View Full Version : More property cooling measures announced
New property cooling measures have been announced.
They include size restrictions on executive condominiums, tighter loan-to-valuations and higher buyer stamp duty.
The Government is also implementing a seller's stamp duty on industrial property for the first time to discourage speculative activity in the sector.
This is the seventh round of cooling measures announced by the Government since 2009.
http://www.straitstimes.com/breaking-news/singapore/story/new-property-cooling-measures-announced-20130111
I guess it is expected.
This time can"t blame the foreigners liao. Singaporeans are chasing the prices up.
I guess it is expected.
This time can"t blame the foreigners liao. Singaporeans are chasing the prices up.
no details given yet but I reckon ABSD for singaporeans could go up as high as 10%.
phantom_opera
11-01-13, 17:48
Prop stock crashing monday
Wah so many cooling measures this time.
On a Friday again!!
2 years ago, it is exactly the same time of the year 14 Jan (Fri)
La fiesta really suay. Haha. Maybe 1 bedder price drop to $499k. Cheong ahh.
Q bay become quiet bay later.
This time they are serious. Crash liao loh. But Complainers still not happy.
Aiyo, now really priced out liaoz. :doh:
ABSD to be raise between 5 to 7%.
this should kill it for awhile.
SINGAPORE: The Singapore government on Friday announced a comprehensive package of measures to cool the residential property market.
The measures, which will take effect from January 12, include higher buyer's stamp duty, tighter loan-to-value limits, and higher minimum cash down payment for second and subsequent housing loans.
The measures are calibrated to be tighter on property ownership for investment, as well as on foreign buyers, the Ministry of National Development said.
To discourage over-borrowing, financing conditions for housing have also been tightened.
In addition, structural measures have been implemented to strengthen the policy intent of public housing and executive condominiums.
To further moderate the demand for HDB flats, the government has introduced several new measures.
It will tighten eligibility for loans to buy HDB flats.
Permanent residents who own a HDB flat will also not be allowed to sublet their entire flat.
Permanent residents who own a HDB flat must sell their flat within six months or purchasing a private residential property in Singapore.
Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said in a statement: "The reality we face is that interest rates are extraordinarily low, globally and in Singapore, and continue to add fuel to our property market.
"We have to take this further round of measures now, to check recent market trends and avoid a more serious correction in prices further down the road."
- CNA/al
Allthepies
11-01-13, 18:05
Anyone has the full story?
Prop stock crashing monday
Bank stocks crashing too. STI goes below 3200 again.
Measures Applicable to all Residential Property
7 The following measures will take effect on 12 January 2013:
a) Additional Buyer’s Stamp Duty (ABSD) rates will be:
i) Raised between five and seven percentage points across the board.
ii) Imposed on Permanent Residents (PRs) purchasing their first residential property and on Singaporeans purchasing their second residential property.
b) Loan-to-Value limits on housing loans granted by financial institutions1 (http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2013&news_sid=20130111631950567992#footnotes) will be tightened for individuals who already have at least one outstanding loan, as well as to non-individuals such as companies.
c) Besides tighter Loan-to-Value limits, the minimum cash down payment for individuals applying for a second or subsequent housing loan will also be raised from 10% to 25%.
8 The measures listed above will not impact most Singaporeans buying their first home. Some concessions will also be extended to selected groups of buyers, such as married couples with at least one Singaporean spouse who are purchasing their second property and will sell their first residential property.
9 These new ABSDs and loan rules are significant, but they are temporary. They are being imposed to cool the market now, and will be reviewed in future depending on market conditions.
10 The details of the ABSD measure are set out in Annex I (http://app.mof.gov.sg/data/cmsresource/Press%20Release/2013/ABSD%20Jan%202013/ANNEX%20I.pdf), and the housing loan measures, in Annex II (http://app.mof.gov.sg/data/cmsresource/Press%20Release/2013/ABSD%20Jan%202013/ANNEX%20II.pdf).
Measures Specific to Public Housing
11 The Government is also introducing measures to further moderate the demand for HDB flats, instil greater financial prudence among buyers, and require owner occupation by PR buyers. The following measures will take effect on 12 January 2013:
a) Tighter eligibility for loans to buy HDB flats:
i) MAS will cap the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions2 (http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2013&news_sid=20130111631950567992#footnotes) at 30% of a borrower’s gross monthly income3 (http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2013&news_sid=20130111631950567992#footnotes) .
ii) For loans granted by HDB, the cap on the MSR will be lowered from 40% to 35%.
b) PRs who own a HDB flat will be disallowed from subletting their whole flat.
c) PRs who own a HDB flat must sell their flat within six months of purchasing a private residential property in Singapore.
Details of these measures are in Annex III (http://app.mof.gov.sg/data/cmsresource/Press%20Release/2013/ABSD%20Jan%202013/ANNEX%20III.pdf).
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 (http://app.mof.gov.sg/data/cmsresource/Press%20Release/2013/ABSD%20Jan%202013/ANNEX%20IV.pdf)).
Measures for Executive Condominium Developments
13 The Government will introduce measures specific to new EC developments to ensure that ECs continue to serve as an affordable housing option for middle-income Singaporean families.
14 The following measures will take effect on 12 January 2013:
a) The maximum strata floor area of new EC units will be capped at 160 square metres.
b) Sales of new dual-key EC units will be restricted to multi-generational families only.
c) Developers of future EC sale sites from the Government Land Sales programme will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier.
d) Private enclosed spaces and private roof terraces will be treated as gross floor area (GFA). The GFA of such spaces in non-landed residential developments, including ECs, will be counted as part of the ‘bonus’ GFA of a residential development and subject to payment of charges. This is in line with the treatment of balconies under URA’s current guidelines. Details of this measure are at www.ura.gov.sg/circulars/text/dc13-01.htm (http://www.ura.gov.sg/circulars/text/dc13-01.htm).
Cooling Measure for the Industrial Property Market: Seller’s Stamp Duty
15 Prices of industrial properties have doubled over the last three years, outpacing the increase in rentals. In addition, there has been increasing speculation in industrial properties: in 2011 and the first eleven months of 2012, about 15% and 18% respectively of all transactions of multiple-user factory space were resale transactions carried out within three years of purchase. This is significantly higher than the average of about 10% from 2006 to 2010.
16 The Government is introducing Seller’s Stamp Duty (SSD) on industrial property to discourage short-term speculative activity which could distort the underlying prices of industrial properties and raise costs for businesses.
17 The following SSD rates will be imposed on industrial properties and land bought and sold within three years of the date of purchase:
a) SSD at 15% if the property is sold in the first year of purchase, i.e. the property is held for one year or less from the date of purchase.
b) SSD at 10% if the property is sold in the second year of purchase, i.e. the property is held for more than one year and up to two years from the date of purchase.
c) SSD at 5% if the property is sold in the third year of purchase, i.e. the property is held for more than two years and up to three years from the date of purchase.
These SSDs will apply for industrial properties and land bought on or after 12 January 2013.
18 The Inland Revenue Authority of Singapore (IRAS) will be releasing an E-tax guide on the circumstances under which SSD is applicable and the procedures for paying SSD. The E-tax guide will be available at www.iras.gov.sg (http://www.iras.gov.sg).
Issued by the Ministry of Finance, Ministry of National Development, Monetary Authority of Singapore and Ministry of Trade & Industry
11 JANUARY 2013
Q bay and La fiesta lelong 388k for 1 bedders. :rolleyes:
Additional Measures to Ensure a Stable and Sustainable Property Market
11 Jan 2013 07:00 PM
1 The Government announced today a comprehensive package of measures to cool the residential property market. It also introduced a Seller’s Stamp Duty on industrial properties for the first time, to discourage speculative activity in the industrial market.
Cooling Measures for the Residential Property Market
2 The Government has implemented several rounds of measures to cool demand and expand supply, so as to moderate the increase in housing prices. While these measures have dampened speculative buying, the demand for residential property remains firm and prices have continued to rise.
3 The continued buoyancy of the property market reflects the very low interest rate environment and continued income growth in Singapore. These factors supported a record level of housing transactions last year, particularly from investment demand. Housing prices have also shown signs of reaccelerating in recent months, in both the private residential and HDB resale flat markets. Price increases, if not checked, will run further ahead of economic fundamentals and raise the risk of a major, destabilising correction later on.
4 The Government has therefore decided to implement a further set of measures to cool the private and public housing markets. These measures are calibrated to be tighter on property ownership for investment, as well as on foreign buyers. To discourage over-borrowing, financing conditions for housing have also been tightened. In addition, structural measures have been implemented to strengthen the policy intent of public housing and Executive Condominiums (ECs).
5 Deputy Prime Minister and Minister for Finance Mr Tharman Shanmugaratnam said: “The reality we face is that interest rates are extraordinarily low, globally and in Singapore, and continue to add fuel to our property market. We have to take this further round of measures now, to check recent market trends and avoid a more serious correction in prices further down the road.”
6 Minister for National Development Mr Khaw Boon Wan said: “A large supply of public and private housing – up to 200,000 units in total – will be completed in the coming years. Coupled with the new measures, we will be better placed to ensure that housing remains affordable to Singaporeans.”
Measures Applicable to all Residential Property
7 The following measures will take effect on 12 January 2013:
a) Additional Buyer’s Stamp Duty (ABSD) rates will be:
i) Raised between five and seven percentage points across the board.
ii) Imposed on Permanent Residents (PRs) purchasing their first residential property and on Singaporeans purchasing their second residential property.
b) Loan-to-Value limits on housing loans granted by financial institutions will be tightened for individuals who already have at least one outstanding loan, as well as to non-individuals such as companies.
c) Besides tighter Loan-to-Value limits, the minimum cash down payment for individuals applying for a second or subsequent housing loan will also be raised from 10% to 25%.
8 The measures listed above will not impact most Singaporeans buying their first home. Some concessions will also be extended to selected groups of buyers, such as married couples with at least one Singaporean spouse who are purchasing their second property and will sell their first residential property.
9 The new ABSD and loan rules are significant, but they are temporary. They are being imposed to cool the market now, and will be reviewed in the future depending on market conditions.
