Senior
hey guys, now that kbw is the new head determining our fate in property play, have you guys added him as facebook friend and made suggestions yet? I advise you guys to be sensitive when messaging him coz he now takes people's views into account when deliberating on his policies. If there is a number #1 suggestion I would give him is to remove the senseless SSD, which to me is a ridiculous hindrance on one's right buy and sell properties. I hope you guys can bring this up to him.
Junior
how about telling him to extend HDB MOP to 10 yrs, and restriction on PRs buying HDB?
Senior
you mean reduce MOP to 1 year? I think MOP is among the most absurd things coz it restricts people's freedom of movement. If PR is to buy HDB, they should not be allowed to profit from HDB and should sell at the price they bought to another singaporean.
Originally Posted by august
how about telling him to extend HDB MOP to 10 yrs, and restriction on PRs buying HDB?
Junior
i completely agree with u on this point
Junior
we should also raise our objection to raise the income ceiling. tax payers money should be better spent than to subsidise those undeserving group of citizens!
the proper solution to a supply problem is to build more BTOs and not to raise income ceiling....
Junior
no i mean MOP 10 yrs, or 15 even better ~
PR sell back to sporean at cost? can also lah
Newbie
I think PR should not be allowed to own any public housing at all. They should be made to rent public or private housing and not compete with our citizens for subsidised housing. Public housing should remain as the right for citizens only. In any case, I don't think any other countries out there is as generous as Singapore in granting such privilege to their PRs.
Of course, there should be exceptions made for those who are serious in staying and contributing to Singapore. Maybe some conditions for allowing them to buy can include:
1) being married to a Singaporean, or
2) have a child with Singapore citizenship (so that they serve our arm forces), or
3) they have contributed to the growth of our country (by making a business investment/ setting up a business that employs Singaporeans)
4) employed in Singapore for 10 years minimum
Junior
Remove SSD and you will see a crash within 12 mths.
If you msg KBW about this, you can be on ignore list.
I agree on MOP of 10 years because i was disgusted by The Sunday Times, article by a Gen Y infant girl with immature comments of having BTO in mature estate and wanting to rent out or flip it.
What's wrong with the young people these days.....
Senior
How will market crash with ssd removed?
Junior
Perhaps given the current negative sentiment in stock market around the world and fears about double dip recession, people will sell their properties if SSD removed, to preserve their capital rather than seek capital gain.
So they flood the market with their properties, causing it to crash?
That's what i gathered from Solsys.
Senior
dont forget singapore has many rich foreigners and investors waiting at the side for such a day to come. if ssd removed, throngs of investors will just flock into the market in larger numbers than people selling so market will not crash. people now know that recession is the best time to buy properties so dont think that the property market will crash
Junior
Then have to wait for Solsys explanation
Newbie
Do you think the lucky Singaporean who will buy over will not give the pr a big red packet? Straight away gain leh..better than striking toto.
Newbie
I think, govt can rent the flat to pr, with the rental income they can develop the country. Those rich ft can buy private. But there is a catch here, the rich and poor gap will be widen. Hdb price will not rise due to govt eat up all rental potential income and limited pool of singaporean demand. but for private is so rosy that price will surge even more. High demand frm local and pr. Poor poorer,rich richer
Newbie
Well, I'm not for government renting out flats to PR and foreign talents directly. Again, why should foreign talents and PR gain advantage on subsidise housing?Our coffers are filled with $$$$ from taxes imposed on a lot of other stuff. Government don't need extra revenue from rental!
PRs and foreign talents should rent from the open market - from current HDB owners who may have spare rooms or whole flat (for old folks who have alternative living space with kids or middle class who has pte pty.) This will allow citizens to enjoy some passive income for their old age or even bridge a little of the widening income gap.
Direct rental units from government should be given only to citizens i.e. those waiting to get their own flat, or the poor and destitute who can't afford to buy their own place.
In another words, the policies for public housing must always be 'Singaporean first'. Pink ICs and Singapore Passport holders should have the highest privileges and rights. PRs and foreign talents, please know your places and queue behind!
Junior
The super punitive SSD was only imposed in Jan 2011. The bulk of the buyers would either not be impacted at all or be subjected to the lesser SSD before Jan 2011. I estimate only about 10 to 20% of the buyers of new condos are subjected to the 4-yr SSD.
