Future-Many Will Be Stuck With Overpriced Property

[Gearoil]

Restart the system...

 

vote out those pigs...

 

get at least 2/3 opposition in to transparent them...

 

And to change the Sinkie mindest that the gov is there to 'fix' their life for them.

 

You need to undo what that bunch of axx holes has created.

 

A lot of lousy, useless Sinke that has now surfaced and are the 'new' generation.

 

You can start somewhere to redo what has gone wrong and what you have suggested is good.

 

But mind you, those bunch of axxholes, have entrench a system that has been inculcated into the minds of the 'new' Sinkie.

 

Without changing the Sinkie's minds and swaying their out of their trance, you will find that what you have suggested will not materialise.

 

[SimonTan]

I would suspect half of these 65million are smart owners who disconnected their power meters and tap the electricity directly to the streetlamps or other sources!

 

65million homes is too amazing a figure.

This is not including those built/sold and are occupied.

If we assume 65million unoccupied is 65% of total construction, then we will be looking at ~100million new units over the past years(dont know how many years to built, maybe ten year?)

Can china built 10million units each year over the past ten year?

 

Does anyone has the figure of the yearly number of homes built/completed in China for the last 10years or 5 years?

 

 

 

"China has 65mil homes unoccupied.

Frankly this is a bigger bubble than USA to me."

 

[Apvman]

I have confidence in our government, but I like them to spare much more consideration for the low income earner and Singaporeans in general. So much FT coming in will no doubt increases efficiency and competition but the rate of competition is something that the government has to consider. I as a low income earner are finding it hard to live in SG. Bus fares are up, Cable tvare up, property price up, now 1 fish can cost as much as 1.2k, and now even on tv the price of eggs are increasing. aiyo how to retire in SG after 30yrs. So our dear leaders, my plead is, can we not be so competitive and be the best in everything that we do? Many of us want a simple life.

 

BTW, I am not a supporter of the goverment, but reading the comments on the recent flood issues sometimes make me wonder SGeans really take every opportunity to hit back to the government. There have been many recent severe flood case happing across asia and many countries are flooding as shown on the new. It could be due to north pole ice berg melting as like global warming. Damn it if u so good, why dun u be a minister and try to give a assurance that there wont be flood in sg anymore. hahaha.

 

 

Wah.. U can go and act in the "wu jian tao" movie... can be double head snake so easily.. hahaha...

 

One moment u accused of the government for the increase in "everything" and the next moment, you f--ked those who hit the government for doing nothing on teh flooding issues....

 

NBzzz... why dont you start scolding yourself for not spending your time in yor books so that you have a better earnnings.. why dont you start looking at yorself on your daily expenditure and cut down on your unnecessary spendings so that you can max yor savings...

 

Bro, if want to support, then support all the way... dont be like typical singaporean gi na pi.. try to be double head snake....

 

[Throttle2]

My target is simply to have at least 3 fully paid properties, each of about $2mil, by 45 yrs old.

Anything more than that to me is excessive.

Just enough for me and my children when they grow up, thats all.

 

 

 

 

[Freestylers09]

对不起，我是警察..

 

我只想做个好人

[Hokk7777]

The theory (solution) is simple:

 

Buy only what you can afford.

 

For the rich, they can afford so no issue here.

 

For the normal people, if cannot afford a private apartment, don't die die must come out one to impress relatives and friends that you are successful.

You are successful or not, you and your wife/husband knows can already.

[Soya]

My target is simply to have at least 3 fully paid properties, each of about $2mil, by 45 yrs old.

Anything more than that to me is excessive.

Just enough for me and my children when they grow up, thats all.

 

that's gonna alot of tables to wipe. tink 2 hands, 3 legs still cannot wipe fast enuf....

[Tigerwoods]

I would suspect half of these 65million are smart owners who disconnected their power meters and tap the electricity directly to the streetlamps or other sources!

 

65million homes is too amazing a figure.

This is not including those built/sold and are occupied.

If we assume 65million unoccupied is 65% of total construction, then we will be looking at ~100million new units over the past years(dont know how many years to built, maybe ten year?)

Can china built 10million units each year over the past ten year?

 

Does anyone has the figure of the yearly number of homes built/completed in China for the last 10years or 5 years?

 

"China has 65mil homes unoccupied.

Frankly this is a bigger bubble than USA to me."

Tapping on the Street Electric Grid for power ?? I saw that in India but in China Urban areas maybe cannot already.

 

I was in Shanghai recently and travel on Overhead Highways, I can see rows and rows of Condos/apartments are FULLY built and no occupiers.

