7/02/2014

Can Singapore play the property investment game?

The property developers are crying foul. The cooling measures must be lifted. To them, property prices must go one way, up and up. And the only thing good about the property investment game is to let property price to go as high as it possibly could. I fully agree with this kind of thinking if I am a property developer or property churning investor. It makes good sense, and very good profit when property prices shoot to the sky.
 

As a govt, there are other considerations and the interests of the people, the rich and the poor, at stake. A govt cannot allow property prices to run crazy except those who have a vested interest to want it so. There were some missteps by the govt by allowing property prices to spiral out of control and causing a lost of hardship, and an extremely high price system that is no longer sustainable. The property prices are way too high against the income of the average citizens and are eating away their income.
 

Fortunately the govt is having second thought in spite of the pressure from the property developers. If the property developers are allowed to set the agenda, the rich of the world and property speculators would all be here to buy up everything and we just don’t have enough properties to sell to them. They could literally buy up the whole island in a laissez faire, anything goes system.
 

We are just too small to play the property investment game in the world market. The govt must review its policies on the property market and come out with a clear policy direction it wants to take. Unless it can create a dual market where the citizens can be protected from the world’s super rich, to be able to afford properties within their means and not priced out of reach, allowing a free and unrestrained property market will create a very grave situation for the average citizens.
 

The govt may want to introduce more cooling measures instead, to keep properties at a sustainable level for the citizens and not to allow cheap money to create havoc to the lives of its citizens. We may have reached a saturation point in the amount of properties we can afford to sell to the speculators and investors of the world. To bring in the speculators of the world into this island is sheer madness and irresponsible.
The property developers must not be allowed to call the shot on how the property market should develop. Their only concern is profit and do not have to bother about the lives of the citizens and how an uncontrolled property market could make life unbearable and unaffordable to the ordinary citizens. They don’t have to care.
 

They should go and compete in the world market, develop their properties all over the world in the same way Singaporeans are told to go overseas. The sheer size of our population will create a squeeze that will be unbearable if the property market is as open as our immigration policies. The average citizens will be screwed real hard and skewered by the property developers and speculators. This simply cannot be allowed.

Kopi Level - Green

11 comments:

oldhorse42 said...

The property guy kpkb because he said the cooling measures are driving away foreign investors who no longer view Sin as the investment designation.

In other words crooks cannot park their ill gotten gain and watch it grow here.

I cannot help but feel that it is just wayang to show that the G are not in cahoot with the developer.

I will believe that the MIW are working for the people if they would just declare their assets in their name and that of their family.

Anonymous said...

Foreigners who buy the private properties can only resell it to citizens. As for PRs who purchase HDB flats, once they renounce their PRs they must sell it back to HDB at their purchase price. Why do govt allow these people with no commitment to Spore abuse/profit from the system. This could perhaps be one of many ways to arrest the escalating prices/speculation by foreigners/Prs to profit at the expense of its citizens not to mention bubble creation. Developers it seems are trying influence govt decisions by painting negative investment outlook. Do we need foreign investment in property speculation with tax income as its only gain? BTW can a PR be a PR forever with no time limitation to convert to citizenship?

Ⓜatilah $ingapura⚠️ said...

Because it is such a scarce resource, property will always be "hot" in Singapore. Even with cooling measures, the "property game" is still being played. Prices have pulled back -- but only to levels a year or two ago. It's not as if the bottom fell out, and people are being foreclosed left right and center.

IMO, the local market is still not "cheap".

However there'll be "bargains" very soon in the China property market. Many developers are being carried off dead on their shields having "lost a lot of fucking money" borrowing and building, building and borrowing, and building and borrowing...ad infinitum. And the banks won't extend them any more credit, and are themselves bracing for HUGE LOSSES from bad loans.

So yeah. Singaporeans like to gamble. Maybe some will take on the China market?

Singaporeans have already been busy buying under-priced and unloved London property. So to move into China (if they haven't already) will be no surprise, at least to me.

Who knows? Singaporean can? Most definitely CAN!!

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b said...

When the developers are not happy, the real buyers are happy. Making developers not happy is better than making buyers not happy because developers are the minority.

Anonymous said...

Rich people with several properties also not happy leh.

patriot said...

I concur.

patriot

Anonymous said...

Talk & talk & talk.
Fark lah.
Can't wait till GE 2016 to vote Opposition again.

Anonymous said...

What is your goal July 02, 2014 12:41 pm. I want to understand. Really I do. Can you please share with me what really is your goal?

Please come back to me.

Darkness 2014

Anonymous said...

hi Mr redbean,
By not relaxing the current cooling measures, the govt create another group of victims. Currently, there are thousands of seller stuck with their property which HDB says they must sell in 6 months if they aqcuire another property. Many of them are paying instalment and conservancy on both of their flat. Some are waiting for their CPF to come in from the old flat to pay for their new BTO.Lets not forget about these people who are not speculator aiming to make profit.

b said...

when a country has 80% expensive public housing that means the gov can screw the population upside down, left to right. the people voted for this gov.