Big relief for first-time home buyers

[mr funny]

http://www.straitstimes.com/STForum/...ry_573327.html

Sep 1, 2010

STEPS TO COOL MARKET

Big relief for first-time home buyers


I REFER to yesterday's report ('Govt acts to curb speculators'). I am glad that the Government has taken the appropriate steps to rein in speculators in the red-hot property market.

Hopefully, this will prevent the property market from overheating and allow genuine buyers to come in.

Unfortunately, those who have bought their flats recently may curse their ill-timed purchase.

A friend of mine, who was looking for her first resale Housing Board flat, but was held back by the snowballing cash-over-valuation (COV) demand for many months, can start looking for her matrimonial home with confidence now.

Many recently married couples have had to rent a place or live separately in their own family homes as they could not afford the high COV.

The fast and continual appreciation of home prices would have created an asset bubble and destabilised our whole economy in the long run if it had been left unchecked.

I remember how many people chased after and bought properties at sky-high prices in 1996 - they had to sell at a massive loss when the market turned.

It is always wise to stay away from a runaway property market when everyone is chasing after it.

Gilbert Goh


Wise move

'The real estate prices will grow at a much more sustainable rate and young couples will have a home to start a family.'

MR ADAM TAN: 'In one coordinated move, the Government has acted to supply more flats for needy buyers. With the latest measures, the real estate prices will grow at a much more sustainable rate and young couples will have a home to start a family. Diligent real estate agents will still have opportunities to earn a decent living.'

Caught in a bind

'It would be more equitable if a resale flat buyer who had signed the OTP prior to the changes is allowed to complete the transaction under the old rules.'

MR ALVIN TOH: 'The revised rules governing the purchase of an unsubsidised Housing Board resale flat do not take into consideration buyers who had signed the option to purchase (OTP) prior to the announcement ('Govt acts to curb speculators'; Aug 31), but have yet to submit the completed transaction to HDB. Such buyers would have started the purchase under one set of rules but would be governed under a totally different set of rules by the time the transaction is submitted to HDB for processing, so much so that the right to purchase itself may no longer be valid. A buyer who chooses not to exercise the OTP due to no fault of his own will be unduly penalised, with the deposit placed with the seller forfeited. Therefore, it would be more equitable if a resale flat buyer who had signed the OTP prior to the changes is allowed to complete the transaction under the old rules.'

Unfair

'A PR owning an HDB flat can buy a private property in his own country whereas a Singaporean owning an HDB flat cannot do the same here.'

MR JAMES KOH: 'One of the new measures is flawed as it runs contrary to the Prime Minister's promise to put Singaporeans first. A permanent resident (PR) owning an HDB flat can buy a private property in his own country whereas a Singaporean owning an HDB flat cannot do the same here.'

[jlrx]

Sep 1, 2010

STEPS TO COOL MARKET

Big relief for first-time home buyers


I REFER to yesterday's report ('Govt acts to curb speculators'). I am glad that the Government has taken the appropriate steps to rein in speculators in the red-hot property market.

Hopefully, this will prevent the property market from overheating and allow genuine buyers to come in.

Unfortunately, those who have bought their flats recently may curse their ill-timed purchase.

A friend of mine, who was looking for her first resale Housing Board flat, but was held back by the snowballing cash-over-valuation (COV) demand for many months, can start looking for her matrimonial home with confidence now.

Many recently married couples have had to rent a place or live separately in their own family homes as they could not afford the high COV.

The fast and continual appreciation of home prices would have created an asset bubble and destabilised our whole economy in the long run if it had been left unchecked.

I remember how many people chased after and bought properties at sky-high prices in 1996 - they had to sell at a massive loss when the market turned.

It is always wise to stay away from a runaway property market when everyone is chasing after it.

Gilbert Goh

Why "A friend of mine", and not himself, "can start looking for a matrimonial home now"? Why is he so concerned for his friend? Won't the letter be much more convincing if he had written "I can start looking for a matrimonial home now"?

What is his agenda?

And why the concern for people who had to sell at massive losses after 1996? Is he worried for these people because they had been his friends, or enemies?

The style of the writing cannot be missed. The same arrogance, smugness and presumption. The same moral highgrounds and "concern" for the country and economy.

