Friday, December 09, 2011

Finally tough effective measures to rein in property prices....

A few months ago, it was reported that a foreign investment firm was taking a Singapore developer to court over  poor finishing of condos it purchased in Singapore. After the property bubbles in western countries burst, global speculative funds look for opportunities in Asia and they speculate with "cheap money" thanks to the low interest rates in the US and successive rounds of quantitative easing by the US Fed. We also know that if nothing is done, and the day of reckoning comes when the economy falters, this speculative money that flowed into Singapore bolster our property market will flee like Chicken Little and  exacerbate the downside of our property sector. The latest measures by the govt, I believe, is late but it is still effective and better than nothing. 10% stamp fees for foreigners buying property will immediately stop all speculative buying of Singapore property by foreigners.

There is an interesting rule in Australia that a foreigner can buy a property from a local but has to sell the property to a local and not another foreigner. Wonder if the govt has looked at that idea?



As with all policies, there are unintended consequences like this case of a foreign national who works in Singapore and plans to buy a condo. He has to now wait until he gets his PR which may not be a bad thing since property prices are likely to soften and it is better to make a big commitment only when one is certain he can commit to staying in Singapore. His expectation of "equal treatment" and expressed disappointment is unusual for a foreigner in a host country. If you, as a Singaporean,  were to go another country to work, you wouldn't expect laws and rules not to bias towards citizens of the host country. In Singapore where citizens have to serve national service and are expected to fight and die to defend our country and homes - the difference in commitment is huge. While Singaporeans may find such attitude somewhat arrogant and feel some dismay at this foreigner's expanded sense of importance, I actually don't blame the foreigners for their attitude. Lets not forget the PAP's frequent rhetoric to support its foreign labor influx policy - that Singaporeans "cannot punch above their weight" and how critical foreigners are to our economy.  Since the 90s our govt has been aggressive in bringing foreigners to fill jobs and giving scholarships to fill places at our universities. To attract so many foreigners, it has to raise expectations on what Singapore govt will do for them. We cannot blame foreigners for their expectations and disappointment because these ideas have been sold to them.

83 comments:

Anonymous said...

heep heep hooray,,,,,i'm 1st to comment.

Dan said...

An overdue measure but a lot of S'poreans would have paid the price of over inflated properties as well. We have not learned from the painful lessons of the Japan, who never did really recover from the early 90s. Things shd get worse from here.

Anonymous said...

"Since the 90s our govt has been aggressive in bringing foreigners to fill jobs and giving scholarships to fill places at our universities. To attract so many foreigners, it has to raise expectations on what Singapore govt will do for them."
Lucky Tan

So?

Did the PAP govt lost its 2/3 majority seats?

Was Tan Jee Say voted in as President?

Anonymous said...

"We have not learned from the painful lessons of the Japan, who never did really recover from the early 90s."
Dan 9/12/11 09:16

Alamak, Dan, you think Singapore is as big as Japan hah?

Or PAP govt is like the Japanese govt hah?

Or Singaporeans are like the Japanese hah?

Or foreigners in Japan are treated like those in Singapore hah?

Anonymous said...

Don't worry, it's a matter of time. Come 2016, see if you are still that arrogant here.

Anonymous said...

The writings have been on the walls a long time already and it feels like '96 all over again.

"At most...." said...

"At least..."

We accept consolation very easily.

Parent: "You scored 50 marks only?"
Child: " well, at least I didn't fail!"

Commuter: "I was late because I could not get on the train!"
Friend: " At least you had air-con and no terrorist blew u up!"

Jobless person: " the Gov has not created jobs for me!"
Foreigner: " At least your Gov gives you a safe country and even growth dividends!"

We need to go beyond "at least".
Raise the bar. At least does not cut it.

Well,at least we have this blog to rant.

Anonymous said...

When 4 mil properties climbed to 20 and 60 mil in a rally, their roads must be paved with gold and dumb money.

Musicwhiz said...

Lucky,

Citizens from 5 countries will be treated as Singaporeans when they buy property here. It was reported in the ST.

This somewhat dilutes the impact of this measure, I feel.

Your comments, please?

Anonymous said...

Lucky, you have kind words for this Norman Lu. My words to him would be a lot less kind and even vulgar.

Anonymous said...

Singapore property prices are still cheaper than Hong Kong. HK is easing on their measures to curb property speculation in the light of the global uncertainty. Singapore is doing the reverse. Has the papist leegime got their timing wrong again ?

Anonymous said...

In Singapore, foreigners are being treated as VIPs. They are given equal treatment in almost every area, infact even better treatment, better and more opportunities.

Where on earth are foreigners being treated so well in a host country?

So they take things for granted, they expect to be treated very well as they are foreign talents.

