Aiyah! Just buy condo lor.Originally Posted by Unregistered
Aiyah! Just buy condo lor.
Yes, it is cheaper by a whisker, but you may not get to live in it if IRAS goes after your neck.
How can a family whose income is below $8000 afford a $600k - $700k property? Similarly, when the char kuey teow seller wears a Rolex and drives a BMW, but pays income tax at the income level of $3,000 p.m., Uncle Sam would be fired if he does not go after the tax evader.
Everything is relative, as the Cantonese saying goes "if you don't have a big head, don't try to wear such a big hat!"
very sharp observation. other reason has to do with the racial ethnicity mix according to my very well informed source. Price and sentiment were side issues. Many keen buyers with income ceiling above 8K tried their luck and got their applications thrown out. Heard not enough Malay and Indian applicants
You mean those who speculates that SIBOR will go up?
Yes!
Die die die!
Why die?
I speculate that SIBOR will drop some more.
Thanks for the compliments. I am aware of the race issue, but avoided it for its sensitivity.
The incident also reminded me of the German luxury car manufacturer trying to sell to Indonesia.
They were very successful selling their MBs in Singapore and thought that Indonesia, with its huge population, would buy more MBs. So the marketing people shipped a big lot to Indonesia, but three years later, these brand news MBs were rusting under the sun!
Oh any comments on this observation from the expats forum? Seems a knowledgeable chap. Thanks buddy for educating us. I will delay my buying.
all these are pure rubbish.
Consider govt throw in all the infrastructure cost, almost $100Bil to re-make Spore, all these are to appreciate your property in long term.
Plus all the high rental yield you are getting, low loan rate, high material cost, property is the best investment in long term in Spore.
That guys in expat forum if he is not happy with the rental, go Jakarta or Bangkok & work tomorrow, we don't need such expat in Spore.
Let his family worry of their security day & night, let their kids have that kind of education standard & system there, hygiene & environment of their water, air & pollution, medical care when they have illness, corruption govt when they want to have their permit or visa or tax done, language, transport convenience, global exposure, opportunity, advanced & modernised......
ask him to leave & move on to these countries tomorrow.
Plz be more kind.Soon he will have to stay here 'cos in SE Asia this is still the best and safest place for his family.It is cheaper in other countries but can he accept the trade offs.
Its an eyeopener whoever he is. Raised several points and only time will tell. Let us be kind to him till we see what is down the road. Maybe he is right to some extent.
Anyway I think I should delay my buying.
dubai india better to invest property. just booming with oil and it. see what emirates airline is doing. buying all the big planes. europe to aus hub soon in dubai. the rich sheiks can talk man. they talk only dirhams. oil money can buy anything. kuwaiti fund walked out. ask why? more returns there now. realised that the hype was empty.
HYPE HYPE HYPE!!!
More enblocs will come and enblocs will drive the market what.
I have some questions for Mr. Expat Forum, can any kind soul here help me to convey?
I don't know what you mean by "overvalued". If you look at the average of the last 20 years, almost all global cities have gone up tremendously, not just Singapore.
Bombay, Shanghai, London, New York, Hong Kong.
If you look at Hong Kong's property market here:
http://business.fullerton.edu/financ...05.337_356.pdf
and Singapore's property market here:
http://www.redas.com/einformation/mt...vtmeasures.pdf
You can see that both Singapore and Hong Kong have gone up almost synchronously.
London's property prices have also gone up by 279% in the last 10 years.
http://www.easier.com/view/House_Pri...le-109868.html
Hence can you tell me which major international city is not "overvalued" compared to their historical value?
(Please exclude cities like Yangon, Kabul and Baghdad).
Where did you get this idea from?Singapore's property cycle is 1-2 years of boom, followed by 1-2 years of decline then 2-5 years of stagnation
Look at the following residential price chart from 1960 to 2006
http://www.redas.com/einformation/mt...vtmeasures.pdf
Did you see the continuous climb all the way from Q2 1986 (Index at 33.5 points) all the way to Q2 1996 (Index at 181.4 points). Exactly 10 years and a rise of 440%. Bull-run of the decade!
What do you mean by 1-2 years of boom, followed by 1-2 years of decline?
Can you tell me how do you know that this supply of 30,000 has exceeded the demand?About 30,000 new prime properties are booked to be completed by 2010, exceeding demand
How did you work out the demand? What are the formulae and data you used to work out the demand?
What exactly is the demand?
Why should the speculators be under "massive stress"? The apartments can easily be rented out.Possibly 50% of those were purchased by investors/speculators, many though DPS
DPS entirely skewed the market by allowing speculators/developers/realtors to rapidly pump-up prices with very small financial commitment (2%-20%)
Many of the speculators never planned to own the apartments they bought, but to flip them quickly
With negagitve equity and being highly leverage speculators will be under massive stress. Some will walk, some will sell. Further reducing market prices and sentiment.
Don't forget that all the projects coming up TOP this year were bought in 2005, when the price was only 50% of what it is today.
With a rental yield of around 5% (based on current prices) and a mortgage interest rate of only 3%, the bank is subsidising borrowers to the tune of 2% p.a.
For those who've bought 3 years ago at half price (compared to today), that's a yeild of 10% versus a mortgage interest of 3%, the bank is subsidising borrowers to the tune of 7%.
Furthermore, rentals are expected to continue to rise due to the influx of foreingers. Read the following article:
"HDB, private apartment rentals set to rise
By Wong Siew Ying, Channel NewsAsia | Posted: 03 April 2008 0050 hrs
SINGAPORE : Rentals for HDB and mass market private apartments are set to rise in the coming years, with more foreign workers heading for Singapore."
If it looks familiar, it's because it's the title for one of the threads in this forum. Go and read the full article over there.
