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6/16/2011

Stop selling Singapore

Today’s big news is that property sales have fallen, and prices may be falling. Is that good news? Even if the prices have fallen 50% it is still too high. Like the minister’s pay, the current property prices are outrageous.

The more important issue is to stop selling the few square feet of land that are still left for us to call this rock our country to foreigners. When the world is our customer, we don’t have enough land to sell. They will just buy up everything, every square inch if they are allowed to. And stop the myth about selling to foreigners who called themselves new citizens. This policy is as good as an open door policy to sell everything as there will be enough rich foreigners to come in and buy up everything. In the end we will have nothing left to call home.

The lunatics out there who still thing we have plenty of land to sell, just remember that any freehold land sold is as good as gone. There are still some left and it is time to take stock and keep what we have for the future generation. Please do not sell Singapore away. Please leave something for our children. We can only continue with this reckless policy of selling land if we don’t regard this as home, and plan to make all the profits and scoot to somewhere else. Even then, it is a silly thing to do as money will be withered away by inflation. The land is still there, as good as forever, unless sold.

19 comments:

Anonymous said...

Wow!!!
it pains me to see You casting pearls before swines.
Those who are selling our land, our country are people who have sold their consciences and their souls. Their ONLY OBJECTIVE is to make themselves richer AND NOT FOR THE COUNTRY AND ITS' CITIZENRY
You had not only given your piece of mind, You have tried to awaken their humanities for years and so did many others, however, there is no effect on the targeted audiences.
This makes You and the other pearl casters like swines too; You're (All) ignored, treated as non-existent and never one good for them(the Audience). They are the masters, the lords and we are the nobodies.
High time to seek better place to call home.

Anonymous said...

Property price drop is a bad sign to Singapore's survival. It must be hold at the current level and perhaps gradually rising instead of steep increase. Property price drop means assets held by most Singaporeans have reduced in value - it is the land value that is reduced not the building which will depreciate - only land will appreciate over time unless the red dot becomes a desert or submerges in seawater. There are other means to have affordable housing for the youths and new couples. Property price is a direct correction with the economy. Do Singaporeans want the economy not doing well and yet have cheaper property? Are you sure Singaporean youths could still find a job in a lousy economy to pay for a dirt cheap property? If the economy is not doing well, there is less job and there is no point to have cheap property because you do not have salary to pay for the cheap property anyway. Cheap property will encourage more foreigners to buy up Singaporean land and they will later make a handsome profit when they leave the red dot, if you still believe whatever going down will go up again. I do not understand why Singaporeans want the property price to drop. Most of these Singaporeans are daft and short-sighted.

Anonymous said...

The DAFTEST Singaporeans are those that sell SIN to foreigners.

Chua Chin Leng aka redbean said...

The economy, economoic growth, property prices, inflation, etc etc are very complex issues that daft Singaporeans are unable to grasp. And this little blog cannot do justice to discuss anything in depth. Even economic professors don't agree with each other. And the daft will go on calling everyone daft.

If high property prices is the way to go, Mah Bow Tan will be the hero and still be warming his seat. And Boon Wan would not be there to dismantle all his flawed policies. Between the two, we can argue who is the daft one. Surely one must be right and one must be wrong.

Selling Singapore is a different issue though related to property prices. But the inflation game is nothing but a dog chasing its tail, forever chasing and going in circles.

The rate of price increases in property is artificially inflated by many parties and causes that it is in danger of a major crisis. The American property bust is just around the corner and they are still licking their wound. China, Hongkong are all trying to curb this beast before it destroy the wealth of its people. We are no different.

But there will be some experts who will tell you that we are different, we are unique. Property prices can only go up, even HDB with a 99 yr lease, will only go up.

You are free to believe in whatever you want to believe. At least we have a little freedom to believe in different theories and different gods.

Chua Chin Leng aka redbean said...

For those who did not remember Alaska, this piece of land was sold to the Americans by the Russians, for a good price then. I believe the money must have been spent or eaten up by inflation.

Now Alaska is still there, belongs to America for as long as it is not sold. The land is priceless. so is our land. No price is high enough to buy our land. The issue is how to keep the land with us, and make money without losing them.

The govt is very clever is selling 99 yr leasehold flats to Singaporeans, knowing very well that the land still belongs to the state. Why are we selling freehold land to foreigners?

Anonymous said...

