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Thread: Is it advisable to buy resale property now ?

  1. #1
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    Default Is it advisable to buy resale property now ?

    Hi, I am SPR and intend to buy property in SG. As I am single, I am only eligible to buy private condo/apartment, obviously there will be 5% absd.
    Is it advisable to buy resale property now, considering economy is slowing down? Will SG government remove the absd soon or later ?
    How about bank loan interest now day ? From my financial profile, I am looking for 80% loan for about 30 years (considering of my age).
    For info, I'm looking to buy resale for own staying (short term, probably 1-2 years) and investment (long term).
    Last edited by Harun2505; 12-07-16 at 23:59.

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    Quote Originally Posted by Harun2505 View Post
    Hi, I am SPR and intend to buy property in SG. As I am single, I am only eligible to buy private condo/apartment, obviously there will be 5% absd.
    Is it advisable to buy resale property now, considering economy is slowing down? Will SG government remove the absd soon or later ?
    How about bank loan interest now day ? From my financial profile, I am looking for 80% loan for about 30 years (considering of my age).
    For info, I'm looking to buy resale for own staying (short term, probably 1-2 years) and investment (long term).

    For now i think the measures will stay for some time.

    Personally, I would go for resale.

    1. No more FH launches since 2014(maybe 2013)
    2. New condos tend to be smaller, less usable space and more 'outdoor space'
    3. Older FH resale still have chance of enbloc
    4 New condos, LH,..many of which were previous FH and launched as LH. After 99 yrs, land goes back to developers, WILL NEVER BE ENBLOC
    5.New condos are still selling at ridiculously higher price compared to nearby older FH.

    pm me ..we can share more info

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    Budget

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    Quote Originally Posted by Arcachon View Post
    Budget
    my budget 600-650 xx .. I know will only get 1 BR (with 350-400 sqf).. any idea if it's adviseable to obtain one during this slowing down economy ??

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    Quote Originally Posted by jameswatson793 View Post
    which location u looking?
    upper serangoon (serangoon / lorong chuan or bartley)

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    Quote Originally Posted by jameswatson793 View Post
    which location u looking?
    upper serangoon (lorong chuan / serangoon or bartley)

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    Since before I joined this forum, maybe 2010, there are already people waiting for recession. Some have rented for 6 years and still the advice is for them to rent.

    No wonder the rental volume keeps going up! Great outcome for all I guess.

    Quote Originally Posted by chandu123amtush View Post
    What goes up must come down. With the prices of property so high now, why do want to follow the crowd to buy in at even higher prices. The economy will always go through a business cycle, a boom followed by a recession. The best time to buy will be during a recession. So if you can still wait, just continue to rent and built up your cash reserve until the next recession. The increase in interest rate will kill off people who has over-stretch their finances and force them to sell, so with the cash reserve you have, you would be able to get something better than if you have just buy a property at current inflated prices.
    The three laws of Kelonguni:

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

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    Quote Originally Posted by chandu123amtush View Post
    What goes up must come down. With the prices of property so high now, why do want to follow the crowd to buy in at even higher prices. The economy will always go through a business cycle, a boom followed by a recession. The best time to buy will be during a recession. So if you can still wait, just continue to rent and built up your cash reserve until the next recession. The increase in interest rate will kill off people who has over-stretch their finances and force them to sell, so with the cash reserve you have, you would be able to get something better than if you have just buy a property at current inflated prices.
    Where's the crowd?

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    Quote Originally Posted by invigorated View Post
    Where's the crowd?
    The crowd has either switched attention to buy cars or switched to other modes of investments.
    The three laws of Kelonguni:

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

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    Quote Originally Posted by Kelonguni View Post
    The crowd has either switched attention to buy cars or switched to other modes of investments.
    Haha how true. The coe spike recently shows how much the govt is in control of prices. They have already made it clear that they want prices to moderate but at the same time, they do not fear a respite in prices as they can control it now with just some tipping of measures.

    There's definitely a threshold they have, like not letting coe fall below 38k or housing to dip to too low a level. But how much, only ah gong knows. Prices will just start the rise when the govt wants to. It's just tricky to be at the right place and time.

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    Quote Originally Posted by Harun2505 View Post
    upper serangoon (lorong chuan / serangoon or bartley)
    Actually if you look outside these area and abit harder...there are alot of good buy below 600k completed units

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    Quote Originally Posted by invigorated View Post
    Haha how true. The coe spike recently shows how much the govt is in control of prices. They have already made it clear that they want prices to moderate but at the same time, they do not fear a respite in prices as they can control it now with just some tipping of measures.