Please explain where is the "massive stress" coming from?
Is getting 7% p.a. from the bank stressful? Are you referring to the "massive stress" of having too much money?
That is really strange!Singapore's leadership are publicly bearish on the prime property market declaring prices will decline
MM Lee just said during Chinese New Year on 11 Feb 2008 that "By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."
You can read his full speech here:
http://app.sprinter.gov.sg/data/pr/20080211985.htm
May I ask whether MM Lee is considered part of "Singapore's leadership"?
If sentiment is at "panic level", why then does the URA property price index rise 6.6% in Q4 2007 and then another 4.2% in Q1 2008?Sales of prime properties have collapsed over the in Jan and Feb to the lowest levels in 5 years (BT and ST this week)
Market sentiment is at panic levels. External negative economic pressures and credit crunch is underway now in all developed economies - strong and weak. These will impact Singapore too.
http://www.ura.gov.sg/pr/text/2008/pr08-35.html
Remember that all these happened after the U.S. subprime had started.
If sentiment is at "panic level", then prices should decrease, instead of increase. Are you referring to "panic level" of the buyers, or "panic level" of the sellers?
According to the Ministry of Trade and Industry, "Singapore growth slows to 6.0% in fourth quarter"Asia has not "de-coupled" its economies from the US or WE. Singapore's exports indirectly still go mainly to the US. Consumption is till very low in Chinda. With recession in the US the reduced demand will still hit Singapre. Chinda owe Singapore nothing.
Singapore's 2007Q4 GDP shrank 4.8% I fully expect that the SG.gov is currently pumping the local economy hard to avoid a technical recession.
Singapore's productivity rates in 2007 declined by 0.9% - the greatest decline on record
Even "On a quarter-on-quarter seasonally adjusted annualised basis, real GDP fell by 3.2 per cent in the quarter compared with a 4.4 per cent gain in the preceding quarter, reflecting a slowdown in the manufacturing sector".
May I known where did you get the figure "shrank 4.8%" from?
http://www.channelnewsasia.com/stori...320244/1/.html
What you mean by "Jobs growth is good, but it is largely at the lowest levels. In coming workers will not be able to live in prime property. Many incoming professionals will not be able to afford prime property rentals"?Latest population target is 5.5mln by 2040, or about 10,000 HH per year.
Given current mix that means about 2,000 prime properties required per year
Jobs growth is good, but it is largely at the lowest levels. In coming workers will not be able to live in prime property. Many incoming professionals will not be able to afford prime property rentals without correction
Adam Smith's invisible hand of capitalism will play an influencing role in equalizing the balance
Read the following article:
Steaming demand for senior private bankers
7 February 2007
UBS isn't the only one beefing up its senior private banking ranks in Singapore.
The Swiss bank relocated Carlo Grigioni, its formerly Swiss-based global head of private wealth management, to Singapore this month.
Pay for these top individuals is generous – the salary for the average private banker is around S$300k (US$195k). But it can reach considerably more than that. "Last year we came across a few candidates who will hit S$700k to $800k in total compensation," says Koh.
http://news.efinancialcareers.sg/NEW...ewsItemId-9212
Do you think that with a salary of S$300k to $800k per year, these "low level workers" will be able to live in prime properties?
YOU ARE RIGHT. I AM WITH YOU. WHATEVER HIS SOURCE OF INFO IS ONE THING IS TRUE THAT PRICES ARE GOING DOWN AND WILL GO DOWN TO 2005 LEVELS. EVERYTHING IS HYPE TO PULL MARKET UP.
CDL CHIEF WANTS DPS TO BE REINSTATED SO THAT A FEW MORE SPECULATORS CAN BUY. RIGHTLY THE MINISTER DIDNT AGREE. SEE WHAT HAPPENED IN USA.
HOW CAN SINGAPORE FLYER BRING IN MORE COND BUYERS? THE TICKET SELLERS OR SECURITY? TOURISTS WONT BUY RIGHT?
I SEE PRICE DROPPING 30%.
friend how can water and food and beverages and condominiums around marina get the economy going? when the world slows down can marina condos make our economy go up? will tourists spend when they cant have rice to eat? inflation world wide is going up. why dont u include all factors.
PRICE WILL INCREASE BY 30%?
No lah.
Price only increased by 4.2% in the first 10 weeks of 2008.
That guy mentioned decrease by 30% because he thought Q1 price dropped by 4.2%. He didn't realised it has increased by 4.2%.
YES I AGREE. SHEIKHS SHAKE THE OIL TREE AND MONEY FALLS. HOW CAN IT HAPPEN HERE WITH THE HIGH LEVEL OF CONDO PRICE. SURE HAS TO DROP 50%.
This blurr cock is talking cork again.
Typical of that guy. Tomorrow he will tell you price dropping by 500%. Crap!
Wah lau! Solid man!
Yes, quite easy. Just simply type -500% on the PC.
Firstly, I wouldn't trust UBS too much. They are the top losers in Europe now, and desperate for funds.
Secondly, the average salary for private bankers is only $300k (not $300 to $800k). With $300k, they can only afford $1.5 m property which are so common these days. Hence private bankers are not even high-end property owners. They can't prop up our market.
Why don't he type "price went up by 4.2%"?
Because the sour grape is living in a different world, he does not have access to the URA property price index.
Sour grapes are ghosts that live in the 18th level of Hell (十八层地狱), hoping for 替身 (replacement body).
Their website www.Hell-URA.gov.sg shows that prices have gone down 500%.
Your mouth is so smelly - full of bull shit.
Anyway, my advice is to go and find a buyer and realise your gain before it kapoofs into thin air.
Why should I listen to the advice of a ghost who doesn't mean well?
Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed
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