Minister Khaw Boon Wan likens ECs to buying " Lexus cars at Corolla prices "

[Red_Bean_Bun]

Re: Minister Khaw Boon Wan likens ECs to buying " Lexus cars at Corolla prices "

Its not the new babies or the number dead people that cancels out the numbers.

its the new migrants.

Yearly average 30,000 yearly newborn babies.... at least half or 15,000 would want to get married in their lifetime whether to citizens or foreigners that will require a new home to start a family so demand is constant. That excludes PRs and new citizens.

Unless 20,000+ homes are completed every single year, there will be a shortfall creating demand. So like previous six measures, it reduces the supply of resale properties. No wonder BTO sales to first timer shot up to 92% and ECs sell like hot cakes.

By making it harder for applying new loans and paying stamp duties, current property owners have little reason to sell unless really necessary or compelled by generous high offers.

Hard to bet on lower prices when demand is high and supply is low....

That's just my opinion so

 

[allenrazak]

Re: Minister Khaw Boon Wan likens ECs to buying " Lexus cars at Corolla prices "

Bro,

So far 7 rounds of cooling measure target demand side(buyers) to be more realistic by buying cheaper alternatives,
so total number of properties sold remains relatively the same for 2012, 2011....

If its the new migrants, then it's better to tighten or limit the number of PR approvals even further and probably make
it insanely difficult to be a new citizen so that none of them could buy a landed property or public housing.....

otherwise, it will more of the same story with more so called cooling measures that did not work 7 times before....

 

[Red_Bean_Bun]

Re: Minister Khaw Boon Wan likens ECs to buying " Lexus cars at Corolla prices "

He kena sabo ..... the poilicies tackling wrong issue. if the PRs did not increase by 1-2 million then he won't have this problem. People not stupid ....where got all come here and just pay rent.

they are compelled to buy ... if rent is 4k per month and installement for buying a flat is also 4k per month then of course buy. furthermore can use CPF.

so if you have 30k people want to suddenly buy flat - no problem. 1-2 million is the number they are trying to address. another 10 more of measures to go.

economic rule is quite universal ..... unless rental is 4k and installment is 8k per month then measures are working ...... and that happens only when price in lim chu kang is 2000 PSF and CBD 5000 PSF. Taxes would be raised till stamp duty is 100% or special GST for properties 25% in order for that to happen. For a country (and the only one on this planet) that uses COE to control car population ... nothing is impossible.

The only other way is to control lending rates. But SG has a policy against that and would prefer taxes.

Bro,

So far 7 rounds of cooling measure target demand side(buyers) to be more realistic by buying cheaper alternatives,
so total number of properties sold remains relatively the same for 2012, 2011....

If its the new migrants, then it's better to tighten or limit the number of PR approvals even further and probably make
it insanely difficult to be a new citizen so that none of them could buy a landed property or public housing.....

otherwise, it will more of the same story with more so called cooling measures that did not work 7 times before....

 

[Twinturbo]

Minister Khaw Boon Wan likens ECs to buying " Lexus cars at Corolla prices "

Now that lumpsum quantum of 300k+ more is needed after cm7, rent 8k and installment 4k is possible after all.

 

[allenrazak]

Re: Minister Khaw Boon Wan likens ECs to buying " Lexus cars at Corolla prices "

news today:
S'pore's population increases to 5.31 million - Yahoo! News Singapore

Singapore added a little over 128,000 people over the year up to June this year.

In the latest annual Population Trends publication by the Singapore Department of Statistics, the country’s total population reached 5.31 million at end-June, 2.5 per cent more than the figure a year ago.

The number of Singapore citizens grew by close to 28,000 to 3.29 million over the one-year period.

That of permanent residents (PRs) was up by a little over 1,000 to 533,100 over the period. This was a minimal increase versus the 1.7 per cent contraction the year before.

Key population statistics from Population Trends 2012. (Screengrab from report)

The non-resident population grew 7.2 per cent to 1.49 million in the reference period, according to the report.

Non-Singaporeans now make up a total of 38.2 per cent of the country’s total population.

Last year, the DOS reported a low total fertility rate of 1.2 live births per female – far below the 2.1 needed for replacement.

The rise in the population of other nationals in Singapore has led to growing resentment against them by Singaporeans, who blame the foreigners for the rising cost in housing, overcrowding in trains and buses and stiff competition for jobs.


28000 new citizens yearly?

 

[dpointt]

Re: Minister Khaw Boon Wan likens ECs to buying " Lexus cars at Corolla prices "

On a flip side, sporeans paying a Toyota at a Lexus price now!

 

[Red_Bean_Bun]

Re: Minister Khaw Boon Wan likens ECs to buying " Lexus cars at Corolla prices "

And that is for now ... Without COE yet.

On a flip side, sporeans paying a Toyota at a Lexus price now!