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Thread: S'pore govt acts to cool property market

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    Default S'pore govt acts to cool property market

    http://www.businesstimes.com.sg/sub/...50155,00.html?

    September 14, 2009, 3.07 pm (Singapore time)

    S'pore govt acts to cool property market


    SINGAPORE - Singapore's Minister for National Development Mah Bow Tan has just announced measures for a 'stable and sustainable property market'.

    Among other things, his Ministry will resume selling land under the confirmed list in the first half of next year. Such land sales were suspended in October last year in the aftermath of the global financial crash. The Government will also include sites for executive condos, a hybrid between public and private housing, in the confirmed list to offer more housing choices.

    Secondly, the Government is banning interest absorption scheme (IAS) and interest-only housing loans (IOL) with immediate effect, i.e. Sept 14, 2009. This measure will apply to all private residential projects. The only exception will be uncompleted private residential projects where units had already been offered for sale under IAS before Sept 14.

    Interest-only housing loans will be disallowed with immediate effect. 'These schemes could encourage property speculation in a buoyant market where prices are rising rapidly, as they are forms of housing loans that entirely eliminate or substantially lower regular instalment payments for property purchasers in the first few years before the properties are completed,' a statement by the government said.

    As well, the Government said that measures announced in Budget 2009 in January this year to help stabilise the property market at the time will not be extended when they expire. Most of the measures expire in Jan 2010 while one expires in Jan 2011.

    The measures are allowing a one-year extension of project completion period, allowing reassignment of Government Land Sales site and private land owned by foreign developers, giving developers upto four years to dispose of all private residential units in the development, allowing developers to rent out unsold private residential units for a maximum of four years, and allowing upto two years of property tax deferral for land under development.

    'We are currently seeing signs of heightened speculative activity, although the level of speculation is not yet extreme,' Mr Mah told Parliament on Monday.

    'The current low interest rate environment has also drawn more buyers into the market,' he added.

    'It is in everyone's interest to have a steady property market where prices move stably in line with economic fundamentals. If excessive speculation develops and a property bubble forms, eventually a severe correction must take place,' Mr Mah said in his speech.

    Property counters retreated after Mr Mah's announcement.

    The Government will also increase supply on the reserve list for first half 2010 to meet possible increase in demand. 'With reinstatement of the confirmed list and more sites on the reserve list, the public can be assured that there will continue to be a steady supply of private housing,' Mr Mah said. -- BT NEWSROOM

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    http://www.channelnewsasia.com/stori...004850/1/.html

    Singapore acts to cool property market speculation

    By Ng Baoying, Channel NewsAsia | Posted: 14 September 2009 1433 hrs


    Singapore: Measures to pre-empt any speculative bubble from forming in the private property market have been outlined in Parliament by the National Development Minister.

    Mr Mah Bow Tan said one of the steps to "temper the exuberance" of the market will be the immediate withdrawal of the interest absorption scheme and interest-only loans being offered for purchases of uncompleted property developments.

    Under the interest absorption scheme, developers pay the interest on home loans instead of buyers until the project receives its Temporary Occupation Permit (TOP).

    For interest-only loans, a borrower only pays the interest and defers repayment of the principal to a later date.

    Mr Mah told Parliament on Monday that both schemes could encourage speculation in a buoyant market as they lower instalment payments in the initial years.

    Pointing out that property purchases are a major long-term financial commitment, the national development minister said the removal of the interest absorption scheme and interest-only loans will help make home buyers make careful decisions.

    The immediate withdrawal of the interest absorption scheme will only affect new projects and not those which had been offering the scheme until the announcement on Monday.

    As for interest-only loans, these will be disallowed with immediate effect.

    Private home sales have seen a strong upswing since February this year when 11 times more homes were sold compared to January's 108 units. Since then, developers have sold more than 10,000 units, more than double the 4,300 sold in the entire 2008.

    Mr Mah said: "We are currently seeing signs of heightened speculative activity, although the level of speculation is not yet extreme. The portion of buyers sub-selling their units has increased. At this take-up rate, the total sales for 2009 may well exceed the historical high of 14,800 units in 2007 at the height of the fever in the market."

    He added that private home prices have been rising significantly since June. Should the situation remain unchecked, Mr Mah said, a rising spiral of demand and prices could occur as more buyers and speculators enter the market.

    "Property prices can potentially build up a strong rising momentum under these conditions. Such a development would make the property market vulnerable to the continuing risks in the global economy," he said.

