Singapore Property Scene Discussion

[Wt_know]

buy buy buy .... in 10 years time ... when you look back ... $1M HDB is f**king cheap !!!!!!

agent says one ... muahahahaha

Edited October 4, 2022 by Wt_know

[inlinesix]

11 minutes ago, Wt_know said:

buy buy buy .... in 10 years time ... when you look back ... $1M HDB is f**king cheap !!!!!!

agent says one ... muahahahaha

Be my neighbour. Less than $1m🤭

[Mkl22]

23 minutes ago, Wt_know said:

buy buy buy .... in 10 years time ... when you look back ... $1M HDB is f**king cheap !!!!!!

agent says one ... muahahahaha

ah gong wants people to buy more than 1 then can collect more ABSD and SD.

[therock]

Here’s the thing

If one desires higher wages, well, so does everyone else.. costs go up

Everyone wants a higher price for their property when they sell it

so who wants wages, costs and other items to stagnate? We want cheap medical care but world class standards for example - someone must pick up the bill and forum members  here are the ones likely to pick up the bill..

 Psychologists have run tests - we rather earn less than to earn less than others

so the socialist style doesn’t work but we just don’t want to be the lowest in the food chain. 
But someone has to be that guy .. and if there are people working harder, smarter and luckier than us, then we may become that guy .. 

[Wt_know]

simi china super rich tycoon .... isn't he SIN KA POR LANG liao ... lol

Edited October 5, 2022 by Wt_know

[Wt_know]

sinkie … please please please

do not buy BTO …. lost more than 1/4 of billion liao

very sad … the more you buy the greater the losses …    

 

Edited October 5, 2022 by Wt_know

[Throttle2]

1 hour ago, Wt_know said:

sinkie … please please please

do not buy BTO …. lost more than 1/4 of billion liao

very sad … the more you buy the greater the losses …    

 

Brother, if you didnt buy hdb and dont own one, guess who is paying for the loss?

YOU AND ME AH !!!!!!

wah lao!

[Windwaver]

https://sg.news.yahoo.com/super-rich-china-hotpot-tycoons-pile-into-singapores-top-homes-050152240.html

Super-rich China hotpot tycoons pile into Singapore’s top homes

By Yoojung Lee and Pei Yi Mak

(Bloomberg) — As prices for some of Singapore’s most prestigious homes soar to records, the latest purchase by a China-born restaurant tycoon underscores just how strong demand remains among the world’s super-rich buyers.

Sean Shi, one of four co-founders of China’s largest hotpot chain, Haidilao International Holding Ltd., paid S$50 million (US$35 million) for a so-called good class bungalow in a prime area near the Botanic Gardens in September, local media the Straits Times reported. It’s at least the third such luxury residence bought by one of the co-founders — at least three of whom are now Singapore citizens — or their family members.

It shows how older money is still interested in the trophy houses — there are only about 2,500 on the island — after younger buyers emerged in the technology and cryptocurrency boom.

“In land-scarce Singapore, one of the most valuable assets is land,” said Jacqueline Wong, executive director of residential services at brokerage firm Savills Singapore. Regulations restricting foreigners and permanent residents from owning the bungalows also create a “natural demand,” she said.

A spokesperson for Haidilao didn’t comment on the bungalows or their prices, saying they were personal matters.

Good class bungalows are mansions or villas that can date back to the colonial era. They have plot sizes of at least 15,000 square feet (1,400 square meters) and sit in leafy grounds in the plushest districts. The house must take up no more than 35% of the land area. Although they’re called bungalows, they can have as many as two above-ground floors.

Buyers generally have to be Singaporeans, although foreigners can apply to become citizens themselves or buy through Singaporean spouses. Vacuum cleaner billionaire James Dyson and Alibaba Group Holding Ltd. co-founder James Sheng are among the owners.

Also read: Singapore’s Young Super-Rich Snap Up the Island’s Priciest Homes

China-born billionaires

Other China-born billionaires have also moved to Singapore and become citizens. Li Xiting, founder of medical-equipment maker Shenzhen Mindray Bio-Medical Electronics Co., is the city-state’s wealthiest person with a fortune of US$15.3 billion, according to the Bloomberg Billionaires Index. Forrest Li, chairman and chief executive officer of gaming and e-commerce giant Sea Ltd., briefly topped the rich list last year.

Three good class bungalows along Singapore’s most expensive and prestigious street, Nassim Road, are on sale for record asking prices, local media the Business Times reported in September. Home prices in the city-state continued to increase in the third quarter, and rents have been surging.

