Singapore PR to wait 3 years to buy HDB resale flat

[Wd40]

It says SPR "households" have to wait for 3 years. So I would imagine both members should have completed 3 years.

[ecureilx]

Is this an indirect admission that they have allowed too many PR's?

If the PR population is such a small player in the HDB resale market as the Govt states ..... somewhere around 5 or 6%... Then I am not sure what the point of this measure is apart from trying to score political points.

score political points. : is what me thinks

[allmail]

Buying HDB is no longer the reason for PR application. PRs are not idiots to pay 5% more than citizens for a 30 year old pigeon hole.

Irrespective of whether a PR buy's a private property or resale HDB they still need to fork out 5% of ABSD.
http://www.iras.gov.sg/irashome/page04.aspx?id=12832

However in all terms HDB house PSF value is much cheaper and affordable compared to the private property

[sundaymorningstaple]

But if you can afford the more expensive condo, then you aren't going to sweat the 5% in the first place. Don't think that has as much bearing as the sop for the locals.

[kookaburrah]

^^^^This

Property prices are already appreciating much slower than before.

Paying 5% over the sticker price may be potentially cancelling a couple of years worth of growth.

[Mi Amigo]

Don't think that has as much bearing as the sop for the locals.

Judging by the comments on TRE, it doesn't seem to have been received very well. Seems that us PRs are hated just as much as the rest of the 'FTs'.

[sundaymorningstaple]

In fact. I don't think it will slow 'em down at all. A 5 room resale is normally around the 550K mark. The old COV was at 30K. That's 5%. Some are selling now without any COV. If the COV goes or drops way down. then the full price remains the same anyway....

[Wd40]

I have my serious doubt that you speak for all the PR wannabes in Singapore.

Totally agree, of course one of the main reason of wanting to become PR is so to be able to buy a resale HDB. Even with the additional 5% it still a cheaper option than renting and a hell of a lot cheaper than buying private.

How naive a comment that one. You are assuming a lot of things. What if HDB prices drop by 30% in 3 years? You still think renting is a more expensive option?

We are talking about PR abusers mind you, not those who will live and die in their HDB. Take into account the fact that you cant sell your house nor can you rent it out.

My rent is 2k a month, I would rather continue renting as long as my net savings is worth it. When its not I quit this place. If I buy and 3 years later the value of my HDB falls and I am jobless, I am a goner.

[Mi Amigo]

How naive a comment that one. You are assuming a lot of things. What if HDB prices drop by 30% in 3 years? You still think renting is a more expensive option?

Que?

https://www.youtube.com/watch?v=5rKYL0tW-Ek#t=01m39s

[sundaymorningstaple]

I have my serious doubt that you speak for all the PR wannabes in Singapore.

Totally agree, of course one of the main reason of wanting to become PR is so to be able to buy a resale HDB. Even with the additional 5% it still a cheaper option than renting and a hell of a lot cheaper than buying private.

How naive a comment that one. You are assuming a lot of things. What if HDB prices drop by 30% in 3 years? You still think renting is a more expensive option?

We are talking about PR abusers mind you, not those who will live and die in their HDB. Take into account the fact that you cant sell your house nor can you rent it out.

My rent is 2k a month, I would rather continue renting as long as my net savings is worth it. When its not I quit this place. If I buy and 3 years later the value of my HDB falls and I am jobless, I am a goner.

Then I guess all the abusers who take up PR for the express purpose of making a profit out of their homes should just pack up and do the Little Red Dot a favour and get the hell out of Dodge then. Getting rid of the abusers will satisfy a whole lot more than just Citizens. I reckon Saint will agree with that one as well.

[Saint]

I have my serious doubt that you speak for all the PR wannabes in Singapore.

Totally agree, of course one of the main reason of wanting to become PR is so to be able to buy a resale HDB. Even with the additional 5% it still a cheaper option than renting and a hell of a lot cheaper than buying private.

How naive a comment that one. You are assuming a lot of things. What if HDB prices drop by 30% in 3 years? You still think renting is a more expensive option?

We are talking about PR abusers mind you, not those who will live and die in their HDB. Take into account the fact that you cant sell your house nor can you rent it out.

My rent is 2k a month, I would rather continue renting as long as my net savings is worth it. When its not I quit this place. If I buy and 3 years later the value of my HDB falls and I am jobless, I am a goner.

How long ago was it that your PR application was rejected?

[Wd40]

Totally agree, of course one of the main reason of wanting to become PR is so to be able to buy a resale HDB. Even with the additional 5% it still a cheaper option than renting and a hell of a lot cheaper than buying private.

How naive a comment that one. You are assuming a lot of things. What if HDB prices drop by 30% in 3 years? You still think renting is a more expensive option?

We are talking about PR abusers mind you, not those who will live and die in their HDB. Take into account the fact that you cant sell your house nor can you rent it out.

My rent is 2k a month, I would rather continue renting as long as my net savings is worth it. When its not I quit this place. If I buy and 3 years later the value of my HDB falls and I am jobless, I am a goner.

How long ago was it that your PR application was rejected?

No, its not a case of sour grapes, if thats what you think. I would like to really see if anyone is actually paying ABSD to buy property, whether its 5%, 10% or 15%.

Even on this forum, the only cases I have come across are people from countries with FTA who are buying.

The HDB house I live in is currently up for sale since last 6 months. It remains unsold. If PRs were buying that wouldn't happen.

Have a look at the COVs at the moment, SMS has already mentioned it. So you get the clue.

[Saint]

No, its not a case of sour grapes, if thats what you think. I would like to really see if anyone is actually paying ABSD to buy property, whether its 5%, 10% or 15%.

Even on this forum, the only cases I have come across are people from countries with FTA who are buying.

The HDB house I live in is currently up for sale since last 6 months. It remains unsold. If PRs were buying that wouldn't happen.

Have a look at the COVs at the moment, SMS has already mentioned it. So you get the clue.

COV over the last few years when through the roof and one of the main contributing factors was PRs willing to paid high COVs. This led to everyone selling their HBD not only asking for high COVs (Because someone in their block got it) but in some cases they are telling agents to only send PRs around to view, this came directly from an Agent friend of mine. How else are they going to get the 5% deposit for their condo?

Yes the COV has cooled in certain HDB areas but definitely not so much in the more popular expat areas like Marine Parade COV is general around $80k (There's one up for sell where a COV of $158k was turned down!)

[Wd40]

Lol! Look at this we are in the news again

http://www.tremeritus.com/2013/08/29/ne ... ale-flats/

[sundaymorningstaple]

I've come to the conclusion that TRE is created by cretins and populated by posters who are, for lack of a more descriptive term, genetic idiots.