 

I think the bubble will burst soon, no matter the China Garment make or don't make controls to the Property market.

 

[Hatch_lover]

It dawned on me a few months back on how rapid and surreal the rise is property prices are in Singapore.

 

Being an older citizen and someone who has undergone thru a few property cycles, I dread to look into my crystal ball.

 

But I shall not say what I see in the crytal ball but instead I shall lay down some pitfalls our younger generation may get into.

 

1) Why are the prices rising?

 

In the past, property rise wasn't as rapid as currently. If you think about it, past rises (before mid 80s) were very mild. Even back then the economy was doing well but prices didnt shoot thru the roof! There wasn't many FT importation. So the increase was mainly due to inflation, slowly growing number of citizens and HDB's supply of new units.

 

Currently, the biggest factor leading to escalation is the welcoming of FT. You gotta house an additional 1+ million, there is no way prices wont move.

 

2) Is the number of FT import increasing?

 

The ans is YES!. As long as we hit double digit growth. But the moment those numbers drop.....watch out! Because we are soplugged into the worlds economy that any little tremor in any market, we will get hit. China, India, Euro, US, SEA....any one of these can potentially devastate us.

 

But the rise in FT number can also not be sustainable. Imaging importing until 10million resisdents? Our physical constarints can never be removed. But what will happen when we hit the limit.....say 6million then stop importing? What happens to property values?

 

They will stagnate or slide just like the early 80s. Then what happens to our younger citizens who bought at inflated prices? They have tied up all their income into just paying the mortgage of 40+years. Once an inflation peak comes, interest rates bumps to 9% ( as it has happen previously) many will be unable to pay their interest, let alone the principal. Many will lose their roofs over their heads. Or if they lose their jobs. Or if theyre retrenched. Or if the get hit will long term illness.

 

Then those who are just able to barely escape all these will find their CPF nestegg empty. All of which have been used up in paying interests. They will have nothing for retirement. The govt will then cajole them to rent, sell or give it to insurance co, just so they can have something to eat.

 

3) Conclusion? In the future there will be many an FT going back. They will liquidate, esp during a recession. I advise citizens to pay off their mortgage asap of take the least amount of loans possible. Save those bullets for a rainy day. Save it to buy back those property being sold cheap by the returning FTs. Take back your country. When the upturn comes, rent it back at ridiculous $$$.

 

While you seem to have raised valid points in the beginning but your last sentenance betrayed your true intention. Your thread title claims that properties are now overpriced and your argument is that this increase in price is due to the influx of FTs or FWs. Further in point 3 you believe many FT will leave, thus leading to a collapse in ppty px. So far, your argument seems fair and logical. BUT in your last sentenance, you forsee there will be an upturn, and to rent back the ppty at high $$$ that one has bought earlier on when all the FTs you mentioned dumped them before leaving Sg.

 

Now, I'm curious. How do you know when the FT will dump their ppty and when the dumping stops? This is an important question because one needs to know when to buy back to take advantge of the upturn?

 

And then it brings me to the next question. If there is going to be a upturn eventually, why should I dump in a down-turn? Esp if I could still rent it out, albeit at a low yield? I might as well ride out the down-turn and wait for recovery? And if everybody do not dump their ppty, you are unlikely to see ppty px crash.

 

You have also mentioned that Sg population probably will peak at 6 mio. Now we probably have a mio more people to go. That means there is still room to grow and demand will still be strong, if not stronger than now. So if the exodus of FTs takes place after the 6 mio mark is reached, those who bought at this level now might still be able to hold out as they probably would have built up a buffer as rental continues to inch up. This buffer will come in handy when downturn comes.

 

At the end of the day, Sg ppty mkt is small and demand/ supply can be easily controlled via many means. I'm also of the opinion, that px is not likely to crash as its not beneficial to Sg economy as a whole. Imagine the wider implication to the banks, the developers, govt revenue etc. More importantly, we must raise our income level so that it is able to support the ppty px. This I believe is the way to go, and probably tougher for most people to accept becoz it involves a mindset change in the way things r being done now. Humans r by nature resistance to change. Its thus easier to just shout for px to crash back so that its affordable at our current income level. But many also forget, it px really crash, their own jobs are also likely to be affected.....so be careful with what you wised for.....

 

PS: I'm vested in ppty just in case readers question my agenda

 

[Throttle2]

that's gonna alot of tables to wipe. tink 2 hands, 3 legs still cannot wipe fast enuf....

 

 

what do you think I've been doing, dude?

 

blood sweat tears leh.....

