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Tharman: Singapore Home Prices Need To Cool Further


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I agree, please start with new HDB price slashing by another 40%. Than I say, "You The Man" [thumbsup]

 

HDB can stay at current sq/meters but price of 4 & 5 rooms slash ... [:)]

 

 

Yahoo news: Singapore's Home Prices Need to Cool Further: Deputy PM

 

Singapore's longest stretch of property price declines since the global economic crisis may not be sufficient to encourage a relaxation in housing curbs, according to Deputy Prime Minister Tharman Shanmugaratnam.

 

Shanmugaratnam, who is also the finance minister, said the government can never get rid of cycles in the real estate market, which it will help cool with housing measures.

 

Shanmugaratnam said: "There is some distance to go in achieving a meaningful correction, after the sharp run-up in prices in recent years.

 

"We can never get rid of cycles in the property market, with the upswings in some years being followed by corrections. Our cooling measures cannot eliminate the cycle, but they aim to temper it.

 

"What this means is avoiding a bubble during the upswing and allowing for a correction in prices subsequently," the minister added.

Alan Cheong, senior director of real estate research at Savills in Singapore, told Bloomberg: "The government is signalling that the measures will be in place for a while longer. The curbs may start being rolled back after two to three quarters or maximum in a year."

 

Last week, National Development Minister Khaw Boon Wan said it was still not the right time to terminate the government's cooling measures and that there was still room for prices to moderate.

 

Private home prices on the island dropped 0.7% in the three months to September, marking the fourth straight quarter-on-quarter drop, and bringing the slide over the past twelve months to about four percent.

 

Most Expensive City

 

Singapore has become the most expensive city in the world to live in following a rise in house prices after an influx of foreign workers boosted the island state's wealth and demand for homes.

 

According to a February Economist Intelligence Unit report, titled The Worldwide Cost of Living Survey, a strengthening of the Singaporean dollar also pushed the country to pole position as the expansion of the financial industry contributed to the country's wealth.

 

link: https://sg.finance.yahoo.com/news/singapores-home-prices-cool-further-deputy-pm-112102955--finance.html

 

 

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I agree, please start with new HDB price slashing by another 40%. Than I say, "You The Man" [thumbsup]

 

HDB can stay at current sq/meters but price of 4 & 5 rooms slash ... [:)]

 

 

 

 

only apply to resale price right?

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Quote : from the text

 

"Most Expensive City

 

Singapore has become the most expensive city in the world to live in following a rise in house prices after an influx of foreign workers boosted the island state's wealth and demand for homes.

 

According to a February Economist Intelligence Unit report, titled The Worldwide Cost of Living Survey, a strengthening of the Singaporean dollar also pushed the country to pole position as the expansion of the financial industry contributed to the country's wealth."

 

So............... they knew that the influx of FW & FT boosted the price of homes. [sly]

 

Still tolling the ideal of 6.9 million .... [sweatdrop]

 

 

 

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I think we have to be realistic.

 

Firstly, the government has said the cooling measures will be here for a while. That is what home buyers want, right? So that's one thing they got right already.

 

Secondly, it will never be that the government will engineer a crash. They don't have the ability to do that alone and it is not a good thing. What they want is an orderly decline in prices. I'm sure they rolled out the measures with that in mind, just that perhaps the decline is not happening at the speed they had hoped. Should they then roll out even more measures? Don't forget, these policies are not suka-suka can roll out then remove then roll out then remove. That will create confusion in the market.

 

So please, don't oppose or criticise for the sake of criticising. Give credit when due. The current prices may not be as low as certain individual's expectations, but the governnment is not here to satisfy any single person. You may feel what is done is insufficient, but that is a world of difference from feeling that what is done is wrong.

 

 

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I think we have to be realistic.

 

Firstly, the government has said the cooling measures will be here for a while. That is what home buyers want, right? So that's one thing they got right already.

 

Secondly, it will never be that the government will engineer a crash. They don't have the ability to do that alone and it is not a good thing. What they want is an orderly decline in prices. I'm sure they rolled out the measures with that in mind, just that perhaps the decline is not happening at the speed they had hoped. Should they then roll out even more measures? Don't forget, these policies are not suka-suka can roll out then remove then roll out then remove. That will create confusion in the market.

 

So please, don't oppose or criticise for the sake of criticising. Give credit when due. The current prices may not be as low as certain individual's expectations, but the governnment is not here to satisfy any single person. You may feel what is done is insufficient, but that is a world of difference from feeling that what is done is wrong.

 

 

 

I agree with you but $300+k for a 4 room flat of 85 sq/metrs isn't high ?

 

Its take a newly wed couple 25 ~ 30 yrs to replay the loan meaning they simpily cannot retire at 55 but instead work to 62 ~ 70 yrs... [:(]

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i say many times liao, the more they cool, the higher prices went. Now the less they cool, the lower prices go... they dun even need to do anything prices are falling liao... goes to show how much sentiment plays in asset pricing

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Turbocharged

They are actually saying we still need to continue collecting SSD ( Seller Stamp Duty ) and ABSD ( Additional Buyer Stamp Duty ) .

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I agree with you but $300+k for a 4 room flat of 85 sq/metrs isn't high ?

 

Its take a newly wed couple 25 ~ 30 yrs to replay the loan meaning they simpily cannot retire at 55 but instead work to 62 ~ 70 yrs... [:(]

 

i have to disagree..

 

when a new bmw costs more than a hdb flat .. you should know there is too much $$ out there...

 

 

its not that high yet... have not look at resale or private housing to see what is high.. ..

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I agree with you but $300+k for a 4 room flat of 85 sq/metrs isn't high ?

 

Its take a newly wed couple 25 ~ 30 yrs to replay the loan meaning they simpily cannot retire at 55 but instead work to 62 ~ 70 yrs... [:(]

Isn't that like slavery in modern times?

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i have to disagree..

 

when a new bmw costs more than a hdb flat .. you should know there is too much $$ out there...

 

 

its not that high yet... have not look at resale or private housing to see what is high.. ..

 

A Car is not a Need ... A Home Is ...

 

I Repeat Again ... A Subsidized HDB Flat should not be sold for a Profit ... There's your solution!

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i have to disagree..

 

when a new bmw costs more than a hdb flat .. you should know there is too much $$ out there...

 

 

its not that high yet... have not look at resale or private housing to see what is high.. ..

New bto should be cheap, not simi "affordable", to true blue Singaporeans, not simi new citizens

New citizens should rent, but resale or buy private

Want to enjoy cheap bto, report at cmpb

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I Repeat Again ... A Subsidized HDB Flat should not be sold for a Profit ... There's your solution!

 

but .. but... how they are gona remain in power if they dun give pple free $? lol

 

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Supercharged

 

i have to disagree..

 

when a new bmw costs more than a hdb flat .. you should know there is too much $$ out there...

 

 

its not that high yet... have not look at resale or private housing to see what is high.. ..

how can you use a car to compare to a home?

 

A home is a necessity to common people. A car is not.

 

You want to use prices of Michelin star restaurant and say that our wet market food and hawker prices are too cheap?

New bto should be cheap, not simi "affordable", to true blue Singaporeans, not simi new citizens

New citizens should rent, but resale or buy private

Want to enjoy cheap bto, report at cmpb

 

now have liao.... Volunteer Corpse......... [laugh]

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