I won't be surprised if this letter writer is someone from this forum.

[Condorich]

JLRX... said before u r my idol... keep posting.

[proud owner]

The style of the writing cannot be missed. The same arrogance, smugness and presumption. The same moral highgrounds and "concern" for the country and economy.

I won't be surprised if this letter writer is someone from this forum.[/quote]


hahahha i am not surprised too ..


i am also confident many BULL forumers are reading the forum everyday ..and keeping quiet , not posting any bull view for now,

otherwise other forumers will sure suan them jialat jialat , or better still ,know they are back from holiday long ago and hiding somewhere, waiting for a bull news then they emerge with ' See i told you, strong demand " !!

[devilplate]

relax bro

for the next few mths, make some kopi $$ from stocks

genting 1.8!!!!!!!!!!!!!!!!!!

STI 3500pts by yr end!

[jlrx]

i am also confident many BULL forumers are reading the forum everyday ..and keeping quiet , not posting any bull view for now,

otherwise other forumers will sure suan them jialat jialat , or better still ,know they are back from holiday long ago and hiding somewhere, waiting for a bull news then they emerge with ' See i told you, strong demand " !!

That is your own presumption that BULLISH forumers are keeping quiiet (or maybe selective perception?)

I am still very BULLISH because the previous 2 cooling measure did not work, so why should this one work?

Developers seem to share my sentiments as well that government measures will not work.

Business Times - 31 Aug 2010

HK land auction beats estimates in hot market

HONG KONG - A Hong Kong developer paid US$165 million for a plot of prime residential land in the city's Kowloon district on Tuesday, defying government efforts to rein in property prices.

The auction comes two weeks after Hong Kong's richest man, Li Ka-shing, snapped up two prime residential sites for prices well above market estimates.

Developers have remained upbeat about Hong Kong's soaring residential market despite government measures to rein in prices, including boosting land supply and tightening mortgage lending.

September 1, 2010, 5.38 pm (Singapore time)

Bedok mixed site draws 9 bidders

By EMILYN YAP

The tender of a commercial-residential site at Bedok town centre closed on Wednesday with nine bidders in the fray.

The top bid of $788.9 million or $841 per sq ft per plot ratio (psf ppr) for the 99-year leasehold site came from Brilliance Residential (1) Pte Ltd and Brilliance Trustee Pte Ltd.
The lowest bid of $539 million or $575 psf ppr came from Sim Lian.

[proud owner]

That is your own presumption that BULLISH forumers are keeping quiiet (or maybe selective perception?)

I am still very BULLISH because the previous 2 cooling measure did not work, so why should this one work?

Developers seem to share my sentiments as well that government measures will not work.

haha no lah

you are the only one still CONSISTENTLY posting ...which is admirable ..


i am referring to those who suddenly disappeared for at least 2 -3 mths type ...

you know i know , we are know who lah

[hetongshi]

Dun said liao lah...last week blur blur I bought genting 1.55 using SRS acct, after that thought was cash, contra at 1.57 in cash to collect cash for 15% VV.

Somemore pay penalty $27, earn $25 lor...

[Condorich]

haha no lah

you are the only one still CONSISTENTLY posting ...which is admirable ..

i am referring to those who suddenly disappeared for at least 2 -3 mths type ...

you know i know , we are know who lah

Is it me?

I was away on vacation mah...

Had discuss these issues with you in private.. it is not surprise right? The cooling measures.. expect more if this is not sufficient. I would think that it would do the job for now. New initiatives will be implemented to correct any imbalances when necessary. That should be good news to property owners.

[Lord Anus]

That is your own presumption that BULLISH forumers are keeping quiiet (or maybe selective perception?)

I am still very BULLISH because the previous 2 cooling measure did not work, so why should this one work?

Developers seem to share my sentiments as well that government measures will not work.

don't say too soon. nobody ever survived betting against SG govt.

But i agree with you. is not in SG govt's interest to kill private property market. we dun want our reputation to become like malaysia where foreign investors tio snooked and won't trust us again.

SG govt will still allow people to play private property, but only allow rich people, not borderline cases. for HDB market, govt say dun fcuking play play understand!!!!!