New property cooling measure!

[Duckduck]

I personally favor such ruling. It should curb those pte owner taking huge loan for their second pte housing. If this continue, we could face what the americans are suffering today.

 

Rich guys want people to suffer later so can buy at good price, now the downside is lessened.

 

Anyway this move is correlated to pungol by erection. If no by erection they may have delaye it until after CNY

[Felipe]

* rich property investors will not hold back with the ABSD increase.

* HDB up-grader not affected. But their flat need to sell off, meaning a steady supply of HDB flats. So i guess HDB flats prices should stablize.

* First time HDB buyer no affected. In fact, there should be more options and available units now.

 

I personally favor such ruling. It should curb those pte owner taking huge loan for their second pte housing. If this continue, we could face what the americans are suffering today.

 

imo, the cooling measures won't work or rather, it makes things worse for the majority of Sporeans. Here's why.

 

1. Ban on PR sublet

This is such a typical policy. Blame the PRs. Yea right, there are so many PRs subletting and therefore, so many flats are locked in rental, creating a resale supply issue. My logic tells me there should be way more Sporeans subletting HDBs than PRs. Of course, are there stats to show the number of PRs subletting compared to Sporeans?

 

2. Still no policy on COV.

Give me a break. Govt want to cool prices and quell speculation. One of the most amazing things about public housing is there's no check on how much cash an owner can ask for and a buyer who's willing to pay. If a HDB owner asks for 100k COV and the buyer is willing, it will be 100k, 200k and so on. Cool prices and there's no cap on COV or removal of COV altogether??? Ironically, private market functions better with no COV and reflects market sentiment better. With COV, HDB will always be a cash cow.

 

3. No cake for the middle class

Add on ABSD only lets the rich party more and locking the middle class out of enjoying dual property ownership. Better still, govt earns more stamp duties now.

 

On your points, what makes HDB prices skyrocket is not a supply issue. It's COV. Have u not read the papers of 200k COVs? Was it due to a supply issue? govt is always like that. Things somehow tend to look so good until we all know what it really means.

[Felipe]

Rich guys want people to suffer later so can buy at good price, now the downside is lessened.

 

Anyway this move is correlated to pungol by erection. If no by erection they may have delaye it until after CNY

i see it simply as you are not rich, don't buy property. So the rich get richer. Look carefully, the policy is as capitalist as it can get than socialist.

[Wind30]

if one spouse is new citizen and the other is PR consider as PR family or citizen family?

 

Should be citizen right?

 

http://www.iras.gov.sg/irashome/page04.aspx?id=12826

 

Wah. I realised 1 PR + 1 Citizen consider as PR FAMILY for most cases!!!!

 

 

Government REALLY hoot the PRs. EVen if they convert one spouse to one citizen, still kenna.

[Lala81]

As Chrispie pointed out, the ones affected most are current HDB owners who have to sell before they can buy private. So many who bought BTO in 2008, as much as they want to keep for rental, bopian unless pay 10% stamp duty. Well, see who willing lor. Don't be surprised, Sporeans buy property like buy rice sometimes.

 

i did not see any mention that HDB owners can't buy 2nd property and keep the HDB?

Just that there is a ABSD which applies to all 2nd property buyers.

 

Do you all know something that i don't?

 

http://app.mof.gov.sg/newsroom_details.asp...111631950567992

 

[Lala81]

ABSD 7%. means 10% total inclusive of 3% standard BSD.

 

u buy a million dollar condo. pay 100k more in cash, but can claim back CPF later i think.

 

your info is not entirely correct

 

c)(i) SC who already own# one residential property would have to pay ABSD of 7% on the purchase or acquisition of the second residential property.

 

c)(ii) SC who already own# two or more residential properties would have to pay ABSD of 10% on the purchase or acquisition of another residential property.

http://www.iras.gov.sg/irashome/page04.aspx?id=12832

[Throttle2]

I dont see much cooling measures but i see a lot of pocket lining measures ......

