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Thread: Kwek Leng Beng says time to review property measures

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    Default Kwek Leng Beng says time to review property measures

    Why? Apparently, Mr Kwek thinks that the property cooling measures are hurting Singapore as an investment destination.

    He was quoted in the media saying,

    "Singapore would lose our edge as an investment destination unless Government reviews cooling measures."

    I don't buy Mr Kwek's arguments as I think the property prices in Singapore can afford to come down some more.

    Perhaps his arguments used are a tad self-serving.

    I have blogged more about my views here -
    http://londonproperty123.blogspot.sg...to-review.html

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    high pty prices, lousy rental yield, absd, tdsr, rising sibor... our pty mkt has almost ground to a halt.

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    Quote Originally Posted by Patrickstar View Post
    high pty prices, lousy rental yield, absd, tdsr, rising sibor... our pty mkt has almost ground to a halt.
    TDSR, Not high pty prices, lousy rental yield, absd, rising sibor is the cause. CM8 is the one that halt the rise, the rest have no effect after a while.

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    Govt better don't do anything because price must come down more! Crash ah! My prophecy will come true as long as they do nothing..................

    Quote Originally Posted by Londonproperty123 View Post
    Why? Apparently, Mr Kwek thinks that the property cooling measures are hurting Singapore as an investment destination.

    He was quoted in the media saying,

    "Singapore would lose our edge as an investment destination unless Government reviews cooling measures."

    I don't buy Mr Kwek's arguments as I think the property prices in Singapore can afford to come down some more.

    Perhaps his arguments used are a tad self-serving.

    I have blogged more about my views here -
    http://londonproperty123.blogspot.sg...to-review.html

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    Quote Originally Posted by teddybear View Post
    Govt better don't do anything because price must come down more! Crash ah! My prophecy will come true as long as they do nothing..................
    Then they stop GLS, developer can take donkey years to sell, reduce stamp duty.............. finally to encourage people to buy DPS, Huat ah........

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    how many times ah kwek want to cry papa cry mama to govt to remove ABSD?

    http://www.theonlinecitizen.com/2014...roperty-curbs/

    First, the government has no business helping private real estate companies like Kwek Leng Beng’s to attract international business. Nor, as [Straits Times’] Cheryl Ong put it in her opinion article in ST A20 yesterday, no obligation for the government to “give a lift” to the property market.” The real estate industry is an industry that basically thrives on monopolistic rents. It is not a productive industry, in a strict sense of the term. If Kwek Leng Beng finds it hard to make money, he only has himself to blame for not working harder. Meritocracy, right?

    Second, it is of no loss to Singapore if we miss out on Kwek Leng Beng’s so-called [foreign] “investments.” In fact, what we have observed is the extreme negative externalities wrought by the free flow of such “investments” (read: cash) due to excess liquidity which has its roots in the liberal cash-printing US, EU and Chinese central bank policies. The spike in commercial rental increases (again monopolistic rents) has caused consumer prices to increase, and the spike in home sale and rental prices in all sectors has caused plenty of problems for Singaporeans who wish to own a home.

    Third, by Cheryl Ong’s calculation, private home prices have spiked 60% since 2009.

    Assuming a generous sustainable rate of 6% compound increase for home prices since 2009, home prices should only have increased by 33.8%.

    We are about 25% over-valued. Quarterly decreases of 1.5% is nothing.

    Forth and finally, the government’s role should be to develop a sustainable, moderate, gradual increase in home prices (just like overall inflation!) so that homes remain affordable for the masses in land-scarce Singapore – and not to indulge folks like Kwek Leng Beng who are too happy to make a quick buck from policy errors and mistakes.

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    Quote Originally Posted by Londonproperty123 View Post
    Why? Apparently, Mr Kwek thinks that the property cooling measures are hurting Singapore as an investment destination.

    He was quoted in the media saying,

    "Singapore would lose our edge as an investment destination unless Government reviews cooling measures."
    And Minister Khaw will stand in front and shout "Thou shalt not pass!"
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    If this is the case, why govt didn't take any action against escalating commercial rentals?
    Why govt didn't flood enough land to over-supply commercial properties and offices so that we will not be having shortage of supply now and there will not be high inflation now because companies are passing these costs to consumers?
    There is no obligation for govt to give residential property a lift after all those so many residential properties cooling measures but there are just NO major cooling measures to cool commercial properties! Strange isn't it?

