7/24/2013
Prudence man!
Sinkies are now advised to be prudent and not to buy too many over priced properties. Would anyone want to advise Sinkies not to be warded in expensive hospital wards that they cannot afford to pay or would empty their little savings in their Medisave accounts? Would anyone want to tell Sinkies to buy flats that are within their means or even smaller so that they have more money left? Cannot? Why cannot? Oh, because the law says you must buy big flats if you have more money or stay in more expensive wards. But I want to be prudent can or not?
This is the kind of logic is like head I win tail you lose. Who is best in using such logic to con the daft Sinkies of their money by forcing them to spend more than they should and then cry, be prudent, be prudent?
Colin Tan, the property expert from Chesterton, said that this call for prudence is a few years too late when the prices are already so high and many Sinkies have already invested.
I think all the calls for prudence is unnecessary. The property prices will continue to go up and all the Sinkies and foreign investors will stand to make a lot of profit before 2030. They will be more foreigners coming here and need to buy a place to stay. And they will be a lot of hot money to be parked here in this absolutely safe financial centre and low tax haven.
And if not enough is coming in, just relax the immigration laws and they will all be flooding in. No need to be prudent. Go, grab whatever properties available out there. The population is going to 6.9m and you know how many more properties are needed. The present available properties will simply be not enough.
Come on Singaporeans.
ReplyDeleteSo long as Singapore is governed
by the Good Hands as it is now, dont
worry.
Like Rb Says here; till 2030, much more
will be needed. More people, more infrastructure of which house is number one and of course more money.
Worry not, Sin is in good hands and some with strong legs too.
Monaco has an area of 2.02 sq km and a population of 36,371. Therefore the population density is 18005/sq km.
ReplyDeleteMonaco boasts the world's highest GDP nominal per capita at $153,177. It also has the lowest unemployment rate at 0%. According to the CIA World Factbook, Monaco has the world's lowest poverty rate and the highest number of millionaires and billionaires per capita in the world.
Singapore has an area of 700 sq km. So even if population reach 6.9 million, the population density is 9857/sq km, and only slightly more than half of Monaco now.
Therefore based on Monaco standard, Singapore can still be rich, high GDP and low poverty rate even if population is more than 6.9 million or double to 14 million, tio bo?
That's why even 6.9 million population target for Sinkieland is not really that high lah.
ReplyDeleteSo I think PAP knows what they are doing, or rather planning.
And they will also plan to win every election.
WP? They will plan to remain as opposition if they are not ready to be govt.
Any Sinkies start planning or in the process of planning to replace PAP as govt in 2016?
ReplyDeleteOr on the contrary, planning to join or even vote PAP to make PAP even stronger in 2016?
What do you think?
Crowded(Monaco, Macau, Sg,, Hkg) or not(Bermuda, Mauritius, Maldives etc) does not matter lah.
ReplyDeleteSo long the Government is not corrupted,
no problem. All will be happy just like Sinkies.
Don't worry lah. Property will continue to go up. If cannot sell,
ReplyDeletejust send a few salesmen to Malaysia, Indonesia, China, Vietnam
and now Burma. Offer them PR or citizenship sure all property will be sold out.
We may want 6.9M or 10M BUT you people are that stupid to come and settle here if the property prices remain HIGH.
ReplyDeleteThe types of people coming here or we are attracting.... they just cant afford!!!!
These people belong to the so so types ........ you know????????????
you just need a brunch of property investors to PANIC and FIRE SALES their units, the whole property market will come down...........experts predict 20-30%.....
ReplyDeleteProperty prices will never come down as long as 60% think PAP is the best available party to be govt.
ReplyDeleteBecause PAP has 43% "fixed deposit" votes which they can get even in a by election.
Another 16% does not want to vote PAP because PAP is a bad govt, but very scared it will be even worse if WP which is not ready become govt.
So 43+16 = 60% will vote PAP in a general election to ensure PAP remain as govt, property prices remain high and more foreign talents will come.
I am really in a fix. I do not what to believe or who to listen to. To zip up my walent and be prudent as advised my MAS or be carefree and careless with my money as advised by RB. It is unusal for MAS to show its concern for our welfare when it allowed our banks and financial instituition to sell us toxic and crooked products.I am more inclined to follow RB's advice to buy more pricey properties. If only he would lend me the money and I would repay him when I make money!
ReplyDeleteOops, should be 17%, not 16% to make 60%.
ReplyDelete"The types of people coming here or we are attracting.... they just cant afford!!!!"
ReplyDeleteAnon 1:00 pm
You are daft lah. If they cannot afford, why property prices become so high? You mean a lot of Sinkies are rich?
haha lao ma,or oldhorse, listen to me at your own risk.
ReplyDelete
ReplyDeletewe shall wait and see whether property prices will come down or not even when we are aiming for 6.9M or 10m population......if no NEW DEMAND/buyers coming and settle here, what can the 60% voters do?
PAP should have no problem attracting lots of rich foreigners to buy expensive properties in Sinkieland.
ReplyDeleteBut the same cannot be said of foreign talents of the right kind.
Because a lot of rich foreigners may not be the type of talents that can benefit ordinary Sinkies.
Anon 1.48
ReplyDeleteGOOD. Hope you are correct!
Ha Ha,
ReplyDeleteI think somebody up there who commented about foreigner workers affordability is correct.
