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New property cooling measures

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Wd40
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New property cooling measures

Postby Wd40 » Fri, 11 Jan 2013 8:21 pm

http://www.todayonline.com/Singapore/ED ... g-measures

Most important part PRs will not be allowed to rent out their HDB. Very very interesting!

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Re: New property cooling measures

Postby offshoreoildude » Fri, 11 Jan 2013 8:33 pm

Wd40 wrote:http://www.todayonline.com/Singapore/EDC130111-0000131/Govt-announces-new-property-cooling-measures

Most important part PRs will not be allowed to rent out their HDB. Very very interesting!
- and having to sell within 6 months of buying a private condo!

Also ABSD for PR's buying their first residential property and Sinkies buying their second.
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Re: New property cooling measures

Postby JR8 » Sat, 12 Jan 2013 12:08 am

Wd40 wrote:http://www.todayonline.com/Singapore/EDC130111-0000131/Govt-announces-new-property-cooling-measures

Most important part PRs will not be allowed to rent out their HDB. Very very interesting!


Simple: 'One room lock' ah

p.s. Had you thought that rather than 'cooling the property market'*, this is just another exercise in raising taxes; popular of course as for the vast majority it will only fall on 'other people'.


* And the government certainly wouldn't wish to do that.

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Postby Strong Eagle » Sat, 12 Jan 2013 2:30 am

One more example of how non permanent PR's scamming of the system cause hardship and restrictions for those that take their PR seriously.

I can see how the game works. Get PR as quickly as you can. Buy and HDB flat and rent it out while moving back to home country. Enjoy the income without being part of Singapore.

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Postby offshoreoildude » Sat, 12 Jan 2013 9:20 am

Strong Eagle wrote:One more example of how non permanent PR's scamming of the system cause hardship and restrictions for those that take their PR seriously.

I can see how the game works. Get PR as quickly as you can. Buy and HDB flat and rent it out while moving back to home country. Enjoy the income without being part of Singapore.


Yes I know a few who do that. However the vast majority don't I believe.
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x9200
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Re: New property cooling measures

Postby x9200 » Sat, 12 Jan 2013 9:59 am

JR8 wrote:
Wd40 wrote:http://www.todayonline.com/Singapore/EDC130111-0000131/Govt-announces-new-property-cooling-measures

Most important part PRs will not be allowed to rent out their HDB. Very very interesting!


Simple: 'One room lock' ah

Not really. HDB is more than aware of this "trick".

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Re: New property cooling measures

Postby nakatago » Sat, 12 Jan 2013 10:51 am

Wd40 wrote:http://www.todayonline.com/Singapore/EDC130111-0000131/Govt-announces-new-property-cooling-measures

Most important part PRs will not be allowed to rent out their HDB. Very very interesting!


It's alright because eventually, there would no dirty foreigners looking for units to rent.

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Wd40
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Re: New property cooling measures

Postby Wd40 » Sat, 12 Jan 2013 11:27 am

x9200 wrote:
JR8 wrote:
Wd40 wrote:http://www.todayonline.com/Singapore/EDC130111-0000131/Govt-announces-new-property-cooling-measures

Most important part PRs will not be allowed to rent out their HDB. Very very interesting!


Simple: 'One room lock' ah

Not really. HDB is more than aware of this "trick".


Well, it's only a problem if the owner lives in Singapore in another house(evn then I doubt it considering the number of ads on the property portals) But if owner goes abroad and locks one room, then technically it should be ok, because he can say that he is not renting out the whole unit but the room is for the owners belongings. I don't think it has has been explicitly mentioned anywhere that owner should also be living in the same house.

Right now lot of people do it during the MOP period, now only difference is the MOP is forever.

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Postby zzm9980 » Sat, 12 Jan 2013 12:36 pm

This is all lip service to pissed off SCs. You can search for it, but I posted a link to something about this last year when they first limited PRs to only 1 year of subletting their flat. Something like only 4.5% of all sublet HDB flats in Singapore were PR owned; the rest were all SC owned.


There will also be Additional Buyer's Stamp Duty (ABSD) rates imposed on PRs buying their first residential property and on Singaporeans purchasing their second residential property.


How does that song Hulk Hogan used to sing go? "I'm proud to be an Americaaaan...!"

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Postby zzm9980 » Sat, 12 Jan 2013 12:44 pm

This one is interesting:

12 An additional measure will take effect on 1 July 2013 to tighten the terms for granting HDB loans and the use of CPF funds for the purchase of HDB flats with remaining leases of less than 60 years (details of this measure are in Annex IV).


More than a few estates are going to hit this in the next few years. I'm curious what it will do to resale HDB prices, especially in places like Marine Parade where we have people asking S$400k for 3-rooms with no view, and just shy of a million for 5 rooms, in units that were built in the 70s

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Postby Mi Amigo » Sat, 12 Jan 2013 12:55 pm

Hmm. Could a perfect storm be brewing? Of course, whatever happens it'll all be the fault of us foreigners. We're blamed for the current high property prices, but if the market does cool to any significant extent then we will doubtless also be blamed for having caused the value of their 'investments' to have fallen.

Always handy to have a scapegoat.
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Re: New property cooling measures

Postby offshoreoildude » Sat, 12 Jan 2013 4:57 pm

nakatago wrote:
Wd40 wrote:http://www.todayonline.com/Singapore/EDC130111-0000131/Govt-announces-new-property-cooling-measures

Most important part PRs will not be allowed to rent out their HDB. Very very interesting!


It's alright because eventually, there would no dirty foreigners looking for units to rent.


In todays ST - fringe rentals are already falling....
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Postby auet » Sat, 12 Jan 2013 11:08 pm

Would appreciate if anyone can advice on whether the new cooling measures will affect the price of HDB executive apartments (those that are near to mrt station)?

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Postby Mi Amigo » Sun, 13 Jan 2013 12:16 am

Why wouldn't they?
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Postby offshoreoildude » Sun, 13 Jan 2013 11:43 am

auet wrote:Would appreciate if anyone can advice on whether the new cooling measures will affect the price of HDB executive apartments (those that are near to mrt station)?


A rather moronic question. We're not property gurus - we're expats.
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