Wealthy foreigners restricted from buying good class bungalows are willing to rent them at a premium, according to Nicholas Keong, head of the private office at real estate advisory firm Knight Frank Singapore. Two homes near the Botanic Gardens have monthly rents of S$150,000 and S$128,000, Knight Frank said, citing data from the city’s Urban Redevelopment Authority.

Shi and his wife Hailey Lee are Haidilao’s co-founders, along with Zhang Yong and his wife Shu Ping. Zhang, a former welder at a state-owned tractor factory, opened the first restaurant in 1994 with just four tables in China’s southwestern Sichuan province. Today, Haidilao runs more than 1,300 outlets in China and 125 others in countries including Singapore, South Korea and the US.

Zhang, the company’s chairman, purchased a good class bungalow for S$27 million in 2016. His son, Hanzhi, acquired a neighbouring one for S$42 million in 2020, according to local media reports.

The Beijing-based restaurant chain serves a boiling soup broth with meat, seafood, vegetables and noodles. It’s known for offering free manicures or shoe-polishing services for people queuing for tables.

China’s Covid lockdowns took a toll on Haidilao, which posted a loss in the first half of the year and lowered its restaurant count by 162. Zhang stepped down as CEO in March. The four founders’ combined wealth has shrunk by US$4 billion to US$9.3 billion since January, according to Bloomberg’s wealth index.

Tech and crypto entrepreneurs had been buying good class bungalows in recent years. Su Zhu, the CEO and co-founder of Three Arrows Capital, the cryptocurrency hedge fund that collapsed in June, purchased at least two of them, but he’s since been trying to sell. Zhu previously tweeted that he was thinking of acquiring them all and turning them into parks and farmland.

Good class bungalows “are usually bought and kept within the family,” Savills Singapore’s Wong said. “They will provide a good hedge against inflation.”

[Windwaver]

https://www.asiaone.com/singapore/21-people-4-room-flat-landlord-shocked-find-tenants-subletting-others

21 people in a 4-room flat? Landlord shocked to find tenants subletting to others

Having a steady stream of passive rental income sounds like a great plan, until you get a call from the town council about possible illegal subletting. 

One man recently shared about how his family rented out his childhood home to six tenants, but eventually found out that there were a total of 21 tenants in the unit. 

Brendan Yee posted about his family's experience in what he described as "rental hell" in a TikTok video uploaded on Monday (Oct 3) by Uchify, an online publication that specialises in property-related content. 

In the video, Yee explained that his family had signed a two-year lease with the tenants after doing "thorough background checks on them". He did not indicate when they signed the lease or where their flat is located at. 

Yee further elaborated in an article on Uchify's site that the tenants were foreign workers, who had been recommended by a property agent who had worked with their family for eight years.

"She'd always given us good recommendations, and our relationship had been smooth all these years," wrote Yee. 

Trust in their agent aside, Yee admitted that the pandemic also made it difficult for them to find tenants who were willing to match their asking rental fee and adhere to their "home rules", hence causing them to "jump at the offer". 

After the tenants had paid a deposit of $2,100, Yee's family handed over the keys to their four-room flat. 

Calls from town council 

Trouble began to brew three months later, when Yee said they received a call from the town council saying that the unit was suspected of housing more people than regulations permitted. 

There's an occupancy cap of six persons for a four-room HDB flat that is rented out, according to the Housing Development Board (HDB)'s website. 

Alarmed by the news, Yee posted that he and his family decided to go to their flat to check but they had to give the tenants a two-day notice period before visiting, as stipulated in the lease. 

"When we went down, we didn't see anything out of the ordinary. Even the neighbours said they didn't notice anything strange," Yee recalled in the video, suspecting that their tenants may have cleared out the other occupiers. 

Unfortunately, the matter didn't end there.

The town council called Yee's family less than a fortnight later with even more alarming news, he said. 

"This time, they raided the unit with the Ministry of Manpower agents. They found 21 people living inside the house instead of just six." 

It turns out, the tenants had some tricks up their sleeves to avoid suspicion from neighbours, such as keeping all their shoes within the unit, and hanging their laundry indoors. 

However, what Yee found "impressive" was how the tenants stuck little foam pieces on the flat's door and gate to soundproof entry into the house.

Even the handles of the gate and the door were given the same treatment. 

"We weren’t sure if we were impressed or horrified by their stealthy ways," Yee wrote. 

