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2/22/2010

High property prices no good!

Today I feel quite 'tulan'. Only on Sat I posted an article saying that high property prices good. This morning I read Mah Bow Tan saying high property prices no good. How can he disagree with me? And he said that he has some more things planned to curb property speculation and high prices. But there are good news for those who could not afford to buy HDB flats because of high prices. So far, no bubble has formed, despite the fact that anyone buying a property from HDB ten years ago will now see the same property appreciated by 200%, there is no bubble still. Well, good then, as this is due to normal price appreciation in a good economy, low interest rate and a confluence of other factors. But HDB is not going to go to sleep. It is doing a review to see what it should do to prevent speculation and bubble building. Hsien Loong has joined in the discussion by saying that HDB flats are not for speculation but a long term investment and for the buyers to live in, even to hand down to their children. Is this a policy statement? If it is, it will signal a major change in where public housing is heading. But he must get this message to the HDB first. Then hopefully, things will change and people will really be able to afford affordable HDB flats. I always cringe when I mention the word affordable. Probably developing a phobia for it. It sounds so cheap. By the way, the General Election is around the corner and maybe we have some real policy changes for the good of the people. And no changes after that.

9 comments:

Jaunty Jabber said...

Although very confused, dunno how come the opinion about high property prices can change from "good" to "no good" so fast, as a citizen, I was told that I have to be understanding. The government are also people, people can change their mind and opinion.

Wally Buffet said...

Those fools who queued up at property launches and those conned by the treacherous housing agents should now realize that the road to perdition is decided upon by puppet masters who pulls the strings according to the winds of change. When the bubble burst, those who bought at inflated prices would face the road to ruin.

The people who are actually laughing all the way to the banks are the ones who bought when properties were going for peanuts.

The rule of thumb for happy living is still not to envy the wealth of others but to live a simple contented life in a 3 room HDB.

Chua Chin Leng aka redbean said...

Hi Wally, those people are just speculating to make quick profit. Everyone is doing it or else how could people make big bucks or banks paying billions of dollars for profit when the interest rate they are earning is 2 or 3%?

We must encourage risk taking or else got to apply the same casino rules on the people with self exclusion acts to keep one from speculating in properties.

Anonymous said...

Aiyoh, election coming, so must talk like the weatherman, making weather forecast. Straight from the horse's mouth some more.

Anonymous said...

The Government is telling us that they cannot control property prices and expected to be believed.

Who has all the land, releasing them bit by bit, selling to the highest bidder? Who has control of building HDB flats, building only when there are enough buyers under the BTO scheme and letting those in urgent need push up resale prices so that new flats can be priced higher?

Puppet masters trying to kid their puppets. Best of all, they can get away with such rooster talk.

Lost4ever said...

"There are two ways to conquer and enslave a nation. One is by sword. The other is by debt." -- John Adams

High property price will ensure the later for Singaporeans.... sigh

Anonymous said...

Just be grateful. Remember, it is all done for your own good.

Anonymous said...

If Public Housing is meant for only Singaporeans, housing problems would have been completely solved more than two decades ago.
Pity those villagers that were resettled with their former villages left empty, now breeding mosquitoes and beast. Sometimes the emptied villages become refuge centres for illegal foreigners and those running away from the laws.
Why the villagers who depended on their former lands to make a living had to be moved into Public Housings is really baffling. And the most sickening thing about it, is that the villagers are deprived of their means to earn a living.
SINFUL !

Chua Chin Leng aka redbean said...

You are absolutely right. Someone told me how successful the Chinese entrepreneurs are. They built a factory to provide jobs. They make some money when the products are sold, even at small margins. They also built houses to rent to the workers. They make again. They may sell houses to the workers, make again. After selling, they charge them service fees, make again.

Then they built shops and foodstalls for the workers, make again. They actually profit all the way, in every service they provide to their workers. So how not to produce and sell at low prices internationally? They are making in every process and service to the workers.

And when workers come in late, fine.