Save money now! SG property will crash 2013/14 say analysts

[Charlie258]

Isn't it risky with the current economic situation

The people I know service a loan for only 1 to 2 properties at any one time. Once they can pay off the loans, they will then add another 1 or two. That's how some people did it in the past.

It is precisely because of the current economic situation that I trade all my cash away in return for real assets. And I borrow even more cash from the banks to get lots & lots of real assets.

I have seen the properties of all my friends and family members gain value over time. And in relative terms, their cost of servicing loans get smaller over time.

As an example: In 1986, my colleague bought a condo for $300,000. He is paying a few hundred dollars to service his mortgage. The same condo now sells for $2.3 MM. A person who buys his condo now will have to pay many thousands every month to the bank to service the mortgage.

So you see? Your payments get smaller over time. Your property gets bigger(in value) over time. Can't lose.

 

[Seee3]

Property is the best way to make quick money. The flip side is if kana burnt (with no holding power), it is near impossible to recover again even if one managed to escape bankruptcy - 3 friends in such situation.

By the way, 2 property agent friends just sold their houses and downgraded to HDB.

 

[johnny333]

It is precisely because of the current economic situation that I trade all my cash away in return for real assets. And I borrow even more cash from the banks to get lots & lots of real assets.

Have people telling me to park my money in gold & equities to protect my assets.

However If the property market crashes won't you be adversey affected

 

[eErotica69]

The PAP is telling us that Spore's economy is growing & there is low unemployment. Now you a self proclaimed banker are claiming Sporeans are not having problems paying off their mortgages. Have you by chance read:

http://www.transitioning.org/2010/04/28/singapore-homelessness-asia-calling/
http://theonlinecitizen.com/2010/07/how-should-i-help/
http://www.topix.com/forum/world/australia/TGU6AR8TTLH07J41S
http://forum.singaporeexpats.com/ftopic69303.html
................................

Thanks for the clarification, now we all know that your source of information are from TOC and other websites.

Err.. what part of all my earlier post did I say that " Sporeans are not having problems paying off their mortgages"? Your earlier point was "Many Singaporeans has problem paying off their mortgage" note you used the word "MANY". I asked you for the source and I said that it does not say so from the Financial Reports of the 3 local banks. Did I say "Sporeans are not having problems paying off their mortgages"?

If you cannot understand the above, let me rephrase it to a simple example. Not "many people are in the market today" = No one is at the market today? Same? Can be a few people in the market or some people?

In view your, things are only black or white? Not many people means nobody? Just because I doubted what you said earlier, you think I voted for PAP or worked for them? Isn't it one-dimensional thinking? Well if Nicole Seah joins PAP, maybe or if Lily Neo is my MP.

OK your can doubt PAP official statistics for what I care!! But in this instance, the figures I read from and mentioned are not those PAP statistics, these are the banks financial statements on Non-Performing Loans (NPL). OK, you can then allege that DBS collaberate with PAP, but how about OCBC, UOB? You think they also massage the NPL figures to paint a good picture for PAP? Even Citi, Standchart, Maybank also says NPL is very low, so you think they collaberate with PAP too? Come on!!

Btw, I need not "self-proclaim" to be working in a bank. These days, many people work in a bank and is not a big deal job. I am just a number in the banking industry!!

Bro sorry, if I sound a little nasty above, but I think your thinking is a little too extreme.

Thanks.

 

[Rogue Trader]

Property is the best way to make quick money. The flip side is if kana burnt (with no holding power), it is near impossible to recover again even if one managed to escape bankruptcy - 3 friends in such situation.

By the way, 2 property agent friends just sold their houses and downgraded to HDB.

Property speculation is also very risky because it is highly illiquid. If you can't hold, you will are screwed.

I've heard of some uncles who didn't recover from 97. And the recent property bubble is bigger than 97....

 

[eErotica69]

... And the recent property bubble is bigger than 97....

Initial I though you were wrong, but after reading this, you are correct!!!

http://www.singaporerealestate.info/property price index 1960 to 2010.htm


:(

 

[Rogue Trader]

Initial I though you were wrong, but after reading this, you are correct!!!

http://www.singaporerealestate.info/property price index 1960 to 2010.htm

:(

To be honest, the present bubble is also fuelled by chinese and russian money. Whether the overseas speculators have holding power remains to be seen. But the smaller punters will die first. Most likely those sitting on district 8, 9, 10, 11 properties will hold out.

 

[LonewolfAlfa]

Have you forgotten about the tent city at East Coast & what happened to those people

i read about those malays living in district 'tent' in this forum. their hdbs were bought before the peak. but they got greedy during the property boom. they were tempted by high COVS and tricked by the property agent who were also money lenders.

they borrowed money from the agents in advance, spent it all and then had nothing left after paying back the agent and settling their outstanding mortgage once the flat was actually sold.

 

[johnny333]

Err.. what part of all my earlier post did I say that " Sporeans are not having problems paying off their mortgages"? Your earlier point was "Many Singaporeans has problem paying off their mortgage" note you used the word "MANY". I asked you for the source and I said that it does not say so from the Financial Reports of the 3 local banks. Did I say "Sporeans are not having problems paying off their mortgages"?

If you cannot understand the above, let me rephrase it to a simple example. Not "many people are in the market today" = No one is at the market today? Same? Can be a few people in the market or some people?