 

Likewise COE doesnt control traffic much and neither does ERP, but it does add billions to

 

*yawn*

[Felipe]

i did not see any mention that HDB owners can't buy 2nd property and keep the HDB?

Just that there is a ABSD which applies to all 2nd property buyers.

 

Do you all know something that i don't?

 

http://app.mof.gov.sg/newsroom_details.asp...111631950567992

I was referring to ABSD, not that they cannot buy. It was pretty obvious in my posting.

Edited January 12, 2013 by Felipe

[Felipe]

your info is not entirely correct

 

c)(i) SC who already own# one residential property would have to pay ABSD of 7% on the purchase or acquisition of the second residential property.

 

c)(ii) SC who already own# two or more residential properties would have to pay ABSD of 10% on the purchase or acquisition of another residential property.

http://www.iras.gov.sg/irashome/page04.aspx?id=12832

Tats 10% isnt it? 7% plus usual 3%?

[Enye]

so many rounds of CM

 

but interest rate still virgin

 

[Throttle2]

so many rounds of CM

 

but interest rate still virgin

 

 

 

exactly, we need "drastic" measures for "drastic" situations.

 

no guts no glory

[Jman888]

imo, the cooling measures won't work or rather, it makes things worse for the majority of Sporeans. Here's why.

 

2. Still no policy on COV.

Give me a break. Govt want to cool prices and quell speculation. One of the most amazing things about public housing is there's no check on how much cash an owner can ask for and a buyer who's willing to pay. If a HDB owner asks for 100k COV and the buyer is willing, it will be 100k, 200k and so on. Cool prices and there's no cap on COV or removal of COV altogether??? Ironically, private market functions better with no COV and reflects market sentiment better. With COV, HDB will always be a cash cow.

 

On your points, what makes HDB prices skyrocket is not a supply issue. It's COV. Have u not read the papers of 200k COVs? Was it due to a supply issue? govt is always like that. Things somehow tend to look so good until we all know what it really means.

 

to slow down the escalating hdb resale price, perhaps limit the COV to say 10% of valuation (since valuation already fluctuate according to market value) or impose heavy levy on COV.

 

 

[Lala81]

Tats 10% isnt it? 7% plus usual 3%?

 

Ok, misunderstood. your 3% is the original stamp duty, not the ABSD.

 

[Lala81]

exactly, we need "drastic" measures for "drastic" situations.

 

no guts no glory

 

no guts no glory. then also no need get re-elected in 2016 liao

[Unitek]

HDB price increase is due to supply and pte properties hike. Otherwise, why would KBW need to pacify all by releasing more land for HDB?

 

With the new measure and new leases of HDB flats, this is the way to go. First timer and upgrader are the one left behind during this property hype.

Then again, it probably came too late. Nothing is really affordable for this groupies now.

 

 

 

On your points, what makes HDB prices skyrocket is not a supply issue. It's COV. Have u not read the papers of 200k COVs? Was it due to a supply issue? govt is always like that. Things somehow tend to look so good until we all know what it really means.

 

[Somewhat1975]

to slow down the escalating hdb resale price, perhaps limit the COV to say 10% of valuation (since valuation already fluctuate according to market value) or impose heavy levy on COV.

 

COV is on willing buyer willing seller basic. You can't do anything to it. If you cap it, buyer just pay the seller using under-table way. Then, seller will sell his flat to buyer who give the most undeclared under table money.

[Perrier]

so many rounds of CM

 

but interest rate still virgin

 

 

Many owners will jump off the cliff if interest rate goes up. Panic selling or desperate rental... Boomz.. down goes the property market, less $$ to the coffer, drop in gdp, less bonus.

[Perrier]

hmm...... maybe I can blow whistle on my neighbor flat [rolleyes]

 

They should reward those who report to the authority, say 10k for every successful conviction. then no one will dare to do that. Imagine your tenant, neighbour, even property agent can sabo you...