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6/26/2007
Landed properties for foreigners
This is the suggestion of Goldman Sachs. And for good reasons. A lot of money can be made as the prices of landed properties are under valued compare to those of privated luxury flats. The seduction of money and instant wealth are very attractive. Many who are sitting on landed properties could instantly double their asset worth and cash out.
What happens next? All the foreign funds will flow in to grab up all the landed properties. And soon a big chunk of Singapore's sacred asset will be in foreign hands. The foreigners can own Singapore by default. It is as good as selling off the island. What is the good of money when the land is gone? The Russians sold Alaska to the US. Where is the money now? Alaska is still there and appreciating in value. Where is the money that we received for Christmas Island?
We will see whether there will be any fools that will say, good idea, let's sell out to the foreigners.
Why are 7% PRs allowed to buy landed?
ReplyDeleteWell someone has got to own LAND, or the state will grab it.
ReplyDeleteAnd you are right: transfer of ownership can only occur if someone SELLS their property to someone else.
BTW there is NO DIFFERENCE between a foreigner owning land in S'pore and an S'porean owning the land. What makes the foreigner "evil" and the local "rightful"? Nothing. Just simple JEALOUSY and an unthinking MIND.
Shame on you redbean!
Was the law changed when the property market was in the doldrums? Some time around the eighties or earlier, foreigners who owned landed properties were caught when the law was changed disallowing foreigners to own landed homes.
ReplyDeleteyes the law was changed to prevent the landed properties to be sold to foreigners. but buildings higher than a certain number of floors are available to foreigners.
ReplyDeletewe have limited land. selling them all to foreigners is like selling the island to the foreigners.
there is a huge difference between ownership by citizens and ownership by foreigners when land is limited.
redbean talking cock again.
ReplyDeleteJust because you buy something doesn't mean you can afford to keep it. It doesn't matter if the buyer is local or foreign—from the point of view of the market, a sale is a sale.
And if the value of the property drops, the owner loses—whether the owner is a foreigner or a local.
To buy landed property relatively "incognito" all a foreigner has to do it to form a sort of holding company/trust etc.
If there wasn't loopholes in laws, existing as a beach bum would be impossible, for example. ;)
hey matilah,
ReplyDeletestop being a weirdo lah. everything i said you can only see cock. your mind is obsessed.
put it this way, for 999 years, now that is a long time to own. how much will it cost to buy up the whole of bukit timah and tanglin area and keep it for 999 years? hongkong was taken from china only for 150 years.
today we are in yer 2007, that is just 2 x 999 years from the time of christ. it's a long time mate.