Mustank Hypersonic January 17, 2012 Share January 17, 2012 elite man! ↡ Advertisement Link to post Share on other sites More sharing options...
Mustank Hypersonic January 17, 2012 Author Share January 17, 2012 http://business.asiaone.com/Business/My%2B...116-322159.html Khaw says it's unfair to blame PRs for higher COVs He said that typically, PRs pay lower COVs. Mon, Jan 16, 2012 AsiaOne Permanent residents should not be blamed for the rising prices of resale flats, said National Development Minister Khaw Boon Wan in Parliament today. Instead, he revealed that the buyers that up the stakes for the cash premium for flats are actually the local private property owners. Mr Zaqy Mohamad, Member of Parliament for Choa Chu Kang GRC, had asked Mr Khaw if the Housing Board will consider limiting the sale of resale three-room and smaller flats to only lower-income Singaporeans. Mr Zaqy said there is a 'common perception' that the increasing prices of resale flats, as well as the escalating amounts of cash premium paid to the sellers, more commonly known as the cash-over-valuation (COV), are due to PRs. In August last year, C&H Properties real estate agent Daniel Tan told The Straits Times that sellers for four- to five-room resale flats in Woodlands, Ang Mo Kio and Bedok could command COV amounts ranging from $50,000 to $80,000. He said these sellers lowered their expectations to below $50,000 after HDB raised the income ceiling for new flats and housing subsidies. In the third quarter of 2011, the median COV for three-room flats ranged from $27,900 to $34,000, according to the paper. According to The Straits Times, Mr Khaw said: "The data (is) quite distinct. Typically, the PRs pay the lower COVs... among the groups, the higher COVs are often by private property owners, or former private property owners... especially the enbloc owners or residents, probably with a lot of cash and still need a roof... they are the ones who bid up the COV." He added: "So let us don't unfairly blame a particular group for causing higher prices in the resale market." Mr Khaw, who acknowledged that home prices have shot up in the last two to three years, said he has been working on the problem and asked for patience 'that the market will stabilise in due course'. [email protected] Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged January 17, 2012 Share January 17, 2012 selective wording sia...... Link to post Share on other sites More sharing options...
Mustank Hypersonic January 17, 2012 Author Share January 17, 2012 selective wording sia...... is it i didnt copy the title in full? Link to post Share on other sites More sharing options...
Pchmj Clutched January 17, 2012 Share January 17, 2012 Cash rich owners pay the top COV, but why they need to do that? Very simple econ, demand and supply. PR push up the demand which push up the average COV, these cash rich owners bo bian need to offer high COV for the unit they want. Link to post Share on other sites More sharing options...
Yardo Clutched January 17, 2012 Share January 17, 2012 COE, COV bloody screwed up scheme that milked us dry :angry: .... Link to post Share on other sites More sharing options...
SimonTan 2nd Gear January 17, 2012 Share January 17, 2012 Just a play on the statistics. PR bidded up the COV is the main issue. But must admit, that eventually its the suckers citizens that overpay for the HDB in bid to save face and not lose to the bidding war with FT/PR. Lucky gov is still allowing in more PR n FT, like Japanese. This will keep the property market stable. I only worry when the PR don't bid up my HDB untill $1million. Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged January 17, 2012 Share January 17, 2012 COE, COV bloody screwed up scheme that milked us dry :angry: .... you know who screwed us? it's we ourselves...... i was looking for a place 2yrs ago 1) singaporean with parents. has 2 flats. 1 beside kallang mrt (new flat) 1 opp kallang mrt (old flat), advert asking 40k COV for old flat negotiable.... i offered up till 30k... not willing to talk.. i ask fella ok you lower abit.. tell me how much.... not even willing to give a price.... 2) Indo PR family, kallang also. asking 30k... nego till 18k deal done... in 2days most cases... easily negotiable is PRs owned rather than S'porean Link to post Share on other sites More sharing options...
Yardo Clutched January 17, 2012 Share January 17, 2012 you know who screwed us? it's we ourselves...... i was looking for a place 2yrs ago 1) singaporean with parents. has 2 flats. 1 beside kallang mrt (new flat) 1 opp kallang mrt (old flat), advert asking 40k COV for old flat negotiable.... i offered up till 30k... not willing to talk.. i ask fella ok you lower abit.. tell me how much.... not even willing to give a price.... 2) Indo PR family, kallang also. asking 30k... nego till 18k deal done... in 2days most cases... easily negotiable is PRs owned rather than S'porean well, maybe case (1) is not hard up to sell whereas case (2) is desperate to sell? Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged January 17, 2012 Share January 17, 2012 well, maybe case (1) is not hard up to sell whereas case (2) is desperate to sell? i dunno... but if it is not nego... then dun advert as nego and then mouth stuck with gold and refuse to give a price.... so testing market? isn't this one of the main reason that COV keep going up? Link to post Share on other sites More sharing options...