10 The details of the ABSD measure are set out in Annex I and the housing loan measures, in Annex II.
Measures Specific to Public Housing
11 The Government is also introducing measures to further moderate the demand for HDB flats, instil greater financial prudence among buyers, and require owner occupation by PR buyers. The following measures will take effect on 12 January 2013:
a) Tighter eligibility for loans to buy HDB flats:
i) MAS will cap the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions at 30% of a borrower’s gross monthly income.
ii) For loans granted by HDB, the cap on the MSR will be lowered from 40% to 35%.
b) PRs who own a HDB flat will be disallowed from subletting their whole flat.
c) PRs who own a HDB flat must sell their flat within six months of purchasing a private residential property in Singapore.
Details of these measures are in Annex III.
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).
Measures for Executive Condominium Developments
13 The Government will introduce measures specific to new EC developments to ensure that ECs continue to serve as an affordable housing option for middle-income Singaporean families.
14 The following measures will take effect on 12 January 2013:
a) The maximum strata floor area of new EC units will be capped at 160 square metres.
b) Sales of new dual-key EC units will be restricted to multi-generational families only.
c) Developers of future EC sale sites from the Government Land Sales programme will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier.
d) Private enclosed spaces and private roof terraces will be treated as gross floor area (GFA). The GFA of such spaces in non-landed residential developments, including ECs, will be counted as part of the ‘bonus’ GFA of a residential development and subject to payment of charges. This is in line with the treatment of balconies under URA’s current guidelines. Details of this measure are at www.ura.gov.sg/circulars/text/dc13-01.htm.
Cooling Measure for the Industrial Property Market: Seller’s Stamp Duty
15 Prices of industrial properties have doubled over the last three years, outpacing the increase in rentals. In addition, there has been increasing speculation in industrial properties: in 2011 and the first eleven months of 2012, about 15% and 18% respectively of all transactions of multiple-user factory space were resale transactions carried out within three years of purchase. This is significantly higher than the average of about 10% from 2006 to 2010.
16 The Government is introducing Seller’s Stamp Duty (SSD) on industrial property to discourage short-term speculative activity which could distort the underlying prices of industrial properties and raise costs for businesses.
17 With effect from 12 January 2013, the following SSD rates will be imposed on industrial properties and land bought and sold within three years of the date of purchase:
a) SSD at 15% if the property is sold in the first year of purchase, i.e. the property is held for one year or less from the date of purchase.
b) SSD at 10% if the property is sold in the second year of purchase, i.e. the property is held for more than one year and up to two years from the date of purchase.
c) SSD at 5% if the property is sold in the third year of purchase, i.e. the property is held for more than two years and up to three years from the date of purchase.
18 The Inland Revenue Authority of Singapore (IRAS) will be releasing an E-tax guide on the circumstances under which SSD is applicable and the procedures for paying SSD. The E-tax guide will be available at www.iras.gov.sg.
Issued by the Ministry of Finance, Ministry of National Development, Monetary Authority of Singapore and Ministry of Trade & Industry
http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4079&category=Press%20Release&year=2013&RA1=&RA2=&RA3=
ABSD killer
SC - 0%, 7%, 10%
PR - 5%, 10%, 10%
Foreigners / Company - 15%
All hail Tharman DA MAN:
http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2013&news_sid=20130111631950567992
Q bay and La fiesta lelong 388k for 1 bedders. :rolleyes:
If that happen i will buy!
LTV
2nd property : 50%
3rd Property : 40%
What will happen to existing loans?
From now on those with two or more properties will huat!!! They can rent out.
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1247359/1/.html
More property cooling measures announced
Posted: 11 January 2013 1848 hrs
SINGAPORE: The Singapore government on Friday announced a comprehensive package of measures to cool the residential property market.
The measures, which will take effect on January 12, include higher buyer's stamp duty, tighter loan-to-value limits, and higher minimum cash downpayment for second and subsequent housing loans.
The measures are calibrated to be tighter on property ownership for investment, as well as on foreign buyers, the Ministry of National Development said.
To discourage over-borrowing, financing conditions for housing have also been tightened.
In addition, structural measures have been implemented to strengthen the policy intent of public housing and executive condominiums.
To further moderate the demand for HDB flats, the government has introduced several new measures.
It will tighten eligibility for loans to buy HDB flats.
Permanent residents who own a HDB flat will also not be allowed to sublet their entire flat.
Permanent residents who own a HDB flat must sell their flat within six months of purchasing a private residential property in Singapore.
There are also new measures to ensure that executive condominiums (EC) remain affordable for middle-income Singaporean families.
The maximum strata floor area of new EC units will be capped at 160 square metres.
Sales of new dual-key EC units will be restricted to multi-generational families only.
Developers of future EC sale sites from the Government Land Sales programme will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier.
Private enclosed spaces and private roof terraces will be treated as gross floor area (GFA). The GFA of such spaces in non-landed residential developments, including ECs, will be counted as part of the "bonus" GFA of a residential development and subject to payment of charges.
The government is also introducing a seller's stamp duty (SSD) on industrial property to discourage short-term speculative activity which could distort prices and raise costs for businesses.
Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said in a statement: "The reality we face is that interest rates are extraordinarily low, globally and in Singapore, and continue to add fuel to our property market.
"We have to take this further round of measures now, to check recent market trends and avoid a more serious correction in prices further down the road."
- CNA/al
ABSD killer
SC - 0%, 7%, 10%
PR - 5%, 10%, 10%
Foreigners / Company - 15%This will control the next batch of HDB upgraders thinking of holding and renting out their HDB while staying at pte condo.
"c) Developers of future EC sale sites from the Government Land Sales programme will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier. "
What's the objective of the above regulation?
http://www.channelnewsasia.com/annex/Joint%20Press%20Release%20-%20MND_MOF_MTI_MAS%20%2811%20Jan%2013%29.pdf
Additional measures to ensure a stable and sustainable property market
The Government announced today a comprehensive package of measures to cool the residential property market. It also introduced a Seller’s Stamp Duty on industrial properties for the first time, to discourage speculative activity in the industrial market.
Cooling Measures for the Residential Property Market
The Government has implemented several rounds of measures to cool demand and expand supply, so as to moderate the increase in housing prices. While these measures have dampened speculative buying, the demand for residential property remains firm and prices have continued to rise.
The continued buoyancy of the property market reflects the very low interest rate environment and continued income growth in Singapore. These factors supported a record level of housing transactions last year, particularly from investment demand. Housing prices have also shown signs of reaccelerating in recent months, in both the private residential and HDB resale flat markets. Price increases, if not checked, will run further ahead of economic fundamentals and raise the risk of a major, destabilising correction later on.
The Government has therefore decided to implement a further set of measures to cool the private and public housing markets. These measures are calibrated to be tighter on property ownership for investment, as well as on foreign buyers. To discourage over-borrowing, financing conditions for housing have also been tightened. In addition, structural measures have been implemented to strengthen the policy intent of public housing and Executive Condominiums (ECs).
Deputy Prime Minister and Minister for Finance Mr Tharman Shanmugaratnam said: “The reality we face is that interest rates are extraordinarily low, globally and in Singapore, and continue to add fuel to our property market. We have to take this further round of measures now, to check recent market trends and avoid a more serious correction in prices further down the road.”
Minister for National Development Mr Khaw Boon Wan said: “A large supply of public and private housing – up to 200,000 units in total – will be completed in the coming years. Coupled with the new measures, we will be better placed to ensure that housing remains affordable to Singaporeans.”
Measures Applicable to all Residential Property
The following measures will take effect on 12 January 2013:
a) Additional Buyer’s Stamp Duty (ABSD) rates will be:
i) Raised between five and seven percentage points across the board.
ii) Imposed on Permanent Residents (PRs) purchasing their first residential property and on Singaporeans purchasing their second residential property.
b) Loan-to-Value limits on housing loans granted by financial institutions will be tightened for individuals who already have at least one outstanding loan, as well as to non-individuals such as companies.
c) Besides tighter Loan-to-Value limits, the minimum cash down payment for individuals applying for a second or subsequent housing loan will also be raised from 10% to 25%.
The measures listed above will not impact most Singaporeans buying their first home. Some concessions will also be extended to selected groups of buyers, such as married couples with at least one Singaporean spouse who are purchasing their second property and will sell their first residential property.
The new ABSD and loan rules are significant, but they are temporary. They are being imposed to cool the market now, and will be reviewed in the future depending on market conditions.
Measures Specific to Public Housing
The Government is also introducing measures to further moderate the demand for HDB flats, instil greater financial prudence among buyers, and require owner occupation by PR buyers. The following measures will take effect on 12 January 2013:
a) Tighter eligibility for loans to buy HDB flats:
i) MAS will cap the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions at 30% of a borrower’s gross monthly income.
ii) For loans granted by HDB, the cap on the MSR will be lowered from 40% to 35%.
b) PRs who own a HDB flat will be disallowed from subletting their whole flat.
c) PRs who own a HDB flat must sell their flat within six months of purchasing a private residential property in Singapore.
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).
Measures for Executive Condominium Developments
The Government will introduce measures specific to new EC developments to ensure that ECs continue to serve as an affordable housing option for middle-income Singaporean families.
The following measures will take effect on 12 January 2013:
a) The maximum strata floor area of new EC units will be capped at 160 square metres.
b) Sales of new dual-key EC units will be restricted to multi-generational families only.
c) Developers of future EC sale sites from the Government Land Sales programme will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier.
d) Private enclosed spaces and private roof terraces will be treated as gross floor area (GFA). The GFA of such spaces in non-landed residential developments, including ECs, will be counted as part of the ‘bonus’ GFA of a residential development and subject to payment of charges. This is in line with the treatment of balconies under URA’s current guidelines. Details of this measure are at http://www.ura.gov.sg/circulars/text/dc13-01.htm.
Cooling Measure for the Industrial Property Market: Seller’s Stamp Duty
Prices of industrial properties have doubled over the last three years, outpacing the increase in rentals. In addition, there has been increasing speculation in industrial properties: in 2011 and the first eleven months of 2012, about 15% and 18% respectively of all transactions of multiple-user factory space were resale transactions carried out within three years of purchase. This is significantly higher than the average of about 10% from 2006 to 2010.
The Government is introducing Seller’s Stamp Duty (SSD) on industrial property to discourage short-term speculative activity which could distort the underlying prices of industrial properties and raise costs for businesses.
