�
did garmen stop prices falling in 1998-2003 & 2008-2009?
�
�
did they try? yes
�
did they succeed? of course not�
�
not sure what you are driving at.. or maybe my post is not clear enough
�
Jokers that are out of job and down right desperate. Our systems has made it very difficult for FW to work here and personally i don't think it is wrong. Reducing the cost of living is the important thing not inflating wages making us uncompetitive.
�
Africa better not , later ebola.
There is no way they will reduce the cost of living to a reasonable level that is acceptable to common people because it needs to feed our self serving government and their "own circle of friends and associates".
There is no way they will reduce the cost of living to a reasonable level that is acceptable to common people because it needs to feed our self serving government and their "own circle of friends and associates".
�
The market is bigger than what you think it is. This leadership is no longer the same leadership which lead us to success. A leader which is afraid of making mistakes and admitting them is not a leader which will bring innovation and evolution.
Edited by CH_CO, 07 January 2015 - 03:30 PM.
smlj discount, absorb absd, free furniture vouchers, etc
so that buyer can take more loan based on listed price
�
it's common trick what ... UOB don't know meh ... mai act sotong la
now 37/38 defaulted ... shits hit the fan ... sue here sue there ... only lawyer make money ... lol
�
Attached Thumbnails
Edited by Wt_know, 07 January 2015 - 04:03 PM.
�
sub prime singapore version
�
chiam liao
�
�
wah...according to the article, one is paid 100k to be fake buyer!
�
According to UOB, one of the so-called buyers admitted to being paid $100,000 to act as a proxy.
LMC denies being part of any conspiracy to cause loss to UOB and will vigorously defend the claims made against it.
smlj discount, absorb absd, free furniture vouchers, etc
so that buyer can take more loan based on listed price
�
it's common trick what ... UOB don't know meh ... mai act sotong la
now 37/38 defaulted ... shits hit the fan ... sue here sue there ... only lawyer make money ... lol
�
�
Considering that the local banks were quite enthusiastic to loan the max 80% based on the income levels, as I have personally encountered while trying to secure a property loan in 2011, the kiasi Malaysian Maybank was the only one who was not willing to loan the max 80% amount.
�
No surprise that the over-enthusiasm may have backfired in some cases.
�
OT: I think my loan rate of SIBOR + 0.7% flat for the entire tenure seems to be a good deal, don't think they offer this package these days. Live by the SIBOR, die by the SIBOR!
It is just a can of worms which i warned long ago , no one bothered and dissed me only to now become "experts" of the same topic.
�
Wow.
smlj discount, absorb absd, free furniture vouchers, etc
so that buyer can take more loan based on listed price
�
it's common trick what ... UOB don't know meh ... mai act sotong la
now 37/38 defaulted ... shits hit the fan ... sue here sue there ... only lawyer make money ... lol
�
�
�
hehe UOB dont talk to UOL and other wee cho yaw companies
�
Considering that the local banks were quite enthusiastic to loan the max 80% based on the income levels, as I have personally encountered while trying to secure a property loan in 2011, the kiasi Malaysian Maybank was the only one who was not willing to loan the max 80% amount.
�
No surprise that the over-enthusiasm may have backfired in some cases.
�
OT: I think my loan rate of SIBOR + 0.7% flat for the entire tenure seems to be a good deal, don't think they offer this package these days. Live by the SIBOR, die by the SIBOR!
�
wah
�
i wonder what will happen to those who buy malaysian property on 90% loan�
I cringed when I saw the design. But can gut everything and redo!
Location is actually quite cool minus the katoeys�
Ok , we , problem for many is they also prata all the time , wanna accuse me first they don't do it . Plenty of here , say people can , people answer back cannot.
Nevermind lah, live and let live. Thats one of my mottos in life.
Loophole spotted... hope all banks to take note and plug the loophone..
�
Lesson learn..
�Don't just look how much $ in the bank account, also look at the transaction history�of the account holder.�
�
Edited by Yewheng, 07 January 2015 - 09:06 PM.