Mr Chua, a simple law like foreigners, including PR can only buy apartments and not landed properties will much resolve your good point. Probably new citizens criteria must be tightened also.

With total foreign reserves of guess-estimate $800bln, assuming 2.5mln true blue Singaporeans, each citizen owns $320,000 foreign reserves. Why are we giving away our hard earned foreign reserves?

The said...

redbean - you forgot our own Christmas Island........

Chua Chin Leng aka redbean said...

Hi The, yes Christmas Island is another example of selling land. But we can't blame the poor bugger for doing so. We were then a colony and the master said sell, Lim Yew Hock could not say don't sell.

Now we are our own masters, are we not?

Anonymous said...

Wahahas...and lols....

'Khaw Boon Wan trying to dismantle Mah Bow Tan's legacy and deed'.
Redbean; You must have been badly deceived by your wish and hope that there will be a change for the better. And this must furthest from the fact.

Just this morning, it was reported in the news that one Singaporean who had already own two units of HUDC, is paying 1.2 million SinDollars for a third one. The speculation is that the buyer expects the Estate to go under enbloc so that a pile of easy money could be made.
Once a Public Housing turned 'privatized' entity now allows loaded buyer(s) to buy multiple units for making money.
More lands are sold to developers to build more expensive and luxurious housings for the affordables, local and foreign. How is this going to help Singapore from being sold and Singaporeans from owning a roof over their heads?
The people had ongoing issues with Khaw Boon Wan about high cost of Healthcares and related problems. And the people had as much,if not more issues, with the Former National Development Minister. Now, by been retired, the Ex-Housing Minister is free from all issues and so is Khaw Boon Wan with the problems in the Health Ministry, just that too bad, he is moved to the Housing Department.

Anyway, it wont be a problem for Minister Khaw, if the problems get too messy for him, he(Khaw) too can just retired and like Mah Bow Tan continue to get their pensions and whatever. AND ALL PROBLEMS WILL BE CONSIDERED OVER, IF NOT SOLVED.

Chua Chin Leng aka redbean said...

Uh, maybe you are right. So far no mentioning of telling the people how much it costs to build, how much profit, just trying to clear backlog while mostly unchanged.

Give him some time to prove himself. He may surprise everyone with a $8 flat. Ok, Ok, this is asking too much.

Anonymous said...

Check this out, S$880,000 for a DBSS flat in Tampines (straight from developer, not even from the resale market). See channelnewsasia.

S$880,000 for a HDB flat! HDB is fanning the price speculation by allowing this to happen. Of course MND is already fanning it, so I guess HDB wants a piece of it too.

Honestly I have no idea why our tightening measures are always tracking Hong Kong. The seller's tax is copied from HK.

Well HK has put in a new measure that targets foreigners specifically, lets see if Khaw will follow and go one better.

Pity the daft Singaporean.

Chua Chin Leng aka redbean said...

How can price come down when the land is awarded to the highest bidder? It is like telling the food stalls not to raise prices but keep increasing the rental.

What kind of stupid wayang is that?

And I was surprised to hear those interviewed that the prices are REASONABLE! I just dunno what to say. I think we are all wrong. These young people are rich, and have a lot of money to spend.

Anonymous said...

There are things which are by nature not to be sold, these include ones' soul, conscience, integrity, loyalty. It also includes ones' parents, offsprings, spouses and territories.
BUT, there are mankinds that are born greedy, treacherous, evil and without conscience.
Such people if and when made leaders will only bring sufferings and downfalls to their fellow beings.

The said...

/// How can price come down when the land is awarded to the highest bidder? ///

Yes, it can.

During times of economic gloom and doom, or over-supply of properties, developers will bid low, some time really low. So, the highest bidder will still be way below similar plot of lands awarded earlier.

The real problem is that the government or SLA or URA may not or will not award the tender in such cases. Or when the top bid is still below the reserve price.

This has happened before. If I recall correctly, the land where Wheelock Place now stands was not awarded the first time round because the URA thought it could get a better price. And again, if I remember correctly, the subsequent re-tender resulted in an even lower successful bid!!!

Chua Chin Leng aka redbean said...

So the bidding system is biased to favour an upward spiral of prices.

Anonymous said...

Think our governmnet shd just sell our defence force since Singaporean are slowly but surely losing their ownership of their lands. What is there to defend ?

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