mr funny
28-06-07, 06:48
The Straits Times, June 28, 2007
Landed homes: Don't ease curbs on foreigners
THERE has been disturbing talk in the media recently that the restrictions on foreigners buying landed homes in Singapore could be relaxed.
I hope the authorities would quickly nip this rumour in the bud before there is too much public disquiet.
Goldman Sachs (Singapore) is lobbying for the rescindment of the Residential Property Act, which has, since 1973, restricted foreigners and permanent residents from owning landed residential property without prior official approval.
Goldman Sachs argues that this change would serve as a catalyst for further foreign buying of private homes and boost the current residential property up-cycle. To further support this argument, it implies that Singaporeans already have a stake in the country by virtue of public housing catering to 80 per cent of us.
I doubt anyone in Singapore really feels that the property market requires more encouragement. If anything, the reverse is probably true and the authorities are probably contemplating measures to cool the red-hot market to bring it to a more sustainable level.
Goldman Sach's reference to public housing also comes across as being a tad condescending to me.
Hence I agree fully with the industry's opinion leaders, who were quoted to be mostly against this proposal.
Mr Charles Chong, chairman of the Government Parliamentary Committee (National Development and Environment), was quoted as saying: 'Landed properties should not be priced out of Singaporeans' reach (or) it could lead to disgruntled Singaporeans.'
Others said that the existing Act has the positive effect of 'encouraging foreigners to commit to Singapore, to sink their roots here' and that landed-property ownership is one of the 'privileges of being Singaporean'.
In Pearl S. Buck's The Good Earth, the protagonist Wang Lung chided his sons when he overheard them talking about selling the land which he had loved so much. He said: '...if you sell the land, it is the end.'
Dr Huang Shoou Chyuan
Today
Friday, June 29, 2007
Sell the land to foreigners? It is 'the end'
Letter from Dr Huang Shoou Chyuan
RECENTLY, there have been reports in the media pushing for the restrictions on the sale of landed homes here to foreigners to be relaxed. I hope the authorities quickly nip this in the bud before too much public disquiet arises.
Goldman Sachs (Singapore) is lobbying for the rescindment of the Residential Property Act which has, since 1973, restricted foreigners and Permanent Residents from owning landed residential property without prior official approval.
The investment firm argues that this change would serve as a catalyst for further foreign purchasing of private homes as well as boost the current residential property up-cycle. To further support this argument, it implies that Singaporeans already have a stake in the country by virtue of the public housing catering to 80 per cent of us.
I doubt anyone in Singapore really feels that the property market requires any more encouragement. If anything, the reverse is true — in fact, the authorities are probably contemplating measures to cool the red-hot market and bring it down to a more sustainable level.
Goldman Sachs' reference to public housing also comes across as being slightly condescending to me.
I agree with the industry's opinion leaders, who were quoted to be mostly against this proposal. Government Parliamentary Committee for National Development and Environment chairman Charles Chong was quoted as saying: "Landed properties should not be priced out of Singaporeans' reach (or) it could lead to disgruntled Singaporeans."
Others, meanwhile, said that the existing Act has the positive effect of "encouraging foreigners to commit to Singapore, to sink their roots here" and that landed property ownership is one of the "privileges of being Singaporean".
In American author Pearl S Buck's The Good Earth, the protagonist Wang Lung chides his sons when he overhears them talking about selling the land which he loves so much. In his words: "If you sell the land, it is the end."
Landed homes: Don't ease curbs on foreigners
THERE has been disturbing talk in the media recently that the restrictions on foreigners buying landed homes in Singapore could be relaxed.
I hope the authorities would quickly nip this rumour in the bud before there is too much public disquiet.
Goldman Sachs (Singapore) is lobbying for the rescindment of the Residential Property Act, which has, since 1973, restricted foreigners and permanent residents from owning landed residential property without prior official approval.
Goldman Sachs argues that this change would serve as a catalyst for further foreign buying of private homes and boost the current residential property up-cycle. To further support this argument, it implies that Singaporeans already have a stake in the country by virtue of public housing catering to 80 per cent of us.
I doubt anyone in Singapore really feels that the property market requires more encouragement. If anything, the reverse is probably true and the authorities are probably contemplating measures to cool the red-hot market to bring it to a more sustainable level.
Goldman Sach's reference to public housing also comes across as being a tad condescending to me.
Hence I agree fully with the industry's opinion leaders, who were quoted to be mostly against this proposal.
Mr Charles Chong, chairman of the Government Parliamentary Committee (National Development and Environment), was quoted as saying: 'Landed properties should not be priced out of Singaporeans' reach (or) it could lead to disgruntled Singaporeans.'
Others said that the existing Act has the positive effect of 'encouraging foreigners to commit to Singapore, to sink their roots here' and that landed-property ownership is one of the 'privileges of being Singaporean'.
In Pearl S. Buck's The Good Earth, the protagonist Wang Lung chided his sons when he overheard them talking about selling the land which he had loved so much. He said: '...if you sell the land, it is the end.'
Dr Huang Shoou Chyuan
Today
Friday, June 29, 2007
Sell the land to foreigners? It is 'the end'
Letter from Dr Huang Shoou Chyuan
RECENTLY, there have been reports in the media pushing for the restrictions on the sale of landed homes here to foreigners to be relaxed. I hope the authorities quickly nip this in the bud before too much public disquiet arises.
Goldman Sachs (Singapore) is lobbying for the rescindment of the Residential Property Act which has, since 1973, restricted foreigners and Permanent Residents from owning landed residential property without prior official approval.
The investment firm argues that this change would serve as a catalyst for further foreign purchasing of private homes as well as boost the current residential property up-cycle. To further support this argument, it implies that Singaporeans already have a stake in the country by virtue of the public housing catering to 80 per cent of us.
I doubt anyone in Singapore really feels that the property market requires any more encouragement. If anything, the reverse is true — in fact, the authorities are probably contemplating measures to cool the red-hot market and bring it down to a more sustainable level.
Goldman Sachs' reference to public housing also comes across as being slightly condescending to me.
I agree with the industry's opinion leaders, who were quoted to be mostly against this proposal. Government Parliamentary Committee for National Development and Environment chairman Charles Chong was quoted as saying: "Landed properties should not be priced out of Singaporeans' reach (or) it could lead to disgruntled Singaporeans."
Others, meanwhile, said that the existing Act has the positive effect of "encouraging foreigners to commit to Singapore, to sink their roots here" and that landed property ownership is one of the "privileges of being Singaporean".
In American author Pearl S Buck's The Good Earth, the protagonist Wang Lung chides his sons when he overhears them talking about selling the land which he loves so much. In his words: "If you sell the land, it is the end."