tag:blogger.com,1999:blog-4405345292513335071.post1535298300405113580..comments2024-03-01T15:11:54.107+08:00Comments on Little Stories: The Property Boom is BackGilbert Koh aka Mr Wanghttp://www.blogger.com/profile/01027678080233274309noreply@blogger.comBlogger18125tag:blogger.com,1999:blog-4405345292513335071.post-33282754199606247842009-07-28T10:15:28.230+08:002009-07-28T10:15:28.230+08:00a good way to end the unrealistic party is to give...a good way to end the unrealistic party is to give politics a good "shake."<br /><br />vote in some oppo and you'll see a lot of speculative or high-net asset investors dumping sg ppty...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-61104966243545412012009-07-28T08:38:31.455+08:002009-07-28T08:38:31.455+08:00Well, this is not similar to previous property boo...Well, this is not similar to previous property booms that we had seen. <br /><br />If you check official population figures, in 2004, there were 4.2m people (Singapore citizens are 73%, PRs were 9% and Non-residents were 18%).<br /><br />By 2008, there were 4.8m people (65% Singapore Citizens, PRs were 10% and Non-residents were 25%).<br /><br />Most recently, local media had reported that Jet Li bought a GCB here and the question whether if he is Citizen or not remained unanswered.<br /><br />I a few PRs who managed to own landed properties in Singapore. <br /><br />It seems that the growth now are not driven by Singaporeans but by many of the people the Government imported.<br /><br />And houses (or what URA termed as dwelling units) were not growing as fast as the population figures and as a result, demand still in some ways higher than supply.Anti-Chronic Singaporehttp://sites.google.com/site/antichronicforspore/vitamin-anoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-28352160964306599882009-07-27T14:57:27.132+08:002009-07-27T14:57:27.132+08:00One of my Chinese (China) ex-colleague says that s...One of my Chinese (China) ex-colleague says that some Chinese are so rich, that agent fly them in to buy properties. Yes, the agent pays for the tickets.. and the Chinese doesn't even bat an eye when told about the prices. Apparently, it is much higher in (some parts of) China, that our rates seem cheap to them. <br /><br />This makes for a ready supply of buyers who will push up pricing of houses, public or private.lobohttps://www.blogger.com/profile/12613401572475647603noreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-52135810556139168172009-07-27T11:35:48.197+08:002009-07-27T11:35:48.197+08:00"Current "boom" is driven by largel..."Current "boom" is driven by largely speculative forces, and not likely to be sustainable. I'm sorry, property agents, but I don't share your optimism, and in fact, I think property prices will come down by Dec 2009."<br /><br />It is actually hard to say exactly when it would come down. But one thing is for sure. It is unsustainable in the long run. <br /><br />If the price increase outpace the salary increase and people's access to their CPF. Where will people get money to pay for the flats?<br /><br />The only other way to sustain the price increase after that is to give cheap access to credit like a subprime type of loan. <br /><br />The influx of foreigners won't help much as they have no access to the public housing market.<br /><br />Well actually, the only way they can influence is to drive up the price of the private market, chasing locals to the public market which in turn drive up the prices.<br /><br />Whatever it is.. this is not sustainable for the next 10 years.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-74343049940377981952009-07-27T10:46:27.559+08:002009-07-27T10:46:27.559+08:00Current "boom" is driven by largely spec...Current "boom" is driven by largely speculative forces, and not likely to be sustainable. I'm sorry, property agents, but I don't share your optimism, and in fact, I think property prices will come down by Dec 2009.The Dudehttp://freaknomist.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-31452098096581674562009-07-27T10:13:53.900+08:002009-07-27T10:13:53.900+08:00It's a ponzi scheme, like the CPF.