If what you say is true, then, there should have been a mass sell-off already as the bulk of owners are not subjected to the 4-yr SSD.
I don't think removing the 4-yr SSD is going to crash the mkt.
In February 2010, the Government imposed a seller’s stamp duty (SSD) for sellers who buy (or acquire) residential properties on or after 20 February 2010 and sell (or disposed of) them within one year of acquisition. Properties acquired before 20 Feb 2010 will not be subject to SSD. The amount of SSD is computed based on the same rates as the buyer's stamp duty.
On 30 Aug 2010, the Government further announced that SSD will be payable on residential properties which are acquired (or purchased) on or after 30 Aug 2010 and disposed of (or sold) within 3 years of acquisition. The amount of SSD for the holding period of 1 year is computed based on the same rates as the buyer's stamp duty, but will be reduced to 2/3 and 1/3 of the amount of buyer's stamp duty for holding period of 2 years and 3 years respectively.
On 13 January 2011, the Government announced the extension of the holding period for imposition of SSD on residential properties from 3 years to 4 years based on new rates. The new SSD rates will be imposed on residential properties which are acquired (or purchased) on or after 14 January 2011 and disposed of (or sold) within 4 years of acquisition, as follows :
- Holding period of 1 year : 16% of price or market value, whichever is higher
- Holding period of 2 years : 12% of price or market value, whichever is higher
- Holding period of 3 years : 8% of price or market value, whichever is higher
- Holding period of 4 years : 4% of price or market value, whichever is higher
Newbie
Well actually my point is renting frm citizen will not solve the problem of expensive HDB, instead it get higher and higher if citizen know tht they can recover frm rental. Guess after that who will come after you? Gen Y who do not own a piece of the passive income.Dun mess with Gen Y,,,they really open up their mouth and ask for it free.Well, I'm not for government renting out flats to PR and foreign talents directly. Again, why should foreign talents and PR gain advantage on subsidise housing?
PRs and foreign talents should rent from the open market - from current HDB owners who may have spare rooms or whole flat (for old folks who have alternative living space with kids or middle class who has pte pty.) This will allow citizens to enjoy some passive income for their old age or even bridge a little of the widening income gap.
Direct rental units from government should be given only to citizens i.e. those waiting to get their own flat, or the poor and destitute who can't afford to buy their own place.
In another words, the policies for public housing must always be 'Singaporean first'. Pink ICs and Singapore Passport holders should have the highest privileges and rights. PRs and foreign talents, please know your places and queue behind!
Go for Smallest Unit
Hahaha....
It's actually the other way round....
Property prices tanked... People bleeding and crying. They run to policy maker and appeal for removal of SSD. The ruler listened and remove or tweak it. They live happily ever after.
Junior
hehe, PRs & foreigners just follow the cue from your government. If YOUR government treat you like shit, well foreigners just follow the government in treating you like shit.........
In another words, the policies for public housing must always be 'Singaporean first'. Pink ICs and Singapore Passport holders should have the highest privileges and rights. PRs and foreign talents, please know your places and queue behind!
If government treat you royally, foreigner will treat you royally
Newbie
I dun believe that the hdb rental market (refering to legal ones that has proper paperwork and approval from HDB) is that huge to be able to push up hdb re-sale prices lah.
By the way, I'm also classified as Gen Y, albeit the older Gen Y in the earlier 30s.And although I do speak up and ask for what I think I deserve/ want, I have NEVER ask for free things. I still work for them. It is not fair to make a sweeping statement that Gen Y want things for free.
Newbie
You may be right.hehe, PRs & foreigners just follow the cue from your government. If YOUR government treat you like shit, well foreigners just follow the government in treating you like shit.
If government treat you royally, foreigner will treat you royally
I dunno what nationality you are but judging from this year's GE, our Government will need to change in the way things are done here before experiencing a worse GE in 4.5 years time. So if you are a foreigner, I think YOU will need to start CHANGING as well.
Never underestimate the Gen Ys. We make things happen either way - by doing something or doing nothing. It depends on which situation we are in. Some battles do not need to be fought.
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