Shanmugam said he would be surprised if approvals for sale of landed properties to PRs will be more than 50% of last year. The criteria for approval will be more stringent. About 230 applications were received yearly and about 60% or 140 were approved. So likely the number of approvals will still be around 100 a year.
According to the MD of RealStar Premier Group, the company sold an average of 10 to 20 landed properties a month to PRs. Using an average of 15 per month, RealStar alone would have sold 180 such properties a year. And RealStar is only one of the hundreds of real estate companies.
Assuming that RealStar is the biggest real estate company, and there are only 100 real estate companies here and each sells only 10 such properties a year, the total landed properties sold will be more than 1000 units. I think my assumptions and extrapolation are grossly flawed.
The total number of applications over the last 3 years averaged only 230. How can there be so many sales? Beats me. Nowadays my arithmetic is pretty bad. Blame it on my arithmetic sir.
I appreciate Melissa Tan’s ingenuity in her article on this subject today.
This is one way to make sense of the numbers. One application can be for 1000 units.
ReplyDeleteMaybe he is just talking about GCB.
ReplyDeleteAlternatively, some PRs have sold their land property?
ReplyDeleteRedbean, you should try and learn how to interpret 'Indian Accounting' or 'Kek Leng Kia Siow'. Then you will have no problem understanding the numbers.
ReplyDeleteThe ultra-rich buys & sells landed property like stocks. Turnover can be over 100%.
ReplyDeleteAlso not just landed property --- PRs also need to get permission to buy freehold condos & apartments, or those small condo/apt projects less than 6 floors.
That's why these so-called restricted property transactions can be so high.