    If residential properties are 25% over-valued, commercial properties are like >100% overvalued? Isn't it time for govt to act on commercial properties rentals escalation and suppress them so that inflation will come down?

    It is absolutely govt's job to ensure that inflation stays low and hence it is their job to act against these jacking up of commercial properties rentals!

    As such, What was mentioned in that article doesn't make any cow sense!

    Quote Originally Posted by wt_know View Post
    how many times ah kwek want to cry papa cry mama to govt to remove ABSD?

    http://www.theonlinecitizen.com/2014...roperty-curbs/
    First, the government has no business helping private real estate companies like Kwek Leng Beng’s to attract international business. Nor, as [Straits Times’] Cheryl Ong put it in her opinion article in ST A20 yesterday, no obligation for the government to “give a lift” to the property market.” The real estate industry is an industry that basically thrives on monopolistic rents. It is not a productive industry, in a strict sense of the term. If Kwek Leng Beng finds it hard to make money, he only has himself to blame for not working harder. Meritocracy, right?

    Second, it is of no loss to Singapore if we miss out on Kwek Leng Beng’s so-called [foreign] “investments.” In fact, what we have observed is the extreme negative externalities wrought by the free flow of such “investments” (read: cash) due to excess liquidity which has its roots in the liberal cash-printing US, EU and Chinese central bank policies. The spike in commercial rental increases (again monopolistic rents) has caused consumer prices to increase, and the spike in home sale and rental prices in all sectors has caused plenty of problems for Singaporeans who wish to own a home.

    Third, by Cheryl Ong’s calculation, private home prices have spiked 60% since 2009.

    Assuming a generous sustainable rate of 6% compound increase for home prices since 2009, home prices should only have increased by 33.8%.

    We are about 25% over-valued. Quarterly decreases of 1.5% is nothing.

    Forth and finally, the government’s role should be to develop a sustainable, moderate, gradual increase in home prices (just like overall inflation!) so that homes remain affordable for the masses in land-scarce Singapore – and not to indulge folks like Kwek Leng Beng who are too happy to make a quick buck from policy errors and mistakes.


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    if i am mr kwek i will retire

    but i am not mr kwek so i got to work......yes boss coming boss...
    In the final analysis.....its NOT whether you have a diploma,degree,masters OR PHD....its whether you have a HDB/PC/EC or LANDED...

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    Default further correction will not be unexpected

    Well, Tharman now says property market not likely to crash but 'further correction will not be unexpected.'

    Tharman was speaking at the annual Asian Insights conference, having a dialogue with DBS CEO.

    http://londonproperty123.blogspot.sg...rty-crash.html

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    means CM is going to stay
    ah kwek must be crying now

    Quote Originally Posted by Londonproperty123 View Post
    Well, Tharman now says property market not likely to crash but 'further correction will not be unexpected.'

    Tharman was speaking at the annual Asian Insights conference, having a dialogue with DBS CEO.

    http://londonproperty123.blogspot.sg...rty-crash.html

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    Kwek Leng Beng is correct, CMs needs to be tweak because without foreigners participation in the Singapore property market, all our grand masterplans will not take off and UHNWI will start looking at other cities to park the funds
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

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    ok, i suggest lower ABSD for property above $5M and no ABSD for property above $10M would suffice to attract UHNWI

    this should not affect 99% of sporean dream to own private property. besides, there is still restriction for landed property.

    Quote Originally Posted by Ringo33 View Post
    Kwek Leng Beng is correct, CMs needs to be tweak because without foreigners participation in the Singapore property market, all our grand masterplans will not take off and UHNWI will start looking at other cities to park the funds

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    Quote Originally Posted by wt_know View Post
    you are right. i suggest lower ABSD for property above $5M and no ABSD for property above $10M would suffice to attract UHNWI
    ....you are sure?... This would mean you are encouraging lower tax for richer...Will this be fair to those upgraders from HDB?
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    anyway, the threshold is set above $5M and above $10M ... this would not hinder hdb upgraders right
    if you are talking about tax less for super-rich, depends on perspective lor
    instead of die die tax them ABSD and property is not moving ...
    might as well sell and collect the standard 3% stamp duty (no ABSD or lower ABSD) and there is still other tax $$ collected along the way and yearly property tax

    3% stamp duty x $5M = $150K
    3% stamp duty x $10M = $300K

    actually, i am all in to tax higher for super-rich but i don't want to kill the goose that lay eggs leh ... how?

