Is escalating property prices in Singapore fuelling increases in COE?

[lifeafter41]

Flip a few times get couple of 100k profit. Easy money, buy brand new car, no worries about high COE, after all easy come, easy go.

2nd, 3rd and even 4th car for sons and daughter also no problem.

What do you think?

 

[LeMans2011]

How to flip a few times with all the taxes and penalties? However flipping one time is enough... provided you have more than one property.
It is a well known fact - the main reason is because:

1) The cocked-up system of issuing COE quota... issued too many in the past now doing jam brake
2) There are too many people on this island

I can see my ah neh and ah tiong FT neighbours are getting used to paying for cars as well.

 

[M8SSLOTS]

How to flip a few times with all the taxes and penalties? However flipping one time is enough... provided you have more than one property.
It is a well known fact - the main reason is because:

1) The cocked-up system of issuing COE quota... issued too many in the past now doing jam brake
2) There are too many people on this island

I can see my ah neh and ah tiong FT neighbours are getting used to paying for cars as well.

All non citizens must be ade to pay twice the amount of coe final bid results...

 

[tanakow]

I am simply at a loss as to why the government keeps REFUSING to rein in the property prices.

 

[lifeafter41]

I am simply at a loss as to why the government keeps REFUSING to rein in the property prices.

May we know why you are at a loss?
After all, it is something that is not within one's control.

 

[Seee3]

I am simply at a loss as to why the government keeps REFUSING to rein in the property prices.

MBT had explained, it is like raiding our reserve if price goes down. Property is the fastest instrument for transfer of money pte to govt.

 

[jw5]

I am simply at a loss as to why the government keeps REFUSING to rein in the property prices.

More revenue for them via stamp duty and property tax and the sales of new flats and the continuing illusion to the citizens of being rich. Another reason is of course that they can sell their land banks to developers at high prices.

What they either don't know, don't care or have forgotten is that they have the fiduciary duty to provide public housing, which is affordable by the standards of the typical ordinary singaporean and not by their elite standards.

 

[Satyr]

I am simply at a loss as to why the government keeps REFUSING to rein in the property prices.

Quite simply, they do not know what to do. Do too much and you might cause a crash. Damned if you do , damned if you don't. If not for their CEO pay I might actually feel a bit sorry for them.

 

[halsey02]

More revenue for them via stamp duty and property tax and the sales of new flats and the continuing illusion to the citizens of being rich. Another reason is of course that they can sell their land banks to developers at high prices.

What they either don't know, don't care or have forgotten is that they have the fiduciary duty to provide public housing, which is affordable by the standards of the typical ordinary singaporean and not by their elite standards.

What do you think? the government making money for her citizens, or for the benefit of her citizen, right?? But, how much of the money made, is benefiting the common people?? It is an illusion, maybe the money made is covering for the enormous amount of money lost ( psst...CPF)!!, the net result is small peas to be distributed to the gullible 60% once in a every while!! The next estimate "free gifts" would be for the 50th Anniversary of the Founding of SINgapore, in the year 2015...that would be Jubilee year, GOLDEN JUBILEE year for the PxP!! will it be Golden Election Year too??

But will it benefit us?? what do you think??

 

[laksaboy]

Flip a few times get couple of 100k profit. Easy money, buy brand new car, no worries about high COE, after all easy come, easy go.

2nd, 3rd and even 4th car for sons and daughter also no problem.

What do you think?

Not everyone is into flipping property for quick cash, or become rent-seeking whores.

It's more likely that the govt has printed lots of money, driving up inflation. You have to up the money supply to keep interest rates low. The cronies love low interest rates: cheap borrowing for their shady dealings.

 

[laksaboy]

I am simply at a loss as to why the government keeps REFUSING to rein in the property prices.

It's quite simple to understand if you see the govt as the biggest de facto landlord in Singapore. And I'm not just talking about land for residential property: commercial, industrial too. HDB takes care of the public housing, and companies such as Capitaland, Far East Org and Mapletree etc. take care of the rest.

Doesn't take a genius to figure out who profits from such an arrangement.

 

[Bigfuck]

Doesn't take a genius to figure out who profits from such an arrangement.

In the later 1990s Overseas Singaporean Report, 68% of companies were stated by Leegime to be owned by them. The number should be higher now. So what is new?