Wt_know Supersonic January 17, 2012 Share January 17, 2012 (edited) it's highly circumstantial la a. location location location (near MRT) b. popular estate (ie: AMK, Clementi, Tao Payoh, Bishan, etc) c. near town (ie: Tiong Bahru, Bukit Merah, etc) these are the locations that sporean likes and willing to pay sky price for HDB and last but not least, cash rich owner who just offload private condo or landed property need a roof "immediately" outbid each other in resale market Edited January 17, 2012 by Wt_know Link to post Share on other sites More sharing options...
Unidentified 1st Gear January 17, 2012 Share January 17, 2012 (edited) my housing agent told me the marketing gimmicks they always used to potential buyer is that they will always take some india or china PR buyer and saying they are going to pay cov of 40k to pressure the buyer to fall into the scam trap but in reality no such thing. though there's those PR who really offer >40K cov but not really alot..most are in the range of avg 20k. dont be scam by them and in actual fact,the high price are all being 'speculated' by the agents themselves. Edited January 17, 2012 by Unidentified Link to post Share on other sites More sharing options...
Scion Turbocharged January 17, 2012 Share January 17, 2012 sorry but i agree with Hui Ge i already highlighted in previous threads on housing that PRs actually stand a small percentage in buying the resale flats as compared to the citizens Link to post Share on other sites More sharing options...
Gukubird Neutral Newbie January 17, 2012 Share January 17, 2012 you know who screwed us? it's we ourselves...... i was looking for a place 2yrs ago 1) singaporean with parents. has 2 flats. 1 beside kallang mrt (new flat) 1 opp kallang mrt (old flat), advert asking 40k COV for old flat negotiable.... i offered up till 30k... not willing to talk.. i ask fella ok you lower abit.. tell me how much.... not even willing to give a price.... 2) Indo PR family, kallang also. asking 30k... nego till 18k deal done... in 2days most cases... easily negotiable is PRs owned rather than S'porean Then I am lucky, the seller see that we r young couple sold his flat to us below valuation and he is not in a hurry to sell Link to post Share on other sites More sharing options...
Yuan 6th Gear January 17, 2012 Share January 17, 2012 i dunno... but if it is not nego... then dun advert as nego and then mouth stuck with gold and refuse to give a price.... so testing market? isn't this one of the main reason that COV keep going up? I had my fair share of similar encounters with local folks as what you had gone through in (1) as well. By the way, I am a true blue Singaporean, born, breeded and served NS here. Link to post Share on other sites More sharing options...
SimonTan 2nd Gear January 17, 2012 Share January 17, 2012 Admit it...Singaporeans are lousy at bargaining skills. These PR knows how to act poor and desperate in need of housing. So most time they succeed in getting a better deal. Singaporean mentality also one kind...punishe our own kind....but give chance and pity these PR. Just look at the outpouring of Pak-Kim to those FT who died or needed help. I believe we citizens sabotaged ourselves most of the time, and ended up in current highe priced situation. Link to post Share on other sites More sharing options...
Kangadrool Supersonic January 17, 2012 Share January 17, 2012 (edited) Very simple lah, debate here and there until cows come home also no use. Just implement this! Only Singaporean (at least one partner must be Singaporean) can buy new and resale Hedge Dee Bee flats. PUBLIC HOUSING IS FOR CITIZENS. How then to manage the housing needs due influx of FT/FWs? Employers to source and build their own housing for their foreign employees. It's their responsibilities (if they want cheap, faster, fasterer FT/FWs). This will also create an alternative private housing market for the masses. Any developer can build and lease them out to employers/FT/FWs. Singaporeans can also buy them if they want "non-subsidized" housing. Edited January 17, 2012 by Kangadrool Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged January 17, 2012 Share January 17, 2012 I had my fair share of similar encounters with local folks as what you had gone through in (1) as well. By the way, I am a true blue Singaporean, born, breeded and served NS here. alot of things is caused by we ourselves... but when PRs ride on it and earn abit..... singaporeans kpkb...... really i think maybe singapore be communist country best...... then all the same knn..... ↡ Advertisement Link to post Share on other sites More sharing options...
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