Wow...one mountain still got one mountain taller! Looks for these PRCs Singapore is to them what JB is to some rich Singaporeans.
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Property News
- Thread starter FHBH12
- Start date
Wow...one mountain still got one mountain taller! Looks for these PRCs Singapore is to them what JB is to some rich Singaporeans.
Many Londoners hope to buy their own homes but the prices is ridiculous. The influx of the UHNWs who look for safe havens keep pushing prices up and up to the extent, it is now a norm prices exceed GBP 1000 psf in Central London. People are forced to buy homes further and further away from their offices. And cost of transportation plus parking charges is getting very high. In the end, it is easier to buy a weekend “village” home while renting a small apartment near their offices.Now, closer to home…..
Either buyers of today's SG properties are very rich or very silly! Ok, maybe it's sour grapes for me. 
The condo sizes and pricing are ridiculous. There are still agents coming to me saying it's now a good time to buy or how great it is. To be honest, I think HDB flats are much better. Condos in SG are overhyped. It's just to show off to others you paid so much to live in private housing. But if one takes 20-30 years loan to pay, I think it's a huge liability. At the end, it's the government, developers and banks who are laughing.
Many Singaporeans put themselves in a situation of being asset rich but very cash poor. In the end, the expensive leasehold properties in a way belong to Singapore, and Singapore belongs to the government so money is just circulating within the country.
It gives the wrong impression that the condo buyers are rich because they "own" the condo. But they are actually encouraging the government to sell more and more land parcels at exorbitant prices, developers bid and buy them then sell their condos at ridiculous prices. Banks then earn interest from you.
The condo sizes and pricing are ridiculous. There are still agents coming to me saying it's now a good time to buy or how great it is. To be honest, I think HDB flats are much better. Condos in SG are overhyped. It's just to show off to others you paid so much to live in private housing. But if one takes 20-30 years loan to pay, I think it's a huge liability. At the end, it's the government, developers and banks who are laughing.
Many Singaporeans put themselves in a situation of being asset rich but very cash poor. In the end, the expensive leasehold properties in a way belong to Singapore, and Singapore belongs to the government so money is just circulating within the country.
It gives the wrong impression that the condo buyers are rich because they "own" the condo. But they are actually encouraging the government to sell more and more land parcels at exorbitant prices, developers bid and buy them then sell their condos at ridiculous prices. Banks then earn interest from you.
Either buyers of today's SG properties are very rich or very silly! Ok, maybe it's sour grapes for me.
The condo sizes and pricing are ridiculous. There are still agents coming to me saying it's now a good time to buy or how great it is. To be honest, I think HDB flats are much better. Condos in SG are overhyped. It's just to show off to others you paid so much to live in private housing. But if one takes 20-30 years loan to pay, I think it's a huge liability. At the end, it's the government, developers and banks who are laughing.
Many Singaporeans put themselves in a situation of being asset rich but very cash poor. In the end, the expensive leasehold properties in a way belong to Singapore, and Singapore belongs to the government so money is just circulating within the country.
It gives the wrong impression that the condo buyers are rich because they "own" the condo. But they are actually encouraging the government to sell more and more land parcels at exorbitant prices, developers bid and buy them then sell their condos at ridiculous prices. Banks then earn interest from you.
I guess being a peasant in Singapore is a "blessing in disguise" for me, as I won't be caught in such a situation even if I want to. Or probably it's just me eating sour grapes with teeth set on edge. LOL! My friend was just telling me how SG properties are better investments than JB and it might be possible for me to purchase a condo in SG even if it is $800K and rent it out easily to cover the monthly mortgage. I had to tell him that firstly, it is not possible for me since no cash and no large CPF in OA to pay deposits. Secondly, even if possible, my whole life would be living on the edge trying to keep up with all the payments, denominated in Singapore currency! Thirdly, whether it is easily rented out is a question as it depends on location. More desirable location means looking at more expensive condos. And so I am caught in a circle of impossibility.
