PR approval 2021 chances

Discuss about life in Singapore. Ask about cost of living, housing, travel, etiquette & lifestyle. Share experience & advice with Singaporeans & expat staying in Singapore.
Post Reply
User avatar
malcontent
Reporter
Reporter
Posts: 781
Joined: Sat, 22 Dec 2007 11:52 am
Location: Pulau Ujong

Re: PR approval 2021 chances

Post by malcontent » Tue, 07 Sep 2021 10:50 am

It is primarily because it is a leveraged investment. You don’t have to come out with the full capital but you enjoy the full gains. Especially true now with low interest rates.

Many like new developments where they can lock in the purchase price today but don’t have to come out with much money until years later, they can then flip it for a tidy profit if they are lucky, without even coming out much money from their pocket.

Then there is en-bloc which happens when there is a collective sale of a condo, especially the older ones. Because of the limited space in Singapore there is often strong demand for this, and developers often pay a premium if they can build higher than the existing one, because they stand to make more money when they sell the increased number of units.

Finally, I think property investments here are preferred because they have vastly outperformed the local stock market. The STI index was 2,400 when I came here in 1996 and today it’s only around 3,000. That is among the worst showings for any stock market in the world. By comparison, the S&P 500 was 800 in 1996 and today it is around 4,500.

User avatar
singaporeflyer
Moderator
Moderator
Posts: 3521
Joined: Mon, 17 Aug 2009 9:49 am

Re: PR approval 2021 chances

Post by singaporeflyer » Tue, 07 Sep 2021 11:07 am

PartyLike-A-Russian wrote:
Tue, 07 Sep 2021 9:12 am
malcontent wrote:
Mon, 06 Sep 2021 11:57 pm
Neither do a few lucky nationalities that are exempt (thanks to free trade agreements).
Found https://www.iras.gov.sg/irashome/Other- ... ts--FTAs-/

The USA is on the list.

Thanks for the answer, malcontent. But there is no answer to my question "Why is buying a condo perceived as an investment for your own profit?" Sms, maybe you can explain. You were the one who said it a few messages earlier.
How is buying a condo going to contribute to Singapore? Anytime, when the price goes up, you may sell the condo, take the profit and leave ?

User avatar
malcontent
Reporter
Reporter
Posts: 781
Joined: Sat, 22 Dec 2007 11:52 am
Location: Pulau Ujong

Re: PR approval 2021 chances

Post by malcontent » Tue, 07 Sep 2021 12:45 pm

Buying a condo doesn’t contribute economically to Singapore per se, but I can tell you that they took great interest in our owning a condo when my daughter was applying for PR under her mother. My wife spoke to the officer directly and this was one of the things they reviewed in detail.

I think one reason was because approving my daughter would effectively form a family nucleus that would make us HDB eligible.. and they seemed to be sensitive about regulating the demand on HDB flats, presumably to keep them affordable. The other reason is probably just evidence of our financial wherewithal, proof that we won’t risk becoming a burden to the state.

smoulder
Chatter
Chatter
Posts: 443
Joined: Fri, 25 Dec 2015 11:05 pm

Re: PR approval 2021 chances

Post by smoulder » Tue, 07 Sep 2021 12:45 pm

Just thinking about this line of thinking that buying a condo must be viewed only from the lens of personal gain.

Couldn't it potentially signal to the gahmen that the person is seriously considering putting down roots here - with the stiff absd for foreigners and the marginal increases in property prices, it's actually quite hard to make a profit from a condo purchase and subsequent sale.

Add to that, if and when the person becomes a PR and perhaps a citizen, he won't consume national resources which is essentially what happens when you purchase an hdb (correct me if I'm wrong on this point).