SM, PM mentioned that foreigners are very important to Singapore, if not Singapore will be in trouble. It has raised their expectations and made them feel superior and indispensible.

So any new regulations that lower their advantage or not on equal path with Singaporeans are deemed as unfair to them.

Anonymous said...

I was extremely appalled by the comments of Norman Lu. The implicit hint of arrogance is overwhelming(don't mind the oxymoron). Quote CNA: "His other options include leaving Singapore, "because I can easily find another job opportunity in another country". Also quote:"We are very disappointed. Even though we are foreigners, we have been working in Singapore for a year, we also contribute to this country. So as a foreigner, we feel that the government does not welcome us." To cut the sugar coating, he is but an economic migrant in search of better economic opportunities with no other real commitment to this country. Today, the duties go up 10% for foreigners, inevitably hurting his economic well being, hence the shouting. The 'contributions' quoted here are economic and probably tax contributions. The part on tax contribution by working foreigners is a myth. Every other individual working in any developed country in any part of the world is subjected to tax which makes this a non issue since there is no next best alternative. Furthermore, he is using the infrastructure of Singapore which is amount to millions if not billions of dollars invested over the last 40-50 years. The portion on economic contribution by holding a job is even more absurd. The fact that he chose to work here only means his overall well being(economic, social, etc) is being elevated. While he 'contributes' to society when he is holding a job, we might as well say the society is also contributing to him allowing him to hold a job. Its a non argument point again. The key point is you can avoid this 10% taxation rate if convert to a PR, which means a more substantial commitment to stay in this country, which this idiot obviously cant.... Oh we are not even talking about NS here

Anonymous said...

Jamming the brakes when the car is close to the edge of the economic clift cannot be considered brilliant.

Anonymous said...

"Jamming the brakes when the car is close to the edge of the economic clift cannot be considered brilliant."

But AT LEAST we stopped, right?

Chua Chin Leng aka redbean said...

Got to be grateful got a driver willing to stamp on the break. Other driver might continue to drive into the cliff, everything is fine mah. poon pee pee.

Anonymous said...

I got news for you Norman. Firstly for a self-praising FT, you sure are dumb to want to buy at this point in the property cycle.

2ndly, if you're really that talented and smart, you should have tons of money coming out from your ass. Money will be like toilet paper to you. What the fark is 10%? You'll be throwing another 20% bonus at the face of the seller in order to get your dream bungalow.

So from the observable evidence as seen on TV, you're neither that talented nor rich after all. And actually quite dumb as well.

You should pay the 10% to S'pore govt from saving your ass in buying a multi-million dollar house that will drop in value over the next 3-4 years.

Anonymous said...

It is precisely the sense of entitlement among these foreigners that irks many Singaporeans. As Lucky has pointed out, no other country does this for foreign workers in their country.

I guess these foreign workers are so used to been treated with all the perks that they now start to demand them as a sort of basic right. Keep calling them 'talents' and even the foreigner who sweeps our roads will start thinking they are talented.

Anonymous said...

<"Jamming the brakes when the car is close to the edge of the economic clift cannot be considered brilliant."

But AT LEAST we stopped, right? >
At least we agreed that our ministers are not brilliant. So why are we paying them millions of dollars?



Grateful to the not-brilliant who misrepresented to us that they are brilliant?

Anonymous said...

If this norman lu is still around when sin land gets into a war...

I won't lift a finger to defend singapore...defend for fark...you want me to defend self serving deluded farkers like this...no thank you. I don't die for worthless jokers and gluttony greedy pigs.

The stupid deluded PAP can go try and see if they can get these assholes to defend sin land and PAP...

Too bad...assholes like this will run 1st...

There is past historical precedents which has shown once you allow aliens / outsides into your country...the government in the end is also replaced by them...stupid PAP...intelligent...paper intelligent ONLY PAP...no wisdom at all...nonce...i am going to be sick for the rest of today...

Crazy!

Anonymous said...

"There is an interesting rule in Australia that a foreigner can buy a property from a local but has to sell the property to a local and not another foreigner. Wonder if the govt has looked at that idea?"

Bad idea. Obviously there is a hole in your understanding of how things work here.

Just Mumbling To Myself said...

Do not forget that there are lots more Norman Lus out there.

He is just the tip of the proverbial iceberg.

Serves them right.

In fact, the stamp duty should be raised to 30%. If this don't drive out these leeches, nothing will.

Norman, the day you take the flight out from Changi and never comes back, I will order another round of drinks for my buddies at the pub. Why are we spending so much time in drinking ourselves silly? Because our jobs have been taken over by the Norman Lus of course.

Ho Ho. Christmas is round the corner.

Cheers! Burp!

Anonymous said...

