Private Property: Good time now to buy or sell?

[Wind30]

I posed this question earlier this year. Compaing prices then and now, prices have easily gone up another 10 to 15%. It just amazes me that mass market condos 3 bedder units are now all selling at easily $1.2m onwards. Even 2 bedders are hitting $1m. Will this ever stop? Who is snapping up all the units and pushing prices higher? Can't be average couple/family on the streets right?

 

Say $1.2m, after 20% down at $960K, monthly loan instalment based on 1.5% interest is $3K onwards. Once interest increases to 4%, monthly would be like $4K onwards. What is the profile of these buyers? Richie rich from other countries?

 

they are you average HDB owners. LOOK AROUND you. Many people has fully paid up HDB bought cheap whih is worth 500k. + 100k savings, they only need 600k loan which is affordable.

 

A lot of people seems to think that people buy 1.2million property as first property which is weird. Cannot see all the HDB upgraders meh?

 

[Throttle2]

wow!! i was quoted $3100psf earlier this year for something similar

prices are indeed weakening

 

 

So ai mai, $2850psf ? ha

 

 

 

 

[Filtered]

wah...$2850psf can get a bay view stack 7 or 8 liao....

 

[Throttle2]

u sure or not, nowadays even those mass mkt condos also easily $1000psf, u think got so many 1/2 past 6 sporean with much $$$ to down $200-300k?

tat day i just saw pasir panjang area asking for $1400psf

 

 

YES. there are many people who will leverage to the hilt.

these people i consider half past six.

If I do the same as them, I will be living in $10mil detached and driving supercars.

 

$200k to $300k most standard household with parents who have retired will easily have.

dont underestimate the standard Singaporean retiree.

 

 

 

 

[Hosaybo]

actually, if 2 graduate working (no need high flyer) and in early to mid 30s, should have 200-300K cash saving. there are quite a number that falls under this category in Singapore.

[Throttle2]

actually, if 2 graduate working (no need high flyer) and in early to mid 30s, should have 200-300K cash saving. there are quite a number that falls under this category in Singapore.

 

yes and that as well

[Comnao]

So ai mai, $2850psf ? ha

 

err... mai

 

Radx wait for $2k psf... i wait for $2001psf

 

sorry hah ... just tcss only.

dont me hor ?!

[Throttle2]

err... mai

 

Radx wait for $2k psf... i wait for $2001psf

 

sorry hah ... just tcss only.

dont me hor ?!

 

 

no prob, when serious, then come and discuss.

Can wait.

[Viceroymenthol]

bay view is infinitely more lasting than current "sea" view. just my 2 cents

[Throttle2]

bay view is infinitely more lasting than current "sea" view. just my 2 cents

 

 

that of course.

[RH1667]

wah...$2850psf can get a bay view stack 7 or 8 liao....

 

 

Sorry, but what does stack 7 or stack ??? means?

The floor level?

[Viceroymenthol]

rich chinese, indians and indonesians are using singapore high end property as wealth preservation and possible money laundering vehicles, among other asset classes. foolish singkies charge into mass market low end thinking that they can multiply their meagre capital. that is the difference. FYI, most of these foreign high net worth who buy high end properties don't even live there or rent out.

 

the poor singkies will cry when foreign ultra rich withdraw their capital and run road.

[Dpsk]

very good point there! viceroy.

regarding withdrawing of capital, do you know how they do it? selling big high end property to who before they leave?

it will take alot of them to remove the hot money, normally how do these rich people do it? i interested to find out. you know?

 

 

rich chinese, indians and indonesians are using singapore high end property as wealth preservation and possible money laundering vehicles, among other asset classes. foolish singkies charge into mass market low end thinking that they can multiply their meagre capital. that is the difference. FYI, most of these foreign high net worth who buy high end properties don't even live there or rent out.

 

the poor singkies will cry when foreign ultra rich withdraw their capital and run road.

 

[Hoppie24]

actually, if 2 graduate working (no need high flyer) and in early to mid 30s, should have 200-300K cash saving. there are quite a number that falls under this category in Singapore.

