In his book Secrets of the Millionaire Mind, there’s an interesting line from the author T. Harv Eker: Rich people play the money game to win. Poor people play the money game to not lose. I've taken the liberty to change the last few words to describe the Singapore property scene: The pros play the money game to win. The amateurs play the money game not to lose … [Read more...]
New property cooling measures on loan restrictions
A new round of government measures to cool the property market was announced on Friday: 1) With effect from 6 October 2012, mortgage tenures of HDB flats and private properties are capped at 35 years. 2) Loans longer than 30 years have a borrowing limit of 60 percent of the property price. 3) If the >30-year-loan goes beyond the borrower’s retirement age of 65, and … [Read more...]
The curbs on shoebox units
The much anticipated move from the government to restrict building of shoebox apartments finally came yesterday. In TODAY's article titled 'Curbs on suburban "shoeboxes"', from 4th November onwards, "non-landed private residential developments outside the central area will have to adhere to a formula which stipulates that the average size of homes in a particular development … [Read more...]
What will happen next
Take a look at other countries in this region that are star performers in properties not long ago. That may give us a glimpse of what's going to happen in the Singapore property market. In China, since the introduction of government cooling measures, property developers have cut prices up to 15 to 20 percent. Second hand property owners can easily offer 30 percent discount … [Read more...]
Are additional buyer stamp duties necessary?
The Singapore government just announced additional buyer stamp duties (ABSD) to be imposed on foreign and multi-property buyers effective December 8, 2011. 1st time foreign buyers have to pay an additional 10 percent ABSD. Singaporeans buying 3rd property and PRs buying 2nd property have to pay 3 percent more on ABSD. This is on top of the inflated seller stamp duties … [Read more...]