10% stamp fees for foreigners buying property no big deal lah, if they are very rich. And if you talk about the whole, wide world, sure have a lot of very rich foreigners what.

Because with PAP in charge, Singapore is very safe for their property and money, and even their life, you know. So what is 10% stamp fees?

And as everybody knows, PAP sure win one what.

Anonymous said...

Lucky Tan.

You shared my sentiment too when I watched Normal Lu who painted himself like he was indispensible to us and that our country needed him more than he needed us.

Over the years, PAP has overdosed these foreigners with so much self-importance that they will always tell the government they are going to leave us for "greener pasture" if they felt unfairly treated.

Unfortunately, CNA has given him more than allowed space for him to threaten this country because Singaporeans, he think, have contributed less than himself and that we shouldn't be given more priviledge than him?

If he felt he should go overseas to work instead of unfairly treated here, I would have welcomed him to do so immediately and right into his face.

Which country he thought will not take care of their own citizens and will treat him like VIP? I doubt he can find it anywhere else rather than our complacent systems that overly pampered foreigners to make them feel like first class than our own peopole. Such that they could easily exploit and to certain extreme, threaten us as seen in Normal Lu case. Our govt has allowed him to air with an agenda. What does it say about PAP? Reluctant to stop the bubble and than when they did, shame us first via CNA?

Ultimately, whey do all these foreigners have such attitude towards their host country? Didn't they know Singaporeans have served our home more than them? our childrens and their grand children will forever be here to carry arms to protect our homeland. By comparison, Normal Lu is an uncertain soul, his contribution is not tested fully and deeply. His loyalty remained to be seen and we already have one PRC trying to escape NS by challenging ICA in court. What does it say to the government? You paid so much money and attention to get them loyal and they now challenged your flaws and stupidity? What kind of stupid PM is he?

I am so sick of these foreigners, nauseous to even allowed them to air their so-called grievances. They can go Dubai, australia, china, india or wherever they deemed fit. End of the day, they will pack their back and crycing to us again, boasting our safety and lauding our facilities that Singapore is still the best place to work and invest regardless how much foreigners need to sacrifice themselves to adapt to our policies.

My reply to Norman Lu: get lost until you come to your sense! Your contribution to our country is overly bloated and our government is sick! Do you know that?

Anonymous said...

Deep pocketed foreigners can easily circumvent the 10% stamp duty surcharge. These people with hundreds of $millions or even $billions can just set up a Singapore company to own those properties for investments. So long as the yield is same or better than other countries, Singapore properties will still be in good demand by the global communities. When a country is so open as Singapore, there is little the country can do without undoing what it has achieved so far thru this openess. Singapore has travelled this international road and I don't see how the papist leegime can withdraw without dismantling what LKY has done.

Anonymous said...

Singapore property is definitely in hot demand worldwide by many rich foreigners.

Because under PAP, the country is so peaceful, stable and safe and rich or talented foreigners are treated so well.

So maybe 10% stamp fees is not enough to rein in property prices.

The PAP govt may even have to stop foreigners from buying in order to rein in prices. And of course they can't do that.

Anonymous said...

It is not Norman Lu's fault for feeling disadvantaged. PAP laid the red carpet and embraced him, enticing him through rose tinted glasses and leading him down the garden path. New citizens, after some time here get to taste the actual not so rosy life, will continue to vote for more of the same?

Saycheese

Anonymous said...

Totally disagree with your post. Very narow minded and provincial I must say. To slap a 10% stamp duty on "foreigners" will hurt the economy. The real issue here are not the few flats purchased by foreigners (which Singaporeans in any case would never buy) but the cost of HDB (which most foreigners don't consider), the inflation out of control and the general increase in cost of living. These are populist measures taken to calm the ire of the population but that will eventually hurt the entire population in the long run....

Aurvandil said...

The best part is that he is just a healthcare consultant which most likely means MALE NURSE.

Anonymous said...

good move by the gov. hope to see more of such things. the banks and property developers must be sitting on some toxic assets now. hope prices of private properties can go down.

i am a sg with sg kids, never buy hdb, never have hdb grants, unable to buy hdb cos spouse is pr who has an overseas garage as a store and have to rent from pr or foreigners.

Anonymous said...

if Norman Lu dont feel welcome here, he can fuck off back to where he came from... and why does he think that he can get PR after a year and compete with us buying hdb???

Anonymous said...

COE mainly for the rich? That's life( forum letter,ST)

AS ITS designation states, the certificate of entitlement (COE) is an entitlement and assumes that as every person feels he is entitled to it, a price must be levied to show that one truly needs it ('COE domination by high-end marque buyers an unhealthy trend' by Mr Johnnie Chia; Wednesday).

