stomach, but some can't," says Mr Ong.

IPA's Mr Ku pointed out that PRs who currently own a HDB flat may postpone their decision to upgrade to a private property as they would be slapped with 5 per cent ABSD. They will also be required to sell their HDB flat.

Knight Frank's Ms Tan said that depending on economic sentiment and take-up at new launches, more foreigners (including PRs) could potentially return to the market assuming market conditions normalise towards year-end.

Observing that neighbouring economies are growing strongly, Mr Ku said that if their citizens feel their own economies and property markets have better prospects than Singapore, they will slow down investing in Singapore's real estate market. "So if we push this clampdown on foreign buying too far, ultimately we'll suffer," he warned.

Based on caveats lodged, Singaporeans acquired 24,815 private homes last year, up 17.7 per cent from 2011. The number of private homes bought by PRs increased 20.6 per cent to 5,086, while that purchased by non-PRs slipped 63.2 per cent to 2,038.

Knight Frank's analysis showed that despite mainland Chinese overtaking Malaysians as the top foreign buyers (including PRs) of private homes in the fourth quarter of last year with a 24.4 per cent share, Malaysians posted the lion's share on a full-year basis. They accounted for 26.1 per cent of caveats lodged by foreigners last year (including PRs), followed by mainland Chinese (22 per cent) and Indonesians (19.4 per cent).

Although the number of caveats Malaysians lodged declined 3.9 per cent to 1,858 last year, the drop is the smallest among the top four nationalities of foreign buyers. The number of caveats lodged by mainland Chinese buyers slipped 42.1 per cent to 1,570 last year. Caveats lodged by Indonesians declined 22.4 per cent to 1,382, while those from India citizens fell 18.4 per cent to 927.

For Q4 2012, mainland Chinese bought 421 private homes (one more than in Q3) - placing them ahead of Malaysians, with 382 caveats. This put the mainland Chinese share of the foreign buying pie at 24.4 per cent and that for Malaysians at 22.2 per cent in the October-December period.

Another trend Knight Frank gleaned is that among the pool of private homes acquired by foreigners including PRs, the proportion of homes located in the suburbs, or Outside Central Region (OCR), has been picking up in recent years. Last year, OCR accounted for 55 per cent of the 7,124 private homes bought by foreigners, up from a 49 per cent share in 2011 and 39 per cent share in 2010. Knight Frank said the trend reflects a shift in foreigners' focus to more affordably priced suburban homes following the ABSD's introduction in late 2011. Furthermore, it predicts this OCR share will rise by up to 5 percentage points this year, given that the high-end market has become relatively less attractive as an investment asset or accommodation choice following the latest round of ABSD rate hikes.

Market watchers also note the larger trend of developers rolling out more projects in OCR over the past few years on sites sold at state tenders. Against this backdrop, the OCR proportion among private homes purchased by Singaporeans has also climbed from 51 per cent in 2010 to 62 per cent in 2011 and 65 per cent last year. This too could rise by up to 5 percentage points in 2013, says Knight Frank.

[J3]

So much of free market ? when other's are practcing small government big market, we are big government small market ! when the price are up, the government wants to push it down, I hope when the price are so down they wl push it back up ! otherwise they wl hv problem with all my family members, all my brothers and sisters we are current home owners, but wait ? is this not what the opposition want us to fall in ??? hmmmm....

[Arcachon]

Deposit 5% DPS in 2006.

[Cupcakes]

Aiyah... Majority of the Singaporean are not born in Singapore.

[Yuki]

With decentralisation and the need to address road congestion ..what do you think is the effect on the ocr properties?

Obvious more Singaporeans, but the proportion of foreigners buying property in OCR is rising, and many attributed this to trying to save on ABSD costs..........




Foreigners' share of private home buys seen shrinking in first half
'Very high' ABSD rate of 15% will significantly cut demand, say consultants
The Business Times - January 23, 2013
By: Kalpana Rashiwala
Share on facebookShare on twitterShare on emailShare on favoritesShare on print|More Sharing ServicesMore
Foreigners' share of private home buys seen shrinking in first halfPRs' share of private home purchases increased from 13.4 per cent in 2011 to 15.8 per cent last year - PHOTO : BLOOMBERG
FOREIGNERS' share of private home purchases in Singapore is expected to decline in the first half of this year, given the harsher additional buyer stamp duty (ABSD) rates imposed on them under the recent property cooling measures, say property consultants.