With effect from 12 January 2013, the following SSD rates will be imposed on industrial properties and land bought and sold within three years of the date of purchase:
a) SSD at 15% if the property is sold in the first year of purchase, i.e. the property is held for one year or less from the date of purchase.
b) SSD at 10% if the property is sold in the second year of purchase, i.e. the property is held for more than one year and up to two years from the date of purchase.
c) SSD at 5% if the property is sold in the third year of purchase, i.e. the property is held for more than two years and up to three years from the date of purchase.
The Inland Revenue Authority of Singapore (IRAS) will be releasing an E-tax guide on the circumstances under which SSD is applicable and the procedures for paying SSD. The E-tax guide will be available at http://www.iras.gov.sg.
Issued by the Ministry of Finance, Ministry of National Development, Monetary Authority of Singapore and Ministry of Trade & Industry
http://www.todayonline.com/Hotnews/EDC130111-0000131/Govt-announces-new-property-cooling-measures
Govt announces new property cooling measures
Updated 07:19 PM Jan 11, 2013
SINGAPORE - From tomorrow, new measures to cool the private and public housing markets will take effect.
The measures include tighter eligibility for loans to buy HDB flats, Permanent Residents (PRs) who own a HDB flat will be disallowed from subletting their whole flat, and they must sell their HDB flat within six months of purchasing a private residential property in Singapore.
The changes are meant to further moderate the demand for HDB flats, instil greater financial prudence among buyers, and require owner occupation by PR buyers, said the Ministry of Finance, Ministry of National Development, Monetary Authority of Singapore and Ministry of Trade & Industry in a joint statement.
For Executive Condominiums (ECs), the maximum strata floor area of new EC units will be capped at 160 square metres, while sales of new dual-key EC units will be restricted to multi-generational families only.
Private enclosed spaces and private roof terraces will be treated as gross floor area (GFA), which will be counted as part of the "bonus" GFA of a residential development and subject to payment of charges.
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. These measures are temporary, and will be reviewed in the future depending on market conditions, said the joint statement.
The Government is also introducing Seller's Stamp Duty (SSD) on industrial property to discourage short-term speculative activity which could distort the underlying prices of industrial properties and raise costs for businesses.
More details from the joint statement:
ADDITIONAL MEASURES TO ENSURE A STABLE AND SUSTAINABLE PROPERTY MARKET
1 The Government announced today a comprehensive package of measures to cool the residential property market. It also introduced a Seller's Stamp Duty on industrial properties for the first time, to discourage speculative activity in the industrial market.
Cooling Measures for the Residential Property Market
2 The Government has implemented several rounds of measures to cool demand and expand supply, so as to moderate the increase in housing prices. While these measures have dampened speculative buying, the demand for residential property remains firm and prices have continued to rise.
3 The continued buoyancy of the property market reflects the very low interest rate environment and continued income growth in Singapore. These factors supported a record level of housing transactions last year, particularly from investment demand. Housing prices have also shown signs of reaccelerating in recent months, in both the private residential and HDB resale flat markets. Price increases, if not checked, will run further ahead of economic fundamentals and raise the risk of a major, destabilising correction later on.
4 The Government has therefore decided to implement a further set of measures to cool the private and public housing markets. These measures are calibrated to be tighter on property ownership for investment, as well as on foreign buyers. To discourage over-borrowing, financing conditions for housing have also been tightened. In addition, structural measures have been implemented to strengthen the policy intent of public housing and executive condominiums.
5 Deputy Prime Minister and Minister for Finance Mr Tharman Shanmugaratnam said: "The reality we face is that interest rates are extraordinarily low, globally and in Singapore, and continue to add fuel to our property market. We have to take this further round of measures now, to check recent market trends and avoid a more serious correction in prices further down the road."
6 Minister for National Development Mr Khaw Boon Wan said: "A large supply of public and private housing - up to 200,000 units in total - will be completed in the coming years. Coupled with the new measures, we will be better placed to ensure that housing remains affordable to Singaporeans."
Measures Applicable to all Residential Property
7 The following measures will take effect on 12 January 2013:
a) Additional Buyer's Stamp Duty (ABSD) rates will be:
i) Raised between five and seven percentage points across the board.
ii) Imposed on Permanent Residents (PRs) purchasing their first residential property and on Singaporeans purchasing their second residential property.
b) Loan-to-Value limits on housing loans granted by financial institutions will be tightened for individuals who already have at least one outstanding loan, as well as to non-individuals such as companies.
c) Besides tighter Loan-to-Value limits, the minimum cash down payment for individuals applying for a second or subsequent housing loan will also be raised from 10% to 25%.
8 The measures listed above will not impact most Singaporeans buying their first home. Some concessions will also be extended to selected groups of buyers, such as married couples with at least one Singaporean spouse who are purchasing their second property and will sell their first residential property.
9 These new ABSDs and loan rules are significant, but they are temporary. They are being imposed to cool the market now, and will be reviewed in future depending on market conditions.
10 The details of the ABSD measure are set out in Annex I, and the housing loan measures, in Annex II.
Measures Specific to Public Housing
11 The Government is also introducing measures to further moderate the demand for HDB flats, instil greater financial prudence among buyers, and require owner occupation by PR buyers.
The following measures will take effect on 12 January 2013:
a) Tighter eligibility for loans to buy HDB flats:
i) MAS will cap the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions at 30% of a borrower's gross monthly income
ii) For loans granted by HDB, the cap on the MSR will be lowered from 40% to 35%.
b) PRs who own a HDB flat will be disallowed from subletting their whole flat.
c) PRs who own a HDB flat must sell their flat within six months of purchasing a private residential property in Singapore.
Details of these measures are in Annex III.
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).
Measures for Executive Condominium Developments
13 The Government will introduce measures specific to new EC developments to ensure that ECs continue to serve as an affordable housing option for middleincome Singaporean families.
14 The following measures will take effect on 12 January 2013:
a) The maximum strata floor area of new EC units will be capped at 160 square metres.
b) Sales of new dual-key EC units will be restricted to multi-generational families only.
c) Developers of future EC sale sites from the Government Land Sales programme will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier.
d) Private enclosed spaces and private roof terraces will be treated as gross floor area (GFA). The GFA of such spaces in non-landed residential developments, including ECs, will be counted as part of the 'bonus' GFA of a residential development and subject to payment of charges. This is in line with the treatment of balconies under URA's current guidelines. Details of this measure are at www.ura.gov.sg/circulars/text/dc13-01.htm.
Cooling Measure for the Industrial Property Market: Seller's Stamp Duty
15 Prices of industrial properties have doubled over the last three years, outpacing the increase in rentals. In addition, there has been increasing speculation in industrial properties: in 2011 and the first eleven months of 2012, about 15% and 18% respectively of all transactions of multiple-user factory space were resale transactions carried out within three years of purchase. This is significantly higher than the average of about 10% from 2006 to 2010.
16 The Government is introducing Seller's Stamp Duty (SSD) on industrial property to discourage short-term speculative activity which could distort the underlying prices of industrial properties and raise costs for businesses.
17 The following SSD rates will be imposed on industrial properties and land bought and sold within three years of the date of purchase:
a) SSD at 15% if the property is sold in the first year of purchase, i.e. the property is held for one year or less from the date of purchase.
b) SSD at 10% if the property is sold in the second year of purchase, i.e. the property is held for more than one year and up to two years from the date of purchase.
c) SSD at 5% if the property is sold in the third year of purchase, i.e. the property is held for more than two years and up to three years from the date of purchase.
These SSDs will apply for industrial properties and land bought on or after 12 January 2013.
18 The Inland Revenue Authority of Singapore (IRAS) will be releasing an E-tax guide on the circumstances under which SSD is applicable and the procedures for paying SSD. The E-tax guide will be available at www.iras.gov.sg
Issued by the Ministry of Finance, Ministry of National Development, Monetary Authority of Singapore and Ministry of Trade & Industry
11 JANUARY 2013
From now on those with two or more properties will huat!!! They can rent out.
What if the prices turn out really 'affordable', pple turn to buy instead of renting.
I think many showroom will be packed till 2359 and many options will be signed too!
Do they know something we don't?:scared-1:
I think the most powerful measure is that PRs cannot sublet out their whole flat even for Flats bought earlier.
Kind of curious, if one spouse is PR, one is singaporean, considered as Singaporean household or PR household for subletting rules.
I forsee a lot of PRs will sell HDB if they want to stay in their condo and cannot rent out their HDB.
The killers are the ABSD, and the LTV and cash components.
Volume will go down drastically, price may be 5%
this round, kills lot of marginal buyers
No matter what, if developers drop prices due to insane absd/LTV, i.e 7xxk to 6xxk. Those FIRST TIMERS still DUN hoot I nothing to comment to the max.
Drastic drop in new launch will be unlikely given record land bid. It will be interesting to see the upcoming GLS bids this yr
In future each person only entitled to one. If u got more than one u r very lucky.
In future each person only entitled to one. If u got more than one u r very lucky.
hooray communism!
In future each person only entitled to one. If u got more than one u r very lucky.
ya, cannot buy, cannot sell
market stand still
I think the most powerful measure is that PRs cannot sublet out their whole flat even for Flats bought earlier.
Kind of curious, if one spouse is PR, one is singaporean, considered as Singaporean household or PR household for subletting rules.
I forsee a lot of PRs will sell HDB if they want to stay in their condo and cannot rent out their HDB.
Supply of USB flat for rental will be reduced... Hence good for landlord? I think sg/pr family should be exempted but need to confirm with authority.
What if the prices turn out really 'affordable', pple turn to buy instead of renting.
price will only come down if developers start offering heavy discount. However looking at the recent prices achieve in GLC, it is most unlikely.
Game over or still can play?:p
Huatttttt ahhhh to all otb.
bro radha u owe me lunch.
for whacking u to buy.
I think the most powerful measure is that PRs cannot sublet out their whole flat even for Flats bought earlier.
Kind of curious, if one spouse is PR, one is singaporean, considered as Singaporean household or PR household for subletting rules.
I forsee a lot of PRs will sell HDB if they want to stay in their condo and cannot rent out their HDB.Still can rent out rooms, rent out every single rooms except living room.
"c) Developers of future EC sale sites from the Government Land Sales programme will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier. "
What's the objective of the above regulation?
To make ec land unattractive? so bid lower?
MOF is the main protagonist. The annex links in their press release works unlike the prev mnd one I shared.
http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2013&news_sid=20130111631950567992
Actually I think this cooling measures is very good news for existing property owners. with this cooling measure, government will most likely slow down on their GLS, which will help ease the risk of massive over supply in the market.
property agent can go for holiday liao.