Time to enter market?
http://www.bloomberg.com/news/artic...s-may-fall-more-than-30-on-brexit-socgen-says
http://www.bloomberg.com/news/artic...s-may-fall-more-than-30-on-brexit-socgen-says
I wouldn't park any money till they trigger the article 50. May is just the starter.
If you are really keen, look at the areas where Crossrail stations are located. Avoid financial areas like Canary Wharf as financial institutions would most likely be moving out due to Brexit. And if you are a first timer, I suggest you go visiting the neighbourhood before planting your flag. Some of the neighbourhood is quite rough while some are fetching good rentals. Don't listen to those advertisers, as developers in London tend to buy cheap lands which are full of migrants in the neighbourhood under the pretext of regeneration programs. Check it out yourself.
Enough home supply for up to 2030
By Ku Swee Yong [email protected]
Published: 4:12 AM, January 16, 2015
Many property market participants remain in denial about the housing oversupply situation, with investors and real estate agents hoping that the outlook will improve while they ignore the growing difficulties in securing tenants amid stiff competition among landlords.
It should be clear by now that the residential property segment is heavily oversupplied.
Vacancies of private homes at 7.1 per cent equate to more than 21,000 empty units at the end of last September, Urban Redevelopment Authority (URA) data showed. Meanwhile, the stock of vacant Executive Condominiums (ECs) rose sharply to 2,375 units, or 16.2 per cent, at the end of September from 1,634 units, or 12.2 per cent at the end of June. And more homes are being built, putting further pressure on the market. We can expect a total residential supply of 150,689 units within three years and possibly another 35,000 units in 2018.
Table 1 shows the expected completion of new residential units — private, EC as well as HDB — from this year to 2017. The figures are compiled from projects currently under way and in various stages of completion, starting from land sales and HDB’s Build-To-Order (BTO) launches. Given that the pace of construction is usually ahead of developers’ planned schedules, we can expect the large supply to come into the market earlier.
Those who deny there is an oversupply of homes point to the Population White Paper published in January 2013 that outlined Singapore’s plans to allow for the population to increase to 6.9 million by 2030. In the same paper, it was stated that “sufficient land has been set aside for an additional 700,000 homes from today, and more in the longer term if there is a need”.
This implies that over the 17-year period from 2013 to 2030, we can expect population growth of 94,000 and an increase of 41,000 residential units per year on average. So those hopeful investors and property agents hold the opinion that while there may be some oversupply in the next few years, the excess supply will be small.
In my opinion, the forecast number of housing units is overestimated — and by a large margin. An increase of 94,000 in the population per year does not require an increase of 41,000 housing units, or about 2.3 persons per residential unit, because:
1. New population growth in the categories of “Dependants of Citizens/PRs/Work Pass Holders”, “Work Permit Holders” and “Foreign Domestic Workers” (which together take up 74 per cent of our non-resident population) does not take up significant additional housing units as the majority have their accommodation provided for by their employers at home or in workers’ dormitories;
2. New foreign students in Singapore (accounting for 6 per cent of non-residents) often choose to stay in hostels.
Furthermore, if we look back to the period with the highest population growth and look at the increase in the total number of homes, we will realise that the 700,000 additional housing units is grossly overestimated.
During the last decade, Singapore’s population growth averaged 130,000 per year, with the peak increase of 251,000 in 2008 (see Table 2). We managed to accommodate 1.3 million more people with an additional 151,475 residential units — or about one additional housing unit per 8.6 new persons in Singapore. This means that the 150,689 units that are expected to be completed from now to 2017 can accommodate another 1.3 million population growth.
Singapore’s population was about 5.4 million at the end of last June. Taken together, it means that if we simply allowed the current residential projects in the pipeline to be completed, we can already accommodate a population of 6.7 million. And if we take into account the current vacancy of 23,375 private residential and EC units (as at end-September last year), we can just about accommodate the 6.9 million planned for 2030.
http://www.todayonline.com/business/property/enough-home-supply-2030
By Ku Swee Yong [email protected]
Published: 4:12 AM, January 16, 2015
Many property market participants remain in denial about the housing oversupply situation, with investors and real estate agents hoping that the outlook will improve while they ignore the growing difficulties in securing tenants amid stiff competition among landlords.