In a meritocracy like Singapore, one earns more if one works harder and smarter than the other person. If an average-income earner wants a car badly, he will have to lift himself to a higher income bracket by working harder or smarter.

That is the COE's first benefit: as a spur to improving one's lot in order to secure a car.

Except for the peak-hour crunch, public transport is first-class. Without the COE, the roads would be clogged, and this is the COE's second benefit: freeing roads for efficient public transport commuting.

Mr Chia laments that stiff COE prices favour the wealthy, who can afford to buy more than one car.

What is also true is that a rich person can drive only one car at a time, so the second car is kept at home, and is not out on the streets causing pollution.

And that is the third benefit: fewer cars, less pollution.

Furthermore, the wealthy person pays a hefty premium to own a car he keeps in his garage and we should be thankful for his tax contribution: It helps pay for public conveniences.

My point is, one should always consider both sides of an issue.

When a person is wealthy and drives a Ferrari and is busy forging deals, he will be only too happy to have an Electronic Road Pricing system in place, so he can zip around and close another productive deal - and pay the salaries of his average-income employees.++++

by the same token, why should govt artificially suppress private property prices for Singaporeans? compete on equal ground and prove your worth through hard work and working smart. if you want that private property or EC that badly, go and grow some spine and earn your keep. can't afford, live in HDB because....When a person is wealthy and lives in Exclusive Districts and is busy forging deals, he will be only too happy that the quality of homes is proportional to one's wealth or success , so he can project this success and close another productive deal - and pay the salaries of his average-income employees.

Anonymous said...

LOL

Ang Mo kio... said...

"...compete on equal ground and prove your worth through hard work and working smart. if you want that private property or EC that badly, go and grow some spine and earn your keep. can't afford, live in HDB because...."

Trouble is.. its not a level playing field.

A)Employers deliberatly choose foreigners over Singaporeans because of costs.

B)Singaporeans have to run around the jungles of Brunei for a couple of years till we behave like primates.

Otherwise, i would love to compete with the foreigner. and I am damn sure I will beat the crap out of his brain.

Then I will beat the crap out of the employer too.

Anonymous said...

The solution is simple. But it's tough as the government is used to a comfortable millionaire lifestyle. What can be done?

Train and develop Singaporeans and leverage on technology to increase productiivty.

What doesn't the government do this?
It has lost our CPF money and need to reclaim that loss through 2 taxing 2 casinos and selling our power supply. In time, this will do them in. It is just a matter of time because Singaporeans get fed up with the unlivable overcrowdedness.

Just give Singaporeans more time. They're busy checking out the next new movies coming their way.

Anonymous said...

anon 17:17

many Singaporeans have successfully beaten their foreign competitors so you can't argue it can't be done. and Singaporeans are still majority stake holders in prime land, and you can't argue we are swarmed by foreigners

Anonymous said...

"...prove your worth through hard work and working smart. if you want that private property or EC that badly, go and grow some spine and earn your keep. can't afford, live in HDB because....When a person is wealthy and lives in Exclusive Districts and is busy forging deals, he will be only too ..."

I think you got the whole perspective of wealthy living wrong.

You can a pigeon-hole condo with a 99-year rental lease, living a quality life?

You can get a 2-storey house in Tokyo for the price of a 5 room HDB flat at 115 sq m. with a small garden.

But if you need an EC or a private property to tell you you're successful.

You forgot one big fallacy. You bring nothing of that into your grave. Maybe you should start considering a larger graveyard with gold pebbles. Perhaps you'll be happier then since, you get to keep that with you, at the very least.

Anonymous said...

So rich, but still get a cheap plot of land at Lim Chu Kang! At end of the day, government should consider building EC graveyard vis-a-vis a HDB graveyard. LOL!

Are the MPs and ministers' graves going to be any larger or golder than everyone else?

It seems, at the end of the whole 75 human years, we all end up burnt or in the ground and really back to zero.

So live healthily and don't let the government confuse you too much to make you compare with others and upset you.

Anonymous said...

anon 17:33

I am just aping the Director of a company who wrote to the forum.

and I suspect, his rationale is prevalent with our elites. so as it is with COE (do you dispute that?), it shall be with luxury housing,

Sg is unlike Tokyo in many aspects. we have the edge and unlikely to go their way.

Anonymous said...

That's life!

Anonymous said...

"You can get a 2-storey house in Tokyo for the price of a 5 room HDB flat at 115 sq m. with a small garden. "

Bullocks! Where? Shibuya area ah?

Man said...

No disrespect to the FT Norman Lu who was interviewed in the video, but he seems to have an entitlement mindset. What makes him think that he is entitled to buy a property in Singapore just because he worked here for ONE YEAR? Singaporeans lived and worked here all their lives, and we should be given priority. That is fair.

