Page 1 of 3 123 LastLast
Results 1 to 30 of 87

Thread: Time to tweak property curbs: CDL chief Kwek Leng Beng

  1. #1
    Join Date
    May 2012
    Posts
    2,429

    Default Time to tweak property curbs: CDL chief Kwek Leng Beng

    http://www.straitstimes.com/breaking...-beng-20140207

    A prominent real estate industry veteran called on the Government on Friday to review some of its property market cooling measures as home sales and prices fall.
    "As the property market starts to cool ... this may be the right time to tweak the control measures in the light of concern over the global economy," said City Developments (CDL) executive chairman Kwek Leng Beng.
    "It does take time for the medicine to work. Both the private and public sectors want a soft landing."
    He also said developers should "continue to work closely and collectively with the Government to ensure a sustainable property market, which is a difficult balancing task".

  2. #2
    Join Date
    May 2012
    Posts
    2,429

    Default

    http://www.businesstimes.com.sg/brea...-beng-20140207

    IT is the time for the government to tweak the property cooling measures that it has introduced since 2009 given concerns over the global economy, Kwek Leng Beng, executive chairman of Hong Leong Group Singapore and listed property developer City Developments Limited (CDL) said on Friday.
    "Since 2009, the Government has introduced a series of measures to control the real estate prices, to ensure home ownerships to Singaporeans are affordable with sufficient supply especially for first-time homebuyers. This is commendable," Mr Kwek said.
    "As the property market starts to cool, I would like to humbly suggest that this may be the right time to tweak the control measures in the light of concern over the global economy even in the year of the horse. It does take time for the medicine to work. Both the private and public sectors want a soft landing," he added.
    Mr Kwek was speaking at the Real Estate Developers' Association of Singapore (Redas) Spring Festival lunch held at the W Singapore hotel, where he was presented with the inaugural Redas Lifetime Achievement Award.

  3. #3
    Join Date
    Nov 2008
    Posts
    9,217

    Default

    CDL stock has dropped till only $9.22. The Man has to speak. Furthermore can launch his Southbeach project.

  4. #4
    Join Date
    Jan 2013
    Posts
    83

    Default

    and with the Fed starting to taper and most central bank worldwide bias towards inflation and with interest rates on the up?
    With Singapore property kiasuism, any relaxation will cause immediate uptrend and cause another bubble..and Forbes Jesse Colombo will clap his hand.

  5. #5
    Join Date
    Mar 2012
    Posts
    7,827

    Default

    Leng Beng say "humbly" in order not to offend Obi Wan.

    I am guessing that the government could possibily removing some cooling measures for central area region so that we can rely on foreign investors money to develop the marina bay area.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

  6. #6
    Join Date
    Oct 2011
    Posts
    10,829

    Default Time to tweak property curbs: CDL chief Kwek Leng Beng

    http://www.straitstimes.com/breaking...-beng-20140207

    Time to tweak property curbs: CDL chief Kwek Leng Beng

    Published on Feb 07, 2014
    1:34 PM

    By Melissa Tan


    A prominent real estate industry veteran called on the Government on Friday to review some of its property market cooling measures as home sales and prices fall.

    "As the property market starts to cool ... this may be the right time to tweak the control measures in the light of concern over the global economy," said City Developments (CDL) executive chairman Kwek Leng Beng.

    "It does take time for the medicine to work. Both the private and public sectors want a soft landing."

    He also said developers should "continue to work closely and collectively with the Government to ensure a sustainable property market, which is a difficult balancing task".

    Mr Kwek was speaking at a lunch organised by the Real Estate Developers Association (Redas) at the W Singapore hotel in Sentosa Cove, where he was awarded the inaugural Redas Lifetime Achievement Award.

    The award was established to honour a "pioneering group of industry leaders", Redas said in a statement.

    The association noted that Mr Kwek was "known for his foresight and astute acquisitions" and had transformed CDL from a loss-making company into a profitable one.

    He has also helped to reform the property sector with actions such as the introduction of the Developers' Fund to protect buyers, which enforced the rule that money collected for a specific project could not be used for any other purposes, Redas added.

