Tharman: Singapore Home Prices Need To Cool Further

[Volvobrick]

 

I agree with you but $300+k for a 4 room flat of 85 sq/metrs isn't high ?

 

Its take a newly wed couple 25 ~ 30 yrs to replay the loan meaning they simpily cannot retire at 55 but instead work to 62 ~ 70 yrs...

Haven't you realized that this is exactly the purpose of making HDB prices high, and holding back the CPF payout? To force both husband and wife to work till they die..... then no need to worry about funding them during their retirement years.

 

Retirement age already increased from 55 to 62 to 65 to 67, and eventually they will be able to predict when one will die and just implement retirement age = D-3yr.

[Soya]

They are actually saying we still need to continue collecting SSD ( Seller Stamp Duty ) and ABSD ( Additional Buyer Stamp Duty ) .

 

 

wahaha....u beri goot at decoding politician talk.

[Wrathchild156]

LLST ;;;;

 

MIW dun give a shit bro – in their dictionary the word PUBLIC not listed….

 

PUBLIC housing

PUBLIC transportation

PUBLIC health care…..

Is their money generating machine….

 

 

 

He can say what ever he wants ... & I will just continue to Nod my Head in Pretense ...

 

 

 

[Camrysfa]

I think we have to be realistic.

 

Firstly, the government has said the cooling measures will be here for a while. That is what home buyers want, right? So that's one thing they got right already.

 

Secondly, it will never be that the government will engineer a crash. They don't have the ability to do that alone and it is not a good thing. What they want is an orderly decline in prices.

 

 

wah, decline to what level considered done.

 

A pilot can take a plane down from 30,00ft to land smoothly, repeatedly, no sweat.

 

Hope, the plan for property cooling is as predictable.

[Pmet]

becareful what you ask for. Some of the measures they had implemented during MBT's time caused property to chiong instead of falling. For example SSD; do you really think prices will be lifted if ppl are no longer bound by SSD and will be able to sell at a lower price? LOL. SSD was couter productive and will still be in time to come.

 

For example:

 

I bought a 1m property in 2013. After holding 1yr the SSD chargeable should be 12%. So to sell my property at a breakeven price, I would need to sell it for at least 1.12m (disregarding the miscellaneous fees). If SSD is removed today, I would only have to sell it at 1m. In a declining market today where transaction volumes are thin, do you think I can still die die demand 1.12m? Or would I drop to 1m and quickly cut loss? LOL

 

The net effect of lifting some CMs is further cooling. Thumbs up to Tharman!

 

Advise to the minority property investors: don't rush in now and wait for the CMs to be removed

Edited October 31, 2014 by Pmet

[Wt_know]

when CM is removed will there be long snake Q till 12am at showroom?

 

will developer remove all their simi discounts chop chop curry pop?

Edited October 31, 2014 by Wt_know

[Pmet]

when CM is removed will there be long snake Q till 12am at showroom?

 

will developer remove all their simi discounts chop chop curry pop?

 

Read my post above. Whatever caused prices to chiong when implemented will also cause prices to fall when removed. The reverse is also true so it depends on which CM they remove. But for now, it's safe to say MIW won't be removing any of them to prevent volitility in the market.

Edited October 31, 2014 by Pmet

[Evillusion]

When MIW says the truth coated with sugar it can only mean 1 thing..............General Election is round the corner!

[Duckduck]

When MIW says the truth coated with sugar it can only mean 1 thing..............General Election is round the corner!

 

consperm after next yr's 50th anniversary celebrations... goodies give out liao then cums erections...

 

[Fuelsaver]

this is the man who say " we can buy a hdb with $1K income" right?...

 

sigh,,, and i thought he was one of the more reliable ones...

He will link ur mentioned first part to this second part n cite it's all in the pipeline

Isn't that like slavery in modern times?

U dunno one measure to stay in power is to enslave the masses?

[Fuelsaver]

But we cannot 过河拆桥。

Thousands of families already made so much money from their HDB and happily staying in private now.

If govt stop people from making money from HDB now, there will surely have another group of unhappy people demanding for the rights.

 

govt 骑虎难下。

No it's not their rights. Investments bound to have ups n downs. They had their fair share of earning liao, then they should roll this earning to benefit future gen, otherwise it's not sustainable.

 

If I would put it more appropriately, 他们赚走我们的未来钱

 

Money has got to come fr somewhere, be it foreign worker or consumer. My limited understanding now would be that money is just a form of resource having somewhat the same nature as natural resources - we have to adhere to sustainable practice. So Richie rich has to practice giving back to society.

[Mockngbrd]

If i gahmen i also can say this. If prices dun go down, i will say, prices are out of our control, markets forces, ebola blah blah blah.... Then if prices really go down, i will say, huat ah, see PAP is best, we make prices go down. PAP Lumber huan!

 

Meanwhile shake leg at home

[Sturtles]

No it's not their rights. Investments bound to have ups n downs. They had their fair share of earning liao, then they should roll this earning to benefit future gen, otherwise it's not sustainable.

 

If I would put it more appropriately, 他们赚走我们的未来钱

 

Money has got to come fr somewhere, be it foreign worker or consumer. My limited understanding now would be that money is just a form of resource having somewhat the same nature as natural resources - we have to adhere to sustainable practice. So Richie rich has to practice giving back to society.

 

 

I do agree with your points.

 

In Singapore's context, increasingly high property prices mainly benefit the rich.

 

If this country is a state, like Malacca, or Jarkata, it is more justifiable, as there are poorer states to move out to if the young chose not to join the rat race.

 

However, we have no such places here.

 

Whatever the investors make now, it is at the expense of the future generation of less well off Singaporeans, or people who cannot escape this 'Paradise'

 

I would genuinely support low cost public housing, where it does not float at 100% with market prices. Income restrictions would apply here.

 

For peeps in the middle class, a tiered subsidy method for ECs should be applied, where they earn well, but not enough to be unburdened by increasing free market housing prices.

 

EC prices will be required to float with the free market. And instead of a figured subsidy, Eg. 50k for first tier, 100k for second tier, a percentage of the buying price should be used. eg .5% for first tier, 10% for second tier.

 

When there is a sale, then the % rebate would be required to be paid back to the government like the CPF.

 

Look at the ABSD cooling measure... it is so effective because it is tiered, and a percentage, instead of a numerically figured rate.

[Boringchap]

this is the man who say " we can buy a hdb with $1K income" right?...

 

sigh,,, and i thought he was one of the more reliable ones...

 

No lah, the man who said we can buy HDB with 1k income no longer a Minister liao.

 

DPM Tharman didn't say something quite as silly as that man.

[Ben5266]

No it's not their rights. Investments bound to have ups n downs. They had their fair share of earning liao, then they should roll this earning to benefit future gen, otherwise it's not sustainable.

 

If I would put it more appropriately, 他们赚走我们的未来钱

 

Money has got to come fr somewhere, be it foreign worker or consumer. My limited understanding now would be that money is just a form of resource having somewhat the same nature as natural resources - we have to adhere to sustainable practice. So Richie rich has to practice giving back to society.

So you are right.

Those who invested in the 70's, 80's would have made loads of money and they should roll they earning to their next generation.

They sould not expect to keep their earning and expect their next gen to make the same windfall.

 

New citizen, who just landed here would have to pay the new price without past earning.

 

 

actually... those who invested in private property in the 70's 80's made much more than those who got HDB.

[Boringchap]

actually... those who invested in private property in the 70's 80's made much more than those who got HDB.

 

Most definitely so.

 

Say you buy a private landed house in the mid 70s to late 70s, how much would it be worth today? I know some bought their houses at around $100,000 in the late 1970s. Today worth $2 to $3 mil.

[Ktglfc]

 

Most definitely so.

 

Say you buy a private landed house in the mid 70s to late 70s, how much would it be worth today? I know some bought their houses at around $100,000 in the late 1970s. Today worth $2 to $3 mil.

Agreed.

So the newer generation or current generation will suffer as a result of inflated property prices that the current salary income couldn't catch up.....

We are just a sandwiched class .....

[Boringchap]

Agreed.

So the newer generation or current generation will suffer as a result of inflated property prices that the current salary income couldn't catch up.....

We are just a sandwiched class .....

 

Nothing in life is fair. We just have to make the best of what we have.