He is, of course, allowed to work here for longer number of years, contribute more and get his PR. Once he has done that, then he avoids the 10%. That is also fair. The logic is sound.

He is also allowed to leave the country. That is his choice, and his subject to his capability. I am sure there are thousands others from China or HK queuing to take his place though. That is a fact. Foreigners should bear these in mind before they start to complain about any "perceived ill-treatment".

Anonymous said...

even the very poor of sporeans have to pay 7% tax. so 10% for the rich foreigners is nothing. should make them pay even more. better with their lives. this norman should be kicked back to his own country. we do not need people like him.

Anonymous said...

http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_743006.html

There's always a hidden caveat.
Now it's basically saying all the Swiss, US and Leichenstein & Icelandic people are treated equally LIKE Singaporean. Wow..I didn't know my passport is so interchangeable with these countries. So if I go to Switzerland presumably I can buy their property like locals do?

Anonymous said...

if this norman said those stuff in europe, he will be died tomorrow. foreigners are treated second or third class here.

Anonymous said...

to anon 9/12/11 18:28, you can buy their properties but cannot stay there permanently. they are not so easy in giving out their residance card.

Winking Doll said...

At 0:48, Norman Lu said, “Another like 10% I will leave this country because I can EASILY find another job opportunity in another country.”

[Caps above added by me for emphasis.] Sorry to break your dream Norman. If your "another country" refers to China or Taiwan, then maybe you'll be able to find another job easily.

But if you are like many other China Chinese who are here in Singapore only to use it as a springboard to other English-speaking 1st world countries, then please listen up. With your barely passable English, you are unlikely to land an equivalent professional job as a health-care consultant in such countries. Most of these countries have labour laws to protect its existing workforce and systems in-place to ensure conversational and written English competency, equivalent job skills competency and recognition of professional/education qualifications before a foreign-trained worker is able to apply for professional jobs. Only Singapore is so cheap as to welcome any Tom, Dick or Harry into its professional workforce.

In fact, you may find yourself struggling to fit even in a minimum wage job if you venture to such countries. I am speaking from my observation of numerous China Chinese professionals who migrated to Canada. They had held professional job titles such as HR manager, IT manager, marketing consultant, accountant, financial specialist, statistician, PhD researcher, etc, before landing in Canada. Some think highly of themselves, self-appraised that their English is excellent and that they have experience in running businesses and corporations... only to fall flat on their faces and/or face repeated challenges at work because their English really suck (especially their inability to understand Canadian-accented English) and they don't understand that the western work culture don't run on "guan xi" alone (that there are rules to be followed).

So yes, I understand that the change in rules does not work in your favour and that you're disappointed. But you have a choice. You are welcomed leave Singapore if you don't like its new rules. There are many other equally talented (and possibly more humble) foreigners waiting to take over your spot in Singapore, given its open door policy to foreigners.

p.s. Learn some social grace before you decide move on to another country. Singaporeans are rather tolerant of arrogant foreigners (no thanks to the Singapore government's propaganda and the government-controlled media). In other countries, you are likely to be rebutted in-your-face (possibly even by the interviewer) for your assumption that "since I contribute some years to your country's economy, I should deserve the same rights a citizen".

Just to share, another socially-ugly PRC couple.
http://winkingdoll.blogspot.com/2009/06/one-more-day.html

Anonymous said...

So what business does REDAS have to complain that they're not consulted! What hypocrites.

If there were consulted, no cooling measures will be in place. Mah Bow Tan has learnt enough of his stupid lessons from these self-interest group.

Anonymous said...

I agreed with majority view. No point defending this country when PAP has send in numerous Trojen horse like Norman Lu. Does that explain why Troy fall to Greeks. Singapore is going to fall to Greeds! PAP has no regard to the safety of the people. How ironical.

Anonymous said...

Hey Musicwhiz

Why u so liddat! U know very well Lucky never read details one. Trying to make fun of him issit?

Let Lucky celebrate the tough *snicker* measures lah. Machiam like everyone here buy private housing when they can't even afford HDB.

But u so mean , why not tell him straight that the only thing that will happen is the really rich foreigners and u-know-who are going to benefit the most from the fire sale?

Anonymous said...

"equal treatment"? serve NS and reservist first then say

Anonymous said...

The grandparents worked hard to find a land to call their own so that their children can build a house.
The parents worked hard to build a house so that their children can have a home.
The children work hard so that they can keep their home and to prevent strangers from taking away what their parents and grandparents had done for them...

Anonymous said...

Same rights as a citizen? Go fucking renounce your citizenship and take up citizenship here.

so1trg said...