Actually I think this cooling measures is very good news for existing property owners. with this cooling measure, government will most likely slow down on their GLS, which will help ease the risk of massive over supply in the market.
property agent can go for holiday liao.
property agents can switch to more productive sectors of the economy that are short of manpower. :)
Actually I think this cooling measures is very good news for existing property owners. with this cooling measure, government will most likely slow down on their GLS, which will help ease the risk of massive over supply in the market.
property agent can go for holiday liao.
No, the bread n butter (lease) of real estate will be much more active going forward.
The consequences of this
1. commercial units - chiong
2. properties in Malaysia : flooded with Singaporeans.
Greedy developers shall be punished.... as promised by MBT. :rolleyes:
ON top of these, the PES and Roof Terrace of the private condo is also counted as part of GFA.
The consequences of this
1. commercial units - chiong
2. properties in Malaysia : flooded with Singaporeans.
Yes, i expect many will chiong Malaysia property.
ON top of these, the PES and Roof Terrace of the private condo is also counted as part of GFA.
existing owner with roof terrace will huat?
government will most likely slow down on their GLS.
That's a big assumption.
existing owner with roof terrace will huat?
Those who got the big EC will huat more......no more new supply in the market
Let the prices drop so that I can fulfil my dream of getting another unit :scared-5:
Yes, i expect many will chiong Malaysia property.
Malaysian gov also under pressure to implement CM for foreigner.
Hi..may I know what are the existing showflat and their operating hours till tonight 23:59 hr?
I am in a hurry to buy one before the new CM takes effect.
Hi..may I know what are the existing showflat and their operating hours till tonight 23:59 hr?
I am in a hurry to buy one before the new CM takes effect.
If u want FEO projects, i can do the best for u
but make sure u can get 60% LTV
all showflats working OT tonight ba....:confused:
If u want FEO projects, i can do the best for u
but make sure u can get 60% LTV
Hi..is there any chance to get Henry park apartments? I am actually waiting for that.
The CM is really killing my chance(s) to zero.
Beware of malaysia later introduce can buy but sell tax u heavy heavy.
Hi..is there any chance to get Henry park apartments? I am actually waiting for that.
The CM is really killing my chance(s) to zero.
Henry Park - launching in June 2013, only 1 and 2 bedroom, 103 years on FH land
U still have a brother in law with no property, use his name to buy lor
Beware of malaysia later introduce can buy but sell tax u heavy heavy.
The Real Estate Gain Tax has gone up by 5% effected this year.
Henry Park - launching in June 2013, only 1 and 2 bedroom, 103 years on FH land
U still have a brother in law with no property, use his name to buy lor
Hi.. my brother in law will be using his name and eligibility for HDB. That's his citizen's entitlement.
Thanks for highlighting Henry Park land status and launching date.
I have already transfer my name to my wife for HDB loan, and am ready to use my name for 80% loan from OCBC. Being said that, I will need to find a good development and in need to know which are the showflats that are running till 23:59hr.
The Real Estate Gain Tax has gone up by 5% effected this year.
thats is their SSD, but only applies to first few years.
One question : government says the PES and roof terrace, will be considered as GFA and will be charged next time on developer,.....means tat....developers must sell the PES and roof terrace to buyers at higher price...对不对？
Hi.. my brother in law will be using his name and eligibility for HDB. That's his citizen's entitlement.
Thanks for highlighting Henry Park land status and launching date.
I have already transfer my name to my wife for HDB loan, and am ready to use my name for 80% loan from OCBC. Being said that, I will need to find a good development and in need to know which are the showflats that are running till 23:59hr.
Ooops, you are working in a bank?
do u know, there is this known as debt servicing ratio? u think u can get 80%....
proud owner
11-01-13, 19:15
ON top of these, the PES and Roof Terrace of the private condo is also counted as part of GFA.
Laguna
this has always been the case ?
we all know its been going on for the longest time but KBW only make noise now ...
assuming mkt now stablise...(stagnate) ...
what do u think will happen to the TOP condos with huge balcony and terraces ?
new launches after this CM will have smaller or even no balcony and terrace ... which wud be more value for money ... why shud anyone pay higher to buy older condo launches betw 2006-2012 ...right ?
The Real Estate Gain Tax has gone up by 5% effected this year.M'Sia RPGT is Way better than SG SSD! at least make profit, then kena tax (profit sharing). SSD, loss also need to pay! :doh:
Ooops, you are working in a bank?
do u know, there is this known as debt servicing ratio? u think u can get 80%....
Hi...are you Laguna's son/daughter? I think Laguna doesn't behave the way you type here. She/he will be angry if she/he knows you are entertaining me.
Hi..is there any chance to get Henry park apartments? I am actually waiting for that.
The CM is really killing my chance(s) to zero.
Bro 屁股烧到火
You can't afford to be choosy.
proud owner
11-01-13, 19:17
existing owner with roof terrace will huat?
why is that ??
i actually think otherwise
Hi...are you Laguna's son/daughter? I think Laguna doesn't behave the way you type here. She/he will be angry if she/he knows you are entertaining me.
Btw, with reference to Laguna's question - yes, I have asked my loan department colleague to calculate my DSR. It is fine.
why is that ??
i actually think otherwise
i will also be very interested to find out
i am thinking if i shd exercise the ph i bought
Laguna
this has always been the case ?
we all know its been going on for the longest time but KBW only make noise now ...
assuming mkt now stablise...(stagnate) ...
what do u think will happen to the TOP condos with huge balcony and terraces ?
new launches after this CM will have smaller or even no balcony and terrace ... which wud be more value for money ... why shud anyone pay higher to buy older condo launches betw 2006-2012 ...right ?
pl read this
REVISED GUIDELINES FOR PRIVATE ENCLOSED SPACES (PES) AND PRIVATE ROOF TERRACES (RT)
http://www.ura.gov.sg/circulars/text/dc13-01.htm
the 10% GFA is still applied
As these spaces will now be counted as GFA, coverings over PES and private RTs will be allowed to address the needs of end-users for weather protection. However, to qualify for the bonus GFA scheme, they will still need to comply with a set of guidelines to retain a semi-outdoor character. The full list of the guidelines is in Appendix 1. The structures must also comply with relevant requirements from technical agencies.
:P
Need urgent. I'm buying aura 83. Good?
proud owner
11-01-13, 19:28
As these spaces will now be counted as GFA, coverings over PES and private RTs will be allowed to address the needs of end-users for weather protection. However, to qualify for the bonus GFA scheme, they will still need to comply with a set of guidelines to retain a semi-outdoor character. The full list of the guidelines is in Appendix 1. The structures must also comply with relevant requirements from technical agencies.
:P
can build a roof over the open terrace ... but cannot ENCLOSE ...otherwiese it would add onto the existing GFA which most probably already max-ed out
If those people who has already signed the OTP but waiting for the bank to approve, will they be affected by the LTV.
Btw, with reference to Laguna's question - yes, I have asked my loan department colleague to calculate my DSR. It is fine.
If can afford and really serious about buying should go get changed and rush to showroom now. Stop tcss here! :D
If can afford and really serious about buying should go get changed and rush to showroom now. Stop tcss here! :D
Isn't he is hoping for the ppty to crash, so that he can buy his "dream home". Unexpected CM caught all of us in surprise. Not only the showroom must work till 23.59, the bank must also work late and give instant approval for the loan.:D
If those people who has already signed the OTP but waiting for the bank to approve, will they be affected by the LTV.
From what I understand, banks base on OTP date
Bro 屁股烧到火
You can't afford to be choosy.
I dont understand why you all bother to give advice to someone who ask u which condo to buy at this time of the day, hoping to rush down with cheque and sign OTP within 2 hrs ?
Obviously this is just entertaining us here.
DKSG
From this latest CM, does it looks like they will succeed in bringing down prices? With marginal players being sidelined, volume will be subdued and definitely will affect prices in the long run and not knee-jerk :eek:
What happen to PR with HDB but bought shoe box for investment? Sell HDB and squeeze into shoe box or fire sale shoe box?
buttercarp
11-01-13, 20:11
What happen to PR with HDB but bought shoe box for investment? Sell HDB and squeeze into shoe box or fire sale shoe box?
Yup.... no choice lah.
Wah then the price of MM will......
Esp now the absd applies for 2 nd property.
From this latest CM, does it looks like they will succeed in bringing down prices? With marginal players being sidelined, volume will be subdued and definitely will affect prices in the long run and not knee-jerk :eek:
This will affect the revenue collection, stamp duty, GLS, property tax as well. It will also build up a very strong pent up demand in the long term.
So long there is good GDP grow and population heading to 6m, then the rental will go up.
The GLS price (other than those next to MRT) will be soften as well.
Developers will need to hold longer term.
The Govt is anticpating the overseas buyers back to market, HK ABSD is 15%
Superstar1
11-01-13, 20:12
Wow! FEO showroom to open till 2am
Q bay and La fiesta lelong 388k for 1 bedders. :rolleyes:
La fiesta launching now lol
This cooling measure looks really powderful ;) !!They try to cover all type of property investors including commercial properties.
They may be foreseeing a real big surplus in future to implement this type of measure.
One question : government says the PES and roof terrace, will be considered as GFA and will be charged next time on developer,.....means tat....developers must sell the PES and roof terrace to buyers at higher price...对不对？
Means that PES and RT that are sold will be treated as part of the 10% bonus GFA. Balconies + RTs + PES's =max 10% xPlot ratio x site area.
Means that PES and RT that are sold will be treated as part of the 10% bonus GFA. Balconies + RTs + PES's =max 10% xPlot ratio x site area.
So how it affect the pricing on the PES? buyer pays more or pay less?
Hi...any FEO projects running now?
I am searching for FH units.
Agree. The new developments will be impacted. The old ones will stay flat for sometime before dropping as owners will be reluctant to sell the properties. Once new development starts lowering price and giving discounts, rental softens then the old properties have no choice but to give in.
This will affect the revenue collection, stamp duty, GLS, property tax as well. It will also build up a very strong pent up demand in the long term.
So long there is good GDP grow and population heading to 6m, then the rental will go up.
The GLS price (other than those next to MRT) will be soften as well.
Developers will need to hold longer term.
The Govt is anticpating the overseas buyers back to market, HK ABSD is 15%
yes..running..After this CM not only FEO but all other developments running AWAY from our reach.
