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Thread: Landed property to remain preserve of S'poreans: minister

  1. #1
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    Default Landed property to remain preserve of S'poreans: minister

    News for yr consumption. FYI, my friend just became a Singapore citizen and informed me that the ceremony was pretty crowded with new citizens. I don't think there is any report or info on how many landed are bought by newly minted citizens....

    Business Times - 21 Jul 2011


    Landed property to remain preserve of S'poreans: minister
    Law Minister Shanmugam tells BT that PRs own just 3.5% of landed homes, including those at Sentosa Cove, and this approach will stay

    By MICHELLE QUAH
    (SINGAPORE) The Singapore government has come out to say that landed property in Singapore will remain the primary preserve of Singaporeans.
    In response to queries on the matter, Law Minister K Shanmugam told The Business Times that 'the government takes a strict approach towards ownership of landed property in Singapore by PRs (permanent residents)'.
    He said that PRs today own only 3.5 per cent of landed residential properties in Singapore - and this includes the Sentosa Cove properties, for which the government had taken a decision to liberally allow purchase by foreigners.

    Mr Shanmugam also said the ministry regularly reviews the rules to ensure that they are current and relevant.

    The issue came under the spotlight after reports in this paper and in The Straits Times said that a high proportion of private homes are being snapped up by foreigners.

    Citing a DTZ Research report, both papers said that foreign home buyers snapped up 16 per cent of all private homes sold in the first quarter, the highest quarterly percentage since data became available in 1995. The reports added that foreigners were also active in the last quarter of last year when they bought 13 per cent of all homes sold.

    The report in The Straits Times prompted a response from a member of the public, Koh Chin Chin, who wrote to ST, saying she was shocked at the number of private homes sold to foreigners. She said 'it is high time the government stepped in to address this issue ... (and) limit the percentage of homes sold to foreigners'.

    Mr Shanmugam's stand was unequivocal. 'The government believes that landed residential properties must remain the primary preserve of Singapore citizens, given their scarcity in Singapore,' he said.
    He reiterated that only foreigners who are PRs can purchase landed residential properties in Singapore - and those who wish to purchase such properties must seek the approval of the Law Minister.

    He said approvals are only given to applicants who are making a significant
    economic contribution to Singapore. Even then, each approved foreigner can only purchase one property.

    The treatment is slightly different for the Sentosa Cove properties, where foreigners who are not PRs are allowed to purchase homes - but are restricted to landed property. He explained that the Sentosa Cove properties belong to the high-end segment of the property market, and are deliberately marketed as a unique, world-class development to attract famous, wealthy and influential persons to come to Singapore.
    The minister went on to say that stringent conditions are imposed on approved PR purchasers of landed properties. For example, the property must be for owner-occupation, and cannot be sold within three years. This is to deter purchases for speculative purposes, he said.
    Singapore citizens and PRs who renounce or lose their citizenship or permanent residency are also required to dispose of any interests they have in landed residential properties.

    There are also severe penalties for those who breach these conditions. For example, a PR owner who rents out his landed residential property without approval now faces a financial penalty of up to three times the rental income earned over the period of breach, or $10,000, whichever is higher. A PR owner who disposes of a restricted property without approval during the non-disposal period now faces a maximum fine of $200,000.
    These are enhanced penalties, which came into effect in January this year. The previous penalty for both offences was a maximum fine of $5,000 and/or a three-year jail term on conviction.

    The DTZ Research report also said that Chinese buyers overtook Malaysians as the top buyers by accounting for 24 per cent of purchases made by non-Singaporeans in the first quarter of the year.
    It went on to say that homes in District 16 - comprising Bedok and Upper East Coast - saw greater buying interest from foreigners compared with last year. And that District 18, including Tampines and Pasir Ris, and District 23 with Hillview and Choa Chu Kang were also increasingly popular.
    The report said that foreigners bought more into the high-end market. They accounted for 21 per cent of all the homes sold for $1.5 million and above in the first quarter, up from a 17 per cent share in the previous three months.
    Last edited by proper-t; 21-07-11 at 09:46.

