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Thread: Singapore's safe-haven premium

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    Default Singapore's safe-haven premium

    http://www.businesstimes.com.sg/sub/...51822,00.html?

    Editorial

    Published September 25, 2009

    Singapore's safe-haven premium


    AMID the debate about the current state of the property market in Singapore, a survey report which came out this week might shed some light on why real estate here has rebounded faster than most pundits expected. The survey was commissioned by Reach, the Singapore government's feedback unit, and polled 360 new Singapore citizens and permanent residents, who were asked a number of questions about their newly adopted country. Among the survey's key findings were that:

    # 95 per cent would recommend Singapore as a place to live in

    # 93.3 per cent find the overall experience in Singapore better than expected

    # 87.5 per cent have no problems adjusting to Singapore's political system

    # 80.6 per cent find the cost of living here manageable.

    Taken at face value, the survey results are a ringing endorsement for Singapore as a highly livable city. But yes, as noted by some, the positive findings are perhaps not surprising, given that the sample was drawn from those attending their citizenship certificate presentation ceremonies. 'They wouldn't be new citizens if they don't enjoy living in Singapore,' said sociologist Terence Chong of the Institute of Southeast Asian Studies.

    But informal discussions with expatriates and permanent residents generally also yield similar responses: Singapore is a very easy-to-live city. Against the backdrop of Singapore's attractiveness as a city to citizens of the world, and our liberal immigration policies, it is little wonder that the number of residents in this small island has been rising at a steady clip in the last few years. As a direct consequence of that, demand for housing has also been rising. This explains, to some extent, the continued firmness of rentals as well as property prices.

    While Prime Minister Lee Hsien Loong has - in part, responding to sections of the community which have voiced misgivings about the growing number of foreigners - said that there would be a slowdown in the influx of immigrants, that by no means suggests that the tap will be turned off. PM Lee also made clear that Singapore will 'need new immigrants for the indefinite future'. Wooing foreign talent to sink roots here will therefore remain a key policy, even if the numbers are calibrated from time to time. The existing bigger population base, and continued inflow of new residents, will ensure a minimum level of demand for new housing every year.

    Meanwhile, Singapore has emerged from the economic crisis relatively unscathed, as a safe haven, an oasis of stability and a well-functioning 'hub city' in the world's fastest growing region. It will continue to attract human and financial capital from the region and the world. In a sense, ultimately, owning a property in Singapore can be likened to having a stake in a company run by the Singapore government. Just like bluechip stocks, it is not inconceivable that well-managed countries and livable cities too should enjoy a premium.

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    Buying interest in new homes still high
    The Straits Times
    Saturday, 26 September 2009

    Home buyers are still biting, if the preview sales at Hundred Trees condo in the West Coast area are anything to go by.

    City Developments (CDL) said it had sold 200 of the 280 units released so far as at 6pm yesterday. Buyers included a significant number of HDB upgraders, sources said.

    The 956-year leasehold condo at the former Hong Leong Garden condominium site boasts 396 units priced from $500,000 to $2.6 million.

    The first 40 units out of 150 units released at $895 psf on average were sold on Thursday at a preview for staff and former owners of Hong Leong Garden condo, sources said.

    Another 130 units some with better attributes were then released yesterday at slightly above $900 psf, they said.

    The 22 one-bedders at 484 sq ft, priced from $500,000, have sold out.

    And most of the 66 two-bedders of between 689 sq ft and 786 sq ft have been sold. Prices started from $615,000.

    Four out of six penthouses, priced from $1.28 million, have been sold.

    The interest absorption scheme (IAS) is available at a premium of about 2.5% of the sale price.

    CDL could not say how many took up the scheme as it was still collating the IAS take-up figures. Sources said it is likely to be within the typical range of about 20% to 30%.

    The Government removed the scheme on Sept 14 as part of a package of measures to calm the rapidly heating market, though developers which had offered their projects for sale before that day can continue to offer the IAS.

    CDL bought the 266,076 sq ft Hong Leong Garden condo site in a collective sale in early 2007 for $131.5 million, or about $363 psf of potential gross floor area, including development charge.

    Last weekend, another condo, the 1,040-unit The Interlace at Alexandra Road, sold 233 units indicating that buying interest in new homes remains high.

    However, some experts say they would not be surprised to see a slight slowdown in overall housing demand as some buyers think twice about their purchases. Demand would be more project- or location-specific, they said.

    Upcoming launches include the freehold 278-unit Cyan in Bukit Timah.

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    Quote Originally Posted by mr funny
    http://www.businesstimes.com.sg/sub/...51822,00.html?