In view your, things are only black or white? Not many people means nobody? Just because I doubted what you said earlier, you think I voted for PAP or worked for them? Isn't it one-dimensional thinking? Well if Nicole Seah joins PAP, maybe or if Lily Neo is my MP.

OK your can doubt PAP official statistics for what I care!! But in this instance, the figures I read from and mentioned are not those PAP statistics, these are the banks financial statements on Non-Performing Loans (NPL). OK, you can then allege that DBS collaberate with PAP, but how about OCBC, UOB? You think they also massage the NPL figures to paint a good picture for PAP? Even Citi, Standchart, Maybank also says NPL is very low, so you think they collaberate with PAP too? Come on!!

Btw, I need not "self-proclaim" to be working in a bank. These days, many people work in a bank and is not a big deal job. I am just a number in the banking industry!!

Bro sorry, if I sound a little nasty above, but I think your thinking is a little too extreme.

Thanks.

Now we are playing word games You remind me of the bean counters that is so common in Spore.

If your so into the statistics with what's going on in Spore I'm really surprised you don't know that peples income levels have fallen

Many who are having problems paying their mortgages will sacrifice the other things in life to meet their mortgage commitments. Skimp on food, entertainment, give up the car. Borrow from relatives. Work longer hours. They will not appear as defaulters in any "official" stats.

So what's your source? Share it with this forum. I would be more than happy if you can show proof that I'm wrong.

 

[eErotica69]

Now we are playing word games You remind me of the bean counters that is so common in Spore.

If your so into the statistics with what's going on in Spore I'm really surprised you don't know that peples income levels have fallen

Many who are having problems paying their mortgages will sacrifice the other things in life to meet their mortgage commitments. Skimp on food, entertainment, give up the car. Borrow from relatives. Work longer hours. They will not appear as defaulters in any "official" stats.

So what's your source? Share it with this forum. I would be more than happy if you can show proof that I'm wrong.

Source for? You should tell us your source for your claims above!

Income has fallen? You mean REAL income has fallen right? "Real" is not real or fake that real you know?

 

[johnny333]

Source for? You should tell us your source for your claims above!

Income has fallen? You mean REAL income has fallen right? "Real" is not real or fake that real you know?

Wah so easy to ask others for sources & yet you have problems providing sources to counter my claims.

Now who is using opinion rather than facts

I don't go around claiming to be a banker with any inside info. Alot of the things I write about are opinions from what I read, see & hear in Spore & travels, observations, etc.

If you disagree with my opinion, you can post your opinion with supporting evidence to add weight to your contention. This is not the Strait Times where only one side is printed. Let the readers decide who they want to beleive.

 

[johnny333]

i read about those malays living in district 'tent' in this forum. their hdbs were bought before the peak. but they got greedy during the property boom. they were tempted by high COVS and tricked by the property agent who were also money lenders.

they borrowed money from the agents in advance, spent it all and then had nothing left after paying back the agent and settling their outstanding mortgage once the flat was actually sold.

I'm not surprised there are such sad cases. Greed is everywhere. When you have "asset enhancement" pushing properties to astronomical levels, it will attract the wolves.

In the old days a house was just a home & not an asset for speculation.

 

[Don Muthuswamy]

The Greek debt crisis is threatning the world. Need I say abt the dot?

 

[eErotica69]

Wah so easy to ask others for sources & yet you have problems providing sources to counter my claims.

Now who is using opinion rather than facts

I don't go around claiming to be a banker with any inside info. Alot of the things I write about are opinions from what I read, see & hear in Spore & travels, observations, etc.

If you disagree with my opinion, you can post your opinion with supporting evidence to add weight to your contention. This is not the Strait Times where only one side is printed. Let the readers decide who they want to beleive.

Insider info? You mean banks financial reports are insider info? Do you know what you are talking about?

http://www.uobgroup.com/assets/pdfs/investor/financial/2011/gp_financial_1q_2011.pdf
http://www.ocbc.com.sg/download/2011/1Q11 Financial Results.pdf
http://www.dbs.com/investor/2011/financial_performance_1q11.pdf

I think is better that you move to other threads and not furthur embarrass yourself here!!

 

[eErotica69]

To be honest, the present bubble is also fuelled by chinese and russian money. Whether the overseas speculators have holding power remains to be seen. But the smaller punters will die first. Most likely those sitting on district 8, 9, 10, 11 properties will hold out.

That is true :(

 

[Charlie258]

Have people telling me to park my money in gold & equities to protect my assets.

However If the property market crashes won't you be adversey affected

Property is like any other Asset Class: shares, gold, crude oil, diamonds. You must buy at the correct price. These past 3-4 days, everything seems to be crashing everywhere in the World, but I just yawn and go to sleep. Nothing to worry about, because I bought everything at the correct price.

So, you might ask: what is the correct price? The answer: It's not what all these amateurs are paying at the glitzy, glossy condo Show Flats.

 

[johnny333]

So, you might ask: what is the correct price? The answer: It's not what all these amateurs are paying at the glitzy, glossy condo Show Flats.

I'm getting worried about where the global economy is going. :(
I'm heavily invested in the good global companies & the prices have been stuck in a range.

I'm just curious about what others are doing to protect their assets. Especially interested in ideas to grow my principal in these uncertain times.

 

[jw5]

I'm just curious about what others are doing to protect their assets. Especially interested in ideas to grow my principal in these uncertain times.

Diversification.

 

[blogtowkay]

if crash good, can try to invest in some property

 

[blogtowkay]

diversify into stocks as well.