Page 1 of 2 12 LastLast
Results 1 to 30 of 33

Thread: Law Minister K. Shanmugam: Property values 'unlikely to slide in longer term'

  1. #1
    Join Date
    Dec 2008
    Posts
    933

    Default Law Minister K. Shanmugam: Property values 'unlikely to slide in longer term'

    http://www.straitstimes.com/premium/...-term-20140308
    By Cheryl Ong

    PROPERTY values are unlikely to slide in the longer term, if the Government continues with stable, clear-sighted policies, Law Minister K. Shanmugam has said.
    "(As) we move into a high-tech economy... we remain a safe centre for banking and financial services... where the Government does not move arbitrarily and acquire for no compensation. The Government doesn't chase people away," he said on Thursday.
    "If we can keep our policies right, in the longer term, if Singapore was a stock, buy it. And that means property prices will go up," Mr Shanmugam said in response to questions that cooling measures such as the Additional Buyers' Stamp Duty would weigh down property values.
    He was addressing about 1,700 property agents attending a ministerial dialogue organised by real estate firm PropNex at Kallang Theatre.
    He also noted in a Facebook post yesterday that he was optimistic about Singapore's future, as the thriving Asean economic community "will offer exciting economic and trade opportunities for us as a regional service hub".
    Headwinds in the property market, though, in part due to the cooling measures and Total Debt Servicing Ratio, do not mean buyers are unable to afford property, he added at the convention.
    Instead, some buyers may be wary and are holding back because of fears of a correction in prices.
    The Government's redevelopment plans for the Greater Southern Waterfront and Paya Lebar Airbase will also free up "prime superb-value land" and play a part in propping up property values, he said.
    That means that the role of property agents will grow in importance, as property prices rise.
    "You are talking about people having to commit millions of dollars, and I think a highly-trained professional who can help people get value for that... can have a tremendous amount of value," Mr Shanmugam said.
    "I think a lot more advisory work, a lot more analytical-type work and services will have to be started and provided."


    K Shanmugam Sc: https://www.facebook.com/media/set/?set=a.666737976706069.1073742006.203314719715066&type=1
    I went for a dialogue with about 1,700 property agents, organised by Propnex. They asked me, and I explained to them the government’s rationale behind some of the property cooling measures. A stable property market, which will have positive impact on our overall macroeconomic and social environment, will be in every one’s interest, including their own.

    I was asked for my views on the property market. I said that I will not be able to say what will happen to the market in the short term - whether it will go up or down. But fundamentally I am optimistic about Singapore and its future – provided we have political stability, good government, good economic growth, and good jobs for our people. Further as the ASEAN Economic Community takes off , it will offer exciting economic and trade opportunities for us as a regional service hub.

    Propnex also presented a donation of $100,000 to Community Chest at the dialogue. It was great to have met and listened to the agents – many were extremely warm and friendly and we took a lot of photos.

  2. #2
    Join Date
    Dec 2008
    Posts
    933

    Default

    "That means that the role of property agents will grow in importance, as property prices rise."

    mai tu liao, change job to be prop agent...
    prop agent who want to quit, reconsider....

  3. #3
    Join Date
    Jan 2014
    Location
    The Sails
    Posts
    366

    Default

    For those agents who r really have hearts for their clients n work hard to meet their needs. Hard to find good ones.

  4. #4
    Join Date
    Dec 2008
    Posts
    933

    Default

    i believe agents will show this article to prospective buyers over and over again...

    start chanting "Property values 'unlikely to slide in longer term' "

    remind me of "Property are meant to be bought, not sold".... oh i miss that guy

  5. #5
    Join Date
    Jun 2013
    Posts
    84

    Default

    Actually the govt can cut the middleman out and property price will be cheaper. More and more ppl are selling their hdb by themselves and if the govt can open such a portal for buyers/sellers to come together, it will be great! Most agents 1st interest are their pocket and not really the interest of the person they are serving.

  6. #6
    Join Date
    Oct 2010
    Posts
    4,739

    Default

    how come this shan is stepping into khaw's territory? shouldn't it be khaw to talk to property agents?

    whats next?
    khaw give a talk to law society?
    yacob give a talk to mindef?

  7. #7
    teddybear's Avatar
    teddybear is offline Global recession is coming....
    Join Date
    Mar 2009
    Posts
    10,800

    Default

    What you said is very thought-provocating indeed...............

    Quote Originally Posted by hopeful View Post
    how come this shan is stepping into khaw's territory? shouldn't it be khaw to talk to property agents?

    whats next?
    khaw give a talk to law society?
    yacob give a talk to mindef?

  8. #8
    Join Date
    Oct 2012
    Posts
    180

    Default

    Quote Originally Posted by hopeful View Post
    how come this shan is stepping into khaw's territory? shouldn't it be khaw to talk to property agents?

    whats next?
    khaw give a talk to law society?
    yacob give a talk to mindef?
    What's wrong with that? Ministers change portfolio anyway.