�
Lesson learn..
�
Don't just look how much $ in the bank account, also look at the transaction history�of the account holder.�
�
This case sibei exciting, take out popcorn and sit on couch liao
Now see for yourselves ?you think only Indos? Later you see the amounts of china ones then you will know.
People take the stupid leadership for a ride and they always think they are damn clever only to forced to eat their words every single time. But it is common , plenty here as well.
That's why I say never let scholars run the show what bussiness acumen do they have?
Edited by CH_CO, 08 January 2015 - 06:48 AM.
More to come, long have we already warn of the effects of loose credit.
Now see for yourselves ?you think only Indos? Later you see the amounts of china ones then you will know.
People take the stupid leadership for a ride and they always think they are damn clever only to forced to eat their words every single time. But it is common , plenty here as well.
That's why I say never let scholars run the show what bussiness acumen do they have?�
leaders need to have business acumen?
�
i though the most important criteria is to do well in exams (preferbly first class hons from ivy league) and know how to delegate. Then claim credit for success or give
excusesexplanations for failures�
if come from military background even better. Cos they can instill
feardiscipline in the company
�
�
hehe UOB dont talk to UOL and other wee cho yaw companies
�
wah
�
i wonder what will happen to those who buy malaysian property on 90% loan�
�
Ironically, those that took 90% loan for MY properties should be doing better than those who paid full cash - MYR down so their debt in SGD terms is also less.
�
Of course, both parties lose out on the value of their property.
�
Ironically, those that took 90% loan for MY properties should be doing better than those who paid full cash - MYR down so their debt in SGD terms is also less.
�
Of course, both parties lose out on the value of their property.
�
yeah. I sure hope those who told me they are buying as a holiday home will really use it as holiday home
�
cos if they are expecting rental from the units then..�
�
yeah. I sure hope those who told me they are buying as a holiday home will really use it as holiday home
�
cos if they are expecting rental from the units then..�
�
Haha. Are there many people that will lie to a property agent about the purpose of the home?
�
What about those that say they are using it as rental unit?
�
leaders need to have business acumen?
�
i though the most important criteria is to do well in exams (preferbly first class hons from ivy league) and know how to delegate. Then claim credit for success or give
excusesexplanations for failures�
if come from military background even better. Cos they can instill
feardiscipline in the company�
When i was young , all the bussinessman uncles used to tell me LKY would be the world's richest man if he was a bussinessman , he is so sharp and shwerd that people are afraid of him. He is always ahead in thought based on my few impressions meeting him and he was around in his 70s , i� would wonder how strong he is when he was in his peak.
�
It takes bussiness acumen to make right strategic decisions and taking charge when things f**ked up , not duck from the responsiblity and try cover it. Most of the people know the ex aljunied grc lost money to lehman bros but how come they don' dig and publish it and yet bring out the deficients of the present group running one the moment it had problems.
�
wah...according to the article, one is paid 100k to be fake buyer!
�
kin!!!! poh mata!!!!!
�
When i was young , all the bussinessman uncles used to tell me LKY would be the world's richest man if he was a bussinessman , he is so sharp and shwerd that people are afraid of him. He is always ahead in thought based on my few impressions meeting him and he was around in his 70s , i� would wonder how strong he is when he was in his peak.
�
It takes bussiness acumen to make right strategic decisions and taking charge when things f**ked up , not duck from the responsiblity and try cover it. Most of the people know the ex aljunied grc lost money to lehman bros but how come they don' dig and publish it and yet bring out the deficients of the present group running one the moment it had problems.
�
�
wah...according to the article, one is paid 100k to be fake buyer!
�
How come no one pays me to be a "fake buyer" also?
�
Haha. Are there many people that will lie to a property agent about the purpose of the home?
�
What about those that say they are using it as rental unit?
