Newbie
http://www.channelnewsasia.com/stori...038417/1/.html
The rate is different from benchmark rates which is what determines if Singapore follows suit in their setting of the SIBOR. The FED has reiterated again that they will not increase benchmark rates anytime soon. Read the article above.
F01 N54 Sheer Driving Pleasure
Apartment at Caribbean at Keppel Bay sold for $1,479 psf
The Edge
Monday, 15 February 2010
Caribbean at Keppel Bay
With the opening of Genting Singapore’s Resorts World at Sentosa (RWS) integrated resort, there has been a flurry of transactions at Caribbean at Keppel Bay and also the upmarket condominium projects in Sentosa Cove. In the week of Jan 15 to 22 alone, there was a total of 9 new sales and resales.
The condominium that saw the most resale activity was the 969-unit Caribbean at Keppel Bay developed by Keppel Land and completed in 2004. In that period, there were 5 transactions at Caribbean ranging from $1,363 psf to $1,479 psf.
The most recent transaction was an 8th floor, 893 sqft unit in one of the 10-storey blocks; it changed hands for $1.28 million, or $1,433 psf. The previous owner had purchased it from the developer in 2004 for $707,085, or $791 psf, enjoying an 81% capital appreciation in the last five years.
The highest price achieved in terms of price psf was for a 1,356 sqft 7th floor unit sold for just over $2 million, or $1,479 psf. In that same tower, a 3rd-floor unit was sold for $1.702 million, or $1,363 psf. Two other units at Caribbean changed hands, with caveats lodged on Jan 15: One was a 1,668 sqft 5th-floor apartment sold for $2.43 million, or $1,460 psf; the other was a 1,335 sqft apartment on the third level of another block that went for $1.9 million, or $1,426 psf.
Over at The Berth by The Cove, considered the first condominium development to be launched at Sentosa Cove by developer Ho Bee Group, the most recent transaction, according to URA Realis, was for a 1,647 sqft apartment on the first level of one of the low-rise blocks that changed hands at $2.45 million, or $1,490 psf.
This is the third time the apartment has changed hands in the secondary market. The original owner had purchased the property in November 2004, when it was first launched, for more than $1.39 million, or $846 psf. It was subsequently sold in a sub-sale two years later for $1.647 million, or $1,000 psf, according to an October 2006 caveat. Thus, the first owner enjoyed a price appreciation of 18.2% in about two years. Barely a month later, the property was flipped for $1.9 million, or $1,154 psf, according to a November 2006 caveat. This owner enjoyed the greatest capital gain of 29% in more than 3 years when he sold the property most recently for $2.45 million.
The Berth at the Cove was completed in 2006, and Ho Bee’s upmarket 249-unit The Coast was completed just last year. The most recent transaction at The Coast was for a 2,024 sqft 6th-level apartment sold for $4.768 million, or $2,357 sqft, according to a Jan 15 caveat with URA Realis. The previous owner had purchased the property for $3.416 million or $1,688 psf, when it was launched in late 2006. Thus, he saw a 39.6% capital appreciation in just over 3 years.
The most exclusive condominium project that has set a new price benchmark at Sentosa Cove and that has gotten tongues wagging is SC Global Developments’ Seven Palms. Last October, the developer announced that it had sold 6 of 10 units released, and according to caveats lodged with URA Realis, the units ranged in price from $8.35 million for a 2,702 sqft apartment to $13.9 million for a 4,273 sqft apartment. Average prices ranged from $3,091 to $3,353 psf. Most recently, another unit was sold, according to a Jan 15 caveat. It was for a 2,723 sqft apartment that went for $9.088 million, or $$3,337 psf. Unlike the other condominiums that are of a 99-year lease tenure, SC Global’s Seven Palms has a 103-year lease.
Meanwhile, at the luxury 124-unit condominium project, The Marina Collection, developed by a consortium-led by Lippo Group, a unit was also sold during that period. It was a 4,693 sqft, 5-bedroom penthouse that went for more than $10.3 million, or $2,200 psf. Construction of the project is underway and scheduled for completion late this year or early 2011. Another similar-sized penthouse was sold in early 2008 for $12.67 million, or $2,700 psf. The developer released 60 units for sale in the first phase in late 2007 for $2,700 to $2,900 psf.
With the opening of Resorts World at Sentosa, there is even greater interest in luxury residential projects in Sentosa Cove and the Harbourfront area. Upcoming previews of new projects at Sentosa Cove after Chinese New Year include Ho Bee and IOI Properties’ 150-unit luxury Seascape as well as the 2nd phase of The Marina Collection.
F01 N54 Sheer Driving Pleasure
US will kill themselves if they tighten their monetary policy during the next 12 months or maybe longer.Originally Posted by pmet, 19 February 2010 2.59 pm
Fed hikes rate on bank loans amid easing financial crisis
P. Parameswaran
Agence France-Presse
Washington, D.C., U.S.
Thursday, 18 February 2010, 6.09 pm U.S. EST
US Federal Reserve in Washington, DC. The Federal Reserve said Thursday it was increasing the discount rate, the interest rate it charges on emergency loans to banks, to 0.75 percent from 0.5%. - Photo: Karen Bleier, AFP
The US Federal Reserve said Thursday it was increasing the interest rate it charged on emergency loans to banks in a move to normalize lending after radical measures to jolt the economy from recession.
The Fed said the hike in the discount rate, or the primary credit rate, to 0.75% from 0.5% would be effective Friday and reflected the easing of the financial crisis that resulted from a home-mortgage meltdown.
In a statement, the Federal Reserve Board said that "in light of continued improvement in financial market conditions, it had unanimously approved several modifications to the terms of its discount window lending programs."
With immediate effect, the maximum maturity period for primary credit loans would also be shortened to overnight.
Primary credit is provided by the Fed and the regional central banks on a fully secured basis to depository institutions that are in generally sound condition as a backup source of funds, the statement said.
The Fed also said that it had raised the minimum bid rate for the so-called term auction facility by 0.25% point to 0.5%.
The central bank created the facility in December 2007, when the United States plunged into recession, to further improve the access of depository institutions to term funding.
The Fed made clear that the changes did not reflect any tightening of monetary policy.
"The modifications are not expected to lead to tighter financial conditions for households and businesses and do not signal any change in the outlook for the economy or for monetary policy, which remains about as it was at the January meeting of the Federal Open Market Committee (FOMC)," it said.
At the January 26-27 meeting, the FOMC, the policy-making body of of the central bank, left its target range for the federal funds rate -- the rate at which the banks charge each other for overnight loans -- at 0% to 0.25%.
It had said that it anticipated economic conditions were likely to warrant exceptionally low levels of the federal funds rate for an extended period.
Fed chief Ben Bernanke had hinted last week about the rise in the discount rate but some analysts expressed surprise it would be made that soon.
"The exact timing is a surprise but the key point is that this has no implications for the stance of monetary policy in the broader economy," said Ian Shepherdson, chief US economist at High Frequency Economics.
"The point of raising the discount rate is to continue the gradual process of normalization of the Fed's dealings with the markets," he said.
The increase in the discount rate announced Thursday widens the spread between the primary credit rate and the top of the federal funds target range to 0.5% point, the Fed statement said.
The discount rate spread over the Fed funds target maximum was cut to 0.25% during the financial crisis.
"The increase in the spread and reduction in maximum maturity will encourage depository institutions to rely on private funding markets for short-term credit and to use the Federal Reserve's primary credit facility only as a backup source of funds," the cental bank said.
Junior
so what e conclusion?
F01 N54 Sheer Driving Pleasure
Singapore ups growth view but may stand pat on policy
Reuters
Singapore
Friday, 19 February 2010, 10.03 am CCT
Singapore raised its economic growth forecast for this year after reporting better-than-expected 4th-quarter data, citing a pickup in trade and industrial production and stable financial markets.
The government now expects gross domestic product to grow by 4.5% to 6.5% in 2010, up from a forecast of 3% to 5% made only a month ago, the Ministry of Trade and Industry said today.
The economy shrank 2.8% in the fourth quarter on a seasonally adjusted, annualised quarter-on-quarter basis, much better than the initial government estimate of a 6.8% contraction made last month.
Economists said the central bank will likely keep its monetary policy unchanged at its next scheduled review in April, citing officials’ concerns about the global economy in the 2nd half of 2010 and benign inflation.
“I don’t think there is an immediate push for them to do anything with monetary policy, given they are still concerned about the 2nd-half outlook,” said Selena Ling, head of treasury research at Oversea-Chinese Banking Corp in Singapore.
The Monetary Authority of Singapore sets policy by managing the value of the Singapore dollar against a secret basket of currencies. The current policy calls for a stable currency.
“We expect the MAS to maintain its neutral FX policy in April and to tighten only in October,” said Standard Chartered Bank economist Alvin Liew.
Uncertain Outlook
The government said its upgrade from the earlier 3.0% to 5.0% GDP growth forecast reflected “increased strength in the near-term growth momentum”. It brings the official forecast in line with private sector estimates.
“The outlook for the 2nd half of the year remains uncertain. Private final demand in the G3 may remain weak, as there are still few indications that non-policy induced private demand is gaining strength,” it said.
Ravi Menon, a permanent secretary at the Ministry of Trade and Industry, told reporters that he was more concerned about private consumption in the United States than sovereign risks in European countries such as Greece and Spain.
Economists expect Singapore Finance Minister Tharman Shanmugaratnam to announce a number of growth-supporting policies in his 2010/11 budget on Monday.
“Even as the government steps away from the ‘emergency’ mode that the 2009 budget was formulated in, they are likely to retain a ‘better safe than sorry’ stance,” noted Robert Prior-Wandesforde at HSBC in Singapore.
The government raised its 2010 trade growth outlook to a range of 9% to 11% from an earlier forecast of 7% to 9%. It expects non-oil domestic exports to rise by 10% to 12% this year.
It lowered its 2010 inflation forecast to 2% to 3% from the previous 2.5% to 3.5% due to a rebasing of the consumer price index.
For the whole of 2009, Singapore’s gross domestic product shrank by 2% following a revised 1.4% rise in 2008.
F01 N54 Sheer Driving Pleasure
As inflation is still low, MAS need not worry.
I think everything will remain status quo till at least October or later.
MAS will likely adopt the "better safe than sorry" approach. Increasing lending rates is not a "safe" move but a "sorry" move.
Junior
US FED reserve hike rate 50 bp last night ....
lets see what happens ..."Those who cannot learn from history are doomed to repeat it."so what e conclusion?
George Santayana (December 16, 1863 – September 26, 1952)
Propertism Exam Question 1
In the 1970's, when you see the Chartered Bank (top left) advertised deposit rates of 8% p.a., what should you do?
A. Quickly place all the money you have in the Chartered Bank to earn 8% p.a.
B. Quickly buy this 30,000 sq ft. Queen Astrid Park Bungalow asking $500,000.
Propertism Exam Question 2
In the 1980's, when you see Kiaw Aik Hang (top right) advertised "ATTRACTIVE RATES" for fixed deposits at 9.75% p.a., what should you do?
A. Quickly place all the money you have in Kiaw Aik Hang to earn 9.75% p.a.
B. Quickly buy this 38,000 sq ft. Queen Astrid Park Bungalow asking $3.8 million.
Propertism Exam Question 3
In the 6 years and 5 months (from 14 Nov 1977 when a 30,000 sq ft Queen Astrid Park was asking $500,000 or $16.67 psf, to 12 Apr 1984 when a 38,000 sq ft Queen Astrid Park was asking $3.8 million or $100 psf), what was the componded psf annual rate of return of Queen Astrid Park?
a. 3.2%
b. 8%
c. 9.75%
d. 32%
Propertism Rule No. 1 - Properties should only be bought. Not sold.
“The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money.”
- Adam Smith (16 June 1723 – 17 July 1790)
“The modern banking process manufactures currency out of nothing.”.
- Lord Josiah Stamp, Former Director of the Bank of England (1937)
“At the end fiat money returns to its inner value—zero.”
- Voltaire (21 November 1694 – 30 May 1778)
Junior
I know I know it is coming as MM unit bubble is definitely forming.
The Singapore government announced on Friday calibrated measures to temper sentiments and pre-empt a property bubble from forming, according to a statement issued by the Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore.
Among the measures, the government said it will tighten the supply of credit to the housing market to encourage greater financial prudence among property purchasers.
'The Government prefers to take small steps early, rather than be forced to impose more drastic measures after a bubble has formed,' a statement said.
It also unveiled the following measures to ensure a stable and sustainable property market:
a) Introducing a Seller's Stamp Duty (SSD) on all residential properties and residential lands that are bought after today and sold within 1 year from the date of purchase ; and
b) Lowering the Loan-to-Value (LTV) limit to 80 per cent for all housing loans provided by financial institutions regulated by the Monetary Authority of Singapore (MAS).
The measures will take effect on 20 February 2010.
=> Sorry for all the new projects ...
F01 N54 Sheer Driving Pleasure
Government to introduce new tax and lower loan limit to cool private property market
Mustafa Shafawi
Channel NewsAsia
Friday, 19 February 2010 1752 hrs
Condominium in Singapore
The Government has introduced more measures to temper sentiments and pre-empt a property bubble from forming in the private residential market.
The first measure is a Seller's Stamp Duty on all residential properties and residential lands that will be bought after Friday and sold within 1 year from the date of purchase.
The Ministry of National Development said the objective of this new tax measure is to discourage short-term speculative activity that could distort underlying prices. It is not targeted at the purchase of properties for owner-occupation or longer term investment.
The second measure is a lower Loan-to-Value limit. The limit will be 80% instead of 90% for all housing loans provided by financial institutions regulated by the Monetary Authority of Singapore (MAS).
The measures will take effect Saturday.
Junior
Government to introduce new tax and lower loan limit to cool private property market
Mustafa Shafawi
Channel NewsAsia
Friday, 19 February 2010 1752 hrs
Condominium in Singapore
The Government has introduced more measures to temper sentiments and pre-empt a property bubble from forming in the private residential market.
The first measure is a Seller's Stamp Duty on all residential properties and residential lands that will be bought after Friday and sold within 1 year from the date of purchase.
The Ministry of National Development said the objective of this new tax measure is to discourage short-term speculative activity that could distort underlying prices. It is not targeted at the purchase of properties for owner-occupation or longer term investment.
The second measure is a lower Loan-to-Value limit. The limit will be 80% instead of 90% for all housing loans provided by financial institutions regulated by the Monetary Authority of Singapore (MAS).
The measures will take effect Saturday.
Damn, I was spot on.
F01 N54 Sheer Driving Pleasure
Yup! You said "seller paying stamp fee" and "sometime to do with 2nd property loan" back in 13 November 2009.
I guessed "sale stamp duty" or "capital gain tax" for selling within 1 year but only "sale stamp duty" was right.
Remind me of 1996.
Anyway, people should avoid borrowing beyond 70%. ...
Junior
capital gain tax might be coming soon. My guess should be somewhere end this year.
