Not allowing new PRs to buy HDB resale will make Singapore lose competitiveness

[economist]

I think this is really a bad policy, by not allowing new PRs to buy HDB resale, it will make Singapore lose competitiveness.

What would new PRs do? cannot buy HDB resale, and if they buy condo, there is a 5% ABSD + 3% BSD. If they cannot find themselves a home in Singapore, will they settle down? Would the new comers even bother to apply for PR knowing that even PRs cannot buy HDB resale? Will more real foreign talents go to other cities instead? Will Singapore as a whole lose in the long term?

Has the policy makers thought about bigger pictures, rather than just being populist and trying to satisfy the xenophobics?

Now the rule of not allowing new PRs to buy resale HDBs has been made, the government should at least remove or reduce the ABSDs for PRs to buy their first condo!

Disappointed.

[yowetan]

I am happy to own three HDBs and a Mt Sinai apartment.

[star]

So far no people protest for a lower absd yet at hong lim park. Those that want property to cheong make the least complain while the one that want it to drop make alot of noise. Bull are more civilise than bear.

[economist]

So far no people protest for a lower absd yet at hong lim park. Those that want property to cheong make the least complain while the one that want it to drop make alot of noise. Bull are more civilise than bear.

You are right, but, bull or bear aside, the issue here is, govt is now listening to the xenophobics, and the new policy will turn away real talents! Do they really think Singapore is a place that still standout among many other competing cities?

[pentium]

I think this is really a bad policy, by not allowing new PRs to buy HDB resale, it will make Singapore lose competitiveness.

What would new PRs do? cannot buy HDB resale, and if they buy condo, there is a 5% ABSD + 3% BSD. If they cannot find themselves a home in Singapore, will they settle down? Would the new comers even bother to apply for PR knowing that even PRs cannot buy HDB resale? Will more real foreign talents go to other cities instead? Will Singapore as a whole lose in the long term?

Has the policy makers thought about bigger pictures, rather than just being populist and trying to satisfy the xenophobics?

Now the rule of not allowing new PRs to buy resale HDBs has been made, the government should at least remove or reduce the ABSDs for PRs to buy their first condo!

Disappointed.

Its to force them to convert to become citizens, else how to meet the 6.9 mil target. Pay more money or become new citizen ?

[chiaberry]

I think that is a very good suggestion to remove absd for first home for the new PR.

Too much xenophobia is not good for the country. Look what is happening to other countries with xenophobia.

[economist]

Its to force them to convert to become citizens, else how to meet the 6.9 mil target. Pay more money or become new citizen ?

First of all, it is not easy to convert to citizens, secondly, many PRs especially those talented ones would like to stay as PRs at least for some years before making the decision (understandable, as they came from different motherlands).

So, still, by closing doors for new PRs to own a home is irresponsible for Singapore's economy as a whole, govt should really think about removing or reducing the ABSD for PR's first home.

[yowetan]

First of all, it is not easy to convert to citizens, secondly, many PRs especially those talented ones would like to stay as PRs at least for some years before making the decision (understandable, as they came from different motherlands).

So, still, by closing doors for new PRs to own a home is irresponsible for Singapore's economy as a whole, govt should really think about removing or reducing the ABSD for PR's first home.

Hi...Are you a Singaporean or a Foreigner?

[economist]

Hi...Are you a Singaporean or a Foreigner?

Singaporean, and an economist.

[chiaberry]

Knee jerk reactions of our Govt to Singaporeans' gripes is getting out of hand. From housing to education, next in the pipeline is cars. I dread to think what they are intending to do to the COEs.

[mosaic]

can buy lah. Just 3 years later. Anyway its high time HDB prices and property prices come down to more sane levels. My take on HDBs, it should remain in the domain of Singaporeans mainly. HDB is public housing, i.e subsidized and for self stay. There s no reason why the government should be subsidizing non citizens. If they want to buy they can go for private housing. That said should give some space for the not so rich foreign talent lah, so 3 years is fine.

I just pity the OCR buyers though. They ll be hit the hardest. But caveat emptor.

[economist]

Knee jerk reactions of our Govt to Singaporeans' gripes is getting out of hand. From housing to education, next in the pipeline is cars. I dread to think what they are intending to do to the COEs.

If LKW is still at the helm, it would be much better...

[Lovelle]

If LKW is still at the helm, it would be much better...

Should be LKY. I missed him too

[chestnut]

If LKW is still at the helm, it would be much better...

i doubt... This is the new generation....

I personally feel the govt has a heart.... They are taking care of the masses now... So for me, personally, I feel it is good.

[economist]

can buy lah. Just 3 years later. Anyway its high time HDB prices and property prices come down to more sane levels. My take on HDBs, it should remain in the domain of Singaporeans mainly. HDB is public housing, i.e subsidized and for self stay. There s no reason why the government should be subsidizing non citizens. If they want to buy they can go for private housing. That said should give some space for the not so rich foreign talent lah, so 3 years is fine.