�
Not many but got some lah
�
some people have some strange need to justify to the agent why they are buying.. maybe they want to appear clever
�
so i will warn them about the over supply and untested rental market etc�
�
and they will say don't worry, cannot rent then just use as holiday apartment lor
�
that's why sometimes it is quite easy being an agent. If client not keen to buy, no need to waste saliva convincing them
�
if they want to buy, even u tell them very risky they also will write you a cheque�
another thing may have caused SIBOR to go up, UST1Y yields have jumped alot recently... so short term financing for local banks are getting more ex... so the bank cartel... association of banks have to increase saibor lor
�
for those into macro, heres a useful chart: dynamic UST yield curve. Historically yield curve inversion has always happened just before a big crash, so it seems we r far from it at the mo... but going forward u can refer to this to see how the "smart money" aka bond traders feel abt d economies...
�
u can see that inversions occurred just ard 2000 & 2007... pretty timely
�
http://stockcharts.c.../yieldcurve.php
Edited by Duckduck, 08 January 2015 - 11:02 PM.
another pinnacle unit sold at $918k
key point is highlighted in blue
Attached Thumbnails
Edited by Wt_know, 09 January 2015 - 10:17 PM.
another pinnacle unit sold at $918k
key point is highlighted in blue
Sell private already got cash. Use some to buy HDb and some for the rest of their lives.
Whats the big deal, really?
By 60s, most decent white collared employee would have likely a 7digit bank account after selling their property. Average singapore household already has $700k in cash.
Next time you in your 60s will have also lah, dont worry.
In this case, the old couple doesnt want big commitment and prefers to leave life leisurely so just settle the bill. Next time pass the flat to daughter without headaches.
Quite similar to my parents, the HDB is fully paid and will be passed to my unmarried sister if anything happens to them.
You ???? lah, muayhahahaha
Edited by Throttle2, 09 January 2015 - 11:25 PM.
hahaha ... yalor ....
�
You ???? lah, muayhahahaha�
Edited by Wt_know, 09 January 2015 - 11:58 PM.
Couple in their sixties with daughter downgrading from private to HDB, definitely have cash.
Sell private already got cash. Use some to buy HDb and some for the rest of their lives.
Whats the big deal, really?
By 60s, most decent white collared employee would have likely a 7digit bank account after selling their property. Average singapore household already has $700k in cash.
Next time you in your 60s will have also lah, dont worry.
In this case, the old couple doesnt want big commitment and prefers to leave life leisurely so just settle the bill. Next time pass the flat to daughter without headaches.
Quite similar to my parents, the HDB is fully paid and will be passed to my unmarried sister if anything happens to them.
You ???? lah, muayhahahaha
????![[grin]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_uYz4plEWeVafBo3J2-JvKXUT-qgRhKss-I3k6U_e_gaANyGarflUEmguVjLfcUtWTjaa8cFoofD1N3xCKJh9WrLpLkC5t6L-bIKW6nzwI7C46xvN3EwFKrD5fYtIX1zVsvjj8=s0-d)
Attached Thumbnails
why default?
just let out the unit at $3k > $2K > $1K > $500 ... sure got tenant one ...
why default?
just let out the unit at $3k > $2K > $1K > $500 ... sure got tenant one ...
Perhaps they hold one too many??? Heee heee heee....
Where is the joker which tells me the bank won't get affected as long as their monthly report get sent monthly on NPLs??? Suddenly disappear.
�
People like to dig my comments, but how come all disappear?? Where are they??
�
So what is the difference between those which shoot and when wrong keep quiet ??
Edited by CH_CO, 12 January 2015 - 03:22 PM.
another thing may have caused SIBOR to go up, UST1Y yields have jumped alot recently... so short term financing for local banks are getting more ex... so the bank cartel... association of banks have to increase saibor lor
�
for those into macro, heres a useful chart: dynamic UST yield curve. Historically yield curve inversion has always happened just before a big crash, so it seems we r far from it at the mo... but going forward u can refer to this to see how the "smart money" aka bond traders feel abt d economies...
�
u can see that inversions occurred just ard 2000 & 2007... pretty timely
�
http://stockcharts.c.../yieldcurve.php
Thanks for the sharing.
