Private houses bought by foreigners & companies fall sharply

• QX179R

  10 Jul 12, 18:51

  SINGAPORE: The proportion of private residential properties bought by foreigners and companies has fallen sharply - from about 20 per cent in 2011 to 7 per cent in the first half of this year.

  Short-term property speculation has also fallen sharply, as indicated by the relatively low volume of sub-sales.

  And private home prices moderated significantly, rising marginally by 0.3 per cent in the first half of 2012 compared to the 6 per cent increase for the whole of 2011.
  
  National Development Minister Khaw Boon Wan said the Additional Buyer's Stamp Duty (ABSD), together with the earlier rounds of cooling measures and the ramp up in both public and private housing supply, has produced "encouraging results".
  
  The ABSD was introduced last December to moderate investment demand for private residential property and to promote a more stable and sustainable market.
  
  In particular, a higher ABSD rate for foreign buyers and companies was introduced, in view of the large pool of liquidity and strong buying interest from abroad, and the relatively small size of the Singapore market.
  
  Mr Khaw said these measures have helped the home buyers, including those at the middle and low-end of the market.
  
  For mass market private housing outside the central region, prices have moderated with a slower pace of increase of 0.4 per cent in the second quarter of 2012, compared to the 1.1 per cent increase in the previous quarter.
  
  For the public housing market, the significant ramp up in new flat supply has enabled most first-timers a chance to select a BTO flat if they apply for one.
  
  These are positive signs that the market is moving towards a stable and more sustainable path.
  
  Mr Khaw said the government will continue to monitor the market closely, and remain ready to revise and enhance the policy, if and when the situation demands it.
  
  Mr Khaw was responding in a written answer to a parliamentary question tabled by Nominated MP Tan Su Shan on Monday.
  
  - CNA/ck

• the Bear

  10 Jul 12, 18:54

  sooooo.. the DBSS near my place recently had a few people who decided to not take up their options and let go of the units they got through the ballot...

  the developer immediately put the same units up for sale again.. with an average of $10,000 to $15,000 mark-up from the original price (considering the developers already pocketed the option premium and downpayment)

  sustainable?

  inflating the bubble?

• charlize

  10 Jul 12, 21:23

  huat huat huat ah.

• Bikeforceful

  10 Jul 12, 23:24

  :(
• bycai

  11 Jul 12, 10:59

  In the good old days of late 1979, a 3 rooms HDB 18,000. household earning of 1000 can afford. If you double it to 36,000, household income of 2000 can afford, if it is triple to 54,000, 2000 income also can afford, at the sum of 100,000, 2000 also can afford, and the good news is their hard cash and cpf will be thick thick. and they will have enough while retired and government will not worry about their lack of humble spending to last for next 30 years after retirement before they sum it up a happy day

• Bikeforceful

  11 Jul 12, 11:29

  :)
• bestdad

  11 Jul 12, 16:48

  so our current government is worse than last time?
• charlize

  11 Jul 12, 19:50

  Sg is the best.

• Bikeforceful

  11 Jul 12, 20:29

  (:
• Bikeforceful

  13 Jul 12, 12:22

  L:L
• Amirafoodspvt

  13 Jul 12, 20:00

  post edited due to advertising

• charlize

  13 Jul 12, 22:47

  This type of topic also want to post ads.

   

  Who will read this?

   

  Try bar topics lah.

• charlize

  14 Jul 12, 21:22

  Damn lot of weird people in sgforums.