    There's definitely a threshold they have, like not letting coe fall below 38k or housing to dip to too low a level. But how much, only ah gong knows. Prices will just start the rise when the govt wants to. It's just tricky to be at the right place and time.
    The govt did ask people to buy before all the CM but not many buys.

    If you can read between the lines, they actually ask you to buy now after all the CM.

    As usual, people chose to listen to themselves and the herd but not the government.

    If bank can loan me money I will still buy property.

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    Quote Originally Posted by Arcachon View Post
    The govt did ask people to buy before all the CM but not many buys.
    Government ask people to buy before CM?

    Mah Bow Tan, Minister for National Development. “Housing prices are rather high now... if you wait for a while, you might find more affordable properties,” Mr Mah was as saying, citing the expectation of rsing interest rates and an increase in the supply of private properties as factors in curbing property prices.

    Link : http://www.iproperty.com.sg/news/323...Private-Homes-

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    That was after 3 CMs not before all the CMs.


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    Quote Originally Posted by Arcachon View Post
    That was after 3 CMs not before all the CMs.

    After 3 CM, index about 150 in 2011, from chart, and Minister advice people not to buy. Now index is 167. This means that if we all very obedient, we would have lost out on some money making opportunity. It also goes to show how much control government has over prices.

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    I was one of the disobedient who buy in May 2011 but finally stop by them in Jun 2013 (TDSR).

    Was told one investor bought 11 property and went to attend RES course to find out what is going on.

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    Quote Originally Posted by Arcachon View Post
    I was one of the disobedient who buy in May 2011 but finally stop by them in Jun 2013 (TDSR).

    Was told one investor bought 11 property and went to attend RES course to find out what is going on.
    Ultimately, the haircut and TDSR may affect some of those with multiple properties using one rental unit to pay off another. If they still can sustain, then at least it will be harder for them to buy more if they don't sell any. And they will have to pay more for the new transactions as well through the taxes, which evens out the game a bit more.

    I think it's good to spread the spoils of the "finely" managed country. It's just a pity that those who qualify to buy and don't may not necessarily understand what they are missing out, while those who have tasted what it's like and want to buy more (including those who have sold some earlier) are curbed now.
    The three laws of Kelonguni:

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

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    teddybear is offline Global recession is coming....
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    My view is different though........
    Singapore's economy is slowing to a grind..........
    The whole world is now where the rich gets richer while the rest the average people's income gets stagant, whose income/salary increase cannot catch up with inflation.........
    In such scenario, if you want to invest in private properties, what sector would you choose?
    The answer is obvious to me........ I will NOT invest in mass market OCR private properties...........

    Quote Originally Posted by Kelonguni View Post
    Ultimately, the haircut and TDSR may affect some of those with multiple properties using one rental unit to pay off another. If they still can sustain, then at least it will be harder for them to buy more if they don't sell any. And they will have to pay more for the new transactions as well through the taxes, which evens out the game a bit more.

    I think it's good to spread the spoils of the "finely" managed country. It's just a pity that those who qualify to buy and don't may not necessarily understand what they are missing out, while those who have tasted what it's like and want to buy more (including those who have sold some earlier) are curbed now.

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    Quote Originally Posted by Harun2505 View Post
    my budget 600-650 xx .. I know will only get 1 BR (with 350-400 sqf).. any idea if it's adviseable to obtain one during this slowing down economy ??
    And you are looking at Serangoon area. Tell you what, there are freehold and 999 years lease at district 12 (Balestier, Serangoon Rd). it fits your 600-650k, 1 br, 400 sqft budget. if I were you, I will go into resale freehold in small development (eg <50 units).

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    Quote Originally Posted by teddybear View Post
    My view is different though........
    Singapore's economy is slowing to a grind..........
    The whole world is now where the rich gets richer while the rest the average people's income gets stagant, whose income/salary increase cannot catch up with inflation.........
    In such scenario, if you want to invest in private properties, what sector would you choose?
    The answer is obvious to me........ I will NOT invest in mass market OCR private properties...........
    I have no comments on CCR vs RCR vs OCR. We have said all we needed to.

    I am referring to all private properties in general.
    The three laws of Kelonguni:

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

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