Last year, foreigners who were not Singapore permanent residents (PRs) accounted for just 6.3 per cent of all private home purchases on the island - the lowest proportion since 2003 and a significant drop from the 17.6 per cent share in 2011, Knight Frank's analysis of URA Realis caveats data showed.

"The record low proportion is a reflection of reduced foreign buying interest arising from higher (transactional) cost, with the introduction of 10 per cent ABSD on all residential property purchases by non-PR foreigners starting Dec 8, 2011," said Knight Frank's senior manager, consultancy and research, Alice Tan.

And with the ABSD rate for this group jacked up to 15 per cent since Jan 12 this year, Knight Frank forecasts that these non-PR foreigners' share of private home buying will shrink to 5 per cent in the first six months of this year.

International Property Advisor's CEO Ku Swee Yong predicts the share could fall to 4-5 per cent, while Ong Teck Hui, Jones Lang LaSalle's national director of research and consultancy, projects the share may contract to "no more than 3 per cent". "Most of the demand will be eliminated by the very high ABSD rate of 15 per cent on non-PRs," added Mr Ong.

PRs' share of private home purchases increased from 13.4 per cent in 2011 to 15.8 per cent last year. This, Knight Frank attributes to first-time PR home buyers being spared the ABSD rod last year. However, things have changed. Since Jan 12, PRs have to pay 5 per cent ABSD even on their first Singapore home purchase, and 10 per cent for any subsequent purchases.

As a result, Knight Frank expects the PR buying share to slip in the first half to 12-15 per cent, though Mr Ku suggests a more severe drop to around 10 per cent, and Mr Ong, to 5-10 per cent. "The ABSD's impact on PRs is a bit hard to assess as it depends very much on whether it's their first property purchase, in which case a 5 per cent ABSD rate is a figure that some people may be able to stomach, but some can't," says Mr Ong.

IPA's Mr Ku pointed out that PRs who currently own a HDB flat may postpone their decision to upgrade to a private property as they would be slapped with 5 per cent ABSD. They will also be required to sell their HDB flat.

Knight Frank's Ms Tan said that depending on economic sentiment and take-up at new launches, more foreigners (including PRs) could potentially return to the market assuming market conditions normalise towards year-end.

Observing that neighbouring economies are growing strongly, Mr Ku said that if their citizens feel their own economies and property markets have better prospects than Singapore, they will slow down investing in Singapore's real estate market. "So if we push this clampdown on foreign buying too far, ultimately we'll suffer," he warned.

Based on caveats lodged, Singaporeans acquired 24,815 private homes last year, up 17.7 per cent from 2011. The number of private homes bought by PRs increased 20.6 per cent to 5,086, while that purchased by non-PRs slipped 63.2 per cent to 2,038.

Knight Frank's analysis showed that despite mainland Chinese overtaking Malaysians as the top foreign buyers (including PRs) of private homes in the fourth quarter of last year with a 24.4 per cent share, Malaysians posted the lion's share on a full-year basis. They accounted for 26.1 per cent of caveats lodged by foreigners last year (including PRs), followed by mainland Chinese (22 per cent) and Indonesians (19.4 per cent).

Although the number of caveats Malaysians lodged declined 3.9 per cent to 1,858 last year, the drop is the smallest among the top four nationalities of foreign buyers. The number of caveats lodged by mainland Chinese buyers slipped 42.1 per cent to 1,570 last year. Caveats lodged by Indonesians declined 22.4 per cent to 1,382, while those from India citizens fell 18.4 per cent to 927.

For Q4 2012, mainland Chinese bought 421 private homes (one more than in Q3) - placing them ahead of Malaysians, with 382 caveats. This put the mainland Chinese share of the foreign buying pie at 24.4 per cent and that for Malaysians at 22.2 per cent in the October-December period.

Another trend Knight Frank gleaned is that among the pool of private homes acquired by foreigners including PRs, the proportion of homes located in the suburbs, or Outside Central Region (OCR), has been picking up in recent years. Last year, OCR accounted for 55 per cent of the 7,124 private homes bought by foreigners, up from a 49 per cent share in 2011 and 39 per cent share in 2010. Knight Frank said the trend reflects a shift in foreigners' focus to more affordably priced suburban homes following the ABSD's introduction in late 2011. Furthermore, it predicts this OCR share will rise by up to 5 percentage points this year, given that the high-end market has become relatively less attractive as an investment asset or accommodation choice following the latest round of ABSD rate hikes.