It should be clear by now that the residential property segment is heavily oversupplied.
Vacancies of private homes at 7.1 per cent equate to more than 21,000 empty units at the end of last September, Urban Redevelopment Authority (URA) data showed. Meanwhile, the stock of vacant Executive Condominiums (ECs) rose sharply to 2,375 units, or 16.2 per cent, at the end of September from 1,634 units, or 12.2 per cent at the end of June. And more homes are being built, putting further pressure on the market. We can expect a total residential supply of 150,689 units within three years and possibly another 35,000 units in 2018.
Table 1 shows the expected completion of new residential units — private, EC as well as HDB — from this year to 2017. The figures are compiled from projects currently under way and in various stages of completion, starting from land sales and HDB’s Build-To-Order (BTO) launches. Given that the pace of construction is usually ahead of developers’ planned schedules, we can expect the large supply to come into the market earlier.
Those who deny there is an oversupply of homes point to the Population White Paper published in January 2013 that outlined Singapore’s plans to allow for the population to increase to 6.9 million by 2030. In the same paper, it was stated that “sufficient land has been set aside for an additional 700,000 homes from today, and more in the longer term if there is a need”.
This implies that over the 17-year period from 2013 to 2030, we can expect population growth of 94,000 and an increase of 41,000 residential units per year on average. So those hopeful investors and property agents hold the opinion that while there may be some oversupply in the next few years, the excess supply will be small.
In my opinion, the forecast number of housing units is overestimated — and by a large margin. An increase of 94,000 in the population per year does not require an increase of 41,000 housing units, or about 2.3 persons per residential unit, because:
1. New population growth in the categories of “Dependants of Citizens/PRs/Work Pass Holders”, “Work Permit Holders” and “Foreign Domestic Workers” (which together take up 74 per cent of our non-resident population) does not take up significant additional housing units as the majority have their accommodation provided for by their employers at home or in workers’ dormitories;
2. New foreign students in Singapore (accounting for 6 per cent of non-residents) often choose to stay in hostels.
Furthermore, if we look back to the period with the highest population growth and look at the increase in the total number of homes, we will realise that the 700,000 additional housing units is grossly overestimated.
During the last decade, Singapore’s population growth averaged 130,000 per year, with the peak increase of 251,000 in 2008 (see Table 2). We managed to accommodate 1.3 million more people with an additional 151,475 residential units — or about one additional housing unit per 8.6 new persons in Singapore. This means that the 150,689 units that are expected to be completed from now to 2017 can accommodate another 1.3 million population growth.
Singapore’s population was about 5.4 million at the end of last June. Taken together, it means that if we simply allowed the current residential projects in the pipeline to be completed, we can already accommodate a population of 6.7 million. And if we take into account the current vacancy of 23,375 private residential and EC units (as at end-September last year), we can just about accommodate the 6.9 million planned for 2030.
http://www.todayonline.com/business/property/enough-home-supply-2030
Forest City is going to take many years to "bloom". As I have shared a while ago, my view of a more balanced perspective, is that a handful of projects by a few developers contributing to the major share of oversupply is different from a situation where many developers having multiple projects are causing the oversupply. In other words, how is the oversupply distributed among the condo developers and their projects? If FC, CG, and R&F projects hold the lion share of the oversupply, I think it would be a bit distorted to say that the entire JB is flooded with condos everywhere when maybe it is concentrated at a handful of locations.
Regardless of the situation, the problem has to be considered in its entirety. Whatever happens to one development will still have an impact on another.
For eg, foreigners may not think twice to buy units in Forest City because to them, the prices are still a lot lower than what they can find in their own countries. This will affect the other condo sales, be it newly launched or resale ones. The competition can definitely be felt. So we can't completely say it doesn't matter.
If I am a foreigner and a brand new condo is selling at S$300k vs a 10 year old one at S$200k, there is a good chance I will rather fork out that extra S$100k even though it is more expensive simply because it is newer and I can afford it. This was what happened in the past few years. Buyers were snapping up expensive RM800 to RM1300 psf condos even though there are many cheaper RM300-450 psf older, resale condos in more established locations with full amenities.