  2. #2
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    Funny right.
    in one sentence,
    Mr Shanmugam's stand was unequivocal. 'The government believes that landed residential properties must remain the primary preserve of Singapore citizens, given their scarcity in Singapore,' he said.
    the next sentence,
    He reiterated that only foreigners who are PRs can purchase landed residential properties in Singapore - and those who wish to purchase such properties must seek the approval of the Law Minister.

    better learn english
    the key word is:
    must remain the primary preserve of Singapore citizens.

    different meaning if
    must remain the preserve of Singapore citizens.

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    Quote Originally Posted by hopeful
    Funny right.
    in one sentence,
    Mr Shanmugam's stand was unequivocal. 'The government believes that landed residential properties must remain the primary preserve of Singapore citizens, given their scarcity in Singapore,' he said.
    the next sentence,
    He reiterated that only foreigners who are PRs can purchase landed residential properties in Singapore - and those who wish to purchase such properties must seek the approval of the Law Minister.

    better learn english
    the key word is:
    must remain the primary preserve of Singapore citizens.

    different meaning if
    must remain the preserve of Singapore citizens.
    In other word, landed property is the prime priviledge of Singapore citizens. So, with scarcity of land, what are you folks waiting for?????????

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    xebay11 is offline New Launch Project Specialist
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    Dun be taken in by the flowery language...if PAP can sell FH landed property to foreigners to make money, you bet the PAP would.

    But physically it is not possible....or else huge parts of Singapore would be owned by foreigners in perpetuity without even firing a shot...ie. they simply "bought" Singapore.

    So now they just butter the ppl by saying it is the "preserve of the ppl" yeah right...shouldn't jobs be too?

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    Default Land grab

    So landed property is under valued just like HDB used to be before it was raided by foreigners.

    BUY LANDED PROPERTY NOW!!!!

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    Quote Originally Posted by Localite
    So landed property is under valued just like HDB used to be before it was raided by foreigners.

    BUY LANDED PROPERTY NOW!!!!
    I just bought!
    Some of my frens think i am crazy to buy now.
    Since I have bought, I must not look back.
    I am looking forward from now on......

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    Quote Originally Posted by buttercarp
    I just bought!
    Some of my frens think i am crazy to buy now.
    Since I have bought, I must not look back.
    I am looking forward from now on......
    Gd luck!
    I also thought of buying.. but buy one for rebuild or do major AA to my taste.

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    Quote Originally Posted by buttercarp
    I just bought!
    Some of my frens think i am crazy to buy now.
    Since I have bought, I must not look back.
    I am looking forward from now on......
    No worries if u buy to stay.....

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    Quote Originally Posted by Rysk
    Gd luck!
    I also thought of buying.. but buy one for rebuild or do major AA to my taste.
    I can't take the stress of A&A.
    I will shrivel and age with the stress.

    Btw, does anyone know whether we can construct a floor across the void space in the floors above where there is supposed to be an optional lift?

    Thanks for the well wishes, Rysk.
    Good luck in your house hunting.

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    Quote Originally Posted by land118
    No worries if u buy to stay.....
    Yup.... going to stay for at least 10 years.
    But the TOP is 3 years later.....
    Which i good too cos I love my present place and don't wish to move yet.
    Since FH land is so scarce, and the place is a new development, I just could not resist........

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    Quote Originally Posted by buttercarp
    Yup.... going to stay for at least 10 years.
    But the TOP is 3 years later.....
    Which i good too cos I love my present place and don't wish to move yet.
    Since FH land is so scarce, and the place is a new development, I just could not resist........
    See latest URA figures..., landed increase outpace non landed...:

    http://www.ura.gov.sg/pr/graphics/2011/pr11-95a1.pdf

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    That is great!
    Quote Originally Posted by land118
    See latest URA figures..., landed increase outpace non landed...:

    http://www.ura.gov.sg/pr/graphics/2011/pr11-95a1.pdf

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    Quote Originally Posted by DC33_2008
    That is great!
    "Preserved of S'porean",

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    I also bought a 2 storey corner terrace 300m from potong pasir mrt in D13, Senette estate

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    Quote Originally Posted by doraemon1
    I also bought a 2 storey corner terrace 300m from potong pasir mrt in D13, Senette estate
    You just bought?
    So A&A yourself?
    Wow.... so convenient.

