|
newinvestor
Guest
|
 |
« on: 31 January 2011, 10:49:01 am » |
 Quote
|
From the Straits Time, Sunday, Jan 30, 2011
Upgrading to private home? Wait a bit, says Mah
If you are a Housing Board flat owner looking to upgrade to a private property, wait a little longer before signing on the dotted line.
This was the advice from Minister for National Development Mah Bow Tan in an interview published in the Chinese daily Lianhe Wanbao yesterday.
'Housing prices are rather high now... if you wait for a while, you might find more affordable properties,' Mr Mah was quoted in the paper as saying.
Serious home buyers should be patient, said Mr Mah, as he expects interest rates and the supply of private properties to rise soon, and both these factors should help to curb the steady trend of rising prices.
'When that happens, you will be thankful that you didn't buy right now!' he added.
The property market hit new highs last year, fuelled by strong demand from cash-rich buyers, low interest rates and strong economic growth.
Private home prices moved up 17.6 per cent last year after rising just 1.6 per cent the year before. Non-landed property, which includes condominium units popular with Housing Board upgraders, rose 14 per cent.
Mr Mah said the Government is trying to dampen a 'flock' mentality that seems to have developed among property investors lured by the promise of making a quick profit.
He added that the recent market cooling measures - which include hefty sellers' stamp duties and lowered loan limits for second mortgages - should be seen in this context.
Rather than deterring home buyers from upgrading their houses, or reducing prices, they are meant to stabilise the market so that prices can increase at a more steady rate, he said.
'Reducing prices on purpose is not our aim, and it is of no use at all,' said Mr Mah. 'This may make some home buyers happy, but on the other hand, home sellers will be unhappy.'
For those who cannot wait and need to upgrade their homes right now, Mr Mah said he believed the new measures should not deter them as long as they have sufficient cash flow.
The minister also said that the Government is studying the effects of the latest round of measures closely, and warned that it could act again in three to four months' time.
He said property players will also need some time to digest the new measures and assess their impact before deciding what to do next.
'Although there are some who have reacted in knee-jerk fashion, most buyers and sellers are adopting a wait-and-see approach,' he added.
Amresh Gunasingham
|
|
|
|
|
Logged
|
|
|
|
|
ExpatSingapore Message Board
|
|
« on: 31 January 2011, 10:49:01 am » |
Quote
|
|
|
|
|
|
Logged
|
|
|
|
|
Blaze
|
|
« Reply #1 on: 31 January 2011, 17:09:31 pm » |
Quote
|
Hmm interesting article and no replies the whole day... Where are those those guys from other threads who claim that property prices would go up 10 per cent this year? Maybe they have some insight that the Minister doesn't have.  |
|
|
|
|
Logged
|
Blazing the trail
|
|
|
|
agent003.5
Guest
|
|
« Reply #2 on: 31 January 2011, 17:28:51 pm » |
Quote
|
be careful blaze, you'll bring out the troll.
Maybe he can demand that MBT is sent to the.......
airport!
|
|
|
|
|
Logged
|
|
|
|
|
good advice
Guest
|
|
« Reply #3 on: 01 February 2011, 9:19:33 am » |
Quote
|
Its good advice if you ask me. Take it.
|
|
|
|
|
Logged
|
|
|
|
|
Agent10%
Guest
|
|
« Reply #4 on: 02 February 2011, 15:24:19 pm » |
Quote
|
Didnt MBT say that "... so that prices can increase at a more steady rate" in the same article. His idea of a steady rate is probably 10% p.a  |
|
|
|
|
Logged
|
|
|
|
|
so then
Guest
|
|
« Reply #5 on: 02 February 2011, 20:17:01 pm » |
Quote
|
No matter what they do, prices will probably just go up anyway. There is a real hunger for property right now and with the shortage of space on the island, and more & more professional migrants arriving daily, property is hardly going to go down is it ?.
Remember to an indian or a PRC chinese, Singapore is a very attractive place to migrate to. Relatively uncrowded, stable & fair government, large homes by comparison, lots of green space, clean environment and far less competitive working environment than where they come from, with higher salaries on offer and booming economy. All adds up to a very exciting future for these folk.