  7. #7
    Join Date
    Oct 2011
    Posts
    10,829

    Default

    http://www.businesstimes.com.sg/brea...-beng-20140207

    Published February 07, 2014

    Time to tweak property cooling measures: Kwek Leng Beng

    By Felda Chay [email protected]


    IT is the time for the government to tweak the property cooling measures that it has introduced since 2009 given concerns over the global economy, Kwek Leng Beng, executive chairman of Hong Leong Group Singapore and listed property developer City Developments Limited (CDL) said on Friday.

    "Since 2009, the Government has introduced a series of measures to control the real estate prices, to ensure home ownerships to Singaporeans are affordable with sufficient supply especially for first-time homebuyers. This is commendable," Mr Kwek said.

    "As the property market starts to cool, I would like to humbly suggest that this may be the right time to tweak the control measures in the light of concern over the global economy even in the year of the horse. It does take time for the medicine to work. Both the private and public sectors want a soft landing," he added.

    Mr Kwek was speaking at the Real Estate Developers' Association of Singapore (Redas) Spring Festival lunch held at the W Singapore hotel, where he was presented with the inaugural Redas Lifetime Achievement Award.

    Mr Kwek's comments come amid signs that Singapore's housing market is slowing down.

    Statistics from the Urban Redevelopment Authority showed that for the last three months of 2013, private home prices fell 0.9 per cent - first quarterly drop in about two years.

    For the full year, URA's overall private home price index ended 1.1 per cent higher - a smaller gain compared to the 2.8 per cent seen in 2012.

  8. #8
    Join Date
    Jan 2013
    Posts
    83

    Default

    The speech fro REDAS chief is much better and professional.

    Separately, president of REDAS Chia Boon Kuah said the property market is showing signs of decelerating on the back of concerted efforts by the government to manage housing supply and curb speculative buying.

    Restrictive home loans, the increased supply of residential units and fast increasing labour costs have been "unnerving" to developers.

    Mr Chia said: "This is a resilient industry, and when the going gets tough, we just get more resourceful."

    Meanwhile, REDAS also called on members to refocus attention on workplace safety and welfare of migrant workers in the industry.

  9. #9
    Join Date
    Sep 2013
    Posts
    355

    Default

    Quote Originally Posted by GIG View Post
    The speech fro REDAS chief is much better and professional.

    Separately, president of REDAS Chia Boon Kuah said the property market is showing signs of decelerating on the back of concerted efforts by the government to manage housing supply and curb speculative buying.

    Restrictive home loans, the increased supply of residential units and fast increasing labour costs have been "unnerving" to developers.

    Mr Chia said: "This is a resilient industry, and when the going gets tough, we just get more resourceful."

    Meanwhile, REDAS also called on members to refocus attention on workplace safety and welfare of migrant workers in the industry.
    He didn't really say anything of consequential. I would prefer Kwek Leng Beng for speaking his mind in a very rational and collected way.

  10. #10
    Join Date
    Apr 2010
    Posts
    1,788

    Default

    he was humbled by his share price at 8+ dollar. Kwek and property agents are sharing the brunt of cm and tdsr

  11. #11
    Join Date
    Mar 2012
    Posts
    7,827

    Default

    Quote Originally Posted by Lovelle View Post
    he was humbled by his share price at 8+ dollar. Kwek and property agents are sharing the brunt of cm and tdsr
    Leng Beng wealth is not so much in CDL or any of his listed companies, it is his privately held hong leong holding companies that is worth the most to him.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

  12. #12
    Join Date
    Apr 2010
    Posts
    1,788

    Default

    but he has to answer to his cdl shareholders too which maybe close friends or relatives....maybe he feel pai seh. Though they are not commoners, more of face thing

  13. #13
    Join Date
    Feb 2009
    Posts
    5,837

    Default

    well .... developers have made so much $$$ since the bull run started in 2006 ...


    I am expecting more to start speaking up ... except maybe for the How Lian FEO ... they simply place all unsold units into their subsidiary and rent out ...