So imagine many of the foreign buyers thinking this way. Overall, it will undoubtedly affect the sales of condos in view of the oversupply.
Another eg is Medini. There's an oversupply of expensive condos but with no amenities there which will take another decade or two to develop, if at all. There's no critical mass to support. Rental and resale may be almost impossible. Not so good news for pure investors.
Singapore has an oversupply also but because land is so limited, population is there already, amenities are fully established in most areas, rental and resale are in much less serious situation than in Iskandar.
But then perhaps those who bought into these few mega projects would have more trouble finding rentals or offloading them compared to those who bought elsewhere. I think a Country Garden buyer is probably more worried than someone who bought, say Twin Galaxy near KSL mall, or even Senibong Cove that Potter is so thoroughly enjoying now.
https://sg.news.yahoo.com/war-of-words-between-wps-png-eng-huat-and-020825210.html
An online spat has broken out between Workers Party’s Png Eng Huat and Minister Tan Chuan-Jin over the latter’s expedited clearance at the Tuas Checkpoint.
Png and Tan, who had gone on a day trip to Johor Baru with residents on Sunday to eat durians, found that the immigration checkpoints were crowded during the return to Singapore.
Png, the MP for Hougang, described the checkpoints as “overwhelmed”.
“In the long queue at the immigration check point yesterday were many travellers, some of whom are old and tired, but they all had to wait patiently for hours for their turn,” Png said in a post on Facebook on 18 July.
He added that also in the queue were two elderly residents who had been patiently waiting to clear immigration.
When an additional counter opened at Tuas, Png said “there was a certain excitement in the air”, only for everyone to realise the checkpoint was opened to clear Tan and his entourage.
“No one else could use that counter,” Png added.
Before Tan responded, the Immigration and Checkpoints Authority (ICA) issued a statement of Facebook on Tuesday saying, “it is normal practice for ICA to give expedited clearance to Ministers, on both sides of the Causeway as well as members of the Malaysian royalty.”
“Minister Tan, his security officers and the other passengers in his bus were given clearance, without having to queue, at the Tuas Checkpoint on 17 July at around 9.20pm,” the ICA said.
“Where they travel with others in a group, ICA officers will use their judgment on the clearance process.”
Reacting to Png’s Facebook post, Tan hit back saying the Hougang MP’s post was “aimed at stirring hate and anger”.
He also pointed out that Png failed to mention that he waited only 30 minutes to clear immigration and that ICA officers were on hand to help any Singaporeans who needed special assistance.
Png responded to Tan’s Facebook post at around 9 pm on Tuesday saying he understands this was a judgement call by the ICA, but at the same time questioned why Tan’s entourage needed to be expedited if the wait time was “all of 30 minutes only”.“I cannot control how people feel. I am also on the receiving end of hate and anger for bringing this issue out in the open. I don’t have an issue with Minister Tan, personally or politically. I have an issue with inequality,” Png said.
An online spat has broken out between Workers Party’s Png Eng Huat and Minister Tan Chuan-Jin over the latter’s expedited clearance at the Tuas Checkpoint.
Png and Tan, who had gone on a day trip to Johor Baru with residents on Sunday to eat durians, found that the immigration checkpoints were crowded during the return to Singapore.
Png, the MP for Hougang, described the checkpoints as “overwhelmed”.
“In the long queue at the immigration check point yesterday were many travellers, some of whom are old and tired, but they all had to wait patiently for hours for their turn,” Png said in a post on Facebook on 18 July.
He added that also in the queue were two elderly residents who had been patiently waiting to clear immigration.
When an additional counter opened at Tuas, Png said “there was a certain excitement in the air”, only for everyone to realise the checkpoint was opened to clear Tan and his entourage.
“No one else could use that counter,” Png added.
Before Tan responded, the Immigration and Checkpoints Authority (ICA) issued a statement of Facebook on Tuesday saying, “it is normal practice for ICA to give expedited clearance to Ministers, on both sides of the Causeway as well as members of the Malaysian royalty.”