 

I feel so emo now :( 20 to 30k have la, 1 more Zero dun have leh how? s--t man...............

[Avant_stealth]

rich chinese, indians and indonesians are using singapore high end property as wealth preservation and possible money laundering vehicles, among other asset classes. foolish singkies charge into mass market low end thinking that they can multiply their meagre capital. that is the difference. FYI, most of these foreign high net worth who buy high end properties don't even live there or rent out.

 

the poor singkies will cry when foreign ultra rich withdraw their capital and run road.

 

i agree. with my limited knowledge la..i tink its common sense to me lar, rental market is not doing well ar...haha mayb no good to buy?? So next time u mcfers driving dwn town at nite, see the residential devptment there, if like very little occupants then not a good sign. Somemore PM oredi said that next year economy nt gg to perform like this year, likely to slow down abit.. But..but... dnt worry, its very possible to have a condo considering if u fresh grad and gg to be rise the ladder la. Avg pay everyone say is at least 3k wor.. http://www.edvantage.com.sg/edvantage/news..._graduates.html

 

So no reason not to be optimistic rite?

[Pufferfish1]

Nov 18, 2010

thursday special report

Young foreigners flocking to S'pore

Better job opportunities and quality of life are the main attractions

By Melissa Kok

 

Pilates instructor Morven Macleod, from Scotland, came to Singapore about three years ago. She has worked and lived in New Zealand, Australia, Spain and Canada, and says the quality of life is better here. She plans to apply for permanent residence. -- ST PHOTO: LAU FOOK KONG

 

FROM countries as far away as Argentina and Peru, more young and educated foreigners are heading to Singapore to live and work.

 

These foreigners - in their 20s and 30s - are moving here for better job opportunities and because Singapore is seen as a great anchor point for work and travel in South-east Asia.

 

Pilates instructor Morven Macleod, 36, from Scotland, came to Singapore about three years ago after years of working and living in places like New Zealand, Australia, Spain and Canada.

 

'I love my job here and realised that my quality of life is better here,' said Ms Macleod, who has a degree in business studies and languages from the University of Edinburgh.

 

'I'm able to walk about and not feel threatened or have a fear of my home being broken into. People here are genuinely quite nice, too.'

 

The single woman currently holds an employment pass and hopes to apply for permanent residence.

 

She joins a growing number of expatriates who are considering staying beyond their usual two-year employment contract and possibly taking up PR.

 

The trend of young, educated foreigners moving here is borne out in findings from a poll conducted by research firm Gallup, which found that Singapore is one of the top migration destinations among the young and educated, if everyone who wanted to leave their home country did so.

 

The survey, which covered 350,000 adults in 148 countries, showed Singapore to be the only economy in developed Asia - which includes Japan, South Korea, Hong Kong and Taiwan - that would not suffer a brain drain if people around the world could migrate anywhere they want.

 

In fact, Singapore would have four times its current number of educated adults, with at least a bachelor's degree. Even greater would be the jump in the number of those aged between 15 and 29: It would rise six times.

 

Migration specialists and business owners catering to the expatriate market have noticed more young, single and educated professionals making the move to Singapore in the past year.

 

The number of foreigners and PRs here has nearly doubled in the past 10 years, from 1.04 million in 2000 to 1.85 million this year.

 

The influx of foreigners in recent years has been a hot topic among Singaporeans, whose concerns revolve around problems in understanding these newcomers and a fear of tougher competition in the job market.

 

There are no official figures that provide a breakdown of foreigners here by age and nationality. But at the end of last year, there were 856,000 work permit holders and 82,000 S-Pass holders. A further 115,000 held employment passes, which means they are better skilled and earn a monthly salary of $2,500 or more.

 

Global mobility expert Kenneth Kwek, who is senior vice-president and general manager of Cartus Asia Pacific, noted that the number of young, single professionals posted here for work has grown.

 

A survey of 196 human resource practitioners based around the world conducted by Cartus last year showed that expatriates in the under-30 age group had increased to 29 per cent, from 19 per cent in 2007.