No point getting those earning S$1000+ or even S$2000+ per month by the load given the sky high property prices.
When the bulk of the 100,000+ units of properties start coming on stream over the next few years, the rental easily is a few thousand dollars each which is a multiple of what most foreign workers earned.
So unless the owners are prepared to turn their newly built and collected units into "sardines cans" and packed 10 to 30 workers inside there, they have to scramble real hard to get those few and far between new expats who are able to afford at least a few thousand dollars rental.
For the former, there is also the risks of facing the wraths of the relevant authority, MCST people and residents staying in the new condos.
Technically, it is as good as choosing between a stone cave and granite quarry. Both are equally SOLID ROCK HARD! Ya? Sounds GOOD?
On the other hand, it is not so easy to have 100,000+ new 5-figure jobs here to bring in the high flying expats.
In other words, depending on the situation, it may or may not turn out into a fairy tale or nightmare. Ha ha. Sounds familiar? Sounds like politicians double speak?
There you have it. That is as much as I can say ......
Some may want to do their own mathematical back of the hand calculation immediately ......
Anyway in this market when many things can be in a sense "monopolised", every decision made is at your own risk.
Can we be prudent and not spend so much on Minister salaries?
ReplyDeleteOr
Don't have so many Ministers and mayors.
How many Ministers in the Prime Minister's Office and Ministers without Portfolios do we need?
New York city which is larger in size and GDP than the country of Singapore.
Got only one mayor, Michael Bloomberg.
Salary = US$250,000 per year.
By Singapore's standard: Definitely cheaper, better and faster.
Singapore has 5 mayors.
ReplyDeleteDoing what ah?
Now got ex minister without portfolio gonna be MAS chairman.
DeleteNo need scared unemployment one in sinkieland
@ Virgi49 2:44 pm
ReplyDelete>>>>>Now got ex minister without portfolio gonna be MAS chairman.
No need scared unemployment one in sinkieland<<<<<
MAS Chairman now is Minister Tharman
New TH Chairman is "No Group Think" initially Anti-Casino Stalwart.
You "anyhow" switch them, next time they "go wrong office" siao .....
The experts predicted that there may be a 20-30% correction in property prices over the next couple of years with rising interest rates and fire sales.
ReplyDeleteAfter that, prices are likely to stabilised.
Why do people keep buying properties, cos the bank is giving 0.3 % annual returns for cash savings. And banks are giving out loans at 1.3% and rental yield is 3% and capital gain is like how many 10% a year average for the past 10 years?
ReplyDeleteIt's all due to the current system where the prudent savers are punished while risk takers are greatly rewarded. The whole finincial system is rotten to the core.
I think the immigration law is already very relax and they are still not coming due to the high prices of everything.
ReplyDeleteWhen they hear about the high prices here, they wont be so so so stupid to come and settle here. Whatever for?
ReplyDelete'20-30% correction in property price'
ReplyDelete- every 1% increase in interest rate will have about 30% impact. thus if interest rate rises by 3%, the impact will be 90%.
"When they hear about the high prices here, they wont be so so so stupid to come and settle here."
ReplyDeleteAnon July 24, 2013 4:33 pm
You are the one stupid lah. You think they buy property in Sinkieland to settle and live here?
They have lots of cash so they buy high to sell higher! Or just park their cash here lah. Sinkieland is very safe and pro rich people, you know.
And they will stay where the climate and air is best with lots of spaces, not in hot, humid, crowded and haze prone Sinkieland!
The main bulk of 6.9M or 10M population that we are trying to attract are not those with plenty of money to park here easily.
ReplyDeleteThey are mostly the working class, belonging to the so so types, how to afford HIGH property prices (not to mention high COE, other high std of living costs....).
It is not wrong to say that there will be rich people parking their money here. But they don't form the main bulk of the population.
If the gov't relaxed the property curbs & property tax measures and target more rich foreigners to Sing, you almost can be sure property prices are going to soar.
ReplyDeleteBut once our property soar, they cant afford. Who will come here to form the 6.9M.....only the rich which is a small part of 6.9M.
ReplyDeleteWe must keep our LIVING COSTS including property affordable. How to soar?
Who will come here to form the 6.9M...
ReplyDeleteAnon July 25, 2013 7:44 am
PAP is taking in rich people from the whole wide world, you know.
You mean don't have more than 6.9 million millionaires, multi-millionaires and billionaires in the whole wide world?
Some more, they may not even live here, maybe just as PRs only. But they are still counted in the 6.9 million statistics, tio bo?
There are an estimated 38 millionaires worldwide.
ReplyDeleteThe richer ones will park their wealth all over the world, especially in properties, Sinkieland included.
PAP just need to get about 1.9 foreign millionaires more to become PRs or citizens of Singapore to make it to 6.9 million.
Where got problem, you say lah? So how can Sinkieland property prices not remain high or even go higher?
38 million millionaires. Miss out the word million in above.
ReplyDeleteOK OK OK! We shall have many many many millionaires, multimillionaires, and billionaires
ReplyDeleteas singaporeans.....6.9m or 10M POPULATION........
ha ha ha .......cheers....
Those millionairs come to singapore and live in a shabby flat while they can live in a small castle in europe. DO u think they are so dumb like native sinkies? Europe is now so cheap, best time to go there to invest.
ReplyDelete