“Minister Tan, his security officers and the other passengers in his bus were given clearance, without having to queue, at the Tuas Checkpoint on 17 July at around 9.20pm,” the ICA said.
“Where they travel with others in a group, ICA officers will use their judgment on the clearance process.”
Reacting to Png’s Facebook post, Tan hit back saying the Hougang MP’s post was “aimed at stirring hate and anger”.
He also pointed out that Png failed to mention that he waited only 30 minutes to clear immigration and that ICA officers were on hand to help any Singaporeans who needed special assistance.
Png responded to Tan’s Facebook post at around 9 pm on Tuesday saying he understands this was a judgement call by the ICA, but at the same time questioned why Tan’s entourage needed to be expedited if the wait time was “all of 30 minutes only”.“I cannot control how people feel. I am also on the receiving end of hate and anger for bringing this issue out in the open. I don’t have an issue with Minister Tan, personally or politically. I have an issue with inequality,” Png said.
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What? I voted for my PAP Minister to work for me and now he is misusing his benefit by allowing his whole platoon of old chaps to clear custom with him. Someone pls tell Tan Chuan Jin to be ashamed of himself.
Haha... What to do? Singapore is as good as owned by PAP. Ah Tan is a minister and VIP at immigration. Can't let him and his supporters queue with the commoners right?
Similarly, many properties in Singapore are also rightly owned by PAP. I always remind my younger colleagues, when you buy HDB flats, they are not yours. You are only leasing the space for 99-years. I see these gullible youngsters so excited they will be getting keys to their BTO flats that they paid for S$400-500k and kena chained to 30 years loan.
In the meantime, the SG govt will continue to try and increase the land prices and future costs of HDB flats. They tell us, It's good what! I help you all make profits!
But if you think about it, they are making money for themselves because the properties don't belong to the buyers at all. If you sell, you still have to buy somewhere else, which by then will have cost more than what you earn from your 1st property! So money just gets moved around in SG. The one who has the last laugh is none other than the SG govt itself.
Perhaps that's why some of our leaders who receive "special treatment" will never understand the plight of the common people, yet they are supposed to be able to represent us and speak for us? Regarding HDB, I am also afraid to sell mine and buy another one, because the next one will likely be more expensive, yet maybe even smaller in size. And it also means having to take up another loan for more years.
The next one of similar size and location will DEFINITELY be more expensive. That's why the govt wants the flat prices to increase quickly on the pretext of "helping" us make money.
When you buy a new flat, the govt is the one getting all the profit. Because you then have to tie yourself down to bigger loans and likely for a longer period of time. They earn from the interest, if you take HDB loan. If not, they will already earn from the higher price you pay for the new flat. But cost of building a flat should not increase that much more in that period of time.
My plumber who came to repair my pipes last week cheekily commented how i live in this "small HDB", he said "wah, nowadays HDB so small ah"? Mine is at Central Toa Payoh 900+sqf 3 bedder. I got nothing to say but just laugh, seriously also dunno why so small.
Yours where got small? Did he see the new BTO flats?
But I can understand him. Probably old uncle who lives in a 5-room or Executive flat 1,200-1600 sq ft type. Graduates now live in 800-900 sq ft, $400k, 30 year loan. Those who buy condos (think they want to feel atas) live in 600-800 sq ft, $1million, 30 year loan.
Your flat can fetch around $750k I believe.
Yours where got small? Did he see the new BTO flats?
But I can understand him. Probably old uncle who lives in a 5-room or Executive flat 1,200-1600 sq ft type. Graduates now live in 800-900 sq ft, $400k, 30 year loan. Those who buy condos (think they want to feel atas) live in 600-800 sq ft, $1million, 30 year loan.
Your flat can fetch around $750k I believe.
Wah! Can fetch $750K? Mine almost 1200sqft only can fetch less than $500K. I bought at close to $300K in the late 90s. Never even double in price. If sell away, after returning all the money to CPF, not much cash left. Not worth selling. Dunno must wait how long before it reaches the $1m mark. LOL!
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