Now only hope is the CNY 10 mio hongbao :D .
Hi...any FEO projects running now?
I am searching for FH units.
Hi...any FEO projects running now?
I am searching for FH units.
Left 2hrs plus only still got time to tcss here har....:eek: !
What happen to PR with HDB but bought shoe box for investment? Sell HDB and squeeze into shoe box or fire sale shoe box?
Thosr who bought before this CM are not affected. So they no need sell their hdb.
Left 2hrs plus only still got time to tcss here har....:eek: !
I may be anxious, but I definitely not ignorant and blind.
kskong2000
11-01-13, 20:32
I think overall is a good policy for next generation. Price can't go up forever. Can't be every1 make $, now maybe it's time forsome1 to lose $.
Don't Cheong Malaysia market for now. Think ruling party might be losing in next election so they are sending out as much $ as possible. If they really lose, Malaysia will be gone.
As in all the previous cooling measures, there will be a lot of backdating of the OTPs in the next few days of sales.
Unfortunately, new launches require a due process and proper accounting. Backdating would be illegal (wouldn't it?). I have always preferred resale properties over new launches for a variety of reasons, ability to negotiate and refine the contract is one of them.
This CM is a BIG ONE.
so, if market is stagnant and developers MUST sell everything within 7 years, am sure prices will fall...just like The Marq!
Which developer is not impacted by this Residential Property Act? FEO?
I read about HK property market, particularly on their cooling measures.
The fundamental question is the Govt failed to address the root cause of the run away price.
I think overall is a good policy for next generation. Price can't go up forever. Can't be every1 make $, now maybe it's time forsome1 to lose $.
Don't Cheong Malaysia market for now. Think ruling party might be losing in next election so they are sending out as much $ as possible. If they really lose, Malaysia will be gone.
Prices won't crash just yet.... not when interest rates are so low. The holding power is still there.
However I agree that some sense must be restored. The ever escalating psf is not healthy. Urban Vista is gonna take a hit... I hope so too. They are starting off at ridiculous asking prices.
...
Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said in a statement: "The reality we face is that interest rates are extraordinarily low, globally and in Singapore, and continue to add fuel to our property market.
"We have to take this further round of measures now, to check recent market trends and avoid a more serious correction in prices further down the road."
- CNA/al
Gov do not wish to see price crash in the future lol.. :D
So how it affect the pricing on the PES? buyer pays more or pay less?
Hard to tell really. If developer(地肥了吧）is bent on keeping the same profit level they will charge more psf. But I think overall effect is that balconies of new launches will become smaller with respect to overall size of unit. Currently it is around 12-17%, so in future it will be at most 10%.
so, if market is stagnant and developers MUST sell everything within 7 years, am sure prices will fall...just like The Marq!
Which developer is not impacted by this Residential Property Act? FEO?
Land bought before the CMs introduced are not affected. FEO and Capitaland has a reasonable landbank that they can steady stream.
Thosr who bought before this CM are not affected. So they no need sell their hdb.
But PR not allowed to sublet whole flat in future
so If i buying 1st MM unit now no existing loan..mthly repayment cannot exceed 30% of income?
But PR not allowed to sublet whole flat in future
Yes! I like this CM best.
Many PRs are commuting to their home countries but renting out their HDB for extra income.... most of these PRs that do this live in a nearby country that requires only a drive to get there. This should be curbed.
Developers must be cursing and swearing. Some kana hit jia lat jia lat... :( Me waiting for prices to return to earth! ;) But now need to folk out 50% cash plus ABSD... :doh:
Hi...any FEO projects running now?
I am searching for FH units.
The Seawind, The Sound
$1700 psf.....
talk no need $$$$$$$$$$$
Will total sales volume drop to less than 100units next month? :scared-4:
What is the use of the regulation when they don't check and enforce? We know for years that these people have been renting out whole HDB flats within MOP period or when they are not allowed! :banghead:
Still can rent out rooms, rent out every single rooms except living room.
[QUOTE=teddybear]What is the use of the regulation when they don't check and enforce? We know for years that these people have been renting out whole HDB flats within MOP period or when they are not allowed! :banghead:[/
Yup
This is a super big loop hole that should be closed.
They should just close the loop hole on that 10% balcony space, air-con ledge space as well...... :p
ON top of these, the PES and Roof Terrace of the private condo is also counted as part of GFA.
Cyberknight
11-01-13, 21:00
"c) Developers of future EC sale sites from the Government Land Sales programme will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier. "
What's the objective of the above regulation?
To accelerate the EC building program. Once piling foundation done, you have to build the condo..
Wow! Another CM on Friday. Heard that Loan monthly repayment of HDB buyers cannot be more than 30% of monthly household income. Is it true?
Only the industrial properties are impacted. Commercial properties like HDB shophouses are still NOT affected!
This cooling measure looks really powderful ;) !!They try to cover all type of property investors including commercial properties.
They may be foreseeing a real big surplus in future to implement this type of measure.
And then foreigners' money will be locked in when they raise the min price of properties foreigners can buy from RM500k to RM1,000k! Hooray! All these people become carrot head! If you previously bought and own properties between RM500k - RM999k, you can only sell CHEAP CHEAP to local Malaysians! :scared-1:
Yes, i expect many will chiong Malaysia property.
What is the use of the regulation when they don't check and enforce? We know for years that these people have been renting out whole HDB flats within MOP period or when they are not allowed! :banghead:
Not enough manpower to enforce regulation. Maybe HDB should give out monetary rewards to whistleblowers.
pl read this
REVISED GUIDELINES FOR PRIVATE ENCLOSED SPACES (PES) AND PRIVATE ROOF TERRACES (RT)
http://www.ura.gov.sg/circulars/text/dc13-01.htm
the 10% GFA is still applied
Does this mean Private Roof Terraces can now be covered under the Revised Guidelines? Until today, they had to be open to the sky, if I am not wrong.
Not enough manpower to enforce regulation. Maybe HDB should give out monetary rewards to whistleblowers.
so long the tenants register change in the NRIC address, then there is no way to run away....very simple logic to write, just match files of MOP, key is address
This is the power of IT
Thosr who bought before this CM are not affected. So they no need sell their hdb.
ya but if they are staying in their condo and renting out their HDB, they have a problem.
Must move back to HDB....
And then foreigners' money will be locked in when they raise the min price of properties foreigners can buy from RM500k to RM1,000k! Hooray! All these people become carrot head! If you previously bought and own properties between RM500k - RM999k, you can only sell CHEAP CHEAP to local Malaysians! :scared-1:
250 to 500.. Look what happen
Which project in sengkang that was just screened on the TV? The showroom is packed with people.
Hard to tell really. If developer(地肥了吧）is bent on keeping the same profit level they will charge more psf. But I think overall effect is that balconies of new launches will become smaller with respect to overall size of unit. Currently it is around 12-17%, so in future it will be at most 10%.
This is great. Lot of balconies can put two king size beds. Waste space.
Does this mean Private Roof Terraces can now be covered under the Revised Guidelines? Until today, they had to be open to the sky, if I am not wrong.
I think only those that are part of bonus GFA can be covered.
Which project in sengkang that was just screened on the TV? The showroom is packed with people.
La fiesta.
I'm abit confused, so for a sporean citizen looking to buy 2nd property, the absd is 3% + 7% or just raising from 3% to 7%?
I'm abit confused, so for a sporean citizen looking to buy 2nd property, the absd is 3% + 7% or just raising from 3% to 7%?
Previously 3%, now its 3+7%=10%, increase of 7%
I'm abit confused, so for a sporean citizen looking to buy 2nd property, the absd is 3% + 7% or just raising from 3% to 7%?
it is from 3% + 7%.... so now you pay 3% (normal stamp duty) +7% Additional Buyer Stamp Duty...
I'm abit confused, so for a sporean citizen looking to buy 2nd property, the absd is 3% + 7% or just raising from 3% to 7%?
Normal Stamp Duty plus 7%
cheangeric
11-01-13, 21:27
Which project in sengkang that was just screened on the TV? The showroom is packed with people.
Should be LaFiesta
House Buying is like buying food in supermarket. Market has really gone crazy.:doh:
La fiesta.
property_finder
11-01-13, 21:28
The consequences of this
1. commercial units - chiong
2. properties in Malaysia : flooded with Singaporeans.
Genuine industrialists have expressed that current commercial prices are already too high to sustain their business.
Speculators will also think thrice before investing due to SSD.
If commercial chiong, may I know who will be the buyers?
Superstar1
11-01-13, 21:28
I'm abit confused, so for a sporean citizen looking to buy 2nd property, the absd is 3% + 7% or just raising from 3% to 7%?
BSD+ABSD 7% e.g. 2nd property 1mio BSD+ABSD=$94,600
This cooling measure is really uncalled for. The market has just started to stabilize and now this....
rattydrama
11-01-13, 21:31
I'm abit confused, so for a sporean citizen looking to buy 2nd property, the absd is 3% + 7% or just raising from 3% to 7%?
3%+7%.
Going forward I think buyer will bargain more before closing a deal. Tuf if you are a seller tomorrow.
More is looking overseas, may not be in JB, could be faraway as Brazil.
As in all the previous cooling measures, there will be a lot of backdating of the OTPs in the next few days of sales.
Unfortunately, new launches require a due process and proper accounting. Backdating would be illegal (wouldn't it?). I have always preferred resale properties over new launches for a variety of reasons, ability to negotiate and refine the contract is one of them.
This CM is a BIG ONE.
For resale, its the date of exercise of the option, for new launches by developers, its the sales and purchase agreement date, which usually has 3 more weeks leeway time. For resale, you need to exercise the option by tonight.
So hot debate ... Office Boy must contribute also ...
The other side of this CM is that, supply of resale will totally freeze.
Look at it this way, if you have ONE property now, you will NOT sell it --> because u stay in it and unless u want to sell then buy (which then means rental). Otherwise, the correct way to do it is to buy first then sell. But this is no longer very possible. Hence, SINGLE property owner are resistent to sell.
TWO OR MORE properties owners, lagi even wont want to sell, coz once sell, cannot buy back.
And with the world inflating itself out of their current problems, selling your second/third property now and hold cash (without option to buy another) is certainly NOT the way out.
Demand side will always be there. This CM does not do much to cut demand, as in demand from people wanting to buy second/third property. These people have long been weeded out. Office Boy knows because upon the 40% deposit rule, 95% of my office people who want to buy properties, all can only suck thumbs...