The Gahmen...It's a ponzi scheme, like the CPF.<br /><br />The Gahmen simply lets in more PRs and foreigners to support the property market, and to inject cash to the CPF.<br /><br />No wonder the Gahmen says Singapore depends on non-Singaporeans.<br /><br />Anybody out there who can recommend how to invest in foreign assets? I want to move my $$$ away from Singapore before the party ends.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-8095010866721478902009-07-27T02:23:19.390+08:002009-07-27T02:23:19.390+08:00There are so many more projects still in developer...There are so many more projects still in developers' inventory... they are most surely coming out one by one soon.<br /><br />I don't know why fools are rushing in! And speculators are even asking higher prices than the peak last year. Amazing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-87276359376494417832009-07-26T21:43:48.072+08:002009-07-26T21:43:48.072+08:00Fred Harrison is one interesting chap. Just google...Fred Harrison is one interesting chap. Just google his name. Nouriel Roubini is not the only guy. <br /><br />Is Singapore insulated from what goes on around? Even though the government policies attempt to manage property prices, people need to remember that property are just assets.<br /><br />People also need to do their sums right with basics looked into: upfront interest paid to banks over 1st 7 years, CPF accrued interest owed over time, fees etc ...<br /><br />Looking back, if your average psf does not go up by $150 - $200 at the point you need to sell to shift or upgrade, you are technically under water, not to say how much CPF liquid funds you may have nearing 55 years old.<br /><br />I dunno noe abt CPF life etc etc but I do think that properties are a musical chair game. One cannot just rely on salary income alone.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-82236126917394278422009-07-26T15:34:29.622+08:002009-07-26T15:34:29.622+08:00My sentiments too, James. Experts do have their ag...My sentiments too, James. Experts do have their agendas and are fed by their 'expertise' in spinning - upwards, downwards and sometimes sideways and backwards.<br /><br />Lost CitizenAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-79024786181505028772009-07-26T12:39:20.948+08:002009-07-26T12:39:20.948+08:00Artificial boom.Artificial boom.Onlookernoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-68719939441166889882009-07-26T10:27:16.709+08:002009-07-26T10:27:16.709+08:00Did you say that you bought your property earlier ...Did you say that you bought your property earlier this year? I admire your foresight. Good for you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-26814832332905483892009-07-26T09:03:40.636+08:002009-07-26T09:03:40.636+08:00I still believe the market will face a hard realit...I still believe the market will face a hard reality soon<br />People are now buying because they see the prices as lower than 6 months ago, and so hope that they will be able to do a quick sale after the "economical crisis" is finished<br />This is another speculative move due to over inflated HDB prices<br /><br /> But<br /> 1/ The current prices are still much higher than before the "en bloc" speculation craze<br /> 2/ There is still a bulk of new units coming up<br /> 3/ There is a non zero probabilty that the Singapore population has decreased<br /> 4/The economical crisis is not finishedAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-31692894850892707042009-07-26T08:22:38.491+08:002009-07-26T08:22:38.491+08:00Mr. Wang,
Asking around, it could be the increas...Mr. Wang, <br /><br />Asking around, it could be the increase number of PR and new citizens in the past 2 years that is keeping prices up as the HDB now implements build on demand schemes which sends the increase demand to the resale market.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-14721969958145552732009-07-26T01:15:18.340+08:002009-07-26T01:15:18.340+08:00Mr Wang,
once thing is for sure. The people is sur...Mr Wang,<br />once thing is for sure. The people is sure that the rules of CPF will change again given large loss of TH, GIC and reserves. Therefore they feel wiser if they use up the CPF rather than been lock by the Lee forever.<br /><br />How do I know ? My nephew is one of them that think likewise and fear that CPF will be gone and quickly buy a flat.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-39184820566011807242009-07-25T23:59:09.956+08:002009-07-25T23:59:09.956+08:00Just throwing out a hypothesis:
Could it be an i...Just throwing out a hypothesis: <br /><br />Could it be an influx of foreigners that are propping up private property rentals/housing prices, in turn pushing more locals into the HDB market? When I was in South America, every other retrenched banker I met was planning to move to Singapore to get a job...not exactly strong scientific evidence, but just throwing out some gusses.Oikonohttp://www.oikono.comnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-84598317161120726842009-07-25T23:31:50.223+08:002009-07-25T23:31:50.223+08:00Positive sentiment seems to be main driving force ...Positive sentiment seems to be main driving force now. However, property prices must ultimately reflect fundamentals over the long run.<br /><br />I thought recent suburb condo prices going at $1000 psf is getting near to being unaffordable even by upper middle class income standards.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-12580904714865101872009-07-25T22:14:39.822+08:002009-07-25T22:14:39.822+08:00Does the Gahmen also play a part in this? I would ...Does the Gahmen also play a part in this? I would think so. They have quite a few trump cards to play around and it worked this time! Due to luck or talent, I am not sure.<br /><br />But not always lah. At one time property was also very hot and then crashed and did not recover for many years. Maybe those times their trump cards they played did not work.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-5912801617476777242009-07-25T19:58:38.190+08:002009-07-25T19:58:38.190+08:00Never listen to the "experts" . bet they...Never listen to the "experts" . bet they will say the boom is back. then when the bubble burst in 1-2yrs they will say correction hahaJamesNeonoreply@blogger.com