Why pass holders & foreigners are treated the same

[nxtm]

60% ABSD is to cool down the property market. If they would allow pass holders to buy at less the effect would be reduced.

Keeps local property owners also happy with an endless flow of tenants.

Some foreigners still get lucky due to FTA’s. PR’s of CH/NO/IS/FL pay even less ABSD on their first property (0%) than Singapore PR’s (5%)!

[Wd40]

60% ABSD is to cool down the property market. If they would allow pass holders to buy at less the effect would be reduced.

Keeps local property owners also happy with an endless flow of tenants.

Some foreigners still get lucky due to FTA’s. PR’s of CH/NO/IS/FL pay even less ABSD on their first property (0%) than Singapore PR’s (5%)!

This ^^.

If you allow a foreigner to buy a house, you not only increase competition for Singaporean home buyers, you also reduce the pool of tenants Singapore landlords can rent to.

So I think their policy is working perfectly as per design.

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[malcontent]

60% ABSD is to cool down the property market. If they would allow pass holders to buy at less the effect would be reduced.

Keeps local property owners also happy with an endless flow of tenants.

Some foreigners still get lucky due to FTA’s. PR’s of CH/NO/IS/FL pay even less ABSD on their first property (0%) than Singapore PR’s (5%)!

60% is more of a freeze than a cool down… foreign buying is practically at a standstill. Those with FTA privileges were never significant property buyers here.

[Wd40]

60% ABSD is to cool down the property market. If they would allow pass holders to buy at less the effect would be reduced.

Keeps local property owners also happy with an endless flow of tenants.

Some foreigners still get lucky due to FTA’s. PR’s of CH/NO/IS/FL pay even less ABSD on their first property (0%) than Singapore PR’s (5%)!

60% is more of a freeze than a cool down… foreign buying is practically at a standstill. Those with FTA privileges were never significant property buyers here.

If you look at countries with similar strong Asian cultures; Japan, Korea, China, India almost everyone, none of them have been able to successfully manage a large immigrant population. It is just not possible. The countries who have large immigrant populations are mostly western majority new found land countries like Australia, New Zealand, United States, South American countries etc.

Singapore is actually a miracle that it is able to manage such a large immigrant population without too many frictions and inorder to do that the local population must be assured that somehow they will always be given top privileges at the cost of foreigners. I have seen this play in many places and this is the only way out.

I am now kind of wise enough to accept this; this is the best we can expect as expats out of an Asian country like Singapore.

Have a look at this article and you can see how immigration works in Asia. The minister was actually honest, but wasn't politically correct. If they want I successfully manage immigration they will have import the right kind. Europe is already a mess with their immigration by trying to be liberal and politically correct. Asia is way more conservative, so there is no chance.

https://sg.news.yahoo.com/taiwan-labour ... 30779.html

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[NYY1]

If you look at countries with similar strong Asian cultures; Japan, Korea, China, India almost everyone, none of them have been able to successfully manage a large immigrant population. It is just not possible. The countries who have large immigrant populations are mostly western majority new found land countries like Australia, New Zealand, United States, South American countries etc.

Singapore is actually a miracle that it is able to manage such a large immigrant population without too many frictions and inorder to do that the local population must be assured that somehow they will always be given top privileges at the cost of foreigners. I have seen this play in many places and this is the only way out.

I am now kind of wise enough to accept this; this is the best we can expect as expats out of an Asian country like Singapore.

Have a look at this article and you can see how immigration works in Asia. The minister was actually honest, but wasn't politically correct. If they want I successfully manage immigration they will have import the right kind. Europe is already a mess with their immigration by trying to be liberal and politically correct. Asia is way more conservative, so there is no chance.

https://sg.news.yahoo.com/taiwan-labour ... 30779.html

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Open immigration will probably produce better economic outcomes (along with higher tax revenues and greater geopolitical power). I haven't concluded that it is a certainty, but it likely comes at a social/political cost.

IMO, some nations tried to copy the US model. However, the challenge is that they get 100% of the problems from immigration but only a fraction of the benefits (relative to the US). The US's calculation is different because it benefits more than any other country from immigration. As a result, the US has been able to tolerate some of the issues, as the number one goal is still being achieved.

Some other nations have probably figured out that no matter what they do, they'll never catch up to a handful of faster horses. Thus, you try to make more balanced decisions, although that comes at an economic cost.

Many people here constantly gripe about this policy or that policy. Yet, over the past decade or so, a few sectors have exploded here (I'd guess that many longtimers are unaware of the magnitude of some of these opportunities) and the city's profile continues to increase. Still, the policies don't fit some peoples' ideology (or the policies impact those most similar to them), so they are up in arms repeatedly.

In the end, every country has to decide what it wants and what it can live with (problems/issues) or without (good things forgone).

[NYY1]

If you look at countries with similar strong Asian cultures; Japan, Korea, China, India almost everyone, none of them have been able to successfully manage a large immigrant population. It is just not possible. The countries who have large immigrant populations are mostly western majority new found land countries like Australia, New Zealand, United States, South American countries etc.