  14. #14
    Join Date
    Jul 2009
    Posts
    7,482

    Default

    the big boys are starting to speak, the music will restart...

  15. #15
    Join Date
    Jan 2013
    Posts
    83

    Default

    Quote Originally Posted by Wunderkind View Post
    He didn't really say anything of consequential. I would prefer Kwek Leng Beng for speaking his mind in a very rational and collected way.
    Very rational?
    During property bull run, never read him telling the govt please introduce cooling measures...property is sky high...developers are making so much money...
    It's good that Mr. Khaw don't give developer face...like he said in Facebook that
    the govt did the right thing although it made sellers and developers unhappy.

  16. #16
    Join Date
    Mar 2012
    Posts
    7,827

    Default

    Quote Originally Posted by proud owner View Post
    well .... developers have made so much $$$ since the bull run started in 2006 ...


    I am expecting more to start speaking up ... except maybe for the How Lian FEO ... they simply place all unsold units into their subsidiary and rent out ...
    FEO is actually very active in the industrial property segment and with the -newly recruited ex senior URA executive, I think they should not make any comments about government policies.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

  17. #17
    teddybear's Avatar
    teddybear is offline Global recession is coming....
    Join Date
    Mar 2009
    Posts
    10,800

    Default

    We will know whether the govt did the right thing or not about property measures when 2016 GE comes?

    Quote Originally Posted by GIG View Post
    Very rational?
    During property bull run, never read him telling the govt please introduce cooling measures...property is sky high...developers are making so much money...
    It's good that Mr. Khaw don't give developer face...like he said in Facebook that
    the govt did the right thing although it made sellers and developers unhappy.

  18. #18
    Join Date
    Oct 2013
    Posts
    695

    Default

    I always believe that singaporeans should not be penalised for investing in additional properties and only foreigners should be paying absd.

  19. #19
    Join Date
    Dec 2009
    Posts
    6,003

    Default

    Quote Originally Posted by GIG View Post
    Very rational?
    During property bull run, never read him telling the govt please introduce cooling measures...property is sky high...developers are making so much money...
    It's good that Mr. Khaw don't give developer face...like he said in Facebook that
    the govt did the right thing although it made sellers and developers unhappy.
    Resale HDB prices could be correcting too fast and become unpredictable.

  20. #20
    Join Date
    Mar 2012
    Posts
    7,827

    Default

    IT is time for the government to tweak some of its property cooling measures such as the additional buyer's stamp duty (ABSD), given concerns over the global economy and signs that the property market here is slowing down, said Kwek Leng Beng, executive chairman of Hong Leong Group Singapore and property developer City Developments.

    He suggested that the government consider lifting the hefty stamp duties imposed on foreigners when they buy property here, and replace it with a tax on sellers who offload their property three or four years after snapping it up.

    "Everybody is attracting foreigners today to their countries. We should attract foreigners. But if . . . you penalise them by having to pay additional tax, then they (will) say you don't welcome me.

    "So why don't you (the government) just say, if you sell within three years, four years, then I tax you. You come in (and buy property) I don't want to tax. I think this is one way," said Mr Kwek, who was speaking to reporters on the sidelines of the Real Estate Developers' Association of Singapore (Redas) Spring Festival lunch yesterday.

    The government can also consider lifting ABSD for locals - who are subject to the additional tax when they purchase more than one home - and permanent residents, he said.

    "I don't think there is a lot of speculation. The prices are high because developers have got no land stock . . . in the land bank. (At the same time) they have to survive, they cannot let business come to a standstill.
    "So I think for some of these, we will (need to) have a dialogue with the government . . . I think the government has the bigger picture. We leave it to them. They are trying their best. They want a stabilised market. We will cooperate with them."

    Mr Kwek's comments come amid signs that the housing market is slowing down. Statistics from the Urban Redevelopment Authority (URA) showed that for the last three months of 2013, private home prices fell 0.9 per cent - the first quarterly drop in about two years. For the full year, URA's overall private home price index ended 1.1 per cent higher - a smaller gain compared with the 2.8 per cent recorded in 2012.