Hence, we can conclude that this CM is going to do more harm to supply than demand (as in drastically cut supply).
Another simpler way to look at this is : Do you think the 400 buyers of Echeleon will quickly back out and let the OTP lapse ? Or will they go temple/church and thank the respective God/Diety that they bought before the CM ?
Think, my friends, Think!
DKSG
I foresee price will be only down by 5% maximum. For example 1 mil condo, after re-price is 950K, additional 7% buyer stamp duty for Singaporeans buying 2nd property is 950K x 7%= 66.5K, total price is slightly more than 1 mil. Those foreigners who are willing to pay 10% stump duty will be willing to pay 15% if developers are willing to lower 5% asking price.
This CM will make ppl with more than 1 property Huat big.;)
Oops! Another point.
Many people say this is the Mother of CMs!
But remember, every CM, people say its the Mother.
Trust me, there are very few people impacted by moving LTV from 40-50%.
DKSG
Fundamentally, IMO, the underlying causes of the run-away prices are not addressed.
1. Too much liquid at extreme low interest rate : no way cannot be addressed within these two years and beyond Sg to address
2. Sg needs growth, hence population to 6m
3. severe shortage of supply and big increase in population in the last 10-12 years
Monday, STI will down around 40 points, mainly on banks and developers. Can pick up some good counters.
Next question is will Sg Govt wants to see big outflow of money to overseas for property purchase?
I miss Chestnut.....
BSD+ABSD 7% e.g. 2nd property 1mio BSD+ABSD=$94,600
And if got more than one housing loan, must pay 25% cash... so that is like $345k in cash...
But then again people with multiple properties probably has lots of cash... no cash, dont' play.
So hot debate ... Office Boy must contribute also ...
The other side of this CM is that, supply of resale will totally freeze.
Look at it this way, if you have ONE property now, you will NOT sell it --> because u stay in it and unless u want to sell then buy (which then means rental). Otherwise, the correct way to do it is to buy first then sell. But this is no longer very possible. Hence, SINGLE property owner are resistent to sell.
TWO OR MORE properties owners, lagi even wont want to sell, coz once sell, cannot buy back.
And with the world inflating itself out of their current problems, selling your second/third property now and hold cash (without option to buy another) is certainly NOT the way out.
Demand side will always be there. This CM does not do much to cut demand, as in demand from people wanting to buy second/third property. These people have long been weeded out. Office Boy knows because upon the 40% deposit rule, 95% of my office people who want to buy properties, all can only suck thumbs...
Hence, we can conclude that this CM is going to do more harm to supply than demand (as in drastically cut supply).
Another simpler way to look at this is : Do you think the 400 buyers of Echeleon will quickly back out and let the OTP lapse ? Or will they go temple/church and thank the respective God/Diety that they bought before the CM ?
Think, my friends, Think!
DKSG
yes, I just took stock of what I have. You have read me correctly.
How I wish, all the policy writers have 50% of your IQ.
Pent up demand is going to be much stronger as more people will save more money to buy.
I foresee price will be only down by 5% maximum. For example 1 mil condo, after re-price is 950K, additional 7% buyer stamp duty for Singaporeans buying 2nd property is 950K x 7%= 66.5K, total price is slightly more than 1 mil. Those foreigners who are willing to pay 10% stump duty will be willing to pay 15% if developers are willing to lower 5% asking price.
This CM will make ppl with more than 1 property Huat big.;)
I think this Congress is getting it.
If the US Congress is as smart as you, then we wont need so many CMs and Huat so many people!
DKSG
How about look it from another angle, if cant finance much, everyone need to folk out more cash, bank's deposit getting lesser, bank will need to increase rate to entice more deposit? And will this contribute to higher loan interest rate as bank need to pay more interest for deposit? Is this possible?
Oops! Another point.
Many people say this is the Mother of CMs!
But remember, every CM, people say its the Mother.
Trust me, there are very few people impacted by moving LTV from 40-50%.
DKSG
For resale, its the date of exercise of the option, for new launches by developers, its the sales and purchase agreement date, which usually has 3 more weeks leeway time. For resale, you need to exercise the option by tonight.
All the more reason to buy resale.
property_finder
11-01-13, 21:47
Only the industrial properties are impacted. Commercial properties like HDB shophouses are still NOT affected!
Did HDB commercial space prices rise as much as the industrial/factory prices in the last 2 years? If no, perhaps there is no need for the latest CM to address that segment.
Oops! Another point.
Many people say this is the Mother of CMs!
But remember, every CM, people say its the Mother.
Trust me, there are very few people impacted by moving LTV from 40-50%.
DKSG
There are many more small investors compared to very rich people.
For very rich, no difference, but most locals buying right now are still many smaller investors. So think this time prices will definitely fall, the question is the extent and how soon they can recover.
Just ask the common crowd of local investors looking for their 2nd or 3rd properties, how many would still wish to take the plunge with these new rules. For example, if you are looking for your 3rd ppty, for 1 m unit, you pay about 130k for stamp duties, plus need to fork out 600k in cash, not including the other smaller hidden costs, and knowing in 2-3 years time interest will creep up. How much u need to sell in 4 years just to even out?
For foreigners, the stats are even worse.
Does this mean Private Roof Terraces can now be covered under the Revised Guidelines? Until today, they had to be open to the sky, if I am not wrong.
According to appendix 1, apparently RTs can now be covered up.
What I am curious about is whether this applies to existing properties as well.
UltimateAro888
11-01-13, 21:53
Should be LaFiesta
Sound like during old time when price of rice increase, supermarket long queue waiting to buy...:doh:
Malaysian gov also under pressure to implement CM for foreigner.
I hear rumors from KL that the minimum value for foreigners buyers in Malaysia will be increased from RM500k to RM1mln.
This time they are serious. Crash liao loh. But Complainers still not happy.
well they will never be happy. but why do we care if they are happy or not? seriously if the job of government is to please people then we are really screwed
I hear rumors from KL that the minimum value for foreigners buyers in Malaysia will be increased from RM500k to RM1mln.
Penang is alr M$1m for condo
and M$2m for landed
UltimateAro888
11-01-13, 21:56
I hear rumors from KL that the minimum value for foreigners buyers in Malaysia will be increased from RM500k to RM1mln.
Is KL property so hot that CM is necessary ?
Yes, also heard that, from RM500k to RM1m
I hear rumors from KL that the minimum value for foreigners buyers in Malaysia will be increased from RM500k to RM1mln.
jacelynchia
11-01-13, 21:57
Is KL property so hot that CM is necessary ?
:eek: :D :D :D :D :D
How about look it from another angle, if cant finance much, everyone need to folk out more cash, bank's deposit getting lesser, bank will need to increase rate to entice more deposit? And will this contribute to higher loan interest rate as bank need to pay more interest for deposit? Is this possible?
This is not possible.
They wont let this happen.
That means forcing all 500,000 property owners to suffer.
Remember my friend, from a policy perspective, CM is always targeted at those outside the frame, those inside, they cant touch. Else administratively too cumbersome.
Dont know u can understand or not, if not, can PM me.
DKSG
puffer_fish
11-01-13, 21:59
hi,
would anyone be kind to explain to me the possible scenario.
will more people and PR be selling off their HDB and this will reduce the HDB prices in a drastic manner?
will this increase the group of tenants as PR cant rent out HDB and tenants wont want to buy as too expensive ?
should i wait or start my buying process
thank you
Yes, also heard that, from RM500k to RM1m
Those who hardly post anything are actually quite information savvy...
DKSG
Btw, with reference to Laguna's question - yes, I have asked my loan department colleague to calculate my DSR. It is fine.
I thought the DSR limit only apply for HDB?
http://www.mas.gov.sg/~/media/resource/news_room/press_releases/2013/Annex%20III.pdf
Penang is alr M$1m for condo
and M$2m for landed
Good call for your Andaman which I missed the boat !!!
sell cannot sell, buy cannot buy. huat what?? :doh:
I foresee price will be only down by 5% maximum. For example 1 mil condo, after re-price is 950K, additional 7% buyer stamp duty for Singaporeans buying 2nd property is 950K x 7%= 66.5K, total price is slightly more than 1 mil. Those foreigners who are willing to pay 10% stump duty will be willing to pay 15% if developers are willing to lower 5% asking price.
This CM will make ppl with more than 1 property Huat big.;)
Oops! Another point.
Many people say this is the Mother of CMs!
But remember, every CM, people say its the Mother.
Trust me, there are very few people impacted by moving LTV from 40-50%.
DKSG
No leh... I suck thumb liao... at least for a while to accumulate ABSD.
From what I understand, banks base on OTP date
Yes, see footnote 2 in the link.
http://www.mas.gov.sg/~/media/resource/news_room/press_releases/2013/Annex%20II.pdf
There are many more small investors compared to very rich people.
For very rich, no difference, but most locals buying right now are still many smaller investors. So think this time prices will definitely fall, the question is the extent and how soon they can recover.
Just ask the common crowd of local investors looking for their 2nd or 3rd properties, how many would still wish to take the plunge with these new rules. For example, if you are looking for your 3rd ppty, for 1 m unit, you pay about 130k for stamp duties, plus need to fork out 600k in cash, not including the other smaller hidden costs, and knowing in 2-3 years time interest will creep up. How much u need to sell in 4 years just to even out?
For foreigners, the stats are even worse.
Does this mean you have not been to enough showflats recently ?
If you have been these questions would have been answered ?
Have you seen the cheongsters at Echeleon, Sea Suites, and others ?
It is common knowledge now that if you can upgrade to a condo, you better join the cheongsters now. Because by tomorrow you maybe priced out of the market.
I have seen people in showflats from blatantly saying "chey! price is too high la! I wait until it drop a bit then buy!" until they saying "better buy now because if wait another 1-2 years, prices may be out of reach already!"
And 70% of these people, haven own a condo.
DKSG
Looks like many sellers are withdrawing from their listing soon.. esp. those with 2 or more properties..
Once sold.. is hard to buy back :eek:
This will be another "side effect" of demand more & supply getting lesser & lesser??? :scared-1:
Developers can just jack up the price by 7percent and then put in paper big big 7 percent discount. Back to square one again. :p
Looks like many sellers are withdrawing from their listing soon.. esp. those with 2 or more properties..