Singapore is actually a miracle that it is able to manage such a large immigrant population without too many frictions and inorder to do that the local population must be assured that somehow they will always be given top privileges at the cost of foreigners. I have seen this play in many places and this is the only way out.

I am now kind of wise enough to accept this; this is the best we can expect as expats out of an Asian country like Singapore.

Have a look at this article and you can see how immigration works in Asia. The minister was actually honest, but wasn't politically correct. If they want I successfully manage immigration they will have import the right kind. Europe is already a mess with their immigration by trying to be liberal and politically correct. Asia is way more conservative, so there is no chance.

https://sg.news.yahoo.com/taiwan-labour ... 30779.html

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Irrespective of whether one agrees with these people or not, these issues/feelings are not surprising. I believe people in the UK are not too happy right now either (again, not saying it is right or wrong).

[malcontent]

I am generally pro-immigration, but I can understand the need for careful calibration, especially in a small nation like Singapore which could be quickly overrun/overtaken. If I remember correctly, Fiji suffered such a fate. I understand why Singapore does what it does, but I still think if you’re gonna let EP holders reside here and pay taxes, at least cut them some slack on housing and schooling.

[jalanjalan]

One of my relations in Canada sent me an article about how they are studying Singapore's HDB housing model

[malcontent]

One of my relations in Canada sent me an article about how they are studying Singapore's HDB housing model

Not sure if they have trailer parks in Canada, but that fulfills the low cost housing needs in many parts of the USA.

My brother started out in a trailer home (a.k.a. mobile home), and I stayed there for a week when I was a kid. To me, it is the closest thing to an HDB in America. What’s interesting about trailers is that you don’t own the land, but you own the home. The home is fully manufactured offsite and transported by truck (hence the name trailer) to the site and it is mounted on a slab with water and electric hookups. A lot of people in Singapore mistakenly believe mobile homes have wheels, but that is not the case.

It currently costs around $70-100k to buy a brand new mobile home, which can range from 500-1200sq ft with 2-3 bedrooms. They also have double-wides that are transported as two pieces and attached together on site, but those are not typically found in trailer parks, you’d generally buy a plot of land that allows manufactured homes. This is a major step up from a trailer park.

With all of that said, there are misguided efforts by the U.S. government to build low cost housing in cities, but these are usually rented out to low income folks who often trash the place and these neighborhoods called “the projects” usually become blighted at best and dangerous ghettos at worst (some are so bad, even the police are afraid go in there).

[jalanjalan]

Not sure if they have trailer parks in Canada, but that fulfills the low cost housing needs in many parts of the USA.

Yep, got. But, depending on location, the quality and cost varies widely. I did a quick google for mobile homes around where my grandparents used to live (outside Vancouver) and they run 300-500k excluding pad rental.

[malcontent]

Not sure if they have trailer parks in Canada, but that fulfills the low cost housing needs in many parts of the USA.

Yep, got. But, depending on location, the quality and cost varies widely. I did a quick google for mobile homes around where my grandparents used to live (outside Vancouver) and they run 300-500k excluding pad rental.

Wow, that is crazy… I don’t get how housing costs in the Pacific NW got so high. It’s not like there is land scarcity.

[Strong Eagle]

Wow, that is crazy… I don’t get how housing costs in the Pacific NW got so high. It’s not like there is land scarcity.

It's called Hongcouver for good reason.

And yes, there actually is a scarcity of land. To the east are mountains, to the west, the Pacific Ocean. It's a relatively small area of flat land, with high demand because of the scenic beauty and temperate climate.

https://maps.app.goo.gl/PJRSVGdB6m7BRLK76

[NYY1]

It's called Hongcouver for good reason.

And yes, there actually is a scarcity of land. To the east are mountains, to the west, the Pacific Ocean. It's a relatively small area of flat land, with high demand because of the scenic beauty and temperate climate.

https://maps.app.goo.gl/PJRSVGdB6m7BRLK76

I was recently in Vancouver for the first time in over a decade. I think it is even nicer than before (more developed), which is the opposite of what I think for many other cities I've been back to. If I had to pick one place in North America to be for the rest of my life, it would be there (although I'd probably pick somewhere else if I were younger).

Immigration has dramatically changed the demographics of this city over a few decades (probably elicits a wide range of views, depending on who you are). There are definitely areas (beyond Chinatown) where all you see are signs in Mandarin or Cantonese.

I've realised some people have a terrible assessment/perception of housing costs (and often wages as well) in global cities. It's not wrong, the mind anchors to what it knows or is familiar with.

[Strong Eagle]

I agree with you. If the gods laid out the path, I'd be in Vancouver as well. But family and commitments prevent the move.

[malcontent]

Just out of curiosity, does anyone know what property taxes are like in Canada?

For the US you pay roughly 2-2.5% of the property value annually for most places… California it’s closer to 1-1.5% due to the higher valuations there.

I’ve often thought that the savings on property taxes in Singapore can almost pay for the additional cost of car ownership, at least for one car.