As a result of their tenants' actions, Yee said his family was banned from renting their unit out for three months.

Depending on the severity and circumstances of unauthorised subletting, HDB may issue a written warning, or impose a financial penalty of up to $50,000 or even acquire the flat compulsorily from owners. 

AsiaOne has reached out to Yee for further comment.

HDB regulations for subletting

According to HDB's website, homeowners are responsible for ensuring that tenants are authorised to stay in the flat, and that the number of tenants does not exceed the maximum number allowed. 

For example, current regulations state that only a maximum of six persons are allowed for three-room, four-room and five-room flats. For one-room and two-room flats, a maximum of four occupants are allowed. 

Homeowners are also to ensure that the flat is only used for residential purposes, and that tenants do not sublet the flat to others.

HDB also conducts regular checks to take enforcement action against unauthorised rentals. 

Just last month, the Ministry of National Development stated in a written reply to a Parliament question that HDB acted against a total of 730 cases of unauthorised renting of flats between 2010 and 2021, 70 of which were compulsorily acquired. 

Members of the public are also urged to report any suspected cases of unauthorised rental or misuse of flats to HDB's hotline.

Back in 2019, a four-room flat at Pandan Gardens made headlines when it was discovered to house a total of 24 tenants — four times the maximum permitted by HDB. 

The flat's three bedrooms housed at least six tenants staying in each room, and the living room was further partitioned into two rooms and rented out to two couples, Shin Min Daily News reported then. 

One of the tenants told the Chinese daily then that the landlord had even set strict rules to circumvent detection by the authorities, such as not allowing any of them to answer the door, and hanging their clothes out to dry. 

[kusur]

https://bit.ly/36TYc8b

 

While CPF provide guaranteed return of 2.5% per annum,  it does not hedge against inflation. Assuming  an annual 3% inflation rate  per year, 10 years later , the principle some in the CPF account would have devalued by at least 30%.  Whereas  a property will follow inflation, the asset value will increase over the years(generally). Rental wise some of the better location unit can fetch rental of about 3% or slightly higher. Our Ministster have already made it clear that importation of TLs is a given, so the rental market is assured to some extent.   Moreover, property price will rise as the demand increases, plus the current low interest rate,  making buying property an investment that will make a lot of sense, this is undisputed  over the last many decades till now.  Economy and job market may be bad, but in the land scarce island like Singapore, there are enough cash rich or even the not so rich, but  daring people who are willing to take a  higher leverage to take the plunge.

[Wt_know]

BBQ le .... 

[inlinesix]

2 minutes ago, Wt_know said:

BBQ le .... 

Own home BBQ le.

Investment unit likely rental had/going to increase rental.

[Fcw75]

https://mothership.sg/2022/10/wealthy-chinese-condos-top-foreign-buyers/?fbclid=IwAR1-n_EG6Cai3thf-edfZQEiMd7kikm59OT-7JA95LefnRDu9kZR-9-vHME
 

Super rich bought more S'pore luxury condos in 2022 despite cooling measures

81 of the 932 condominium units bought by the Mainland Chinese are also worth at least S$5 million.

[inlinesix]

1 hour ago, Fcw75 said:

https://mothership.sg/2022/10/wealthy-chinese-condos-top-foreign-buyers/?fbclid=IwAR1-n_EG6Cai3thf-edfZQEiMd7kikm59OT-7JA95LefnRDu9kZR-9-vHME
 

Super rich bought more S'pore luxury condos in 2022 despite cooling measures

81 of the 932 condominium units bought by the Mainland Chinese are also worth at least S$5 million.

Mothership writing style like ST liao

It is back to Pre-Pandemic volume.

[therock]

11 hours ago, Wt_know said:

BBQ le .... 

Now we will see who can really afford a house, and who is a marginal buyer who is out of his depth...

[therock]

https://www.channelnewsasia.com/business/wealthy-chinese-nationals-top-foreign-buyers-expensive-private-housing-singapore-2991356

 

The Chinese are back... safe haven for their money

[Ct3833]

1 hour ago, therock said:

Now we will see who can really afford a house, and who is a marginal buyer who is out of his depth...

The problem is we just need a very small amount of rich Chinese to continue to push up the price of our limited supply of properties. 

[inlinesix]

1 minute ago, Ct3833 said:

The problem is we just need a very small amount of rich Chinese to continue to push up the price of our limited supply of properties. 

It had been pushed up by local during COVID