    Besides working closely with the government to build a healthy property market, developers will also work closely with the government on the next phase of nation-building and real estate development to achieve a "distinctive, high-quality living environment for all", said Chia Boon Kuah, president of Redas.

    This means that construction activity will remain at high levels and continue unabated for several years, making it "ever more important to re-focus our collective attention on workplace safety and welfare of the some 30,000 migrant workers in our industry", he said.

    "As developers, we should support our contractors in showing duty of care for the health, safety and welfare of these workers. This enhances productivity, which, in the long run, translates into benefits for all."

    Last month, a worksite accident in Sentosa left one foreign worker dead and 10 others injured.

    The death of the worker takes the number of fatalities at worksite accidents to nine in just over a month, prompting Acting Manpower Minister Tan Chuan-Jin to write on his blog that the recent spate of accidents was "not tenable".

    Developers and contractors should, therefore, "up the ante on workplace safety training and communication" and "recognise the contributions these workers make to our country", said Mr Chia, who is also group president and chief executive of developer GuocoLand.

    Redas would hold a forum to identify and discuss common causes behind construction workplace accidents, challenges to risk reduction and best practices, he said.
    Yesterday, Redas presented Mr Kwek with its inaugural Redas Lifetime Achievement Award, which it established to honour a pioneering group of industry leaders.

    The Redas citation said that Mr Kwek has helped to shape the property industry and guided Redas through several difficult periods, such as the property crash in the early 1980s.

    Together with other developers, he also helped to reform the sector by introducing the Developers' Fund to protect buyers. This ensured that money collected for a specific project could not be used for other purposes.
    Mr Kwek received his award from Education Minister Heng Swee Keat, who was guest-of-honour at the event.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

  21. #21
    Join Date
    Jan 2014
    Location
    The Sails
    Posts
    366

    Default

    I think tdsr may not pull out so fast by govt. Now it is only start to see a dip n impact really felt by the market. Maybe near to the next election period, 2016/2017

  22. #22
    Join Date
    Jan 2013
    Posts
    83

    Default

    Quote Originally Posted by hyenergix View Post
    Resale HDB prices could be correcting too fast and become unpredictable.
    Valuation still high and even last month stats shows that prices went up a bit.
    Mr. Khaw was right when he said that prices has not steadied for HDB resale...
    means prices will come down more before it stabilises.

  23. #23
    Join Date
    Sep 2013
    Posts
    355

    Default

    Quote Originally Posted by GIG View Post
    Very rational?
    During property bull run, never read him telling the govt please introduce cooling measures...property is sky high...developers are making so much money...
    It's good that Mr. Khaw don't give developer face...like he said in Facebook that
    the govt did the right thing although it made sellers and developers unhappy.
    The proof of the pudding is economic stability and people cohesion. And it is hard act to balance. It is not about giving whose face. There is no divide between businesses and consumers. For Singapore to work, both have to grow. It is about our future. What is the goal that the government want to accomplish by killing businesses?

  24. #24
    Join Date
    Jan 2011
    Posts
    803

    Default

    Mr Kwek suggested lifting ABSD for foreigners clearly showed that he was more concern with his business's profitability than the greater good. Look at London now, the rich from emerging markets are buying and chasing up prices in London just to part their money.

    We have also witnessed the many empty high end apartments in Singapore now bought by foreigners prior to the ABSD. This is a waste of resources and artificially inflated demand. That was the reason why the government imposed ABSD on foreigners. If not for the ABSD, we may be facing what London is facing now and with even more empty apartments.

  25. #25
    Join Date
    Jan 2013
    Posts
    83

    Default

    Quote Originally Posted by Wunderkind View Post
    The proof of the pudding is economic stability and people cohesion. And it is hard act to balance. It is not about giving whose face. There is no divide between businesses and consumers. For Singapore to work, both have to grow. It is about our future. What is the goal that the government want to accomplish by killing businesses?
    Has businesses been killed now by the cooling measures?
    If the developer placed lower bid, launch affordable prices, where consumer find it
    Attractive and at the price where the developer still earn.
    Would that be better for the economy?
    Its time for the developer to think resourceful, learn how to work with current policy rules.
    Not just having a fast and shortcut way to generate money.

