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Dave Spart

Singapore: Measures To Maintain A Stable And Sustainable Property Market

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As a part of investigations I'm running on some personal issues I stumbled upon this snippet from Singapore this afternoon.

I thought I'd post it for you to peruse.

http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2010&news_sid=20100830256956123163

Edited by Dave Spart

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As a part of investigations I'm running on some personal issues I stumbled upon this snippet from Singapore this afternoon.

I thought I'd post it for you to peruse.

http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2010&news_sid=20100830256956123163

Yes - it is obvious that smart government knows that property bubble is bad for the economy and bad for the population AND

that interest rate alone is not the correct tool to cool the property bubble (administrative measures are needed).

Compared to the UK (especially the nulabour lot) who wanted 100%+ mortgages, one wonder why these ex-colonies have governments

who can think better than the government of the 'ex-mother' land.

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Yes - it is obvious that smart government knows that property bubble is bad for the economy and bad for the population AND

that interest rate alone is not the correct tool to cool the property bubble (administrative measures are needed).

Compared to the UK (especially the nulabour lot) who wanted 100%+ mortgages, one wonder why these ex-colonies have governments

who can think better than the government of the 'ex-mother' land.

I agree with your post but want to point out that (as you probably know) the motherland of Singapore is de facto China (and technically it was Malaysia). Nobody here refers to the UK as the motherland - it wouldn't even cross their minds. The UK lost all credibility to govern here after the surrender to the Japanese, which was ultimately Churchill's blunder, despite his efforts to shift the blame.

===

This type of action shows how complacent the UK is to claim that central banks and authorities do not have the tools to target asset inflation:

"While Singapore has enjoyed strong economic growth in the first half of 2010, our economic growth is expected to moderate in the second half of the year. There are also still uncertainties in the global economy. Should economic growth falter and the market corrects, property buyers could face capital losses, with implications on their own finances and the economy as a whole. Moreover, the current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves. Therefore, the Government has decided to introduce additional measures now to temper sentiments and encourage greater financial prudence among property purchasers."

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yup its all been going a bit nuts in Singapore, prices in the building we live in halved from the top of the market in 2007 , we bought on the way down and then they doubled all the way back to where they were before , we are planning to STR so this extra 3% tax is a bit of a kick in the nuts ... the problem is that the locals speculate like crazy on real estate so the government have to be very aggressive trying to cool things down or put a floor under them when things fall apart , at the moment though a half decent 3 bed flat in a nice part of town is going to cost you 2 million quid and a nice 4 bed place in a nice building like ardmore park is going to cost you the best part of 5 million quid , we are going to move out to the beach in sentosa and rent till sanity returns ...

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yup its all been going a bit nuts in Singapore, prices in the building we live in halved from the top of the market in 2007 , we bought on the way down and then they doubled all the way back to where they were before , we are planning to STR so this extra 3% tax is a bit of a kick in the nuts ...

What? Where on earth was that - what were the $/sq ft ? Must have been some very distressed sellers.

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why would one ever want to curb house price growth :o ?

There's an election coming in the next year or so and they want to be seen to be doing something for the first time buyer. Frankly as catsick alludes to above, prices are already way too high for most, so this might be a little too late, or window dressing. They're aware of the carrot and stick nature of the property market and wary of grass-roots discontent about standards of living.

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singapore also has the most transparent house price data in the world

go to the government website ,

http://www.ura.gov.sg/realEstateWeb/realEstate/pageflow/transaction/TransactionController.jpf

then select your development like "ardmore park" you can then see some moron paid 30 million sgd for a large flat ( penthouse unit ) , thats 14 million quid to have other peoples kids pssing in the pool you share .....

, The site has the price sold the date and size per sqft of every house and flat sold within 2 weeks of the deal closing, you can pay a small fee to get data going back 10years or see the last year free , thus its very easy to see when your building has fallen in price by 50% in 6 months , our building went from $2100 spf to $1050 and back to $2000 all inside a 3 year window

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singapore also has the most transparent house price data in the world

go to the government website ,

http://www.ura.gov.sg/realEstateWeb/realEstate/pageflow/transaction/TransactionController.jpf

then select your development like "ardmore park" you can then see some moron paid 30 million sgd for a large flat ( penthouse unit ) , thats 14 million quid to have other peoples kids pssing in the pool you share .....

, The site has the price sold the date and size per sqft of every house and flat sold within 2 weeks of the deal closing, you can pay a small fee to get data going back 10years or see the last year free , thus its very easy to see when your building has fallen in price by 50% in 6 months , our building went from $2100 spf to $1050 and back to $2000 all inside a 3 year window

And their banks don't go belly up with the price falls by 50%....

@JustYield - thought the 'ang mo' still get special treatment in Singapore ?

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Hey JustYield and Catsick! I lived over at Mandarin Gardens on Siglap Road. :)

Where are you?