    "Should growth turn out weaker than expected, property buyers and speculators could face capital losses as the market corrects. Conversely if the recovery stays on course, interest rates will eventually rise and drive up financing costs with severe implications for those who have overextended themselves."

    To avoid this situation, the government is bringing back the confirmed list of the Government Land Sales (GLS) programme in the first half of next year to ensure a steady supply of private housing.

    The number of sites will be decided at a later period when the GLS programme for the first half of 2010 is firmed up.

    Sites under the confirmed list are released for tender at a pre-determined date without the need for the sale to be triggered by a bid. The confirmed list had been suspended since the start of the year due to poor market conditions.

    The government will also replenish the supply of sites on the reserve list to meet developers' needs. But developers will no longer enjoy property-related assistance measures announced in the Budget this year when they expire. The minister said improving market conditions have rendered these measures unnecessary.

    - CNA/sf/ir

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    No IAS would mean that developers would slash prices for future developments? I wonder what sort of carrots future developments will dangle for buyers.

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    Option 1. Keep current pricing and offer more goodies

    Option 2. Lower current pricing

    Option 3. Increase current pricing since it is harder to find real buyers.

    Most probably they will go Option 1 and offer more goodies... maybe stamp duty rebate and renovation loan allowance, etc... some monetary allowance.

    Nobody likes Option 2 if they have a choice.

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    They put a block to new launches and open a gate for resale. Long live MBT!!!!!!!!!!!!

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    I think there should be less tempering. It is like stop at two policy... Now have to encourage births.

    In the property market it is cut DPS, after that start IAS. Now stop IAS... Sigh...

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    Quote Originally Posted by Condorich
    Option 1. Keep current pricing and offer more goodies

    Option 2. Lower current pricing

    Option 3. Increase current pricing since it is harder to find real buyers.
    Hi Boss,

    Option 3.

    Why increase pricing when demand is lacking??
    Can enlighten me how the logic works?

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    Quote Originally Posted by Antz621
    Hi Boss,

    Option 3.

    Why increase pricing when demand is lacking??
    Can enlighten me how the logic works?
    I think condorich reasoning is real buyers will still have to buy due to needs requirements, eg 1st time home buyers who chooses not to rent or stay with parents. So for developer to maintain profit, they will have to offset the volume with higher per unit premium. Thus increase price.

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    Quote Originally Posted by Condorich
    Option 1. Keep current pricing and offer more goodies

    Option 2. Lower current pricing

    Option 3. Increase current pricing since it is harder to find real buyers.

    Most probably they will go Option 1 and offer more goodies... maybe stamp duty rebate and renovation loan allowance, etc... some monetary allowance.

    Nobody likes Option 2 if they have a choice.
    i remember in the 90's to attract home buyers ... developers in USA sold brand new homes with furnishing thrown in ..

    they charged a little bit more .. but fully furnished .. so you just bring your clothes ...

    as they furnished whole projects as a BULK ..they can still get good price for furnishing ..cheaper than individual buyer doing it up themselves ..

    it worked ... it did boost the home sales ..

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    Quote Originally Posted by Property_Owner
    They put a block to new launches and open a gate for resale. Long live MBT!!!!!!!!!!!!
    Why do u think open a gate for resales market?

    u think flipper will go for resales when the rental market is still soft?

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    Quote Originally Posted by esurprise
    Why do u think open a gate for resales market?

    u think flipper will go for resales when the rental market is still soft?
    Flippers are just bad for genuine buyers and sellers. They make prices spiral in times for genuine buyers and they dump the market for genuine sellers. But we need them, otherwise the market is just going to be so boring....

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    Quote Originally Posted by andy
    Flippers are just bad for genuine buyers and sellers. They make prices spiral in times for genuine buyers and they dump the market for genuine sellers. But we need them, otherwise the market is just going to be so boring....
    Correct. Flippers/speculators are the lubricant of the property market. Without violatility who would want to invest in properties? With so frequent govt intervention, doubtful if Singapore properties can be considered a desirable investment opportunity for funds and wealthy individuals!

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    Quote Originally Posted by moneyspinner
    Correct. Flippers/speculators are the lubricant of the property market. Without violatility who would want to invest in properties? With so frequent govt intervention, doubtful if Singapore properties can be considered a desirable investment opportunity for funds and wealthy individuals!
    For sure, Singapore ppty more than other countries will alway subject to curb everytime when it is overly speculated so as to keep our rental competitive, our business environment competitive.