    I think as property investors we should evaluate for ourselves the impact of ASEAN economic community and chart our own investment strategy.

  9. #9
    Join Date
    Jul 2009
    Posts
    120

    Default

    Quote Originally Posted by el loco View Post
    Actually the govt can cut the middleman out and property price will be cheaper. More and more ppl are selling their hdb by themselves and if the govt can open such a portal for buyers/sellers to come together, it will be great! Most agents 1st interest are their pocket and not really the interest of the person they are serving.

    can t agree more. Good agents are a dime a dozen. Most just want to line their pockets. Even supposedly close friends, etc also cannot guarantee. Approached a friend s good friend and realized his intentions are not that good either. In the sense that trying to push the end prices up to make more from me the buyer.

    I don t disagree that agents should make money,but even when a supposed close friend is trying to wring the most out of you, that says very much about the industry. Thats why when I deal with agents, I cut the chase, no feelings involved, I just state my terms.

  10. #10
    Join Date
    Jan 2014
    Location
    The Sails
    Posts
    366

    Default

    Actually a lot of things which we do not see are happening in the background between the selling and buying agent. buyer and seller may not be in the loop. Will have to insist our way and target buy/sell price.

  11. #11
    Join Date
    Jul 2013
    Posts
    543

    Default

    Quote Originally Posted by Royston8H View Post
    Actually a lot of things which we do not see are happening in the background between the selling and buying agent. buyer and seller may not be in the loop. Will have to insist our way and target buy/sell price.
    That is why I don't believe top agents produce magical work for me, all the same to me. To be fair to them, they are just middleman make a living.
    A bottle of Lafite '82 for all my coffeeshop friends yesterday...many don't know what is it....haha...

  12. #12
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,531

    Default

    If a buyer know what is the market value of the property and the seller know how much the similar property is being sold, what value add can the agent give to the buyer and seller.

  13. #13
    Join Date
    Apr 2011
    Posts
    1,099

    Default

    Been hearing that if there is no cov, then agents are not needed since buyers sellers will transact at value. Anw the trendy word is CUV now. Haha

  14. #14
    Join Date
    Jan 2014
    Location
    The Sails
    Posts
    366

    Default

    CUV + Sales Commission To Agent = Tough to make more profit by selling owned HDB or to upgrade from HDB.

  15. #15
    Join Date
    Mar 2009
    Posts
    6,134

    Default

    Quote Originally Posted by el loco View Post
    Actually the govt can cut the middleman out and property price will be cheaper. More and more ppl are selling their hdb by themselves and if the govt can open such a portal for buyers/sellers to come together, it will be great! Most agents 1st interest are their pocket and not really the interest of the person they are serving.
    u can sell ur place without agent. its not a mandatory thing. As long you know how the process u don't need the agent.

    What u need the agent are usually the seller lazy to market it themselves. so as a buyer u hardly find a seller without the agent.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

    https://www.facebook.com/shutdowntrs

  16. #16
    Join Date
    Jun 2013
    Posts
    84

    Default

    Quote Originally Posted by minority View Post
    u can sell ur place without agent. its not a mandatory thing. As long you know how the process u don't need the agent.

    What u need the agent are usually the seller lazy to market it themselves. so as a buyer u hardly find a seller without the agent.
    Agreed. Seller haf a advantage. Buyer suck thumb as agent will not deal with u but find u his agent fren to co-broke.

  17. #17
    Join Date
    Mar 2009
    Posts
    6,134

    Default

    Quote Originally Posted by el loco View Post
    Agreed. Seller haf a advantage. Buyer suck thumb as agent will not deal with u but find u his agent fren to co-broke.
    Its very dirty 1... so if seller lazy n if agent is not professional then seller might not get a good deal too.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

    https://www.facebook.com/shutdowntrs

  18. #18
    Join Date
    Jun 2013
    Posts
    84

    Default

    Quote Originally Posted by minority View Post
    Its very dirty 1... so if seller lazy n if agent is not professional then seller might not get a good deal too.
    Yeah....juz wonder y must we pay a fortune for such sub par service.

  19. #19
    Join Date
    Mar 2009
    Posts
    6,134

    Default

    Quote Originally Posted by el loco View Post
    Yeah....juz wonder y must we pay a fortune for such sub par service.
    Coz the buyer just dont have the seller lead i.e the access to the stocks. unless as a buyer he is willing to go knock on door cold call peopel to sell their house to him. But thats also depends if seller want to entertain.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

    https://www.facebook.com/shutdowntrs

  20. #20
    Join Date
    Feb 2009
    Posts
    5,837

    Default

    Quote Originally Posted by minority View Post
    u can sell ur place without agent. its not a mandatory thing. As long you know how the process u don't need the agent.

    What u need the agent are usually the seller lazy to market it themselves. so as a buyer u hardly find a seller without the agent.
    week after week of advertising .... quite costly ... that's why sellers seldom do it ...rather 'PASS' the cost to agents...