10 mins walk from Jim Rogers' house.

And their banks don't go belly up with the price falls by 50%....

@JustYield - thought the 'ang mo' still get special treatment in Singapore ?

In what sense? Foreigners cannot buy freehold, landed property. The Singapore govt makes no bones about citizens having rights over and above permanent residents, and they over and above foreign workers in terms of benefits and incentives / tax breaks. If only the UK employed such criteria.

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10 mins walk from Jim Rogers' house.

That narrows it down then!

In Singapore, everywhere is 10 minutes walk from Jim Rogers's house. :)

Edited by Dave Spart

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'Measures to maintain a stable and sustainable property market' in Singapore. How about putting Singapore's infamous penchant for corporal punishment to good use, and giving six of the best to anyone who blatantly ramps property prices? Bend over, Krustie...

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Good thing!

I had a conversation with him once. Boy! Talk about ill-mannered. :(

Abrasive was he? He's certainly very short, about 1.5x the length of the pink polo shirt he favours. How did you come to meet him?

Krustie getting the cane ? Now that I'd pay to see.

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Abrasive was he? He's certainly very short, about 1.5x the length of the pink polo shirt he favours. How did you come to meet him?

Krustie getting the cane ? Now that I'd pay to see.

It was an exchange of emails - I've never actually met him in the flesh. I'd pay to avoid him now.

Hey, let's start a "Famous People I've Met" Thread.

Edited by Dave Spart

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Im in a condo down near Clarke quay, we were up in a big fancy house near the 4 seasons just behind paterson road but I retired 2 years ago and we had to downsize ... We did look at buying land here and building ( which you can do as a non citizen) but there is a mountain of restrictions if you are not local , like you cant sell for 2 years and you can never rent it out so it all seemed a bit silly as well as crazily expensive , plus when the kids are out of daipers we are moving back up to tokyo is the plan,

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We did look at buying land here and building ( which you can do as a non citizen) but there is a mountain of restrictions if you are not local , like you cant sell for 2 years and you can never rent it out so it all seemed a bit silly as well as crazily expensive , plus when the kids are out of daipers we are moving back up to tokyo is the plan,

Do you know of any foreigner who has actually got the required Ministerial approval to buy freehold, landed property here (without a Singaporean spouse)? Do you know what the "economic contribution to Singapore" requirements are roughly? It does seem they consider it on a case by case basis, but in a bidding situation I'm sure the seller would rather avoid the hassle (of dealing with a bid contingent on Minister of Law approval). Anyway, interesting to hear your experiences.

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Do you know of any foreigner who has actually got the required Ministerial approval to buy freehold, landed property here (without a Singaporean spouse)? Do you know what the "economic contribution to Singapore" requirements are roughly? It does seem they consider it on a case by case basis, but in a bidding situation I'm sure the seller would rather avoid the hassle (of dealing with a bid contingent on Minister of Law approval). Anyway, interesting to hear your experiences.

yup I know several without sing spouses, the approval didn't seem to be a big deal for any of them but basically you have to be building/buying a house to live in with your family and have a fairly good intention to stay a while they seem serious about not letting you sell or let the property if your circumstances change, basically they want to control who owns what when it comes to landed but as long as you are legit there is no reason to doubt you will get it, I think anyone they will give PR to they will allow to buy a landed property . Anyway at these prices now you would be crazy to buy !

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Extending the Holding Period for Imposition of Seller’s Stamp Duty (SSD) on Residential Properties Sold from 1 Year to 3 Years

4 The Government imposed in February 2010 a seller’s stamp duty (SSD) for sellers who buy residential properties3 on or after 20 February 2010 and sell them within a year of purchase.

5 For residential properties bought4 on or after 30 August 2010, SSD will be imposed if these properties are sold within three years of purchase.

An interesting idea to discourage flippers.

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yup I know several without sing spouses, the approval didn't seem to be a big deal

Interesting, thanks - I was misinformed about this. No matter, we bought in 2005. Probably wouldn't now, as you say. ;)

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yup I know several without sing spouses, the approval didn't seem to be a big deal for any of them but basically you have to be building/buying a house to live in with your family and have a fairly good intention to stay a while they seem serious about not letting you sell or let the property if your circumstances change, basically they want to control who owns what when it comes to landed but as long as you are legit there is no reason to doubt you will get it, I think anyone they will give PR to they will allow to buy a landed property . Anyway at these prices now you would be crazy to buy !

Thanks CatSick. I was going to reply to JustYield regarding approval to buy freehold but I always thought you need to be senior executive or MD of firms or famous scientist to get the approval. I asked ContactSingapore the question before but they just quote the official line without defining what is 'significant contribution'. Thanks for clearing this up.

@Justyield - the 'special treatments' come in the form of intangible stuffs such as an extra sweet smile when you walk into a shop or the extra attention one gets in a party.

Edited by easybetman

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