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New property cooling measures

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wwww
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Postby wwww » Wed, 16 Jan 2013 4:16 pm

Sergei82 wrote:They say "temporary" in order not to frustrate people. After a while they will say that those measures brought about good results, so let us make them permanent.
I wish my salary grew at least as fast as property prices! :)


They will certainly abolish the ABSD once interest rises and property prices are in free fall. Just think of all the locals that have purchased in 2012 and still buy now, their mortgage will be under water in no time and the government will risk costly bank bailouts and plenty of lost votes from angry local homeonwers.

So yes, the measures are temporary, but they will remain for a couple of years until interest rates normalize.

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Postby offshoreoildude » Wed, 16 Jan 2013 5:28 pm

sundaymorningstaple wrote:
offshoreoildude wrote:
sundaymorningstaple wrote:Actually, I thingk the measures are not designed to "help SC improve their position" but to help Singaporeans to own their home to live in, rather than buying it to just sell in a couple of years for a profit (flipping).


My bad.... I was struggling to find the words to explain the posn of an SC family needing to upgrade for reasons apart from financial.


helping SC to upgrade to help their expanding families? With a TFR of 1.13! Who is the Gahmen kiddin'! Should only build 3-RM flats or only allow them to buy 3-RM flats until they have the 2nd child.


It's the usual problem of a Gahmen not holistically tackling a problem.... want to fix TFR? You need to look at EVERYTHING from child care to housing to maternity to NS (yes NS affects fertility) to sex education to university scholarships.... here they just stick a bandaid on one thing and wonder why it doesn't work.
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Postby morenangpinay » Wed, 16 Jan 2013 5:44 pm

seems that you guys are famous once again. The (TREsh talk only) made a whole blog post bout you PRs discussing how to bypass the new law lol

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Postby Mi Amigo » Wed, 16 Jan 2013 5:58 pm

morenangpinay wrote:seems that you guys are famous once again. The (TREsh talk only) made a whole blog post bout you PRs discussing how to bypass the new law lol

Looking at that site, it really is quite enlightening (and disheartening) to see how despised us 'foreigners' are by so many people. I came here 8+ years ago and set up a regional office that created well-paid employment for about a dozen Singaporeans. I'm a permanent resident, contributing to the country, yet I am still considered to be a 'parasite' in they eyes of many. Now I know how immigrants feel in my country of birth.

Well maybe the mass exodus of foreigners (and their companies) has began; in which case ... (see below).
Be careful what you wish for

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Postby JR8 » Wed, 16 Jan 2013 6:10 pm

morenangpinay wrote:seems that you guys are famous once again. The (TREsh talk only) made a whole blog post bout you PRs discussing how to bypass the new law lol


I've reread the whole topic and I don't see anyone talking about bypassing ANY laws.

Perhaps you could post a link to the article?

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Postby offshoreoildude » Wed, 16 Jan 2013 6:48 pm

morenangpinay wrote:seems that you guys are famous once again. The (TREsh talk only) made a whole blog post bout you PRs discussing how to bypass the new law lol


What the phuck you talking about? Wanna back your trash talk up with a link?

While I despise some of the posters in comments in TRE I find it an interesting view point at times.
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Postby offshoreoildude » Wed, 16 Jan 2013 6:50 pm

morenangpinay wrote:seems that you guys are famous once again. The (TREsh talk only) made a whole blog post bout you PRs discussing how to bypass the new law lol


http://www.tremeritus.com/2013/01/13/prs-discuss-ways-to-bypass-new-hdb-restrictions/

You notice they don't post some of the comments (specifically mine) stating the opposite view?
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Postby offshoreoildude » Wed, 16 Jan 2013 6:54 pm

Sergei82 wrote:
offshoreoildude wrote:
Sergei82 wrote:
offshoreoildude wrote:
zzm9980 wrote:
offshoreoildude wrote:
ScoobyDoes wrote:
Wd40 wrote:But the 5% ABSD for PRs buying HDB is really unfair. This will for sure drive out most foreign talent who are looking to make Singapore their home. I am now 100% sure that I wont buy a house ever in Singapore.



Anyone seriously looking to make Singapore their home as PR would not care too much about the extra 5% as PR. Supposedly on a longterm investement of 20, 30, 40yrs or a lifetime the 5% could come to a few cents per day.

It is the ones looking to dupe the system or flip in 3, 5 or 7yrs that will be, and should be put off.


5% on $1MM is $50,000 - and it has to be paid in cash, That's the rub.


Cash upfront, the bank won't finance this as part of the overall loan? Wow.


I don't believe so. The hardest part for a PR (without much CPF) is raising the deposit (cash component). In my case it was over $200,000 - the value of one of my landed houses in Australia!

How long ago there were such prices in Australia?


I'm selling one for $215,000 right now - you can have it for AUD$190,000 as you're Russian.

http://realestate.watoday.com.au/overvi ... elly-6308/

Can you ask somebody to explain you the difference between Russians and Ukrainians?