  21. #21
    Join Date
    Feb 2009
    Posts
    5,837

    Default

    CEA does not allow duo representation...

    seller and buyer usually have their own agent ...

    no one holds a knife to either party and say " MUST AGREE TO THIS PRICE"
    so I don't understand how when one party doesn't get a good price, it becomes the fault of agent

  22. #22
    Join Date
    Mar 2009
    Posts
    6,134

    Default

    Quote Originally Posted by proud owner View Post
    week after week of advertising .... quite costly ... that's why sellers seldom do it ...rather 'PASS' the cost to agents...
    yup thats why when have a good agent work with them. everyone have a overhead and are to make a living.

    I seen some sellers or buyers who are super calculative and think they can do the agent jobs.. I say then go do..
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

    https://www.facebook.com/shutdowntrs

  23. #23
    Join Date
    Mar 2009
    Posts
    6,134

    Default

    Quote Originally Posted by proud owner View Post
    CEA does not allow duo representation...

    seller and buyer usually have their own agent ...

    no one holds a knife to either party and say " MUST AGREE TO THIS PRICE"
    so I don't understand how when one party doesn't get a good price, it becomes the fault of agent


    not necessary is agent fault. But $ do drive behavior. So if agent have sole marketing rights to a unit. They can ignore better offers unless the co-broke are working with them. but with a weak market agents are less peaking. Rather close then get nothing.

    but in a market transition period. bull / or sudden bear. these ugly behavior do happen.

    but like u say no one hold the gun to the buyer or seller head. Its all abt who's more willing to compromise.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

    https://www.facebook.com/shutdowntrs

  24. #24
    Join Date
    Aug 2009
    Posts
    2,988

    Default

    Quote Originally Posted by proud owner View Post
    so I don't understand how when one party doesn't get a good price, it becomes the fault of agent
    I give you a real case.
    the seller's agent has 2 offers. my friend was one of the buyer. he had no agent. direct offer. the other one through an agent.
    the seller's agent took my friend's cheque immediately and got the owner signed and closed the deal. even though the other buyer's agent had a slightly higher offer (and it was the 1st offer, before even starting bargaining)
    very simple reason: sell to my friend, seller agent gets all the comm. whereas selling to the other one, he has to share.

    now after the deal was closed, the other buyer's agent managed to get hold of the owner and told him about his higher offer. the owner was not pleased, however as his agent had been taking care of that pty for 10ys, he didn't really do anything. the difference in the offer was not big though, 20k I think.

  25. #25
    Join Date
    Oct 2010
    Posts
    4,739

    Default

    only a few here read "Freakonomics: A Rogue Economist Explores the Hidden Side of Everything" ?

  26. #26
    Join Date
    Oct 2010
    Posts
    4,739

    Default

    Quote Originally Posted by proud owner View Post
    CEA does not allow duo representation...

    seller and buyer usually have their own agent ...

    no one holds a knife to either party and say " MUST AGREE TO THIS PRICE"
    so I don't understand how when one party doesn't get a good price, it becomes the fault of agent
    this case
    http://www.stproperty.sg/articles-pr...profit/a/60208

    http://www.h88.com.sg/article/ERA+to...ick+flip+case/

  27. #27
    Join Date
    Aug 2009
    Posts
    2,988

    Default

    Quote Originally Posted by hopeful View Post
    only a few here read "Freakonomics: A Rogue Economist Explores the Hidden Side of Everything" ?
    I like this book too (and a few of his others)

  28. #28
    Join Date
    Jun 2013
    Posts
    84

    Default

    Thanks for this news. Even educated ppl are been cheated. Dun say abt the older and less informed ppl. I wonder how many of them have been cheated by such unethical, no moral agents.

  29. #29
    Join Date
    Jan 2014
    Location
    The Sails
    Posts
    366

    Default

    Thanks for sharing the articles. That why i said its hard to get good property agents who are ethical and professional though i encountered good ones before.

  30. #30
    Join Date
    Mar 2014
    Posts
    1

    Smile

    It is clear that prices will stay, this article couldn't be more accurate.

    With land prices and labour cost going up, there is really nothing much developers can do to reduces prices.

    I waited for 2 years before i decided that so long you have a place to call your own, there is no point in waiting and waiting for a price drop.

    Many investors are also heading overseas to escape the ABSD and restrictions.
    One example is this one: http://www.developersalesprojects.com/royal-wharf/

    Certainly worth considering

Similar Threads

  1. Price drop unlikely to derail longer-term property outlook
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 07-08-14, 17:26
  2. Marina Bay rents to head north over longer term
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 28-05-13, 15:54
  3. MM Lee believes property values will continue to rise in long term
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 1
    -: 10-11-08, 16:16
  4. Current market has rich rewards in longer term
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 2
    -: 20-03-08, 10:42
  5. Singapore's longer-term worry is talent: SM Goh
    By ahlahdin in forum HDB, EC, commercial and industrial property discussion
    Replies: 3
    -: 08-07-07, 04:49

Posting Permissions

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