Lol u deserve to be mcf member of the month Lol...
Thanks for the sharing.
Lol u deserve to be mcf member of the month Lol...�
Come come i help to clap .
last sat went to Kovan Residence for BIL who booked the function room via a friend there. �3 bedroom there should fetch $3k/mth rental?
last sat went to Kovan Residence for BIL who booked the function room via a friend there. �3 bedroom there should fetch $3k/mth rental?
�
$3k so low ah?
�
gap between condo and HDB narrows further�
�
yishun HDB 800sqft rental $2k-$2.2k (not walking distance to MRT)
�
$3k so low ah?
�
gap between condo and HDB narrows further�
�
yishun HDB 800sqft rental $2k-$2.2k (not walking distance to MRT)
�
walking distance to MRT and ~1200sq ft rental how much?
�
in case i ever want to rent out my HDB
�
�
walking distance to MRT and ~1200sq ft rental how much?
�
in case i ever want to rent out my HDB
�
�
maybe $100-200 more lah
�
yield for HDB very good man
�
can reach higher than 10%
�
maybe $100-200 more lah
�
yield for HDB very good man
�
can reach higher than 10%
�
damn....that yishun 800sq ft looks more value for $$
�
another wrong purchase decision on my part
�
�
damn....that yishun 800sq ft looks more value for $$
�
another wrong purchase decision on my part
�
�
when the market is crazy like this, best to rent out cheap units
�
it's ok, u can learn plenty just by reading this thread from start to end 5 times
�
will become certified property investment expert�
Telok Blangah 2rm flat (484 sqft) renting out for between 1.8-2.1k monthly. But next to mrt lah.
Edited by Myxilplix, 12 January 2015 - 04:36 PM.
KR convenience wise damn good. �Opposite Heartland Mall, Kovam Hawker. �NTUC/COld Storage.
MRT entrance just outside the condo gate. �But suspect the roads on the inner side will have xtra bad morn/evening jam.
KR already 500+ units. �KM, 700-800 units. �Then got 1 new 1 beside called Kovan Regency.
�
$3k so low ah?
�
gap between condo and HDB narrows further�
�
yishun HDB 800sqft rental $2k-$2.2k (not walking distance to MRT)
like that 3.6-4k? ��
Haha , just things i observed , since i am on sabbatical after collecting a fat bonus ,i think i can give my opinion.
�
Probably some of the others in credit would notice , there is an increasing amount of default payments and more to come in the near future. I have warned of this since 2013 , but now i would think it is a good time to short the developer stocks.
�
Some of the richer guys here would probably receive a list from their banks on those default units. More shit to come.
Edited by CH_CO, 12 January 2015 - 05:11 PM.
KR convenience wise damn good. �Opposite Heartland Mall, Kovam Hawker. �NTUC/COld Storage.
MRT entrance just outside the condo gate. �But suspect the roads on the inner side will have xtra bad morn/evening jam.
KR already 500+ units. �KM, 700-800 units. �Then got 1 new 1 beside called Kovan Regency.�
along the stretch also got tons of other boutique condos
�
plus tembusu too �
Haha , just things i observed , since i am on sabbatical after collecting a fat bonus ,i think i can give my opinion.
�
Probably some of the others in credit would notice , there is an increasing amount of default payments and more to come in the near future. I have warned of this since 2013 , but now i would think it is a good time to short the developer stocks.
�
Some of the richer guys here would probably receive a list from their banks on those default units. More shit to come.
�
congrats on being on sabbatical !
�
this is not surprising, especially if one has been following what is going on since 2008
�
and also have a clear understanding what has been driving the property market in SG from 2006 till present
�
but i wouldnt start shorting developers, rather pick up keppel land $1 sometime down the road�
�
along the stretch also got tons of other boutique condos
�
plus tembusu too �
�
congrats on being on sabbatical !