    You think along the line of keeping our workforce competitive, u will see it is the same pattern.

    Correct or not?

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    Quote Originally Posted by andy
    Flippers are just bad for genuine buyers and sellers. They make prices spiral in times for genuine buyers and they dump the market for genuine sellers. But we need them, otherwise the market is just going to be so boring....
    Hi

    Who think this new curb on developer sales will fire up subsales, open market? What is ur opinion?

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    Quote Originally Posted by HP65
    I think condorich reasoning is real buyers will still have to buy due to needs requirements, eg 1st time home buyers who chooses not to rent or stay with parents. So for developer to maintain profit, they will have to offset the volume with higher per unit premium. Thus increase price.
    Hmm Icic...

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    Quote Originally Posted by HP65
    I think condorich reasoning is real buyers will still have to buy due to needs requirements, eg 1st time home buyers who chooses not to rent or stay with parents. So for developer to maintain profit, they will have to offset the volume with higher per unit premium. Thus increase price.
    Yup. Also if prices dont fall, people will continue to have confidence to invest in property. This is a cardinal principle of free market: we invest for gains even if there are roadblocks put in artificially. Banning IAS is one such roadblock and it's not even a significant anti speculative measure. Many buyers have in fact not opted for IAS. For example, it was reported that 80% of Trevista buyers chose normal progressive payment.

    If the economic recovery in Asia gathers steam and property prices in HK, India, China continue to go up, Singapore properties will do likewise.

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    Quote Originally Posted by lancelot
    Yup. Also if prices dont fall, people will continue to have confidence to invest in property. This is a cardinal principle of free market: we invest for gains even if there are roadblocks put in artificially. Banning IAS is one such roadblock and it's not even a significant anti speculative measure. Many buyers have in fact not opted for IAS. For example, it was reported that 80% of Trevista buyers chose normal progressive payment.

    If the economic recovery in Asia gathers steam and property prices in HK, India, China continue to go up, Singapore properties will do likewise.
    "There is simply too much money out there."

    "If this is a liquidity issue, then how are the measures going to stop anything?"

    - Colin Tan
    . Chesterton Suntec

    Quote Originally Posted by Today
    It's A Question Of Timing
    Conrad Raj
    Today
    Tuesday, 15 September 2009

    While the news ..........
    ..........
    ..........

    In any case, the ban on these schemes is likely to have little impact on the market, apart from being a temporary psychological setback. In the present low interest regime, relatively few appear to have subscribed to the two schemes.

    What would likely make a bigger dent, would be to curb the ability of speculators to make the initial payment of just 5% or less to book a property and then have up to eight weeks to come up with the balance of the 20% initial deposit.

    Even for that 20%, currently, you do not have to stump out your own cash — you can get a revolving credit line or some other loan from a bank. Addressing this speculators’ leeway could go further to pre-empt that bubble.

    ..........
    ..........
    .......... their fingers burnt.
    Quote Originally Posted by Today
    Loopholes now closed
    Esther Fung
    Today
    Tuesday, 15 September 2009

    In the past year ..........
    ..........
    ..........

    In spite of the fact that the majority of property launches of late offered the IAS, the take-up among buyers has been just 20 to 25%, according to a sample survey by the Urban Redevelopment Authority of recently-launched projects.

    This concurs with what industry players observe. “In the recent launch of Trevista, for example, 80% of the buyers opted for progress payment and only 20% for IAS,” said ERA’s associate director Eugene Lim.

    The reason? Buyers using interest-only schemes must fork out 2 to 5% more in total, than with standard payments.

    At least one development, Vista Residences, a freehold condominium at Balestier, was launched without the IAS option.

    ..........
    ..........
    .......... off," he said.

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    Quote Originally Posted by Condorich
    Option 1. Keep current pricing and offer more goodies

    Option 2. Lower current pricing

    Option 3. Increase current pricing since it is harder to find real buyers.

    Most probably they will go Option 1 and offer more goodies... maybe stamp duty rebate and renovation loan allowance, etc... some monetary allowance.

    Nobody likes Option 2 if they have a choice.
    A home buyer like me would like option 2. Everyone likes to have a home, I like too. But should be affordable and reasonable. I think the price now is still very high. If I look back in 2004 pricing, I can should have bought last time. People may say inflation, price may not go down to the level like in the pass. Well, there are still hope. If there comes a really beautiful place, then I will part with my $. Have to be patient to look for a beautiful home.