 

Single expatriates posted overseas for work grew from 29 per cent to 42 per cent during the same period.

 

In the Asia-Pacific region, young and single expatriates now make up 20 per cent of Cartus' clientele, growing by 34 per cent in the past year, said Mr Kwek.

 

Ms Evon Estrop, director of operations at Orientations Singapore, which provides relocation services, said that of the expatriate families and individuals her company has helped relocate here, about 60 per cent are younger professionals aged below 40 who hold at least a degree.

 

They are usually singles, couples without children or with just one child, and often working in middle to senior management positions in sectors such as banking, consumer products and IT, she said.

 

In the case of her company, most expatriates who fall into this group are ethnic Asians, such as Indian nationals who could have studied, worked or migrated to places like Britain or the United States before relocating to Singapore, as well as Germans, Australians, Americans and Britons.

 

A big draw factor for them is the strong economic growth in the Asia-Pacific region, compared to European countries and the US, which are still recovering from the economic crisis. It means more job opportunities for expatriates here, she added.

 

More are also taking on local terms instead of premium expatriate packages. In a survey of 200 companies conducted by HR consultancy ECA International last year, 21 per cent of its expatriate employees here were on local terms. The percentage is up from 15 per cent in 2008.

 

In another recent survey conducted by HR consultancy ORC Worldwide, two-thirds of 36 multinational companies here also offer 'local plus' packages - local pay but with some perks such as partial housing or education allowances.

 

For some expatriates like American Virginia Brumby, 32, their stay here has even led them to set up their own businesses catering to the expatriate community.

 

Ms Brumby, who came here to pursue her MBA at Insead 2-1/2 years ago, said she and her French husband set up a lifestyle company - Survival Chic - in October last year. It helps clients with invitations to arts and social events and special deals at restaurants and bars.

 

'Entrepreneurship is encouraged here and things work in a clear and straight-forward manner. It's also a very international city, and the lifestyle sector is growing fast,' said Ms Brumby, who is on an employment pass but is thinking of applying for PR in future.

 

More global companies also tend to prefer posting a young, single professional here over an older and more senior executive with family, for cost reasons. A company could save tens of thousands of dollars per worker if it does not have to foot school fees and spousal aid.

 

Ms Danielle Bray, 28, an American who runs an insurance agency called Expat Insurance, said that based on her own observations, 'it used to be 70 per cent families, 30 per cent single expats, now, especially after the financial crisis, it's about 50-50'.

 

Expatriates said they enjoy living in Singapore because of efficiency in doing business, a safe environment and lifestyle. Some added that food and transport are also affordable.

 

For some who come from big cities like London, housing here is also comparatively cheap, even in upmarket areas like Bukit Timah.

 

Some like it here so much they decided to take up PR. Among them is Belgian Daniel Quadt, 35, who was posted here five years ago to manage a company project by his former employer.

 

He applied for PR about three years ago and eventually started a business running a travel website. 'There are lots of things happening here, from architecture to politics. It's much faster than Europe. I like that Singapore is a place that is constantly moving forward,' he said.

 

National University of Singapore sociologist Paulin Straughan said the growing young, single expatriate community in Singapore 'has a lot of potential'.

 

'If they happen to find a significant other here and settle down, this can contribute to a growing, stable Singapore population,' she said.

 

While she said their presence will also add to the ethnic vibrance and cultural diversity of Singapore, she cautioned: 'We need to watch the inflow of this group carefully. As long as there are sufficient jobs, it is all right. We need to make sure we do not overcrowd the economic space.

 

'We need to be fair to young Singa-poreans trying to launch their careers and start a family.'

 

[email protected]

 

 

[Pufferfish1]

instead of thinking property doing well or not , why not be worry that foreign trash take your job

[Throttle2]

Sorry, but what does stack 7 or stack ??? means?

The floor level?

 

 

generally means the vertical row of the building, not the floor.

 

so every floor of the same stack will have basically the same view/facing , only higher or lower angle.