  26. #26
    Join Date
    Jul 2013
    Posts
    543

    Default

    Quote Originally Posted by GIG View Post
    Its time for the developer to think resourceful, learn how to work with current policy rules.
    Not just having a fast and shortcut way to generate money.
    Developers appear running out of solutions...haha... Mr. kwek, please continue to cut price your price, this will surely work.

    Anyway, money was so easy in property past few years, should have make enough by now as well...It is time giving back to the people.
    Last edited by walkthetiger; 08-02-14 at 09:47.
    A bottle of Lafite '82 for all my coffeeshop friends yesterday...many don't know what is it....haha...

  27. #27
    Join Date
    Sep 2013
    Posts
    355

    Default

    Quote Originally Posted by GIG View Post
    Has businesses been killed now by the cooling measures?
    If the developer placed lower bid, launch affordable prices, where consumer find it
    Attractive and at the price where the developer still earn.
    Would that be better for the economy?
    Its time for the developer to think resourceful, learn how to work with current policy rules.
    Not just having a fast and shortcut way to generate money.
    The developers are finding themselves like frogs in a boiling pot of water.
    For sure they will be cooked if the water continues to boil. That why they are "jumping".

    The epiphany is to discover that the once "animal lover" has left the kitchen to tend to his bonsai plant in the garden.

  28. #28
    teddybear's Avatar
    teddybear is offline Global recession is coming....
    Join Date
    Mar 2009
    Posts
    10,800

    Default

    What is the problem with allowing foreigners to buy condo units which are basically air space (govt just need to increase plot ratio and height limit) and then leave vacant? Singapore earn their $$$ which can be distributed to help the poor! Why cares whether they leave vacant? Then don't have to keep asking Singaporeans who are already "poor" due to high costs of living etc to donate to charity to help the poor and keeping saying need to raise taxes particularly from assets!

    Instead, govt should instead stop allowing foreigners (including PRs) to buy:
    1. HDB flats!
    2. landed properties!
    3. heartland OCR properties!

    By imposing ABSD that is artificially high compared to citizens, is the govt telling the foreigners that they are not welcomed here so much so that govt won't even allow them to buy "air space"?


    Quote Originally Posted by Amber Woods View Post
    Mr Kwek suggested lifting ABSD for foreigners clearly showed that he was more concern with his business's profitability than the greater good. Look at London now, the rich from emerging markets are buying and chasing up prices in London just to part their money.

    We have also witnessed the many empty high end apartments in Singapore now bought by foreigners prior to the ABSD. This is a waste of resources and artificially inflated demand. That was the reason why the government imposed ABSD on foreigners. If not for the ABSD, we may be facing what London is facing now and with even more empty apartments.

  29. #29
    Join Date
    Sep 2009
    Posts
    111

    Default

    Restricting foreigners ownership is global trend, to repair the damage made by low interest rate.

  30. #30
    teddybear's Avatar
    teddybear is offline Global recession is coming....
    Join Date
    Mar 2009
    Posts
    10,800

    Default

    People do stupid thing because they don't have brain to think of good solution means you also want to follow suit?

    Quote Originally Posted by gemstone View Post
    Restricting foreigners ownership is global trend, to repair the damage made by low interest rate.

Similar Threads

  1. Property curbs could be lifted this year: CDL's Kwek Leng Beng
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 11
    -: 01-03-16, 15:20
  2. Kwek Leng Beng says time to review property measures
    By Londonproperty123 in forum Singapore Private Condominium Property Discussion and News
    Replies: 43
    -: 11-08-14, 17:41
  3. Kwek Leng Beng is my idol
    By phantom_opera in forum Coffeeshop Talk
    Replies: 0
    -: 08-10-12, 20:56
  4. So what does Mr Kwek Leng Beng thinks?
    By land118 in forum Coffeeshop Talk
    Replies: 5
    -: 14-08-11, 19:01
  5. Kwek Leng Beng: Property slowdown not widespread
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 2
    -: 15-08-08, 20:28

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •