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Thread: Still bullish on Singapore property

  1. #1
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    Default Still bullish on Singapore property

    Published April 5, 2008

    Still bullish on Singapore property


    DESPITE the US subprime crisis, which will have a cyclical impact, Liew Mun Leong remains bullish on Singapore's property market in the medium term.

    'Main street America is suffering from the sins and mistakes of Wall Street,' he says. 'And when main street gets hit, that will affect Asia, we can't run away from it.'

    However, Singapore's property market has some strong underpinnings, he maintains. Most importantly, the drivers of Singapore's property market have changed in recent years. 'The rise in property prices since 2002 is no longer due to domestic policy changes such as the liberalisation of CPF and the HDB sub-sale policy.

    'It is driven by the remaking of Singapore. Singapore as a global city, as a gateway to Asia, the integrated resorts, plus the displacement demand from en-bloc sales.'

    The change in the number and profile of foreign buyers is also notable, he points out. 'In the past foreign buyers were mainly from Malaysia and Indonesia. But now, there are big buyers from at least 12 countries.'

    The proportion of foreign buyers for private properties has also risen from 13.7 percent of the total in 1996 to 25 per cent in 1997. And the number of foreign professionals coming to live in Singapore has tripled over that period, as has foreign direct investment.

    At the same time, the affordability of private residential properties as measured by mortgage payments as a percentage of household income has improved, going from around 46 per cent to 36 per cent.

    And then Mr. Liew points to the big picture: 'Singapore has 700 sq km, with 4.5 million people. The population is projected to grow to more than 6 million, but the city cannot grow. If we reclaim another 11 per cent we'll be in international waters already.'

    'Another point, I tell foreigners. Compare putting $5 million in a house in Singapore with putting $5 million in a house in, say, Bangkok or Jakarta. In Singapore, the government provides so much support in the form of infrastructure. What infrastructure support would you get in Bangkok or Jakarta? This is an important issue when you buy property. Investors realise this.

    'So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I'm not saying this because I'm selling property.'

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    Default Re: Still bullish on Singapore property

    Quote Originally Posted by mr funny
    Published April 5, 2008

    Still bullish on Singapore property


    DESPITE the US subprime crisis, which will have a cyclical impact, Liew Mun Leong remains bullish on Singapore's property market in the medium term.

    'Main street America is suffering from the sins and mistakes of Wall Street,' he says. 'And when main street gets hit, that will affect Asia, we can't run away from it.'

    However, Singapore's property market has some strong underpinnings, he maintains. Most importantly, the drivers of Singapore's property market have changed in recent years. 'The rise in property prices since 2002 is no longer due to domestic policy changes such as the liberalisation of CPF and the HDB sub-sale policy.

    'It is driven by the remaking of Singapore. Singapore as a global city, as a gateway to Asia, the integrated resorts, plus the displacement demand from en-bloc sales.'

    The change in the number and profile of foreign buyers is also notable, he points out. 'In the past foreign buyers were mainly from Malaysia and Indonesia. But now, there are big buyers from at least 12 countries.'

    The proportion of foreign buyers for private properties has also risen from 13.7 percent of the total in 1996 to 25 per cent in 1997. And the number of foreign professionals coming to live in Singapore has tripled over that period, as has foreign direct investment.

    At the same time, the affordability of private residential properties as measured by mortgage payments as a percentage of household income has improved, going from around 46 per cent to 36 per cent.

    And then Mr. Liew points to the big picture: 'Singapore has 700 sq km, with 4.5 million people. The population is projected to grow to more than 6 million, but the city cannot grow. If we reclaim another 11 per cent we'll be in international waters already.'

    'Another point, I tell foreigners. Compare putting $5 million in a house in Singapore with putting $5 million in a house in, say, Bangkok or Jakarta. In Singapore, the government provides so much support in the form of infrastructure. What infrastructure support would you get in Bangkok or Jakarta? This is an important issue when you buy property. Investors realise this.

    'So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I'm not saying this because I'm selling property.'
    This is vintage Liew Mun Leong. Singapore as a evolving Global City is getting so attractive that I am holding on to all my investment properties for another 5-10 and maybe 15 years to realise the true potential from this amazing transformation.

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    Default Re: Still bullish on Singapore property

    MASSIVE OVERSUPPLY. GOOD NEWS. PRICES WOULD FALL TO REALISTIC LEVELS.

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    first class sour grapes in denial despite real changes in our city state transformation.

  5. #5
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    Default Re: Still bullish on Singapore property

    Quote Originally Posted by mr funny
    Published April 5, 2008

    JURONG LAKE DISTRICT

    Mah disagrees with suggestions on land sales, deferred payment scheme


    NATIONAL Development Minister Mah Bow Tan yesterday disagreed with suggestions by property tycoon Kwek Leng Beng on the need for the government to review its first-half 2008 land sales programme and rethink its decision to scrap the deferred payment scheme.

    Mr Mah said the government can be nimble on state land sales because the programme is reviewed every six months, depending on changes in the market.

    But the H1 2008 programme will not be changed midstream, he said. 'We should be careful of knee-jerk reactions. You can't adjust it just because something is happening yesterday and then we change things today. We've got to take a longer-term view.'

    Mr Mah was speaking at a media briefing after he delivered the keynote address at Urban Redevelopment Authority's Corporate Plan seminar at Grand Copthorne Waterfront Hotel.

    In an interview published by BT this week, Mr Kwek had urged the government to review its H1 2008 land sale programme, which was fixed last year when the property market was buoyant compared with today.

    On the decision announced in October last year to scrap the deferred payment scheme, Mr Mah said yesterday it was carefully considered, taken 'after a lot of thought, deliberation'.

    'The objective was two-fold,' he said. 'One, to remove excessive speculation from the market. And two, to make sure there is financial prudence - that people make decisions and don't over-commit themselves.

    'These are two very important objectives and they are still relevant today - in fact, probably more so in today's kind of market. I don't see any need for us to change our decision on that.'

    Mr Kwek had suggested the deferred payment scheme could be revived, but this time with a higher initial payment of 30 per cent instead of 20 per cent previously. He also said that if a developer wants to extend a deferred payment scheme to a buyer, perhaps the developer's bank might be in a better position to assess viability, while keeping an eye on prudence.

    Mr Kwek also made a suggestion he said could make housing more affordable for young Singaporeans, including singles. The government could build more public housing units and lease them to young first-time buyers with an option to buy the flats within 10 years at fixed prices, he said.

    Responding yesterday, Mr Mah said he disagreed with the premise that young couples cannot afford to buy an HDB flat.

    'The average amount of money they need to put up for monthly mortgage payments is well within their means, something like 20 per cent. This is quite affordable,' he said.

    'If you were to rent, they will probably be paying as much, if not more, in rental, than to buy the flat. It doesn't make sense to rent when you can buy using your CPF. You rent, you can't use your CPF.

    'When you buy, you actually buy a place you can call your own. It's an investment. When you rent, it's not yours.

    'Our home ownership policy with all the generous housing subsidies that we have given actually allows most Singaporeans, young couples, to be able to buy their own homes.

    'If you look at the numbers, you'll find that suggestion (by Mr Kwek) does not quite make sense.'
    The minister is right. Else it will just be a bubble forming.

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    Default Re: Still bullish on Singapore property

    'So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I'm not saying this because I'm selling property.'

    Liew Mun Leong

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    Default Re: Still bullish on Singapore property

    Quote Originally Posted by Unregistered
    This is vintage Liew Mun Leong. Singapore as a evolving Global City is getting so attractive that I am holding on to all my investment properties for another 5-10 and maybe 15 years to realise the true potential from this amazing transformation.
    I disagree with you. Why should your investment timeframe be limited to only 10-15 years?

    Properties should only be bought and never sold, and passed from one generation to another, as it will become more valuable over time.

    Where today can you buy bungalows for $50,000? Which was possible during our grandparents' generation.

    If you sell off your properties after 15 years, what will happen to your children?

    Your children will end up as the future sour grapes, while the sour grapes' children could end up as the future property owners.

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    Default Re: Still bullish on Singapore property

    Quote Originally Posted by Unregistered
    I disagree with you. Why should your investment timeframe be limited to only 10-15 years?

    Properties should only be bought and never sold, and passed from one generation to another, as it will become more valuable over time.

    Where today can you buy bungalows for $50,000? Which was possible during our grandparents' generation.

    If you sell off your properties after 15 years, what will happen to your children?

    Your children will end up as the future sour grapes, while the sour grapes' children could end up as the future property owners.
    Look at Tampines hub lah. Give me a break. One good thing it will do is bring down property prices due to excess supply.

  9. #9
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    Default Re: Still bullish on Singapore property

    Quote Originally Posted by mr funny
    April 5, 2008

    HDB reviewing application process


    THE Housing Board is in the process of reviewing its current application process, National Development Minister Mah Bow Tan disclosed yesterday.

    This follows recent public concerns that the thousands of applications that pour in for an HDB project bear little relation to the actual take-up rate of flats.

    HDB's latest condo-like flats, City View @ Boon Keng, for example, sold only 250 or so out of 714 units, despite receiving 3,500 applications.

    Eligible buyers pay $10 to enter a ballot for HDB's sales exercises. This assigns them a queue number to select a flat in a particular sales project.

    Mr Mah acknowledged it was frustrating for some couples in the queue - who might have missed out on selecting a flat because of the high numbers - and said there was a need to address it.

    'I've asked HDB to study this to discourage people from giving up their flats, or chance, so easily.'

    The idea is to have a queue that ensures that when buyers get to the front, they book the flat, said Mr Mah.

    'That will be fair to people in the queue, and good for HDB, to get some certainty about the supply and demand situation.'

    More details on the review will come at a later date, he said.

    JESSICA CHEAM
    Still no takers!

  10. #10
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    Default Re: Still bullish on Singapore property

    Quote Originally Posted by Unregistered
    I disagree with you. Why should your investment timeframe be limited to only 10-15 years?

    Properties should only be bought and never sold, and passed from one generation to another, as it will become more valuable over time.

    Where today can you buy bungalows for $50,000? Which was possible during our grandparents' generation.

    If you sell off your properties after 15 years, what will happen to your children?

    Your children will end up as the future sour grapes, while the sour grapes' children could end up as the future property owners.
    Moron, If everybody hold properties and dun sell, then wat is value?
    A $50,000.00 bungalow is also A $50,000.00 bungalow now. moron.

    Also, u dun sell now, later ur children will start selling the moment u died.
    ur children will then enjoy himself, moron

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