Once sold.. is hard to buy back :eek:
This will be another "side effect" of demand more & supply getting lesser & lesser??? :scared-1:
I will update you after this weekend.
I have arranged to view a few resale units this weekend actually.
See how many sellers withdraw OR if I can negotiate a better price!
DKSG
puffer_fish
11-01-13, 22:09
hi,
would anyone be kind to explain to me the possible scenario.
will more people and PR be selling off their HDB and this will reduce the HDB prices in a drastic manner?
will this increase the group of tenants as PR cant rent out HDB and tenants wont want to buy as too expensive ?
should i wait or start my buying process
thank you
the measures seem to have tapped on a few ideas discussed here, like the size caps on EC units. heh.
and dual key strictly for multi generational living.
this forum is a hotbed for good ideas.
Those who got the big EC will huat more......no more new supply in the market
well small complain big also complain.. dont we luv to complain n complain. :doh: :doh: :doh: :doh: :doh: :doh: :doh: :doh:
proud owner
11-01-13, 22:16
I will update you after this weekend.
I have arranged to view a few resale units this weekend actually.
See how many sellers withdraw OR if I can negotiate a better price!
DKSG
just spoke with a friend who was looking to buy a resale condo .. old one ..
apparecntly he went viewing last week ,,, he didnt get back to agent
neither did agent call him
but right after the announcement of the new CM ,... the agent called ...
just this 1 instance .... seller more panicky
kindly update us after your viewing next week bro
La fiesta really suay. Haha. Maybe 1 bedder price drop to $499k. Cheong ahh.
cheong what must pay absd for 2nd property...:doh:
M'Sia RPGT is Way better than SG SSD! at least make profit, then kena tax (profit sharing). SSD, loss also need to pay! :doh:
thats to curb risky speculation what! its to tell u go in with ur eye open big big.
Hi DKSG
Please update
would also like to know why
No wonder a few agents called me this afternoon
if I want to sell my property :scared-5:
I will update you after this weekend.
I have arranged to view a few resale units this weekend actually.
See how many sellers withdraw OR if I can negotiate a better price!
DKSG
just spoke with a friend who was looking to buy a resale condo .. old one ..
apparecntly he went viewing last week ,,, he didnt get back to agent
neither did agent call him
but right after the announcement of the new CM ,... the agent called ...
just this 1 instance .... seller more panicky
kindly update us after your viewing next week bro
nice, your friend will get to pick some durians.
UltimateAro888
11-01-13, 22:22
just spoke with a friend who was looking to buy a resale condo .. old one ..
apparecntly he went viewing last week ,,, he didnt get back to agent
neither did agent call him
but right after the announcement of the new CM ,... the agent called ...
just this 1 instance .... seller more panicky
kindly update us after your viewing next week bro
SELLER probably anticipated price to fall much more than he have to pay the ABSD (should he decide to buy again)..:beats-me-man:
Look at it this way, if you have ONE property now, you will NOT sell it --> because u stay in it and unless u want to sell then buy (which then means rental). Otherwise, the correct way to do it is to buy first then sell. But this is no longer very possible. Hence, SINGLE property owner are resistent to sell.
DKSG
But i tot you can still buy if you sell your first property within the 6 months period and not pay the ABSD?
Does this mean you have not been to enough showflats recently ?
If you have been these questions would have been answered ?
Have you seen the cheongsters at Echeleon, Sea Suites, and others ?
It is common knowledge now that if you can upgrade to a condo, you better join the cheongsters now. Because by tomorrow you maybe priced out of the market.
I have seen people in showflats from blatantly saying "chey! price is too high la! I wait until it drop a bit then buy!" until they saying "better buy now because if wait another 1-2 years, prices may be out of reach already!"
And 70% of these people, haven own a condo.
DKSG
Yes, have been to the new launches and viewed many resales.
What i have gathered are somehow different. whether upgraders or investors, this time my nonexpert guess is there will be an impact on prices, may not be much in the low interest environment, but would be very surprised to see cheongsters now unless big discounts are given.
is anyone in that seng kang showroom even reading the stuff we're discussing here. lol.
Maybe got some,thing to do with population paper.. We surely need the foreigners to replace. Don't expect govt to say otherwise..
phantom_opera
11-01-13, 22:29
But i tot you can still buy if you sell your first property within the 6 months period and not pay the ABSD?
but if your HDB/first PC has a loan, 2nd prop needs 25% cash payment ... CPF not allowed hoh and :tongue3:
Aiyo, now really priced out liaoz. :doh:
bro how many u want...:D..to buy
Please enlighten me why some people are saying that those with multiple properties will huat. Huat from rental? Not sure if can huat from selling because there will be fewer buyers due to the CMs.
Looks like many sellers are withdrawing from their listing soon.. esp. those with 2 or more properties..
Once sold.. is hard to buy back :eek:
This will be another "side effect" of demand more & supply getting lesser & lesser??? :scared-1:
Few months ago, I've already explained about the "side effect" of the CM6.
More units sold.. become lesser units on the market.. due to the 4-yrs Additional Seller's Stamp Duty..
Once the units were sold.. is very unlikely the same units will come back to the market in the next 4-yrs. That forms a "lesser & lesser supply" in the market.. & the price will continue to climb when the demand remain strong.
But gov didn't realised this "side effect".. so eventually they come out this CM7.. but then again.. CM7 also have it "side effect".. which this time, force many potential sellers withdraw from selling their units.. unless this time round demand fall significantly
Just my 2 cents
phantom_opera
11-01-13, 22:35
Please enlighten me why some people are saying that those with multiple properties will huat. Huat from rental? Not sure if can huat from selling because there will be fewer buyers due to the CMs.
not exactly huat from rental as more projects TOP ... unless developers purposely drag all TOP dates
this time PAP has the licence to kill
but if your HDB/first PC has a loan, 2nd prop needs 25% cash payment ... CPF not allowed hoh and :tongue3:
I would assumed that those who can cheong PC would have already paid up their HDB loan....
Hi DKSG
Please update
would also like to know why
No wonder a few agents called me this afternoon
if I want to sell my property :scared-5:
If I am you, I will quickly record these agents' contact (if can pass some to me leh!) ...
These are the shrewd players in the market.
Office Boy busy sending documents and making kopi for Bosses, so didnt manage to hear anything today. Though many in this forum had indicated something like that coming.
DKSG
Please enlighten me why some people are saying that those with multiple properties will huat. Huat from rental? Not sure if can huat from selling because there will be fewer buyers due to the CMs.
Prob enough signal that key trading partners are starting to recover, so that CM is to pre-empt the buoyancy in the market.
PropertyNewbie
11-01-13, 22:37
CCR - Mati. Foreigners put off by 15%.
RCR - Cheong. Upgraders will push this to new heights. Now cannot hold on to older apartment after upgrading, so people will take profits and put into new apartment.
OCR - Sideways.
Buying Sentiment
----------------------------------------------------------------------------
Singaporeans - Buy! The older you get, the more you sit on the fence, the worse it will become for you in terms of financing options and entry price.
PR - Sell. This group will sell their HDBs but will hold on dear to their condos. This group will not even upgrade to better condos as they now have to pay 5% ABSD.
Foreigners - Rent. More and more punitive to buy
But i tot you can still buy if you sell your first property within the 6 months period and not pay the ABSD?
Sell first buy later is NOT the strategy when the property you are talking about is your own residence.
DKSG
but if your HDB/first PC has a loan, 2nd prop needs 25% cash payment ... CPF not allowed hoh and :tongue3:
with one property with outstanding loan, it's not likely that you would have enough CPF to pay the 15% of the downpayment in the first place. because you can only borrow 60% mah.
Maybe got some,thing to do with population paper.. We surely need the foreigners to replace. Don't expect govt to say otherwise..
Newbie is indeed a gem in this forum!
At last can find some people who think alike!
DKSG
Agree. The new developments will be impacted. The old ones will stay flat for sometime before dropping as owners will be reluctant to sell the properties. Once new development starts lowering price and giving discounts, rental softens then the old properties have no choice but to give in.
really??? hah hah dont we all think that was the case with the previous "power CM"?
I dont believe so. with int so low and liquidity.. at most pause a while then the $ will be searching for yield again.
with one property with outstanding loan, it's not likely that you would have enough CPF to pay the 15% of the downpayment in the first place. because you can only borrow 60% mah.
This statement is not correct.
There are many people with ALOT ALOT of CPF.
Recently years with interest rates so low, many many people choose to pay cash for instalments..
DKSG
3 The continued buoyancy of the property market reflects the very low interest rate environment and continued income growth in Singapore. These factors supported a record level of housing transactions last year, particularly from investment demand. Housing prices have also shown signs of reaccelerating in recent months, in both the private residential and HDB resale flat markets. Price increases, if not checked, will run further ahead of economic fundamentals and raise the risk of a major, destabilising correction later on.
4 The Government has therefore decided to implement a further set of measures to cool the private and public housing markets. These measures are calibrated to be tighter on property ownership for investment, as well as on foreign buyers. To discourage over-borrowing, financing conditions for housing have also been tightened. In addition, structural measures have been implemented to strengthen the policy intent of public housing and executive condominiums.
These points is clearly abt lack of supply for first home buyers and satisfy Singaporeans. I think there is still demand to absorb the supply.. Correction? I doubt so.
bargain hunter
11-01-13, 22:42
the new rules on PES and roof terraces applies to ALL non landed projects right? not just EC?
Just TCSS....
Timing anything to do with Pungol East?
Hahah... Maybe COE system revamp may be announced soon!
This statement is not correct.
There are many people with ALOT ALOT of CPF.
Recently years with interest rates so low, many many people choose to pay cash for instalments..
DKSG
and let the money sit there, earn interest that can't cover inflation and can never take out? they are indeed very interesting people. heh.
really??? hah hah dont we all think that was the case with the previous "power CM"?
I dont believe so. with int so low and liquidity.. at most pause a while then the $ will be searching for yield again.