Yes - they told me Russians are blonde haired and blue eyed and Ukrainians are blue eyed and blonde haired. I think I have it now,
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Postby offshoreoildude » Wed, 16 Jan 2013 6:56 pm

wwww wrote:
Sergei82 wrote:They say "temporary" in order not to frustrate people. After a while they will say that those measures brought about good results, so let us make them permanent.
I wish my salary grew at least as fast as property prices! :)


They will certainly abolish the ABSD once interest rises and property prices are in free fall. Just think of all the locals that have purchased in 2012 and still buy now, their mortgage will be under water in no time and the government will risk costly bank bailouts and plenty of lost votes from angry local homeonwers.

So yes, the measures are temporary, but they will remain for a couple of years until interest rates normalize.


Governments have a nasty habit with taxes and levies .... they become addicted to them.
Now I'm called PNGMK

offshoreoildude
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Postby offshoreoildude » Wed, 16 Jan 2013 7:01 pm

ScoobyDoes wrote:
offshoreoildude wrote:5% on $1MM is $50,000 - and it has to be paid in cash, That's the rub.



I can do maths.

My point was that an extra 5% is not a huge amount for those looking to buy for the long term given that, in time, it will all even out to a few cents per day extra. Removing speculators/hoarders has to be the driving force behind price stability.

Anyone unable to find the extra 5% shouldn't be looking to buy at any price, let alone the $1m of your example.


In my case I had plenty of wealth.... but not in ready cash.... Singaporeans tend to be the opposite as they have a limited investment market here.
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Postby JR8 » Wed, 16 Jan 2013 7:04 pm

offshoreoildude wrote:
morenangpinay wrote:seems that you guys are famous once again. The (TREsh talk only) made a whole blog post bout you PRs discussing how to bypass the new law lol


http://www.tremeritus.com/2013/01/13/prs-discuss-ways-to-bypass-new-hdb-restrictions/

You notice they don't post some of the comments (specifically mine) stating the opposite view?


They quote ME! :o :???:

As writing "Simple: 'One room lock' ah"

What they fail to see is, I was writing it in Singlish, I.E. as a Singaporean might. Not as a PR would.

And I am not a PR.

And I don't even live in Singapore.

And I own no property in Singapore, and never have.

So, 100% FAIL!

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Postby offshoreoildude » Wed, 16 Jan 2013 7:22 pm

And in other news .... Singapore singles will be allowed to buy new HDB once they are past the age of child bearing (almost).

http://www.channelnewsasia.com/stories/ ... 08/1/.html
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Postby Wd40 » Wed, 16 Jan 2013 8:02 pm

JR8 wrote:
offshoreoildude wrote:
morenangpinay wrote:seems that you guys are famous once again. The (TREsh talk only) made a whole blog post bout you PRs discussing how to bypass the new law lol


http://www.tremeritus.com/2013/01/13/prs-discuss-ways-to-bypass-new-hdb-restrictions/

You notice they don't post some of the comments (specifically mine) stating the opposite view?


They quote ME! :o :???:

As writing "Simple: 'One room lock' ah"

What they fail to see is, I was writing it in Singlish, I.E. as a Singaporean might. Not as a PR would.

And I am not a PR.

And I don't even live in Singapore.

And I own no property in Singapore, and never have.

So, 100% FAIL!


And "Technically" neither am I a PR.

Image

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Postby Wd40 » Wed, 16 Jan 2013 8:27 pm

One of my colleagues is in a terrible situation. He is a PR from several years and he kept resisting from buying property, he finally bit the bullet last year and bought a 3 bedder in Punngol for ~465k. At that point his(and ours as we are in the same team) job looked very secure but less than one year later, our jobs are on the line and his specific case he has only about 1 more month left in the company. He has been searching for a job for the last 6 months and hasnt got any calls. He is dot net developer earning circa 6k a month btw.

I really feel sorry for him. I really hope he gets another job soon. But God forbid, if he doesnt, he cannot even rent his whole house and go to India and I doubt whether HDB will allow him to sell his house in the open market before the MOP is over so he just has to give back his house at whatever valuation HDB does for him.

I am sure there are lots of such people out there and this latest cooling measure has to be the last straw that breaks the camel's back.

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Postby nakatago » Wed, 16 Jan 2013 9:32 pm

Wd40 wrote:
JR8 wrote:
offshoreoildude wrote:
morenangpinay wrote:seems that you guys are famous once again. The (TREsh talk only) made a whole blog post bout you PRs discussing how to bypass the new law lol


http://www.tremeritus.com/2013/01/13/prs-discuss-ways-to-bypass-new-hdb-restrictions/

You notice they don't post some of the comments (specifically mine) stating the opposite view?


They quote ME! :o :???:

As writing "Simple: 'One room lock' ah"

What they fail to see is, I was writing it in Singlish, I.E. as a Singaporean might. Not as a PR would.

And I am not a PR.

And I don't even live in Singapore.

And I own no property in Singapore, and never have.

So, 100% FAIL!


And "Technically" neither am I a PR.

Image


These people don't get sarcasm. Opposite day would be disastrous for them.


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