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    Quote Originally Posted by echotrain
    I think there should be less tempering. It is like stop at two policy... Now have to encourage births.

    In the property market it is cut DPS, after that start IAS. Now stop IAS... Sigh...
    Don't worry, the developers already made alot of profit from those herd during the last 6 months.

    They will have to start planning for new scheme to attract buyers.

    After DPS start IAS, after IAS start FIS...

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    http://www.businesstimes.com.sg/sub/...50183,00.html?

    Published September 15, 2009

    Govt takes fizz out of nascent property bubble

    Cooling measures to curb speculation; move likely to hit sales, dampen prices

    By KALPANA RASHIWALA AND UMA SHANKARI


    (SINGAPORE) After two recent warnings that it was keeping a close eye on things heating up in the private housing sector, the government yesterday announced cooling measures to 'temper the exuberance in the market and pre-empt any speculative bubble from forming'.

    The Confirmed List land sales will be reintroduced from the first half of next year. The interest absorption scheme (IAS) that helped revive home sales earlier this year after the global financial crash has been scrapped with immediate effect.

    While some of the measures had already been anticipated by major developers, property veterans were still a bit taken aback by the speed of the response. In particular, the demand-side measures - disallowing the IAS and the similar interest-only housing loans (IOL) with immediate effect - were expected only later. In addition, the property business has visibly quietened down at showflats over the past two weekends - indicating that buyer fatigue was setting in.

    The Ministry of National Development (MND) said that 'the government has introduced these measures now, because there are signs of increased speculative activity and private housing prices have also increased significantly since June 2009'.

    MND added that a sample survey of recently launched projects showed that the take-up rate of the IAS was about 20-25 per cent.

    Announcing the measures in Parliament yesterday, National Development Minister Mah Bow Tan warned that the government would continue to monitor the property market closely and would introduce additional measures if required.

    The government will also do away with five assistance measures extended to developers in Budget 2009 earlier this year when they expire, mainly in January 2010. The measures include allowing developers more time to complete their housing projects, permitting re-assignment of government sale sites and giving up to two years of property tax deferral for land under development.

    Collectively, the measures are expected to reduce home sales and dampen prices. Mr Mah noted that developers sold about 10,000 private homes in the first seven months of this year - more than double the 4,300 units sold in the whole of 2008.

    'The measures will generally bring more supply quickly to the market and that will dampen the buying frenzy,' said Wheelock Properties (Singapore) CEO David Lawrence. 'It will be slightly depressing on home prices.'

    Market watchers also expect the measures to help weed out speculators.

    'People will pause and review their home-buying decisions,' said Ho Bee executive director Ong Chong Hua. 'It will also provide a reality check for developers that have raised prices too aggressively.'

    Mr Mah observed in Parliament: 'We are currently seeing signs of heightened speculative activity, although the level of speculation is not yet extreme.'

    His ministry will resume selling land under the confirmed list in H1 2010. Such land sales - which were suspended in October last year - mean selling land parcels on scheduled dates, which could translate to more residential property launches.

    Mr Mah said the government will also offer sites for executive condos (a hybrid between public and private housing) in the H1 2010 confirmed list to provide more housing choices. The government will also increase supply on the reserve list - where sites are launched only upon successful application - for H1 2010 to meet possible increase in demand.

    'With reinstatement of the confirmed list and more sites on the reserve list, the public can be assured that there will continue to be a steady supply of private housing,' said Mr Mah.

    Ho Bee's Mr Ong said: 'To some extent, developers will look forward to government releasing land as it will relieve pressure on high land prices seen lately at tenders for reserve list sites.'

    The IAS and IOL are being disallowed as 'these schemes could encourage property speculation in a buoyant market where prices are rising rapidly, as they are forms of housing loans that entirely eliminate or substantially lower regular instalment payments for property purchasers in the first few years before the properties are completed', noted a government statement.

    The exception is for uncompleted private residential projects where units had already been offered for sale under IAS before yesterday.

    The Real Estate Developers Association of Singapore (Redas) said that the need for IAS and IOL has diminished given the relatively firmer market now. IAS was offered when the property market was facing challenging economic conditions during the global financial meltdown.

    'This change is unlikely to have any significant impact on developers' future launches,' Redas said.

    Property counters retreated yesterday on the news. CapitaLand fell 3.9 per cent, City Developments shed 7.6 per cent and Keppel Land ended the day 6 per cent lower.