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    Hope u have not bought the house along wan tho avenue.
    Quote Originally Posted by doraemon1
    I also bought a 2 storey corner terrace 300m from potong pasir mrt in D13, Senette estate

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    Quote Originally Posted by buttercarp
    Yup.... going to stay for at least 10 years.
    But the TOP is 3 years later.....
    Which i good too cos I love my present place and don't wish to move yet.
    Since FH land is so scarce, and the place is a new development, I just could not resist........
    where did you get??

    FH new development... Luxus hills?

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    Quote Originally Posted by buttercarp
    Yup.... going to stay for at least 10 years.
    But the TOP is 3 years later.....
    Which i good too cos I love my present place and don't wish to move yet.
    Since FH land is so scarce, and the place is a new development, I just could not resist........
    U bought those new terrace houses at Pavilion Park at Bukit Batok / Bukit Panjang area?

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    Quote Originally Posted by wind30
    where did you get??

    FH new development... Luxus hills?
    How I wished I did.
    I almost did 2 years ago...... Sigh.
    Btw, Luxus Hill is 999y.


    Quote Originally Posted by land118
    U bought those new terrace houses at Pavilion Park at Bukit Batok / Bukit Panjang area?
    You are spot on, land 118!
    Where else have new FH, ya?

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    Quote Originally Posted by buttercarp
    How I wished I did.
    I almost did 2 years ago...... Sigh.
    Btw, Luxus Hill is 999y.




    You are spot on, land 118!
    Where else have new FH, ya?
    Ya, quite low key project by Allgreen compared to other launches..., earlier phases I believed all sold out, now launched Phase 2G

    Reasonably priced in today's market...

    http://www.allgreen.com.sg/index2.ph...=article&id=37
    Last edited by land118; 23-07-11 at 22:11.

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    What is the land area, built up area and $psf?
    Quote Originally Posted by land118
    Ya, quite low key project by Allgreen compared to other launches..., earlier phases I believed all sold out, now launched Phase 2G

    Reasonably priced in today's market...

    http://www.allgreen.com.sg/index2.ph...=article&id=37

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    Quote Originally Posted by DC33_2008
    What is the land area, built up area and $psf?
    You can check out Pavilion Park at this website
    http://www.ura.gov.sg/realEstateWeb/...Controller.jpf

    I agree with land 118 that it is reasonably priced.

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    Quote Originally Posted by buttercarp
    You just bought?
    So A&A yourself?
    Wow.... so convenient.
    Yes, buttercarp, I had just bought. Going to do some minor renovations only as I like the present design and the house is very well-kept. Congrats on your buy! It looks good and new!

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    It is not cheap given the location and only a terrace house.
    Quote Originally Posted by buttercarp
    You can check out Pavilion Park at this website
    http://www.ura.gov.sg/realEstateWeb/...Controller.jpf

    I agree with land 118 that it is reasonably priced.

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    Quote Originally Posted by DC33_2008
    It is not cheap given the location and only a terrace house.
    The price of this project matches the price in a matured estate, save the trouble of A&A and old houses surrounding you.

    The built up is close to 3000sq ft for most units, so it is still relatively cheaper compared to condos.

    Yup, the location is not great, but it makes the place exclusive and quiet.
    I could not resist this cos in this phase, the units are built on elevated ground and the front looks down into the neighbourhood.

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    Anything new is not cheap in current market, whether landed or condo, LH or FH. For FH landed, new, less not than $2m, almost cannot find anymore. Therefore in terms of quantum, landed FH or 999LH, new, one need to look at min. $2mil+ already. It's all about quantum now, even for condo, affordability is quantum, that's why developers pushing for MM at small quantum.

    For terrace, psf is normally higher than semi-d and detached, similarly MM condos psf is also higher than bigger 2 or more bedders...

    Butterecarp, not sure which Phase u bought yours, but I think should be about $2.5m if u bought yours recently. At quantum of $2.5m FH, new, landed, not cheap...., but i maintained Allgreen price to sell, not much choice at that quantum for new, FH landed. For own stay, no worries.