Market watchers also note the larger trend of developers rolling out more projects in OCR over the past few years on sites sold at state tenders. Against this backdrop, the OCR proportion among private homes purchased by Singaporeans has also climbed from 51 per cent in 2010 to 62 per cent in 2011 and 65 per cent last year. This too could rise by up to 5 percentage points in 2013, says Knight Frank.

[mosaic]

So much of free market ? when other's are practcing small government big market, we are big government small market ! when the price are up, the government wants to push it down, I hope when the price are so down they wl push it back up ! otherwise they wl hv problem with all my family members, all my brothers and sisters we are current home owners, but wait ? is this not what the opposition want us to fall in ??? hmmmm....

for your info our property market was one of the first to turn up in the world with a 40%-60% gain. At this point in time we re probably still ahead of some of the developed markets in terms of price gains. We re only 3-5% down so far from the peak, so whats the big deal??? The government s job is not to help you make money in property. It is the government s job, however to preempt bubbles from forming and prick them a little at a time before it blows too big. Else if the government s job is just to clean up the mess after it bursts than anyone can be government.

Did your family members, brothers, sisters, etc etc all only bought homes only after prices went up by 40-60%? if that was the case than I d say its pretty sad because its just bad financial acumen. But if they have all been owning homes all along, than they re still sitting tight and pretty.

[Arcachon]

Govt withdraws Deferred Payment Scheme for property purchases

26 October 2007 1853 hrs (SST)

SINGAPORE : The government announced on Friday the immediate withdrawal of the Deferred Payment Scheme (DPS) for property purchases in view of the strong economic and property market conditions.

In October 1997, the government allowed developers to offer to purchasers of uncompleted private residential and commercial properties the option to defer part of the progress payments due, after the initial 20 percent downpayment, to a later stage.

In November 2001, the government further allowed developers to defer up to half of the initial 20 percent downpayment up to the issue of Temporary Occupation Permit or any time before that.

The DPS was introduced at a time when the property market was lacklustre and the economy was in recession.

The property market has since recovered and has been growing strongly in the last few years, driven by economic fundamentals, including robust economic growth and a rise in wages.

In view of the current buoyant property market, the government has decided to withdraw the DPS for the sale of uncompleted private residential and commercial properties with effect from 26 October 2007.

The removal of the DPS will also encourage greater financial prudence, as buyers will have to ensure that they have sufficient funds or are able to secure adequate loans from banks before they commit to buying a property. - CNA/ch

[J3]

for your info our property market was one of the first to turn up in the world with a 40%-60% gain. At this point in time we re probably still ahead of some of the developed markets in terms of price gains. We re only 3-5% down so far from the peak, so whats the big deal??? The government s job is not to help you make money in property. It is the government s job, however to preempt bubbles from forming and prick them a little at a time before it blows too big. Else if the government s job is just to clean up the mess after it bursts than anyone can be government.

Did your family members, brothers, sisters, etc etc all only bought homes only after prices went up by 40-60%? if that was the case than I d say its pretty sad because its just bad financial acumen. But if they have all been owning homes all along, than they re still sitting tight and pretty.

No, Spore is not the first to turn up in the World, not at all, many markets beside Spore hv increase more than 200% compare to Spore and yet no bubble as we speak and I can assure you this but you hv to go and find out yourself ! Just to give you a head up, reports hv stated 4th quarter of 2013 in the top 10 highest properties appreciation countries, Spore is out of the 10. Spore is indeed a big government, controlling the free market, let it be deem measure for the Country, you can't deny the fact, this is interfering into the free market. Go check around the region, many Financial experts wl not agree with this theory, interfering is a two end swords, the government wl hv to act in time again before losing their trust to the peoples, which are the majorities home owners and I believe they will !

[walkthetiger]

.... this is interfering into the free market.

Let's be real…. There aren’t any free market around…. Do consider those invisible hands manipulating the market. It is just a matter who is in control only…. Most of the time, big fishes eat up all the small fishes, then another cycle repeating itself once more… Human greed will not change.