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    http://www.straitstimes.com/Prime%2B...ry_429742.html

    Sep 15, 2009 Tuesday

    Govt reins in property market

    Interest absorption scheme stopped, regular land sales to resume

    By Joyce Teo


    THE Government has moved to rein in the fast-rising private property market, banning a popular scheme that allowed cash-poor buyers to defer paying the bulk of their purchase price until the property was completed.

    With immediate effect, the interest absorption scheme (IAS) can no longer be offered with new properties for sale, National Development Minister Mah Bow Tan said in Parliament yesterday.

    He added that the Government is also resuming land sales next year, a move that will increase the supply of new sites and further cool rising prices.

    It is doing this by re-introducing a confirmed list of sites that will be put up for sale according to a pre-determined schedule, regardless of developers' interest.

    The Government also announced it will not extend measures introduced in January's Budget to aid developers in the recession. These included deferring property tax and allowing developers more time to complete their housing projects.

    These measures come after weeks of speculation over how the Government would react to an unexpected property boom that has resulted in record sales volumes and a dramatic run-up in prices.

    Developers sold 10,000 units in the first seven months of this year, more than the 4,300 units sold in the whole of last year. In July alone, they sold 2,767 units - the highest monthly tally on record.

    Private home prices are now about 10 per cent to 20per cent above the lows in the first quarter of the year. At selected projects, prices have rocketed 30per cent.

    Experts said the immediate impact of the measures would likely be private home prices stabilising, or even slipping, for the rest of the year.

    'The moves will certainly take some wind out of the property market, but they will not kill it,' said Cushman & Wakefield managing director Donald Han.

    'The Government wants to keep the momentum going, but at a slower rate, as we are indeed in a recession.'

    Buyers have been flocking back to property for a lack of what they see as safer investment alternatives.

    Yesterday, Mr Mah said the Government was seeing 'signs of heightened speculative activity' that, if unchecked, could lead to excessive speculation and to a bubble that would eventually burst.

    Low interest rates have encouraged buying, but this could lead to a rising spiral of higher demand and prices. This would make the property market vulnerable to the continuing risks in the global economy, said Mr Mah.

    'Should growth turn out weaker than expected, property buyers and speculators could face capital losses as the market corrects,' he said.

    'Conversely, if the recovery stays on course, interest rates will eventually rise and drive up financing costs, with severe implications for those who overextended themselves.'

    The IAS is popular with property speculators because it allows them to fork out a downpayment of only 10 per cent or 20 per cent when buying a unit, and nothing more until the property is completed about two years later. In between, they try to sell it off for a profit.

    A sample survey of recently launched projects by the Urban Redevelopment Authority showed the take-up rate of the IAS was about 20 per cent to 25 per cent.

    The Government is also disallowing a close relative of the IAS - interest-only housing loans - with immediate effect. These loans are designed so that the buyer pays a very low instalment until the property is completed.

    The removal of the two schemes applies across the board to all private residential developments, the Ministry of National Development said yesterday.

    The only exemption is for uncompleted private residential projects in which the units had already been offered for sale under the IAS before yesterday.

    Jones Lang LaSalle head of research for South-east Asia Chua Yang Liang said the removal of these schemes would cool sentiment and remove inflated demand, if any.

    Barclays Capital economist Leong Wai Ho warned that there could be more curbs in the pipeline if the authorities were adopting an incremental approach to deflating house prices.

    Still, developers chose to view the move positively.

    The Real Estate Developers' Association of Singapore said yesterday the changes were unlikely to have any significant impact on developers' future launches. It added that the need for the two schemes had diminished now that the market was 'relatively firmer'.

    Potential buyers such as retired civil servant Karen Lee, 55, are happy.

    'With speculation, prices go too high, and that makes it hard for the younger generation to buy houses,' she said.

    [email protected]

    Additional reporting by Jonathan Kwok

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    Quote Originally Posted by ipspassion
    A home buyer like me would like option 2. Everyone likes to have a home, I like too. But should be affordable and reasonable. I think the price now is still very high. If I look back in 2004 pricing, I can should have bought last time. People may say inflation, price may not go down to the level like in the pass. Well, there are still hope. If there comes a really beautiful place, then I will part with my $. Have to be patient to look for a beautiful home.
    Option 2 is good for buyers lah.. not so good for sellers.