The clip from CNA felt like it was from the Noose. haha. Norman Lu (road) ... hahahahahaha!!!

Anonymous said...

demand already declining then put up measure then claim that the measure worked. what kind of government is that?

Anonymous said...

The government are paid in huge millions and bonuses without having to GIVE AN ACCOUNT.

If that's not corruption, what is?

Anonymous said...

What is the Khaw Boon Wan going to tell young singaporeans couples who need a flat but can't buy one cos there isnt enough BTO flats to go around? These people are married and they can't get a flat. Many young couples I know are buying resale flats now cos they have been waiting out too long. When the market drop, what is the government going to tell these young couples?

PAP is in trouble.They react too slowly to problems,

TokyoSingaporean said...

With regard to:

"You can get a 2-storey house in Tokyo for the price of a 5 room HDB flat at 115 sq m. with a small garden. "

Bullocks! Where? Shibuya area ah?"

I like to point this out what anon 17:33mentioned. Tokyo is made of some a dozen of cities. It's not just Shibuya in Central Tokyo.

A 30 minutes Special Rapid ride on the Chuo line will get you what the price he quoted. I know that as I live in the area.

You could go Nishi-Kokubunji and outwards to Higashiyamato, etc.

With regard to:

"Sg is unlike Tokyo in many aspects. we have the edge and unlikely to go their way."

Anon 17:45,

I'm curious to what you mean above. Japan has the largest national debt among the developed nations albeit all the borrowings are contained within Japan through the Bank of Japan. So the impact is not overbearing. Japan will continue to thrive as there is no reason for the Japanese to own 2 iphones given the level of prosperity they are enjoying here.

Japan also produces its own milk, automobiles, robotics, fishing, electronic devices, etc.

Japan doesn't have 3 casinos or horse bets like Singapore. In what way does Singapore has an edge? Singapore is presently clueless of its direction and lacks a solid vision.

Cheers!

Anonymous said...

The papist leegime has screwed up big time again. Instead of making the HDB affordable, they have now decided to sink Singapore into a depression.
They could have easily price the HDB lower to make it affordable for Singaporeans. By whacking the whole property market they will definitely hurt the overall economy which is already slowing down rapidly. If the demand for HDB due to the lower pricing is strong, the solution is to increase the supply.
This is typical of the papist way of solving a problem. Instead of targeting at the problem, they whacked the whole economy. Pretty absurd. How these multi$million brains can become so warp, is beyond me.

Anonymous said...

Singaporeans and the PAP government are BOTH confused. Those who are clear-eyed have already applied to leave or voted with their legs.

The rest stayin in singapore are living with blind hope that things will change. They never will. So be intelligent, live intelligently and the get the fuck out of singapore. The government doesnt care for its citzens. Period.

Anonymous said...

10% stamp fees for foreigners buying property is too small. Property developers can give back 10% discount to offset the 10% stamp fees.allo

To be effective to rein in property prices, mandatory 100% stamp fees must be imposed with immediate effect on all foreigners and permanent residents who buy any property built on Singapore land. This measure must be in force for the next 100 years.

Management, Directors or Managers of any property developers who violate the measure must be punished with mandatory minimum 10 years jails.

Anonymous said...

"Sg is unlike Tokyo in many aspects. we have the edge and unlikely to go their way."

What edge ? Japan faced unfortunate disasters (earthquakes & tsunamis) in the past where rebuilding costs are many times over one's lifetime savings. They are a proud people with strong national identity. If not for the nuclear incident, we are nothing compared to them.

They have many big businesses with plants located all over the world employing many people.

a european in singapore said...

Hello , excellent article on the BT today. Which as a foreigner I aboslutely agree with. I live here, have invested heavely here, and most of the time agree with this blog ;-). But on this, I totally disgaree. These measures send a bad signal to us "foreigners". Very sad indeed. After all Singapore success is based on its cosmopolitanism...
http://www.streetsine.com/

Anonymous said...

@Lucky,
Citizens from 5 countries will be treated as Singaporeans when they buy property here. It was reported in the ST. (because we signed FTAs with them)


Can you imagine what will happen when we sign free trade AGREEMENTS
with China and India? (which we probably will).

Anonymous said...

@anonymous 10/12/11 10:51,

Can you imagine what will happen when we sign free trade AGREEMENTS
with China and India? (which we probably will).

Answer: Citizens from China and India will squeeze out Singapore citizens from Singapore.

Anonymous said...

@ european 10/12/11 10:30

That's coz you're in the property selling biz in S'pore. Sucking on PAP's pro-foreigner teats and simply acting as middleman for ang mohs and other foreigners to buy properties here and just collecting commissions (rent-seeking mentality). Btw, SRX ain't great.