�
this is not surprising, especially if one has been following what is going on since 2008
�
and also have a clear understanding what has been driving the property market in SG from 2006 till present
�
but i wouldnt start shorting developers, rather pick up keppel land $1 sometime down the road�
Lucky the government put on brakes on loan curb , if not it will be a lot worst off now. I still feel that mainstream media should be more mindful of what is being published regarding the record breaking selling price if it is sold to buyer paying full cash instead of taking loan. The way the news is published is in such a way that it give public a false impression that the housing market is still good with the recent 900plus k sale of the pinnicle dexturn. In fact its not doing that well if buyer would to take loan.. So need to minus out cash rich people as market up or down do not affect as much as those taking huge loan.
the direction is DOWN ...
Edited by Wt_know, 12 January 2015 - 06:46 PM.
�
When i was young , all the bussinessman uncles used to tell me LKY would be the world's richest man if he was a bussinessman , he is so sharp and shwerd that people are afraid of him. He is always ahead in thought based on my few impressions meeting him and he was around in his 70s , i� would wonder how strong he is when he was in his peak.
�
It takes bussiness acumen to make right strategic decisions and taking charge when things f**ked up , not duck from the responsiblity and try cover it. Most of the people know the ex aljunied grc lost money to lehman bros but how come they don' dig and publish it and yet bring out the deficients of the present group running one the moment it had problems.
�
Yes, LKY was very sharp and shrewd in his peak, but even then he also got snooked by the Chinese in the Suzhou Industrial Park saga. What more can we expect from other mere mortals? Learn and regurgitate from textbooks lah...�
Where is the joker which tells me the bank won't get affected as long as their monthly report get sent monthly on NPLs??? Suddenly disappear.
�
People like to dig my comments, but how come all disappear?? Where are they??
�
So what is the difference between those which shoot and when wrong keep quiet ??
Now the revised tune is : who didnt know the market was coming off, can read it since 2008 etc etc....
Edited by Throttle2, 12 January 2015 - 07:20 PM.
�
$3k so low ah?
�
gap between condo and HDB narrows further�
�
yishun HDB 800sqft rental $2k-$2.2k (not walking distance to MRT)
Sure or not? Yishun rental for hdb already come down Liao.�
walking distance to MRT and ~1200sq ft rental how much?
�
in case i ever want to rent out my HDB
�
Depending on which location. Doesn't mean near mrt will equal to very good rental price. But mine rented out 2.8k. Mine is a 4 room flat at sengkang. Near mrt.
4-room flat means 3 bedroom only right
with 3-bedrooms only can fetch $2.8K rental exclude utilities.
wow ... i wonder how the tenant sustain the cost.
sibei good rental for yield for a hdb
Edited by Wt_know, 12 January 2015 - 07:29 PM.
KR convenience wise damn good. �Opposite Heartland Mall, Kovam Hawker. �NTUC/COld Storage.
MRT entrance just outside the condo gate. �But suspect the roads on the inner side will have xtra bad morn/evening jam.
KR already 500+ units. �KM, 700-800 units. �Then got 1 new 1 beside called Kovan Regency.
Kovan regency 400+ units.4-room flat means 3 bedroom only right
with 3-bedrooms only can fetch $2.8K rental exclude utilities.
wow ... i wonder how the tenant sustain the cost.
sibei sibei good rental for yield for a hdb
Must be prepared to rent to any type of tenants. Mine is Indian tenants. Family of 3.
Kovan regency 400+ units.
Must be prepared to rent to any type of tenants. Mine is Indian tenants. Family of 3.550 + 750 + 450 = �~1750 units cramming about that small congested back roads....
550 + 750 + 450 = �~1750 units cramming about that small congested back roads....
So far still ok. But when kovan regency TOP then I don't know Liao. Think they can use the new road kovan rise to link to Florence road to get to out? Anyway It is the upper serangoon road that is really bad.
So far still ok. But when kovan regency TOP then I don't know Liao. Think they can use the new road kovan rise to link to Florence road to get to out? Anyway It is the upper serangoon road that is really bad.
Traffic at upper serangoon road is not too bad. Usual peak hours and sat and sun afternoon abit jam, traffic is flowing moderate.