 

[jw5]

Not everyone is into flipping property for quick cash, or become rent-seeking whores.

It's more likely that the govt has printed lots of money, driving up inflation. You have to up the money supply to keep interest rates low. The cronies love low interest rates: cheap borrowing for their shady dealings.

Oh yes, this benefits their rent seeking cronies too.

 

[M8SSLOTS]

simple mathematics will tell you why commoners who need car to make a living will die in the coe system...

example - hawker needs to car to conduct its biz...he pays high coe...he has to raise his food prices, who suffer - consumers..

consumers are also salaried employees...ask for pay increase rite...

employers then say ok lor...we hire fts, cheaper...

pap agree...let in fts...

 

[lifeafter41]

Not everyone is into flipping property for quick cash, or become rent-seeking whores.

It's more likely that the govt has printed lots of money, driving up inflation. You have to up the money supply to keep interest rates low. The cronies love low interest rates: cheap borrowing for their shady dealings.

Even given with this thoughts, what would be the the best ways to preserve capital, going into hard assets ( properties, precious metals, etc). Saving accounts are paying pittance, FD while slightly better, is also meaningless, at 1 or 1.5%. CPF, at 4%, barely breaking even, with inflation at 4% or more for the last couple of years. Savings, or whatever little Singaporean have is being eroded slowly but surely.

 

[batman1]

Ths island of greed is going to explode ! BOOM !!!!

 

[lifeafter41]

simple mathematics will tell you why commoners who need car to make a living will die in the coe system...

example - hawker needs to car to conduct its biz...he pays high coe...he has to raise his food prices, who suffer - consumers..

consumers are also salaried employees...ask for pay increase rite...

employers then say ok lor...we hire fts, cheaper...

pap agree...let in fts...

You might have noticed that even with 1 to 2% projected growth for year 2012 ( it should be clear by next month, Jan 2013) when it is being reported. COE prices has been trending up, can't imagine, if growth returns to 3% or more, what will be the prices of COE, at the rate it is going, it will hit 100k soon. Heartlanders, within the next 3 to 5 years is going to find that they will no longer afford to drive cars, as the old batches of cars, with low COE expired, and will realised that their income will never keep pace with it, not even mentioning properties prices.

 

[Capano2121]

More revenue for them via stamp duty and property tax and the sales of new flats and the continuing illusion to the citizens of being rich. Another reason is of course that they can sell their land banks to developers at high prices.

What they either don't know, don't care or have forgotten is that they have the fiduciary duty to provide public housing, which is affordable by the standards of the typical ordinary singaporean and not by their elite standards.

Because they are budget politicians and are only paid millions in salary!
The average Singaporeans are paid tens of millions in salary & spending a few hundred thousand on a piece of paper is no problem & paying millions for a overpriced pigeon hole comes naturally!
So in their budget capability with their budget grey matter, this is something that they can never comprehend, thus they can never sought!
Giving these budget politicians the benefit of the doubt, we must not mistake their actions for inaction, instead we must understand the fact that they are after all budget politicians thus they will have limited capability to solve the problems!

 

[lifeafter41]

Because they are budget politicians and are only paid millions in salary!
The average Singaporeans are paid tens of millions in salary & spending a few hundred thousand on a piece of paper is no problem & paying millions for a overpriced pigeon hole comes naturally!
So in their budget capability with their budget grey matter, this is something that they can never comprehend, thus they can never sought!
Giving these budget politicians the benefit of the doubt, we must not mistake their actions for inaction, instead we must understand the fact that they are after all budget politicians thus they will have limited capability to solve the problems!

What is a budget politician? Benefit of the doubt?

 

[Capano2121]

What is a budget politician? Benefit of the doubt?

A politician that could have earned tens of millions of dollars if they had stayed in the private sector!?
And indeed all of these meagerly paid million dollars ministers have droves of jobs that are waiting for them in the private sector ready to pay them tens of millions or even more if they were to leave the public service!
Singaporeans are paying for budget flights tickets but are getting first class service on Tiger airways!

And apparently 60% of the population believe this is true & PAP have been telling telling these lies for so many years that it has become the truth, at least for the tax payers fed fat dogs in white coats!