    Quote Originally Posted by walkthetiger View Post
    ....you are sure?... This would mean you are encouraging lower tax for richer...Will this be fair to those upgraders from HDB?
    Last edited by wt_know; 05-07-14 at 13:01.

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    Quote Originally Posted by wt_know View Post
    anyway, the threshold is set above $5M and above $10M ... this would not hinder hdb upgraders right
    if you are talking about tax less for super-rich, depends on perspective lor
    instead of die die tax them ABSD and property is not moving ...
    might as well sell and collect the standard 3% stamp duty (no ABSD or lower ABSD) and there is still other tax $$ collected along the way and yearly property tax

    3% stamp duty x $5M = $150K
    3% stamp duty x $10M = $300K

    actually, i am all in to tax higher for super-rich but i don't want to kill the goose that lay eggs leh ... how?
    Perhaps the super rich should invest in other areas that help the country to produce more... offering better jobs to singaporean...

    .. Just ask if this is in-line with what they are doing currently...
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    fully agree. property is the MOST unproductive investment
    $1M goes up $1.2M goes up $1.5M produce nothing and generate zero job
    high end property goes up even much higher at rapid pace
    everyone wants to be landlord shake leg and collect rental up up up all the way

    Quote Originally Posted by walkthetiger View Post
    Perhaps the super rich should invest in other areas that help the country to produce more... offering better jobs to singaporean...

    .. Just ask if this is in-line with what they are doing currently...

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    Quote Originally Posted by walkthetiger View Post
    Perhaps the super rich should invest in other areas that help the country to produce more... offering better jobs to singaporean...

    .. Just ask if this is in-line with what they are doing currently...
    The super rich cannot be stupid unless via inheritance...they wont dumb dumb spend money to invest in our country to make our lives better... they are in it to make money, if properties here cannot make money they will just go elsewhere, they wont pump money to build schools, roads, factories to create jobs and make our lives better unless there is money to be made

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    yes. hence, it's govt duty to attract investor and deter speculator? that's why policy is in place, isn't it?

    Quote Originally Posted by Allthepies View Post
    The super rich cannot be stupid unless via inheritance...they wont dumb dumb spend money to invest in our country to make our lives better... they are in it to make money, if properties here cannot make money they will just go elsewhere, they wont pump money to build schools, roads, factories to create jobs and make our lives better unless there is money to be made

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    Quote Originally Posted by wt_know View Post
    yes. hence, it's govt duty to attract investor and deter speculator? that's why policy is in place, isn't it?
    Yup to attract good investments, we need good hardware (roads, electricity supply, offices, water supply etc) which our government is doing an excellent job, and then we need soft infrastructure which is our people..hmm but in this area we are stagnant or moving backwards...

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    Quote Originally Posted by wt_know View Post
    ok, i suggest lower ABSD for property above $5M and no ABSD for property above $10M would suffice to attract UHNWI

    this should not affect 99% of sporean dream to own private property. besides, there is still restriction for landed property.

    I would prefer that they waive ABSD for property within the Central Area of the CCR as this segment of the market are predominantly bought and occupied by foreigners and not Singaporeans
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    So REITs should be banned?

    Quote Originally Posted by wt_know View Post
    fully agree. property is the MOST unproductive investment
    $1M goes up $1.2M goes up $1.5M produce nothing and generate zero job
    high end property goes up even much higher at rapid pace
    everyone wants to be landlord shake leg and collect rental up up up all the way

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    If this the case, shouldn't REITs be banned & no single individual can own more than 2 properties?
    Oh, there are so many REITs owned by GLCs!

    Quote Originally Posted by wt_know View Post
    fully agree. property is the MOST unproductive investment
    $1M goes up $1.2M goes up $1.5M produce nothing and generate zero job
    high end property goes up even much higher at rapid pace
    everyone wants to be landlord shake leg and collect rental up up up all the way

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    Hello??! A robust property sector means more transactions and money goes into stamp fee. More pool of property agents, more spending on advertising too. Maintenance of properties? So many things it can trigger.
    Quote Originally Posted by wt_know View Post
    fully agree. property is the MOST unproductive investment
    $1M goes up $1.2M goes up $1.5M produce nothing and generate zero job
    high end property goes up even much higher at rapid pace
    everyone wants to be landlord shake leg and collect rental up up up all the way

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    ok, i'm referring to residential properties not commercial and industrial properties that REITS invested.
    we all know commercial and industrial properties and buildings create businesses and jobs.