F01 N54 Sheer Driving Pleasure
More HDB downpayment
Jessica Cheam
The Straits Times
Friday, 19 February 2010, 7.23 pm
In a joint statement on Friday, the Ministry of National Development, Ministry of Finance and the Monetary Authority of Singapore said that this is because HDB flats are already subject to other criteria to prevent speculation and encourage financial prudence. -- Photo: Francis Ong, ST
Housing Development Board (HDB) flat buyers taking private bank loans for their purchase will now have to fork out more cash for the downpayment on their homes.
The Government has lowered the home loan amount that buyers can borrow from banks from 90% to 80% of the total purchase price.
The new 80% rule, also known as the loan-to-value (LTV) limit, will apply to both private and public flats.
But for those buying HDB flats with HDB loans, the LTV will still remain at 90%.
In a joint statement on Friday, the Ministry of National Development, Ministry of Finance and the Monetary Authority of Singapore said that this is because HDB flats are already subject to other criteria to prevent speculation and encourage financial prudence.
For example, there is a minimum owner occupation period of 3 to 5 years and a restriction on ownership to one flat per household.
HDB loans are offered to only eligible first-time flat buyers or 2nd-timers who are upgrading.
Housing analysts said that the new measures would have an impact on the HDB market. Buyers who are not eligible for HDB loans must now fork out a higher downpayment as they can only borrow up to 80% of their home purchase price.
This could depress the amounts of cash upfront paid to the seller above the flat's valuation, known as cash-over-valuation, since buyers are now less likely to have excess cash.
F01 N54 Sheer Driving Pleasure
End of the year? Election is probably over by then.
F01 N54 Sheer Driving Pleasure
Less than 10% loans over limit
The Straits Times
Friday, 19 Febraury 2010, 7.04 pm
Financial institutions in Singapore have remained prudent in giving out housing loans.
Currently, less than 10% of housing loans are granted at over the 80% limit, 'although there are signs that more housing loans are originating at higher loan-to-value bands', said a government statement on Friday.
In a further bid to temper exuberance in the private residential market, the Government will, from Saturday, cap all housing loans at 80% of the total purchase price, from the current 90% limit.
The lower cap will apply to all housing loans given by financial institutions regulated by the Monetary Authority of Singapore.
'In line with the objective of ensuring a stable and sustainable property market, lowering the LTV limit sends a clear signal to the financial institutions to maintain credit standards, and encourages greater financial prudence among property purchasers,' said a Government statement on Friday.
Newbie
for investment and high rental yield i suggest to invest in double bay residence at simei. Singapore 4th uni opening up and many banking sector shifting to changi expo park.
Junior
Seller's Stamp Duty is the best!
Propertism Rule No. 1 - Properties should only be bought. Not sold.
Unfortunately, the time limit is only 1 year and the stamp duty only up to 3%.
The government should increase the time limit to 10 years and the stamp duty to 30%.
Sell within 10 years, pay stamp duty 30%.
Sell between 10 and 20 years, pay stamp duty 20%.
Sell between 20 and 30 years, pay stamp duty 10%.
Sell after 30 years, no stamp duty payable.
Let me predict the effects:
1. Many sellers will withdraw their properties from the market. This will choke off the supply in the secondary market.
2. The few sellers who have held their properties for more than 30 years will have very few competitors.
3. Those sellers who have held their properties fewer than 30 years may try to add their stamp duty into the asking price.
4. Anyone who wants to buy a property for own stay or long term investment, but does not want to pay the seller's stamp duty, will have no choice but to buy direct from the developers.
5. What will the developers do?
6. My property spreadsheet numbers will be going up very very high!
F01 N54 Sheer Driving Pleasure
How can the government assume everyone sells with a profit? Some may sell at a loss.
Newbie
i guess not much effect with this ruling and i believe in budget they shall bring in capital tax gain...............................
Newbie
It just shows that govt is confident that property market will still be on the rise!!! No signs of mkt crash!
Newbie
No stopping liquidity tide
05:55 AM Feb 20, 2010
by Colin Tan ¢ Analysis
WHEN the Urban Redevelopment Authority (URA) announced robust developers' sales of 1,476 units for January 2010 on Wednesday, it reaffirms in no uncertain terms that the private property market is awashed with liquidity.