On the minus side, for us western expats, these new kids on the block work for a bit less than we do and are squeezing us out of the job market.
So I wouldnt worry too much about the market, were probably not going to be here anyway.
|
|
|
|
|
Logged
|
|
|
|
|
newinvestor
Guest
|
 |
« Reply #6 on: 06 March 2011, 22:11:51 pm » |
Quote
|
Well, the market seems to have cooled- fewer agents bringing visitors to the condo, more calls and flyers from the agents.
Also a bunch of posts on this forum trying to drum up interest with half hearted attempts at being bullish.
|
|
|
|
|
Logged
|
|
|
|
|
There is no need to
Guest
|
|
« Reply #7 on: 07 March 2011, 0:03:53 am » |
Quote
|
Well, the market seems to have cooled- fewer agents bringing visitors to the condo, more calls and flyers from the agents.
Also a bunch of posts on this forum trying to drum up interest with half hearted attempts at being bullish.
drum up interest. If you need a home and could afford it, you buy. Otherwiase don't. |
|
|
|
|
Logged
|
|
|
|
|
bigtime
Guest
|
|
« Reply #8 on: 07 March 2011, 23:00:26 pm » |
Quote
|
I am looking for a place to buy right now but I decide to wait for a while.Actually, I am not that worry about the cooling measures.What I most concern is the big economy crash domino effect by China. SG property went down 80% in 1997 crash and 40% in 2008. So, I'd rather wait for a big discount then.
|
|
|
|
|
Logged
|
|
|
|
|
snow time
Guest
|
|
« Reply #9 on: 09 March 2011, 11:35:32 am » |
Quote
|
 maybe you can wait for snow to come here I am looking for a place to buy right now but I decide to wait for a while.Actually, I am not that worry about the cooling measures.What I most concern is the big economy crash domino effect by China. SG property went down 80% in 1997 crash and 40% in 2008. So, I'd rather wait for a big discount then.
|
|
|
|
|
Logged
|
|
|
|
|
Agent007
Guest
|
|
« Reply #10 on: 09 March 2011, 13:03:48 pm » |
Quote
|
Prices are actually dipping a bit.
Not a lot but the measures have done the biz!
|
|
|
|
|
Logged
|
|
|
|
|
Bigtime
Guest
|
|
« Reply #11 on: 09 March 2011, 18:10:01 pm » |
Quote
|
maybe you can wait for snow to come here I am looking for a place to buy right now but I decide to wait for a while.Actually, I am not that worry about the cooling measures.What I most concern is the big economy crash domino effect by China. SG property went down 80% in 1997 crash and 40% in 2008. So, I'd rather wait for a big discount then.
|
|
|
|
|
Logged
|
|
|
|
|
Bigtime
Guest
|
|
« Reply #12 on: 09 March 2011, 18:12:17 pm » |
Quote
|
maybe you can wait for snow to come here I am looking for a place to buy right now but I decide to wait for a while.Actually, I am not that worry about the cooling measures.What I most concern is the big economy crash domino effect by China. SG property went down 80% in 1997 crash and 40% in 2008. So, I'd rather wait for a big discount then.
Yes, I will wait for the snow and let's see who will enjoy it and who will cry for it. Good Luck to the smart ones. |
|
|
|
|
Logged
|
|
|
|
|
Mahbok Tan
Guest
|
|
« Reply #13 on: 09 March 2011, 20:07:13 pm » |
Quote
|
Wouldn't rely on that Mah too much. Talk talk only mah!
If you look at his records, not often that he delivers the talk
|
|
|
|
|
Logged
|
|
|
|
|
Bullish developers
Guest
|
|
« Reply #14 on: 09 March 2011, 23:38:39 pm » |
Quote
|
It's not an easy job. Now we have raging developers by the dozen bidding top prices for anything on offer like there is no tommorrow.
|
|
|
|
|
Logged
|
|
|
|
|