    Editorial

    Published September 25, 2009

    Singapore's safe-haven premium


    AMID the debate about the current state of the property market in Singapore, a survey report which came out this week might shed some light on why real estate here has rebounded faster than most pundits expected. The survey was commissioned by Reach, the Singapore government's feedback unit, and polled 360 new Singapore citizens and permanent residents, who were asked a number of questions about their newly adopted country. Among the survey's key findings were that:

    # 95 per cent would recommend Singapore as a place to live in

    # 93.3 per cent find the overall experience in Singapore better than expected

    # 87.5 per cent have no problems adjusting to Singapore's political system

    # 80.6 per cent find the cost of living here manageable.

    Taken at face value, the survey results are a ringing endorsement for Singapore as a highly livable city. But yes, as noted by some, the positive findings are perhaps not surprising, given that the sample was drawn from those attending their citizenship certificate presentation ceremonies. 'They wouldn't be new citizens if they don't enjoy living in Singapore,' said sociologist Terence Chong of the Institute of Southeast Asian Studies.

    But informal discussions with expatriates and permanent residents generally also yield similar responses: Singapore is a very easy-to-live city. Against the backdrop of Singapore's attractiveness as a city to citizens of the world, and our liberal immigration policies, it is little wonder that the number of residents in this small island has been rising at a steady clip in the last few years. As a direct consequence of that, demand for housing has also been rising. This explains, to some extent, the continued firmness of rentals as well as property prices.

    While Prime Minister Lee Hsien Loong has - in part, responding to sections of the community which have voiced misgivings about the growing number of foreigners - said that there would be a slowdown in the influx of immigrants, that by no means suggests that the tap will be turned off. PM Lee also made clear that Singapore will 'need new immigrants for the indefinite future'. Wooing foreign talent to sink roots here will therefore remain a key policy, even if the numbers are calibrated from time to time. The existing bigger population base, and continued inflow of new residents, will ensure a minimum level of demand for new housing every year.

    Meanwhile, Singapore has emerged from the economic crisis relatively unscathed, as a safe haven, an oasis of stability and a well-functioning 'hub city' in the world's fastest growing region. It will continue to attract human and financial capital from the region and the world. In a sense, ultimately, owning a property in Singapore can be likened to having a stake in a company run by the Singapore government. Just like bluechip stocks, it is not inconceivable that well-managed countries and livable cities too should enjoy a premium.

    what kind of stupid survey is this ??? asking the new citizens.. of course sure get favorable answers lah otherwise why they bother to pick singapore ?

    just like asking PAP are they doing a good job ..they sure say yes ...


    this is a biased survey

    why dont do they same survey with Australian citizens and ask if they think Australia is a good place to live .. i bet 80-90 pct will also say Australia is best

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    Quote Originally Posted by proud owner
    what kind of stupid survey is this ??? asking the new citizens.. of course sure get favorable answers lah otherwise why they bother to pick singapore ?

    just like asking PAP are they doing a good job ..they sure say yes ...


    this is a biased survey

    why dont do they same survey with Australian citizens and ask if they think Australia is a good place to live .. i bet 80-90 pct will also say Australia is best
    ".....

    But informal discussions with expatriates and permanent residents generally also yield similar responses: Singapore is a very easy-to-live city. Against the backdrop of Singapore's attractiveness as a city to citizens of the world, and our liberal immigration policies, it is little wonder that the number of residents in this small island has been rising at a steady clip in the last few years. As a direct consequence of that, demand for housing has also been rising. This explains, to some extent, the continued firmness of rentals as well as property prices.

    ....."

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    Quote Originally Posted by Reporter
    ".....

    But informal discussions with expatriates and permanent residents generally also yield similar responses: Singapore is a very easy-to-live city. Against the backdrop of Singapore's attractiveness as a city to citizens of the world, and our liberal immigration policies, it is little wonder that the number of residents in this small island has been rising at a steady clip in the last few years. As a direct consequence of that, demand for housing has also been rising. This explains, to some extent, the continued firmness of rentals as well as property prices.

    ....."
    informal .... generally.... blah blah. Completely unmeasurable.
    The thing is most people in Singapore have never seen anything close to security problems & have no way of measuring them.

    When I was looking at Parc Emily - the agent tried selling point that it's close to Istana so more secure

    I told her of IRA mortar attacks on 10 Downing street during 1990's & asked her why she thought being next to a major symbol of state is more secure, not less.
    Look at where those pakistani attacked in Mumbai... all prestigious targets.
    Sept 11, what they attack? suburban housing estate?

    This response is typical I am sad to say of Singaporeans. They really believe the government services can protect them from all ills of this world & not having lived through any recent direct threat seem clueless to how to assess danger.

    Who are we surrounded by, any states hostile? Any groups within those states hostile? Any tried to do actual damage to us (hint man who can limp out of detention centre).

    As IRA said once - for us to be successful we only need 1 out 100 attempts to succeed. For you to be successful you need all 100.

    Don't live in fear & don't live in complacency.

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