Feedback from agents manning the launches showed that an overwhelmingly number of these sales are bought by investors. This is definitely not good for the market in the long run as there will be serious repercussions as owner occupiers have long been the stable foundation for the entire market.
The cooling measures announced last year have not worked because they were aimed at arresting speculation rather than dealing with the massive liquidity in the market. Sure, it made a dent in market confidence but it had not dealt with the underlying problem.
Yesterday, the Ministry of National Development (MND) announced yet more cooling measures but again they are likely to be ineffectual as they still do not deal with the liquidity problem. Buying confidence may be affected again but it will return because there are no better investment alternatives for the present and near future.
Even as the Chinese authorities are tightening credit back home, more of the liquidity are flowing out to seek alternative opportunities elsewhere including Singapore.
At this rate, more housing sales will be achieved for February and March at even higher prices. Even if developers are exercising price restrain, more of the smaller units are snapped faster than they are being offered. As the industry knows, smaller units cost more on a per sq ft basis. So do expect a rise in the price index for the first quarter.
It may come as a surprise, in fact, a rude shock to some, that these bullish sales were achieved amid widely-announced aggressive planned government land sales as well as frequent build-to-order (BTO) launches of new HDB flats which MND has been at pains to stress, time and again, will go on for so long as there is demand.
Is there no logic to the buying? Speaking with clients, quite a few know that they are overpaying for their properties but they reasoned that there are few investment alternatives elsewhere. And so long as prices continued to rise, it merely reaffirms their buying decision as there is an opportunity to sell at a profit.
Whether they are able to or not is the question. And the sad evidence shows not many are not able to but no worries ... prices are still rising. Many of these clients assure me that they are confident of unloading when prices start to correct. But is there enough time when it eventually happens?
What of the fundamentals? In Sentosa Cove, three projects have already been completed and rentals have already remained flat for a number of months. Three more projects are completing in the near future. Do you think rentals will rise? Sentosa homes are holiday homes first before they are investment properties. There are no schools or shops nearby, nor any other general amenities such as post offices, supermarkets or banks.
And with the completion of Resorts World Sentosa and the accompanying traffic and crowds it will attract, it will become more of a struggle to leave and come back home. I suspect going forward it will be a struggle to find tenants.
So, how will the whole situation pan out? At over a thousand units per month, we are headed for another bullish year. Is this sustainable? Eventually I expect the MAS to step in as the rise in the economy's risk exposure to the property sector becomes untenable.
You can be sure that as the monetary authorities are acting in China, and being on the highest alert in Hong Kong, our own authorities are also keeping a close eye on our property sector. They may attempt to deflate the bubble a little just as they did in 1996. ¢ - Capital gains tax eventually - timing????????????
The writer is director, Head Research and Consultancy at Chesterton Suntec International.
F01 N54 Sheer Driving Pleasure
Cooling the property market
Neo ChaiChin
Weekend TODAY
Saturday, 20 February 2010
With the spectre of a property bubble looming after demand for private housing spiked sharply in January this year - following sharp price increases in the second half of last year - the Government moved swiftly on Friday to cool the market.
Although property observers were surprised by the timing of the two new measures announced at the end of the trading day, the Government said it preferred to introduce "calibrated measures now to temper sentiments" rather than be forced "to impose more drastic measures after a bubble has formed."
In its statement on Friday, the National Development Ministry (MND) said firstly, a stamp duty will be imposed on sellers for all residential properties and residential lands bought on Feb 20 and after, and sold within a year of purchase. This is aimed at speculators who flip their properties shortly after purchasing it. Previously, only buyers had to pay stamp duties, which range from 1% to 3% of the purchase price.