Why not you set up a business to help Sinkies enjoy same privileges in Europe? Get PMET jobs, buy public flats, get same privileges as euro citizens like free healthcare, free education, free childbirth, pension etc? Lobby the euro govts to allow 50% of workforce to be foreigners and allow fast-tracking of Sinkies in?

You should set up a new "business" in helping foreigners to become citizens of US, Switzerland, Leichstentein, etc so that don't need to pay extra 10%. You yourself should set an example and become US citizen so you can buy more properties.

Anonymous said...

"What edge ? Japan faced unfortunate disasters (earthquakes & tsunamis) in the past where rebuilding costs are many times over one's lifetime savings. They are a proud people with strong national identity. If not for the nuclear incident, we are nothing compared to them.

They have many big businesses with plants located all over the world employing many people."

The irony

Anonymous said...

Tokyo Sungaporeans,

"You know, the cure for all this talk is really a good dose of incompetent government. You get that alternative and you'll never put Singapore together again: Humpty Dumpty cannot be put together again... and your asset values will disappear, your apartment will be worth a fraction of what it is, your jobs will be in peril, your security will be at risk and our women will become porn actresses in your and other people's countries, foreign workers."

Anonymous said...

How can one be objective when huge money is at stake? Even the straits times wants to see property prices fall by 30%

As usual, so it is "affordable" to poor thing never mind that KBW has successfully cleared the backlog of first time home buyers with a range of expensive choice of flats.

Me think, greedy pigs working in ST are rubbing their hands,after they rubbed their genitals, in anticipation of profitting from price correction.

Where money is concern, the editors and journalists are no different from pigs

TokyoSingaporean said...

Anon 12:05,

The tsunamis and earthquakes are nothing new to Japan. They have lived it for centuries. So Japan will pick back up again. The fukushima site, should, in my opinion, be designated as a dead zone.

Things have been picking up, though a couple of years for the affected areas.

Japan is still the 3rd largest world economy given its disasters. And the recent one is not going to be the last one. More will come. We have earthquakes here on a daily basis. So, this is nothing new. It's part of life.

We, in Singapore, need, however, a strong rethink on what sort of development we would like Singapore to go into besides aspiring to be a financial district which many major cities are doing but they're working on the backdrop of productive entreprises which we have not been developing.

We need to create our own products but innovativeness is low in Singapore. And this is about a paradigm shift which the government is not focused on given its flimsy vision of late.

Singapore is at present going through many bouts of economic mismanagement and government incompetencies. We can do much better.

Cheers!

Anonymous said...

"Singapore is at present going through many bouts of economic mismanagement and government incompetencies."
TokyoSingaporean 15:15

60% do not think so. Or even if so, PAP still deserve their votes. This is the uniqueness of Singapore.

That's why Singapore is politically so stable. PAP has been in power for 46 years and PM Lee has been PM since 2004.

That's why Singapore property is in high demand by foreigners because of the country's stability and a safe place to park their assets.

Look at Japan. It has changed PMs 6 times in the past 5 years!

So don't compare Singapore with Japan. Just as you don't compare grapes with melons.

Anonymous said...

Well said, Anoonymous 11:22!

The sad news is that I'm hardshp trying to get a flat in singapore now. My agent is a malaysian PR looking for a resale hdb for us and he tells us: "Nowadays, to get a flat in Singapore in not that easy."

I served NS and reservist but why do I have to live under such a bad hdb system. I'm not asking for the moon. Just for my country to take care of me just as it conscripts me to defend it.

I really dislike being singaporean anymore as soldiers in singapore dont even get free healthcare. I am not asking for the moon. I am asking that everyone singaporeans' basic right to a decent life be met and that they are not left insecure. When people know that they are cared for, they start caring for others and pay it forward. This social capital we don't have in singapore. This is bad for us as a nation in the long-run.

We have uncreative leaders who are poor at problem solving and thinking out of the box. We are not again for the moon before you hantam us. Just basic for every singaporean. How can you talk about creativity when you give yourself pension and take care of yourself fisrt and made every other singaporeans insecure? We need a government which is people-centric and not dollar-centric. We don't live long in this world. So we should all fight for free healthcare, work-life balance for all singaporeans and work towards that...then we can be a nation where every one is proud. At present, our youth are disillusioned, disenfranchised and angry with our bad governance.

We have enough smart people to think and make this happen. Europe is in a crisis but its still holds on to its ideals of basic human rights. What have we got really? What have we got in thhis country that we can truly be proud of?

I am not condemning singapore. I'm asking that we are not a proud nation that cares for its people. I dont want to see old men and women selling tissues at hawker centres, cleaning the tables and washing my toilets. I think they should be cared for. But the country i live in turns a blind eye to society and this apathy hurts me daily living in singapore.