[Soya]

Good article here summing up the whole economic situation in the world:

 

http://www.todayonline.com/Commentary/EDC1...or-a-double-dip

 

 

 

[Aimnfire]

if china burst

the whole world will collapse like dominos

 

when that happen middle income will be sandwich

 

the rich will become middle income

the poor will be poorer but makes no difference to their live

the middle income will be the suicide section

because of the lifestyle we live and to sustain that lifestyle, we tend to borrow

 

forgoodness sake,

punggol new 4 room flats are price at $250k and above

how much will they worth when you want to sell down the road

its not like punggol is town area

 

those who took the flats with that kind of crazy price are looking for trouble down the road

[relacker]

I have confidence in our government, but I like them to spare much more consideration for the low income earner and Singaporeans in general. So much FT coming in will no doubt increases efficiency and competition but the rate of competition is something that the government has to consider. I as a low income earner are finding it hard to live in SG. Bus fares are up, Cable tvare up, property price up, now 1 fish can cost as much as 1.2k, and now even on tv the price of eggs are increasing. aiyo how to retire in SG after 30yrs. So our dear leaders, my plead is, can we not be so competitive and be the best in everything that we do? Many of us want a simple life.

 

BTW, I am not a supporter of the goverment, but reading the comments on the recent flood issues sometimes make me wonder SGeans really take every opportunity to hit back to the government. There have been many recent severe flood case happing across asia and many countries are flooding as shown on the new. It could be due to north pole ice berg melting as like global warming. Damn it if u so good, why dun u be a minister and try to give a assurance that there wont be flood in sg anymore. hahaha.

 

 

importing FT is a short cut. the right way is to invest in ur own citizens via free education e.g germany, japan, italy, holland, france, scandinavians do.

 

but it take time but it solve problem at the root. dun keep harping not enuf talent when u dun invest.

e reason they need import ft cos gdp tied to their pay and they wan pay raise asap.

[Billyone]

short-sightedness

quick fix solution

self serving

power hungry

 

who do you think these words are describing

 

[Billyone]

if china burst

the whole world will collapse like dominos

 

when that happen middle income will be sandwich

 

the rich will become middle income

the poor will be poorer but makes no difference to their live

the middle income will be the suicide section

because of the lifestyle we live and to sustain that lifestyle, we tend to borrow

 

forgoodness sake,

punggol new 4 room flats are price at $250k and above

how much will they worth when you want to sell down the road

its not like punggol is town area

 

those who took the flats with that kind of crazy price are looking for trouble down the road

 

man are u living in singapore

this is election year

the government wants to make as many citizens millionaire before the erection cums

so what is this so surprising about

 

wake up

stand up for singapore

 

 

[Chewbacca]

if china burst

the whole world will collapse like dominos

 

when that happen middle income will be sandwich

 

the rich will become middle income

the poor will be poorer but makes no difference to their live

the middle income will be the suicide section

because of the lifestyle we live and to sustain that lifestyle, we tend to borrow

 

forgoodness sake,

punggol new 4 room flats are price at $250k and above

how much will they worth when you want to sell down the road

its not like punggol is town area

 

those who took the flats with that kind of crazy price are looking for trouble down the road

 

Nah. Rich will become richer. The middle either become poor or become rich. And the poor....well, no one really cares about them, right (this seems to be the attitude S'pore government is taking).

 

Also....it's not like some have choice on whether to buy or not. If you're starting a new family......unless you want to rent, no choice, is it? And renting isn't that much better.

[Hiphiphoray]

Actually the solution is pretty simple.

 

Just concentrate on career and delay forming a family or having kids lor. Many are even dropping both plans totally. Thats why our birth rates are at pathetic levels.

 

These ppl can easily make enough to support a good lifestyle for himself/herself. Get married for fark ??? Have kids for fark ???

 

Just like my neighbour's daughter........almost mid-30's like me & wify, but she is staying with her retired parents with no plans to marry at all.

 

Easy life everyday........no stress at all. Can do whatever she wants.

 

Where got time to worry about what property bubble and all that crap....SIAO!

Edited July 19, 2010 by Hiphiphoray

[Kensk]

BTW, I am not a supporter of the goverment, but reading the comments on the recent flood issues sometimes make me wonder SGeans really take every opportunity to hit back to the government. There have been many recent severe flood case happing across asia and many countries are flooding as shown on the new. It could be due to north pole ice berg melting as like global warming. Damn it if u so good, why dun u be a minister and try to give a assurance that there wont be flood in sg anymore. hahaha.

 

Probably if your house or car is one of those hit by the flood, you would say otherwise. Precisely because they are the best paid team in the world, they are expected to do better than the countries in the region also battling floods.