I just pity the OCR buyers though. They ll be hit the hardest. But caveat emptor.

citizens are already heavily subsidized for BTOs; especially for low-to-mid incomes;
PRs are somewhere between citizens and foreigners, they can be citizens-to-be;
therefore, HDB resale should remain open to PRs; 3 years is a long wait.
or, alternatively, there shouldn't be heavy ABSDs for PRs first private housing;

What is worrying is that, some ppl in government tend to think of Singapore as a gold mine that every talent will flock into, they forget that Singapore is actually dependent on human capital, and without good immigration policies or good economies, talents will leave Singapore and make economy worse, we have witnessed that in mid 2000s.

[chestnut]

citizens are already heavily subsidized for BTOs; especially for low-to-mid incomes;
PRs are somewhere between citizens and foreigners, they can be citizens-to-be;
therefore, HDB resale should remain open to PRs; 3 years is a long wait.
or, alternatively, there shouldn't be heavy ABSDs for PRs first private housing;

What is worrying is that, some ppl in government tend to think of Singapore as a gold mine that every talent will flock into, they forget that Singapore is actually dependent on human capital, and without good immigration policies or good economies, talents will leave Singapore and make economy worse, we have witnessed that in mid 2000s.

bro, its the election issue that caused this...

[economist]

i doubt... This is the new generation....

I personally feel the govt has a heart.... They are taking care of the masses now... So for me, personally, I feel it is good.

Govt needs a heart to take care of the people, it also needs a strong and steady hand to run the country - in a longer term.

[chestnut]

Govt needs a heart to take care of the people, it also needs a strong and steady hand to run the country - in a longer term.

They are torn between a populist decision or losing more votes....

[august]

You are right, but, bull or bear aside, the issue here is, govt is now listening to the xenophobics, and the new policy will turn away real talents! Do they really think Singapore is a place that still standout among many other competing cities?

look at australia and the boat people trying to get on its shore daily despite the risks, internment, and even certain death.
likewise people will not come to spore if they think spore is no longer attractive.
the fact is that hordes of foreigners are still trying to get into spore.

[august]

Knee jerk reactions of our Govt to Singaporeans' gripes is getting out of hand. From housing to education, next in the pipeline is cars. I dread to think what they are intending to do to the COEs.

I welcome the current MAS curbs on car loans. it is good and necessary to weed out those who can barely afford car ownership.

[wirehtc]

can buy lah. Just 3 years later. Anyway its high time HDB prices and property prices come down to more sane levels. My take on HDBs, it should remain in the domain of Singaporeans mainly. HDB is public housing, i.e subsidized and for self stay. There s no reason why the government should be subsidizing non citizens. If they want to buy they can go for private housing. That said should give some space for the not so rich foreign talent lah, so 3 years is fine.

I just pity the OCR buyers though. They ll be hit the hardest. But caveat emptor.

Allowing to buy HDB is already a privilege. 3 years is a test of their commitment. It makes SG citizenship more valuable.

[economist]

hordes of foreigner are still trying to get into Singapore -- true for now. But, things can change if policies and economies change, remember the period around 2005?

[wirehtc]

Allowing to buy HDB is already a privilege. 3 years is a test of their commitment. It makes SG citizenship more valuable.

With the recent policy changes (the final one pending being the COE), if the economy is able to hum along at 2-3% GDP growth and citizen unemployment rate is kept below 3%, there is a good chance the opposition will lose their seats at the next election.

[yowetan]

Singaporean, and an economist.

Hi...Thanks.

I personally feel HDB should belongs to Singaporean only.

PR and foreign talents are a result of globalization; but it shouldn't be an excuse to own a HDB which is uniquely Singaporean.

[star]

Hi...Thanks.

I personally feel HDB should belongs to Singaporean only.

PR and foreign talents are a result of globalization; but it shouldn't be an excuse to own a HDB which is uniquely Singaporean.

Then nobody will buy your hdb at $900k. Lol.

[economist]

Then nobody will buy your hdb at $900k. Lol.

Well said, LoL

[august]

hordes of foreigner are still trying to get into Singapore -- true for now. But, things can change if policies and economies change, remember the period around 2005?

you refering to SARS period? they were still coming in, just less.

the point is foreigners will always want to come into spore because the conditions and opportunities back home are much worse.

as an economist surely u understand spore rides on global and regional economics. if spore is in bad shape, others will be in even worse shape.

[MM Lovers]

Its to force them to convert to become citizens, else how to meet the 6.9 mil target. Pay more money or become new citizen ?

Yes, it is to force them to become citizen. Good for private property owner, they are force to buy private property or rent.

[radha08]

I think this is really a bad policy, by not allowing new PRs to buy HDB resale, it will make Singapore lose competitiveness.

What would new PRs do? cannot buy HDB resale, and if they buy condo, there is a 5% ABSD + 3% BSD. If they cannot find themselves a home in Singapore, will they settle down? Would the new comers even bother to apply for PR knowing that even PRs cannot buy HDB resale? Will more real foreign talents go to other cities instead? Will Singapore as a whole lose in the long term?

Has the policy makers thought about bigger pictures, rather than just being populist and trying to satisfy the xenophobics?

Now the rule of not allowing new PRs to buy resale HDBs has been made, the government should at least remove or reduce the ABSDs for PRs to buy their first condo!

Disappointed.

thats the purpose of iskander.... ...malaysia welcomes them

[radha08]

I am happy to own three HDBs and a Mt Sinai apartment.

and a honda fit with skyroof