Anonymous said...

"As usual, so it is "affordable" to poor thing never mind that KBW has successfully cleared the backlog of first time home buyers with a range of expensive choice of flats."

Correction. No, he hasn't. There is still 30% which is not cleared. They're still on a backlog. Just a longer backlog. Well, the aim is simple, isn't it? KBW and Mabok Tan are trying to create artificial demand so that these backloggers will be forced to live in ulu places like seng kang, punggol, jurong west, etc. All those places where the government can't make money. This way the government fully utilises its space. They did the same with Woodlands. They're making money. This is intentional on their part.

Majulah SIngapura!

If the government does really do something good for singaporeans, we will know. But what the fuck have they been doing except to buy our votes before elections?? Crazy huh? Or are you just so fucking blind that your ears are deaf?

If the gahmen give free healthcare, OK! But what the fuck have they done for singapore for the last 10 years? How many more incompetencies before the SIngaporean becomes sober? How many more? Huh?! How many more?!

But we remember what the gahmen has given us: ERP and rising, water conservation tax, GST and rising after next election, rising and already unaffordable 30 year HDB loan flats, depressed wages, no jobs, foreign competition, overcrowded mrts and buses, no green space, lock our CPF, and increase minimum sum after locking it, KNN CCB, nothing to retire, then tell me to work till 65 or 70!, w

so what good thing has this fucking government given us?

NS?

Anonymous said...

"Look at Japan. It has changed PMs 6 times in the past 5 years!

So don't compare Singapore with Japan. Just as you don't compare grapes with melons.
"

They change so much PMs but yet they are STILL 3rd largest economy. We, on the other hand, are not the 3rd largest economy but have the world's HIGHEST paid millionaire ministers.

Grapes and melons? Singapore was colonised by the japanese but yet the once oppressor are freer than us "free to speak" Singaporeans.

Japan can change many PMs because they don't tolerate incompetencies. We how? We can tolerate incompetencies. Property is rising because government want to make money from the 10% stamp duty lah and ride the wave while they can. They sold senoko plant to foreigner, you don't know meh? We don't need to serve NS as we dont have anything to defend here lor except the assets of the rich in this country.

Anonymous said...

Each nation has its own survival kit. We are no exception. In a world where money touches everything, we want to have a finger into every pie - whatever that will gives us the business edge.

What we failed to do is correctly framing a story. For instance, one can look upon the 10% slap on foreigners as measures to curb their entry into our market or we can say...the extra 10% is to distinguish the truly rich from the average rich.

You want to net those who want to separate themselves from the rich wannabe/opportunists, who appreciate categorically collective like minded energy in focus vision being clustered into a community to serve that objective.

We need to reframe His-story.

Anonymous said...

What the fuck are you talking about? Do you even know what you're writing there?

Anonymous said...

LOL

Financier said...

The purpose of life is to make money.

If your grandmother is worth 50,000 dead, kill her, take the money and milk elsewhere.
Making money out of thin air has been taught in Business schools everywhere.

Mergers, aquisitions,buy outs.. are all for the same purpose.. make money out of thin air.
REITS, bond funds,derivitives are all the same.

Producing things? nah, fiction... pure fiction.

Anonymous said...

To the poster thinking his investment will always be safe because PAP is in power, don't count on it.

Reducing foreign worker influx, increasing private and public land supply, and now a Singaporean-foreigner discriminatory tax, since the 2011 election, the loss of Aljunied, and the palpable groundswell of discontent hat even the PAP acknowledges, I see a more Singaporean respectful PAP that feels their own vulnerability at the ballot box.

Anonymous said...

Money! Money! Money!

Its all about money lah!

Donch let others fool you..
just take a look around here:

COE
COV
ERP
GST

and now: TAXI

All money!

Singapore = money

ask any of our neighbours!

ask the sultan of brunei
ask the indonesians
ask the malaysians
ask the ninoys
ask shinawatra
ask even the myamar juntas!

Money!.. yes! money!!

Anonymous said...

LKY n his pap cheated their way into power and cheated at every election to stay in power.
Had elections in Singapore been fair, free and democratic, LKY n his gangsters would have been kicked out of office long time ago.
In these days and age, they know they must be careful with their cheating ways.

Anonymous said...

'tough and effective measures'

Lucky is sure the measures are tough
and effective??

How much difference does it make to Singaporeans who are into buying public housing because they cannot afford private property??

Any foreign buyer who is here to seek safeties for themselves, their families and their fortunes, will the measures deter them?

How does the latest measures help the average Singaporeans?

Anonymous said...

If I am the PM, I would go down on my knees and apologise. If I happen to be PM, I'll ship him out immediately with the stamp on his passport "NOT RETURNABLE."