Edited by Yewheng, 12 January 2015 - 07:57 PM.
Kovan regency 400+ units.
Must be prepared to rent to any type of tenants. Mine is Indian tenants. Family of 3.
Don't be surprised there are sub tenants
My floor got one 4 room also rented out. Family of 4 but always have different Indians in the flat from time to time
Thats good, dude.
My trade on long USDSGD has taken me from 1.25 up to 1.33 already.
Basically covered my losses in several other bets. Sigh...�
i only have 1 open trade position at anytime. easy to manage...�
�
long gold is basically short US$ as thats its denominator...
�
its a trade, not an investment
A mixed commercial and residential site at Yishun Avenue 4 attracted a total of five bids after the tender closed on Tuesday, revealed the HDB.
Launched for sale last November, the 9,759.80 sqm site has a maximum gross floor area (GFA) of 27,327.44 sqm and plot ratio of 2.8.
The top bid of $185.09 million was submitted by Northern Resi and Northern Retail. This translates to a psm price of about $6,773 on the GFA.
KBD Ventures and Changi Properties offered the second highest bid of $181.6 million, while the lowest bid of $94.5 million came from KSH Land Development.
CBRE Research Head Desmond Sim said given the current market conditions, the price bids remained subdued.
�Bids for this Yishun site reflect some level of caution as there are private residential projects in the North yet to be launched. The bidders would have factored these considerations before determining their overall bid price,� he explained.
According to the housing board, the 99-year leasehold plot could yield 180 housing units.
A decision on the award of the tender will be made after the bids have been evaluated.
Meanwhile, the first half of 2015 will likely see nine confirmed sites launched for sale. �With that in mind, the market should see a fair number of bidders for land sales in 2015 given that the inventories of some developers are running low,� noted Sim.
Image source: HDB
�
Edited by Wyfitms, 14 January 2015 - 10:56 AM.
lai liao ... at some point ... they have to unload unsold inventory ... lol
We said so many times already, got anything new?
Heh heh
mai spread fear ... mai spread fear ...
we were told more good years ahead ... huat ah!
hdb $1M record broken ... target $1.5M ... agent said $1.5M is mass market yardstick for cheap pigeon hole
�
�
Edited by Wt_know, 14 January 2015 - 12:09 PM.
�
i only have 1 open trade position at anytime. easy to manage...�
�
long gold is basically short US$ as thats its denominator...
�
its a trade, not an investment
�
gold up big due to swiss france move... craziness!
�
mai spread fear ... mai spread fear ...
where are the ana-list that said there is no "oversupply" ... nabei
�
especially this guy
http://www.stpropert...ultant/a/140835
�
Enough home supply for up to 2030
�
i guess the main point is here ... so we need to meet 6.9M population by 2017 to fill up the vacancies?
or the vacancies is left vacant for 13 years until 2030?
�
Singapore�s population was about 5.4 million at the end of last June. Taken together, it means that if we simply allowed the current residential projects in the pipeline to be completed, we can already accommodate a population of 6.7 million. And if we take into account the current vacancy of 23,375 private residential and EC units (as at end-September last year), we can just about accommodate the 6.9 million planned for 2030.Attached Thumbnails
Edited by Wt_know, 16 January 2015 - 04:52 PM.
http://www.ura.gov.s...n/pr15-01a.ashx
�
im fibonnaci # fan... big supports at 161.8 & 200... in other words if we dont see prices stop falling soon at ard 200, its cld b another -10 to -20% decline before big support... ive no idea just observing...
mai spread fear ... mai spread fear ...
where are the ana-list that said there is no "oversupply" ... nabei
�
especially this guy
http://www.stpropert...ultant/a/140835
�
Enough home supply for up to 2030
�
i guess the main point is here ... so we need to meet 6.9M population by 2017 to fill up the vacancies?
or the vacancies is left vacant for 13 years until 2030?