User avatar
PartyLike-A-Russian
Regular
Regular
Posts: 51
Joined: Mon, 07 Oct 2019 6:17 pm

Re: PR approval 2021 chances

Post by PartyLike-A-Russian » Tue, 07 Sep 2021 12:57 pm

singaporeflyer wrote:
Tue, 07 Sep 2021 11:07 am
How is buying a condo going to contribute to Singapore? Anytime, when the price goes up, you may sell the condo, take the profit and leave
If there were no buyers, why would developers build the condominiums for?
Development means jobs, I guess, for the locals. Taxes from the developer. Plus, the stamp duty itself. Maybe some more.
singaporeflyer wrote:
Tue, 07 Sep 2021 11:07 am
Anytime, when the price goes up, you may sell the condo, take the profit and leave
Sounds reasonable. For someone who waits for the moment to leave :D You can say the same about PR renunciation. Work, enjoy your benefits, take your CPF and leave (hmmm, I think many do this actually).
There are many other factors that are taken into consideration when one decides to stay or leave, right?

smoulder, yeah, I kind of also don't understand why buying a property is not perceived as sinking roots.

Sms, what do you think?
Last edited by PartyLike-A-Russian on Tue, 07 Sep 2021 1:06 pm, edited 1 time in total.

User avatar
malcontent
Reporter
Reporter
Posts: 781
Joined: Sat, 22 Dec 2007 11:52 am
Location: Pulau Ujong

Re: PR approval 2021 chances

Post by malcontent » Tue, 07 Sep 2021 1:04 pm

I do not believe HDB units are really subsidized except for Singaporeans who purchase them new (e.g. BTO) and get grants - and even they can only do this twice in their lifetime — they have to live in the flat for a minimum of 5 years each time. It is best for them to do this while they are still young and earning less, as the grants usually come with an income test. The indirect message is, hurry up and get married!

As for the resale market which applies to everyone else who is HDB eligible, I think these are no more of a national resource than anything else here. However, providing affordable basic housing is a national objective, and that is why regulating the demand for the limited supply becomes very important.

User avatar
singaporeflyer
Moderator
Moderator
Posts: 3521
Joined: Mon, 17 Aug 2009 9:49 am

Re: PR approval 2021 chances

Post by singaporeflyer » Tue, 07 Sep 2021 1:21 pm

PartyLike-A-Russian wrote:
Tue, 07 Sep 2021 12:57 pm

Sounds reasonable. For someone who waits for the moment to leave :D You can say the same about PR renunciation. Work, enjoy your benefits, take your CPF and leave (hmmm, I think many do this actually).
There are many other factors that are taken into consideration when one decides to stay or leave, right?
That is why Gov is very conscious to find out who are serious in staying here and then give PR.

User avatar
PartyLike-A-Russian
Regular
Regular
Posts: 51
Joined: Mon, 07 Oct 2019 6:17 pm

Re: PR approval 2021 chances

Post by PartyLike-A-Russian » Tue, 07 Sep 2021 1:39 pm

singaporeflyer wrote:
Tue, 07 Sep 2021 1:21 pm
That is why Gov is very conscious to find out who are serious in staying here and then give PR.
Good cop bad cop situation. What if I am already serious after less than 3 years and don't want to wait for X years before reapplying.

Bad cop: this guy is just begging for a stable pass to stay. Rejected.
Good cop: what a committed guy! Ok, get in.

:D

User avatar
malcontent
Reporter
Reporter
Posts: 781
Joined: Sat, 22 Dec 2007 11:52 am
Location: Pulau Ujong

Re: PR approval 2021 chances

Post by malcontent » Tue, 07 Sep 2021 1:53 pm

I have always believed that there is a missing visa class between PR and EP, a visa that is semi-permanent. Something that could replace both LTVP+ and PEP, maybe call it LTR. For an LTR they could get some breaks, like qualifying for ASEAN fees in local schools as an example, and can switch jobs without reapplying. But, they would still be subject to renewal like an EP, say every 5 years.

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Staying, Living in Singapore”

Who is online

Users browsing this forum: No registered users and 6 guests