    In today's market, I do believe threshold on affordability for people aspire to own FH landed is $3m...., once come to $4mil, I believe a much smaller chunk of people can afford. My

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    xebay11 is offline New Launch Project Specialist
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    Quote Originally Posted by xebay11
    Dun be taken in by the flowery language...if PAP can sell FH landed property to foreigners to make money, you bet the PAP would.

    But physically it is not possible....or else huge parts of Singapore would be owned by foreigners in perpetuity without even firing a shot...ie. they simply "bought" Singapore.

    So now they just butter the ppl by saying it is the "preserve of the ppl" yeah right...shouldn't jobs be too?
    He added that the bungalow offers “the opportunity for Singapore permanent residents (PR) to buy for own stay — as the government is prepared to consider allowing PRs to acquire bungalows with land areas below 15,000 sq ft, provided they are purchasing it for their own stay.”


    So much for preserve of Singaporeans.

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    Quote Originally Posted by xebay11
    Dun be taken in by the flowery language...if PAP can sell FH landed property to foreigners to make money, you bet the PAP would.

    But physically it is not possible....or else huge parts of Singapore would be owned by foreigners in perpetuity without even firing a shot...ie. they simply "bought" Singapore.

    So now they just butter the ppl by saying it is the "preserve of the ppl" yeah right...shouldn't jobs be too?

    ----------------------------------------------------------------------
    He added that the bungalow offers “the opportunity for Singapore permanent residents (PR) to buy for own stay — as the government is prepared to consider allowing PRs to acquire bungalows with land areas below 15,000 sq ft, provided they are purchasing it for their own stay.”

    So much for preserve of Singaporeans.
    This has always been the case lah, there are so many Malaysians owning landed all over Singapore since way back.

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    Interesting view on the home quantum threshold of 3 m . Assuming a house is at 3 m . Cash upfront is at abt 700 k (with stamp duty) and loan of 2.4 m approximate 8 k a month For payment over 30 years. Should be ok for combine income of 18 k plus ( assuming 40%Dsr)
    If home price is 4 m . Cash upfront is about 950k , loan 3.2 m and payment of 10k per month over 30 years . Again should be afforable for combine income of 25k plus
    The question is how many spore household earns 25 k a month ?
    How many can afford a 5 m property ?
    How many landed buyers are pr and newly minted citizen ?

    Anyone has these statistics ?

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    FRANKEL ESTATE COLDSTREAM AVENUESemi-Detached House13,568,8882,523Land1,414Jul-11
    FRANKEL ESTATE HARTLEY GROVEDetached House15,280,0004,500Land1,173Jul-11 FRANKEL ESTATE SIGLAP BANKDetached House16,500,0004,585Land1,418Jul-11 LANDED HOUSING DEVELOPMENT LORONG N TELOK KURAUSemi-Detached House15,000,0004,835Land1,034Jul-11 LANDED HOUSING DEVELOPMENT TELOK KURAU ROADTerrace House11,980,0001,646Land1,203Jul-11 LANDED HOUSING DEVELOPMENT LORONG N TELOK KURAUSemi-Detached House14,700,0004,809Land977Jul-11 OPERA ESTATE JALAN BANGSAWANTerrace House11,860,0001,700Land1,094Jul-11 LANDED HOUSING DEVELOPMENT LORONG STANGEETerrace House11,720,0001,575Land1,092Jul-11 LANDED HOUSING DEVELOPMENT JOO CHIAT AVENUETerrace House12,120,0001,622Land1,307Jul-11 SIGLAP PARK WOO MON CHEW ROADTerrace House13,760,0004,094Land919Jul-11 LANDED HOUSING DEVELOPMENT JOO CHIAT PLACETerrace House13,160,0001,548Land2,042Jul-11 LANDED HOUSING DEVELOPMENT MEYER ROADSemi-Detached House14,220,0002,959Land1,426Jul-11 LANDED HOUSING DEVELOPMENT LORONG H TELOK KURAUSemi-Detached House14,608,0004,770Land966Jul-11
    The 'new' price range for houses in the East
    Terrace - 2 to 3 M
    Semi D - Starting from 4 M
    Detach -Min 5 M

    Of course land size do matter, but I guess there are those that are only focus on quantum and type of houses it is base on

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