[J3]

Let's be real…. There aren’t any free market around…. Do consider those invisible hands manipulating the market. It is just a matter who is in control only…. Most of the time, big fishes eat up all the small fishes, then another cycle repeating itself once more… Human greed will not change.

To some they called it speculating, to many they called it investment, I am with the good side, not the dark side. People who call all investment is speculating need to go back to school, INVESTMENT is a decent word, check the dictionary, you wl know, try not complicating it. Our early forefather hv long doing this, Trading, Investing, pure business sense, not political nor layman KPKB talks, period !

[walkthetiger]

People who call all investment is speculating

Friend, investment comes with risks. Investment is ok, but the risk grows when everybody dumps their money in fighting to grab the same cake, then there will be bubble and problems to other related business too.
The wise ones had left the market before the final CM, now most are waiting for the golden chance to return for another round, even if that will takes years to wait, so what? Investment is about timing anyway.
Just let the developers to decide much soon to slash prices, it is their choice to end their pain earlier or later.

[Arcachon]

Friend, investment comes with risks. Investment is ok, but the risk grows when everybody dumps their money in fighting to grab the same cake, then there will be bubble and problems to other related business too.
The wise ones had left the market before the final CM, now most are waiting for the golden chance to return for another round,("Don't understand when the Whole World is printing money why sell") even if that will takes years to wait, so what? Investment is about timing anyway.
Just let the developers to decide much soon to slash prices, it is their choice to end their pain earlier or later.

Don't understand when the Whole World is printing money why sell

[peterng8]

will the price drop further with the current CM(plus TDSR)? my view it will not...the worst of economic downturn has passed...countries are recovering amidst slow pace.. what effect it has? the only way is up in near term to come unless macro events such as war or conflict or disease occur which impact the world which is unlikely...the garmen knows this so no way garmen is relaxing the rules..no way...

[teddybear]

What you said is exactly what is happening for commercial properties with REITs!
Sadly, nothing much has been done to cool commercial properties, and with rentals jacked up significantly, many mom-and-pap shops closing while others just pass on the costs to consumers, resulting in huge inflation..............

Friend, investment comes with risks. Investment is ok, but the risk grows when everybody dumps their money in fighting to grab the same cake, then there will be bubble and problems to other related business too.
The wise ones had left the market before the final CM, now most are waiting for the golden chance to return for another round, even if that will takes years to wait, so what? Investment is about timing anyway.
Just let the developers to decide much soon to slash prices, it is their choice to end their pain earlier or later.

[J3]

[QUOTE=walkthetiger;487189]Friend, investment comes with risks.

Risk is a norm, all decent business involve risk not only investment has risk. Interfering is different from speculating or manipulating, interfering hv to come from the high power, they are setting the rule, policy and requirement, and speculator and manipulator hv to follow.

Spore is out of the top 10 lists not without a reason, the high power is saying and even trying to set the line, here said 60%, question ? 60 % ? and in my words, when it up, they pushed it down, when it so down, they hv to prepare to push it up ?? they want to set the price or even to engine artificial correction, big government small market, just food for thought.

[walkthetiger]

What you said is exactly what is happening for commercial properties with REITs!
Sadly, nothing much has been done to cool commercial properties, and with rentals jacked up significantly, many mom-and-pap shops closing while others just pass on the costs to consumers, resulting in huge inflation..............

Teddy, you should know it depends on how many people and who are complaining.... Btw, if you didn't see it, this doesn't mean no work-in-progress.....

[walkthetiger]

[QUOTE=J3;487225]

Friend, investment comes with risks.

Risk is a norm, all decent business involve risk not only investment has risk. Interfering is different from speculating or manipulating, interfering hv to come from the high power, they are setting the rule, policy and requirement, and speculator and manipulator hv to follow.

Spore is out of the top 10 lists not without a reason, the high power is saying and even trying to set the line, here said 60%, question ? 60 % ? and in my words, when it up, they pushed it down, when it so down, they hv to prepare to push it up ?? they want to set the price or even to engine artificial correction, big government small market, just food for thought.

Yes, long long time ago, there were many things given to help the property market, when times were really bad.... Teddy knew this well enough.. Really hope you had invested at the right time, even malaysia and hk have are cooling measures....so you cannot take away this as part of the risk...