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    Quote Originally Posted by Allthepies View Post
    The super rich cannot be stupid unless via inheritance...they wont dumb dumb spend money to invest in our country to make our lives better... they are in it to make money, if properties here cannot make money they will just go elsewhere, they wont pump money to build schools, roads, factories to create jobs and make our lives better unless there is money to be made
    If these so called "super rich" are all here looking easy money only and all thinking for themselves, as a Singaporean yourself so you hope them to drive up prices and making you paying more for everything? they appear ain't connected to your country too, if so and u welcome them with both hands? Then why Singapore need to help them earning more?

    Don't treat Singapore as "carrot head" and never should we help them to treat Singapore as "carrot head" .
    Last edited by walkthetiger; 05-07-14 at 19:27.
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    Well, residential properties create even more businesses and jobs than commercial properties! Jobs and businesses are created for estate agents, lawyers, contractors, plumbers, security guards (at least 2 in each small estate), electricians, interior designers, estate managers, technicians, gardeners, cleaners, handymen, furniture shops, bed and mattresses shop and businesses, curtains, etc etc!

    On the other hand, commercial and industrial properties are owned by just a few big companies mostly and use consolidated inhouse agents, lawyers, inhouse technicians, managers, and use very few security guards to guard a very big office space etc! They create less jobs and businesses than residential properties since they don't need beds and mattresses, curtains, dinning tables, and less security guards and less cleaners (more automation) etc!

    Quote Originally Posted by wt_know View Post
    ok, i'm referring to residential properties not commercial and industrial properties that REITS invested.
    we all know commercial and industrial properties and buildings create businesses and jobs.
    Last edited by teddybear; 05-07-14 at 19:40.

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    Quote Originally Posted by walkthetiger View Post
    If these so called "super rich" are all here looking easy money only and all thinking for themselves, as a Singaporean yourself so you hope them to drive up prices and making you paying more for everything? they appear ain't connected to your country too, if so and u welcome them with both hands? Then why Singapore need to help them earning more?

    Don't treat Singapore as "carrot head" and never should we help them to treat Singapore as "carrot head" .
    Those who are helping these greedy super riches who ain't connected to Singapore and ain't contributing one cent to Singapore, may consider them as modern day "walking dog" of Singapore.
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    You ask the right question.
    You should then ask why Singapore govt is giving so much concessions to all these rich MNCs to set up plants and offices in Singapore by giving them so much tax incentives, rental discounts, etc when according to what you said they should be taxing them more and charging them more for rental instead of giving concessions right?

    Quote Originally Posted by walkthetiger View Post
    If these so called "super rich" are all here looking easy money only and all thinking for themselves, as a Singaporean yourself so you hope them to drive up prices and making you paying more for everything? they appear ain't connected to your country too, if so and u welcome them with both hands? Then why Singapore need to help them earning more?

    Don't treat Singapore as "carrot head" and never should we help them to treat Singapore as "carrot head" .

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    Quote Originally Posted by teddybear View Post
    Well, residential properties create even more businesses and jobs than commercial properties! Jobs and businesses are created for estate agents, lawyers, contractors, plumbers, security guards (at least 2 in each small estate), electricians, interior designers, estate managers, technicians, gardeners, cleaners, handymen, furniture shops, bed and mattresses shop and businesses, curtains, etc etc!

    On the other hand, commercial and industrial properties are owned by just a few big companies mostly and use consolidated inhouse agents, lawyers, inhouse technicians, managers, and use very few security guards to guard a very big office space etc! They create less jobs and businesses than residential properties since they don't need beds and mattresses, curtains, dinning tables, and less security guards and less cleaners (more automation) etc!
    Obviously you have forgotten houses are just for staying, there should be a limit how much houses your country need. Super rich can buy most the Properties, if you allow them, that way will make the minority richer only. It will not be fair for the young common folks who will be working like a slave due to property prices.

    Open your eyes, there are super rich who are here bring more value to the nation, don't make property as the only trade in Singapore, the future Gen will suffer.
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