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Thread: Spore Govt may announce lending curbs to cool property speculative activity

  1. #1
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    Default Spore Govt may announce lending curbs to cool property speculative activity

    Spore Govt may announce lending curbs to cool property speculative activity
    The Singapore government may soon step in to cool speculative activity in Singapore's housing sector by introducing lending curbs...
    Citigroup economist Chua Hak Bin said in his latest research report the probability that the government may introduce curbs to cool speculation, or limit banks' property-related exposure is increasing.
    He said this is because recent measures such as the bringing forward of stamp duty and releasing more land, have had limited impact on soaring property prices.
    Dr Chua said property acquisitions by developers, construction companies and investment holding companies have been fueling rapid loans growth in Singapore.
    In April, loans extended to building and construction companies surged 27 percent year-on-year.
    In contrast, mortgage loans rose a modest 5 percent in April.
    One possible reason for this lag, he said, is that homebuyers took up deferred payment schemes offered by property developers, rather than borrow more from banks.
    But this shifts the burden of financing to developers and construction companies.
    Dr Chua said the government may thus introduce a policy to tighten the deferred payment as part of its anti-speculative measures.
    But he said any measure will likely be calibrated and not as draconian as those introduced in 1996.
    Back then, the slew of measures included a capital gains tax, Central Provident Fund restrictions, and restrictions on foreigners' borrowing and purchases.

  2. #2
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    Default Re: Spore Govt may announce lending curbs to cool property speculative activity

    Will these stop the property price from rising further?

  3. #3
    Unregistered
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    Default Re: Spore Govt may announce lending curbs to cool property speculative activity

    I agree tt gov should curb speculation and improve transparency in enblock procedures...

    Otherwise negative sentiment will
    1) cause pent houses to fetch low price as current enblock Share_Value_Guidelines prejudice against larger units.
    : http://www.bca.gov.sg/BMSM/others/Sh...Guidelines.pdf

    2) foreign talent will leave as rental mkt is hostile and unpredictable.

    BAD for SG future....

  4. #4
    Market Watcher
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    Default Re: Spore Govt may announce lending curbs to cool property speculative activity

    Quote Originally Posted by Unregistered
    Will these stop the property price from rising further?

    Quote Originally Posted by Paterson
    28 June 2007
    First Phase of The Marq Fully Sold
    Units sold at an average S$4,137 psf, with a highest price of S$5,100 psf


    Singapore, 28 June 2007 - SC Global Developments Ltd, one of Singapore’s leading developers of exclusive luxury residences, is pleased to announce that it received overwhelming response to the first phase of private previews for its ultra luxurious residential development, The Marq On Paterson Hill (‘The Marq’). Previews were by invitation only.

    The first phase – about a third of all available apartments – comprising 21 units from the two blocks, Premier Tower and Signature Tower – have been fully sold. The average selling price achieved was $4,137 per square foot. Of the 21 units sold, eight apartments were within The Signature Tower, highly coveted for its signature 15-metre private lap pool in every unit. Prices for the entire development ranged from approximately S$11 million to S$31 million, with a unit in the Signature Tower achieving S$5,100 psf.

    The Marq on Paterson Hill is 24 storeys high; the 3 penthouses which occupy the top two floors of the building and apartments on the higher floors were not released in the first phase of private previews. The Signature Tower will be home to 21 ultra spacious 5 –bedroom apartments averaging 6,195 sq ft, beside it will stand the Premier Tower with 42 luxuriously appointed 4 –bedroom apartments averaging 3,000 sq ft.

    SC Global Developments has no confirmed date for the release of the second phase of units at this point.

    Will it stop prices from rising further?
    A definite no.

    Will it cool the heat?
    Yes, a little bit. We do need the market to cool down a bit.

    Singapore is a different market now.
    Don't gauge the market using past parameters.

  5. #5
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    Default Re: Spore Govt may announce lending curbs to cool property speculative activity

    Neptune court
    Latest reserve price pending signatories:

    1636sft= 2.4M ($1467pft),
    1272 sft=2.0M ($1572psf)
    Crazy, not proportional by sft either...

    Will achieve? , property prices are going crazy...

  6. #6
    Dude
    Guest

    Default Re: Spore Govt may announce lending curbs to cool property speculative activity

    Quote Originally Posted by Unregistered
    Neptune court
    Latest reserve price pending signatories:

    1636sft= 2.4M ($1467pft),
    1272 sft=2.0M ($1572psf)
    Crazy, not proportional by sft either...

    Will achieve? , property prices are going crazy...

    Wow!
    More millionaires in the making.
    Cool!

  7. #7
    Unregistered
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    Default Re: Spore Govt may announce lending curbs to cool property speculative activity

    Quote Originally Posted by Dude
    Wow!
    More millionaires in the making.
    Cool!
    Hi Dude

    BTW lawyer at NC charging 1.5%- he stands to earn $24.96M from the sale,

    "2. Cash payment for Exchange Owners
    For exchange owners, the reserve area will be the same. However, the exchange owners will now have an option to be paid partially in cash 10% of the exchange area. The change is to accommodate the wishes of exchange owners who are concerned with the cash needed in an exchange..."
    The cash would calculated at the 'exchange rate'. We will explain the terms of the 'exchange rate' at t upcoming dialogue session. You may also approach our 80% team to explain this to you in detail.

    Dialogue session is on today, 8pm...

    must check out if anything fishy going on...

  8. #8
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    Talking Re: Spore Govt may announce lending curbs to cool property speculative activity

    Property Sector: Risk of government intervention has risen even higher

    Summary:
    The URA yesterday released the latest preliminary statistics on the residential property market. In 2Q07, residential prices rose 7.9% QoQ. This is the fastest rate of growth since 3Q 1999 and prices have risen past the last peak in 2Q 2000. On an annualized basis, the current statistics indicate a growth rate of 31.6%. All segments of the residential market rose rapidly in the quarter. Prices for the Core Central Region appreciated by 7.6% QoQ, with the Rest of Central Region registered a strong 7.9% QoQ increase. Even the rest of the market (i.e. including HDB heartlands) rose by an equally strong 6.5% QoQ (annualized 26%). These numbers are broadly expected by the market as anecdotal evidences at show-flats and secondary transactions (both private and HDB flats) have shown willingness of buyers to pay benchmark prices. The issue now is whether the rate of price inflation is sustainable. Based on wage inflation of about 4.5% in 2006, the rise in wages appears to be lagging well behind residential price inflation. The government also appears to be worried and has taken the step to warn buyers that it is monitoring the market closely, presumably for speculations. Furthermore, it has recently also released much more land than expected. Under such a situation, we see the risk of government intervention as having risen and actions to pre-empt problems cannot be ruled out. We maintain Neutral weighting on the sector. (Winston Liew) - OCBC Research

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