    2004 is a low... not likely to be repeated.... that is what people called missing the boat....

    Price will go down, just when... and don't expect it to be at 2004 levels... If you can close a deal at 20% to 30% from the current prices some time later... it would be considered a good deal. However, if it reaches to 2004 levels, don't blame me as nobody can predict the future. Do note that there is also a risk that prices continue to climb with no signs of falling. If you have a roof now.. don't bother to look.. just build up your capital and invest in good basket of stocks.

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    Can't cool the market lah........

    Interlace sold 200 units......

    Millionaires country......

    Chiong Ah............

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    Quote Originally Posted by Honesty
    Can't cool the market lah........

    Interlace sold 200 units......

    Millionaires country......

    Chiong Ah............
    Huat ah. Sure can earn.

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    All those who had bought Interlace based on floor plan, I believe majority should all be for investment. Will anyone buy without seeing the showflat if intention is for own stay?

    MBT will need to come out with step 2 soon...else LPPL again. No speculation?

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    Quote Originally Posted by jonleelk
    All those who had bought Interlace based on floor plan, I believe majority should all be for investment. Will anyone buy without seeing the showflat if intention is for own stay?

    MBT will need to come out with step 2 soon...else LPPL again. No speculation?
    Minister should also come up with plans to control the surging prices in Hong Kong, Taiwan and the rest of the major cities in Asia Pacific. Otherwise, his plan to control Singapore prices will be ineffective.

    You have got to cover all the possible gaps.

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    Quote Originally Posted by jonleelk
    All those who had bought Interlace based on floor plan, I believe majority should all be for investment. Will anyone buy without seeing the showflat if intention is for own stay?

    MBT will need to come out with step 2 soon...else LPPL again. No speculation?
    ha ha wat can he do? cut the pay of all public sector jobs so tat they can no longer afford/support condo and go back to HDB?

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    Quote Originally Posted by jonleelk
    All those who had bought Interlace based on floor plan, I believe majority should all be for investment. Will anyone buy without seeing the showflat if intention is for own stay?

    MBT will need to come out with step 2 soon...else LPPL again. No speculation?
    Some of the people from the 606 units of collective sale are looking for replacement at higher price than they have sold?

    Is that speculation....comon?

    Anyway with showflat you will see a lot of things you will not get. Next time ask what's in the showflat that will not be included when you get the keys. Also if developer have to build showflat, every unit will have to pay 10K more?

    What many released and what many sold? 100%?

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    Quote Originally Posted by Reporter
    Minister should also come up with plans to control the surging prices in Hong Kong, Taiwan and the rest of the major cities in Asia Pacific. Otherwise, his plan to control Singapore prices will be ineffective.

    You have got to cover all the possible gaps.
    Yes. Our government has wide-ranging powers to stop speculation all over the world, such as:

    Sun Hung Kai Seeks to Sell US$39 Million Penthouses

    Sept. 17, 2009 (Bloomberg) -- Sun Hung Kai Properties Ltd., the world’s largest developer by market value, raised the price of two penthouses in Hong Kong by 50 percent to a record HK$75,000 (US$ 9,700) a square foot as demand surges for luxury apartments. The units will be offered for HK$300 million (US$ 39 million) each.
    1. Banning Sun Hung Kai from future development projects in Singapore.

    2. Confiscating their 50% stake in ION Orchard and distributing to all who wrote complaint letters to the Straits Times forums about rising property prices.

    3. Buying up Kowloon and selling condos at HK$750 psf (US$ 97) psf. This will cause Sino Land (HK) (owned by Far East) to lose money so that Far East will panic and lower the asking prices of Centro, Silversea, The Bayshore etc. to $100 psf, in order to raise money to save its HK subsidiary.
    Last edited by jlrx; 20-09-09 at 23:48.

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    Quote Originally Posted by jlrx
    Yes. Our government has wide-ranging powers to stop speculation all over the world, such as:


    1. Banning Sun Hung Kai from future development projects in Singapore.

    2. Confiscating their 50% stake in ION Orchard and distributing to all who wrote complaint letters to the Straits Times forums about rising property prices.

    3. Buying up Kowloon and selling condos at HK$750 psf (US$ 97) psf. This will cause Sino Land (HK) (owned by Far East) to lose money so that Far East will panic and lower the asking prices of Centro, Silversea, The Bayshore etc. to $100 psf, in order to raise money to save its HK subsidiary.
    Guess we know who e dumb ass now

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