2013 is year for equity, yield is history.
the new rules on PES and roof terraces applies to ALL non landed projects right? not just EC?
it could affect those terrace houses with roof terrace as well. someone correct me if i am wrong.
what is the direction of the PC rental ?
phantom_opera
11-01-13, 22:46
and let the money sit there, earn interest that can't cover inflation and can never take out? they are indeed very interesting people. heh.
that means lots of CPF OA will go to CPFIS-OA investment ... stocks/unit trusts huat
Developers can just jack up the price by 7percent and then put in paper big big 7 percent discount. Back to square one again. :p
u mean back to square 7...:D
that means lots of CPF OA will go to CPFIS-OA investment ... stocks/unit trusts huat
cosco yangzijiang huat ahhh...:cheers4:
If you still want to invest a property in Singapore, I think HDB shophouses may be a good choice. All the 7 cooling measures do not affect HDB shophouses which usually come with a 3-room or 4-room flat above the shops. The yields are generally at more than 4%. Some of them come with long term tenants such as 7-11, clinics, etc.
that means lots of CPF OA will go to CPFIS-OA investment ... stocks/unit trusts huat
maybe they should implement cooling measure for the stock market. like no CFD, no margining.
Hmm..... Maybe the next cooling measure will be restricting the usage of CPF fund for property :)
and let the money sit there, earn interest that can't cover inflation and can never take out? they are indeed very interesting people. heh.
cosco yangzijiang huat ahhh...:cheers4:
Radha u huat x 2 la .....
1st huat is escaping the ABSD , 2nd huat is your pes
any bro can advice absd for sporean who buy 2nd property is 5% or 7% and what about pr who buy 1st property...:confused:
phantom_opera
11-01-13, 22:53
maybe they should implement cooling measure for the stock market. like no CFD, no margining.
u cannot use your CPF OA to buy CFD or warrants ... only selected stocks / unit trusts so they won't care .... they expect the middle class to have little cash to play stocks anywhere
phantom_opera
11-01-13, 22:54
any bro can advice absd for sporean who buy 2nd property is 5% or 7% and what about pr who buy 1st property...:confused:
5% for both 1st HDB or PC if I read correctly
Force conversion to SC lol
any bro can advice absd for sporean who buy 2nd property is 5% or 7% and what about pr who buy 1st property...:confused:
http://forums.condosingapore.com/attachment.php?attachmentid=5139&d=1357904706
Hmm..... Maybe the next cooling measure will be restricting the usage of CPF fund for property :)
then they better just say 60% cash, 40% loan. heh.
u cannot use your CPF OA to buy CFD or warrants ... only selected stocks / unit trusts so they won't care .... they expect the middle class to have little cash to play stocks anywhere
i mean even for cash market. cos when the market crashes, the value of the OA that is invested will vapourise.
If you still want to invest a property in Singapore, I think HDB shophouses may be a good choice. All the 7 cooling measures do not affect HDB shophouses which usually come with a 3-room or 4-room flat above the shops. The yields are generally at more than 4%. Some of them come with long term tenants such as 7-11, clinics, etc.
SHHH dont say SO LOUD...:D:D:D...otherwise shophouse kena 7-11% ABSB:D:D:D:D
phantom_opera
11-01-13, 22:58
imagine i have outstanding HDB loan 100k, CPF OA 150k and now trying to buy a PC, it will be better for me to redeem the 100k hdb loan so that I can use my CPF OA to pay for that PC ... am i right?
he he he ... garmen is more than happy if HDB loan is redeemed ;)
Expecting STI to surpass 3800 this year.
Next week will be a good time to accumulate more counters.
Cheers.
http://forums.condosingapore.com/attachment.php?attachmentid=5139&d=1357904706
tks bro u have CLEARED my mind no i can FORGET about 3rd property...:D
and let the money sit there, earn interest that can't cover inflation and can never take out? they are indeed very interesting people. heh.
If you talk to these people and try to understand their mentality and thinking then you wont find it interesting.
It is heartaching to see mid-lower income folks having to make these decisions.
Money in CPF can always use to pay for properties.
DKSG
buttercarp
11-01-13, 23:00
any bro can advice absd for sporean who buy 2nd property is 5% or 7% and what about pr who buy 1st property...:confused:
Bro mcm posted earlier.
http://forums.condosingapore.com/showthread.php?p=354614#post354614
https://pbs.twimg.com/media/BAVyb4ACUAEyzln.jpg
What will happen to those ppl queuing up to sign the s&p after 12am?
tks bro u have CLEARED my mind no i can FORGET about 3rd property...:D
Brooooo so happy to see u back in the forum with your :D :D :D face .... Ya u can forget about your 3rd residential ppty but I can see u r now targeting on HDB shophouses etc :D
Hi DKSG
Yes, i did not record down their names
just felt very weird because not often you get agents calling you in the afternoon asking if you want to sell your property
not 1 but 3 agents :scared-5:
i still dont get the rationale why buy when CM7 just announced
If I am you, I will quickly record these agents' contact (if can pass some to me leh!) ...
These are the shrewd players in the market.
Office Boy busy sending documents and making kopi for Bosses, so didnt manage to hear anything today. Though many in this forum had indicated something like that coming.
DKSG
If you talk to these people and try to understand their mentality and thinking then you wont find it interesting.
It is heartaching to see mid-lower income folks having to make these decisions.
Money in CPF can always use to pay for properties.
DKSG
indeed, cash is so versatile and powerful if used appropriately. CPF has only one use, to pay my "rent". lol.
Bro mcm posted earlier.
http://forums.condosingapore.com/showthread.php?p=354614#post354614
https://pbs.twimg.com/media/BAVyb4ACUAEyzln.jpg
Cheng hu....got plenty $$$ to earn...:cool:
ikan bilis
11-01-13, 23:05
What will happen to those ppl queuing up to sign the s&p after 12am?
buyer's, seller's & agent's watches/clocks all run out of battery at 23:59:59.... they replaced the battery the next day.... ;)
Brooooo so happy to see u back in the forum with your :D :D :D face .... Ya u can forget about your 3rd residential ppty but I can see u r now targeting on HDB shophouses etc :D
bro i never left...i not a multi millionare..can suka suka come n go in the forum...i just ordinary sporean..everyday go work...free time come forum tcss...:D:D:D
Wah... Didn't log in til now... So many things happening.
What happens to those who were granted the option before today, can the bank till loan based on 60% or 40%:beats-me-man:
Wah... Didn't log in til now... So many things happening.
What happens to those who were granted the option before today, can the bank till loan based on 60% or 40%:beats-me-man:
i believe their past practice on the previous CMs were based on option date.
Or alternatively if you look at the other way, more people needs more time to accumulate cash, so in mean time next 3-5 years keep accumulating cash in the bank, bank deposit more and more while people taking out loan drop suddenly (i.e. sharp drop in bank loan but more and more cash in bank deposit), interest can go up meh? :p
How about look it from another angle, if cant finance much, everyone need to folk out more cash, bank's deposit getting lesser, bank will need to increase rate to entice more deposit? And will this contribute to higher loan interest rate as bank need to pay more interest for deposit? Is this possible?
next time they will announce CMs at 23:59. lol. all these people try to cheong last min before 23:59.
next time they will announce CMs at 23:59. lol. all these people try to cheong last min before 23:59.
Civil servants got work till 2359 one meh?
Can i correct your statement? I think should be:
"you better join the cheongsters now. Because by tomorrow you may be priced out by the CM...." :p
Does this mean you have not been to enough showflats recently ?
If you have been these questions would have been answered ?
Have you seen the cheongsters at Echeleon, Sea Suites, and others ?
It is common knowledge now that if you can upgrade to a condo, you better join the cheongsters now. Because by tomorrow you maybe priced out of the market.
I have seen people in showflats from blatantly saying "chey! price is too high la! I wait until it drop a bit then buy!" until they saying "better buy now because if wait another 1-2 years, prices may be out of reach already!"
And 70% of these people, haven own a condo.
DKSG
Civil servants got work till 2359 one meh?
for the sake of closing the loophole. they will need to work till 2359, maybe twice a year?
so people wake up next morning on a Saturday suddenly find out a big CM just hit them.
May be it is they want to have a piece of the pie to HUAT together? More money $$$ to collect... :ashamed1:
Looks like many sellers are withdrawing from their listing soon.. esp. those with 2 or more properties..
Once sold.. is hard to buy back :eek:
This will be another "side effect" of demand more & supply getting lesser & lesser??? :scared-1:
What will happen to those ppl queuing up to sign the s&p after 12am?
Leave people some lag la!
For those who are ready to buy and this CM will kill it, let them have their PC!
You want government to send IRAS aunties to sit in the showflat NOW ?!
DKSG
for the sake of closing the loophole. they will need to work till 2359, maybe twice a year?
so people wake up next morning on a Saturday suddenly find out a big CM just hit them.
Ya ... Fiesta this time round is Heng, can make it in time.. Qbay not so Heng ....
Few months ago, I've already explained about the "side effect" of the CM6.
More units sold.. become lesser units on the market.. due to the 4-yrs Additional Seller's Stamp Duty..
Once the units were sold.. is very unlikely the same units will come back to the market in the next 4-yrs. That forms a "lesser & lesser supply" in the market.. & the price will continue to climb when the demand remain strong.
But gov didn't realised this "side effect".. so eventually they come out this CM7.. but then again.. CM7 also have it "side effect".. which this time, force many potential sellers withdraw from selling their units.. unless this time round demand fall significantly
Just my 2 cents
Gov seldom admit their implementation had failed.. they only act blur keep adding more & more..
Just like implementing ERP.. it still jam.. they just act blur keep increase the rate lol :doh:
Can i correct your statement? I think should be:
"you better join the cheongsters now. Because by tomorrow you may be priced out by the CM...." :p
Accepted.
Prices slowly creeping up, but its the CM that pushed people down the Property Cliff!
DKSG
Ya ... Fiesta this time round is Heng, can make it in time.. Qbay not so Heng ....
tomorrow is the best day to go showroom viewing. no one squeeze with you and maximum attention from the agent. lol.
Or alternatively if you look at the other way, more people needs more time to accumulate cash, so in mean time next 3-5 years keep accumulating cash in the bank, bank deposit more and more while people taking out loan drop suddenly (i.e. sharp drop in bank loan but more and more cash in bank deposit), interest can go up meh? :p
who says by accumulating cash u need to keep it in the bank!
so many other higher liquid assets...
Gov seldom admit their implementation had failed.. they only act blur keep adding more & more..
Just like implementing ERP.. it still jam.. they just act blur keep increase the rate lol :doh:
In America, this is call "kicking the can down the road".
DKSG
who says by accumulating cash u need to keep it in the bank!
so many other higher liquid avenue assets...
the non savvy ones who only know property and nothing else may be inclined to keep cash in bank...
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