Secondly, financial institutions (FIs) may only extend loans of up to 80% of the value of the property - down from the 90% loan-to-value limit allowed previously. This will apply to all housing loans given by banks and other FIs, but not to those granted by the Housing and Development Board (HDB). But this is unlikely to affect many buyers, as according to MND, fewer than 1 in 10 buyers are currently granted housing loans exceeding 80% of loan-to-value.
Both measures which take effect on Saturday, come just 5 months after the last round of measures aimed at cooling the overheating property market.
Property analysts said the timing of the announcement signals the flexibility the Government has given itself to roll out more measures in the coming months should the property market keep heating up.
"Here, we're dealing with a creature that evolves with every property upturn. So what the Government could do is ... administer a certain remedy and then they wait and see whether that medicine has taken effect," said property lecturer Nicholas Mak of Ngee Ann Polytechnic.
Deputy chairman of the Government Parliamentary Committee for National Development Lee Bee Wah however felt more could be done, saying she "would like to see a more targeted measures to address the concerns of HDB buyers".
Will They Work?
So, how potent is yesterday's dose of "medicine" likely to be? Analysts like Cushman and Wakefield managing director Donald Han said it could cause a 10% to 15% drop in new home sales.
In the short run, the measures would weed out speculative buyers, said CBRE Research executive director Li Hiaw Ho. "This is because the two rounds of stamp duty while buying and selling within a year are quite punitive."
However, Mr Mak noted that sellers who stand to make a huge profit from flipping properties might not be deterred by the 3% stamp duty.
PropNex chief executive Mohamed Ismail felt the effects would be largely psychological. The 80% loan-to-value limit would encourage buyers to exercise financial prudence, for instance.
But some questioned if the new measures tackle adequately the problem of a warming property market. "The first thing we have to ask is whether (speculation) is a rampant problem. Has the MND any evidence to show that people have been selling properties within a year?" asked Chesterton Suntec International's Colin Tan. The current market situation is the result of "so much money floating around" and people having to find investment opportunities, he reckons.
Meanwhile, MND has again given the assurance that supply remains adequate. Sites able to yield 10,550 private housing units are already on the Confirmed and Reserve List of the Government Land Sales programme in the first half of this year - the highest supply quantum in programme's history.
"These measures are likely to be ineffectual because MND has not mentioned any evidence of speculation and hence, there may not much be speculation to begin with."
- Mr Colin Tan
. Head, Chesterton Research
F01 N54 Sheer Driving Pleasure
District 10 Ardmore Park resale has just hit $3,700 psf!
Newbie
Cash strapped flippers will be able to find the extra downpayments required due to reduced LTV from a few credit card advances.
Most banks are offering attractive ''balance transfers" and not even asking what you do with the cash they offer at 2 to 4% over 6 to 12m.
Speculators are now very confident with government confirming that property is on the up.
Less profit per transaction is not such a big deal when volumes are up.
Junior
Yup, agree with you that market is now confirmed moving up, unless....something massive hit us...which is?
for me dun care lah, just factor in e 3% to my selling price. There's more then 1 buyer out there.
Newbie
No doubt the 'measures' will have the desired effect.
I.E. not much apart from adding a few more dollars to the coffers and keeping the voters happy.
Interest rate hike to 7.5% would slow things down but that's impossible in the short (flipper friendly) term.
4k for The Sail before end 2010?
Global recession is coming....
May be?
$2k Sail -> $4k Orchard.
$4k Sail -> $8k Orchard?
No doubt the 'measures' will have the desired effect.
I.E. not much apart from adding a few more dollars to the coffers and keeping the voters happy.
Interest rate hike to 7.5% would slow things down but that's impossible in the short (flipper friendly) term.
4k for The Sail before end 2010?
Newbie
For Bay View High Floor at The Sail, 4k will be long gone by end 2010.
Global recession is coming....
Will be nice to hear that.
Newbie
The Government will continue to monitor the property market closely and will introduce additional measures if required later, to promote a stable and sustainable property market.
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