�
�
�
perfect justification for PAP to bring in more ppl�
�
after 2015�
Sorry I am less incline to use TA to measure prices as it is not inflation and fundamental adjusted. Though history do repeats itself but to me I don't judge based on this.
�
To me , properties prices is subject to cashflow and market flows more than charts . More often than not , under normal circumstances they are just a delayed action that reflect the economic scenario. But in SG it is slightly different this time round , it is more of hot money flowing out and everyone is no longer buying the dream Singapore is selling.
�
As for the justification , so what , by increasing the population by increasing trash here would increase the productivity?? Sorry , I don't think it works this way.
Edited by CH_CO, 16 January 2015 - 05:55 PM.
16 units is top selling. Wow
MuayhahahahahAttached Thumbnails
little cheer ... what a nice word ... lol
Once in a while no sales, no problem lah
Edited by Throttle2, 16 January 2015 - 11:30 PM.
Its alright lah, most agents f**k the market up and make a lot of money anyway.
Once in a while no sales, no problem lah�
wow really? thanks for seeing agents so up
�
that they can actually influence the market in any way
�
hope it is not because you were conned by an agent before�
Aiyoyo
16 units is top selling. Wow
Muayhahahahah�how come this pic boh watch?
Mai spread fear...mai spread fear...
�
There's sufficient housing to go around.
�
http://www.todayonli...singlepage=true
�
Many property market participants remain in denial about the housing oversupply situation, with investors and real estate agents hoping that the outlook will improve while they ignore the growing difficulties in securing tenants amid stiff competition among landlords.BY KU SWEE YONG -JANUARY 16Many property market participants remain in denial about the housing oversupply situation, with investors and real estate agents hoping that the outlook will improve while they ignore the growing difficulties in securing tenants amid stiff competition among landlords.
It should be clear by now that the residential property segment is heavily oversupplied.
Vacancies of private homes at 7.1 per cent equate to more than 21,000 empty units at the end of last September, Urban Redevelopment Authority (URA) data showed. Meanwhile, the stock of vacant Executive Condominiums (ECs) rose sharply to 2,375 units, or 16.2 per cent, at the end of September from 1,634 units, or 12.2 per cent at the end of June. And more homes are being built, putting further pressure on the market. We can expect a total residential supply of 150,689 units within three years and possibly another 35,000 units in 2018.
Table 1 shows the expected completion of new residential units � private, EC as well as HDB � from this year to 2017. The figures are compiled from projects currently under way and in various stages of completion, starting from land sales and HDB�s Build-To-Order (BTO) launches. Given that the pace of construction is usually ahead of developers� planned schedules, we can expect the large supply to come into the market earlier.
Those who deny there is an oversupply of homes point to the Population White Paper published in January 2013 that outlined Singapore�s plans to allow for the population to increase to 6.9 million by 2030. In the same paper, it was stated that �sufficient land has been set aside for an additional 700,000 homes from today, and more in the longer term if there is a need�.
This implies that over the 17-year period from 2013 to 2030, we can expect population growth of 94,000 and an increase of 41,000 residential units per year on average. So those hopeful investors and property agents hold the opinion that while there may be some oversupply in the next few years, the excess supply will be small.
In my opinion, the forecast number of housing units is overestimated � and by a large margin. An increase of 94,000 in the population per year does not require an increase of 41,000 housing units, or about 2.3 persons per residential unit, because:
1. New population growth in the categories of �Dependants of Citizens/PRs/Work Pass Holders�, �Work Permit Holders� and �Foreign Domestic Workers� (which together take up 74 per cent of our non-resident population) does not take up significant additional housing units as the majority have their accommodation provided for by their employers at home or in workers� dormitories;
2. New foreign students in Singapore (accounting for 6 per cent of non-residents) often choose to stay in hostels.
Furthermore, if we look back to the period with the highest population growth and look at the increase in the total number of homes, we will realise that the 700,000 additional housing units is grossly overestimated.
During the last decade, Singapore�s population growth averaged 130,000 per year, with the peak increase of 251,000 in 2008 (see Table 2). We managed to accommodate 1.3 million more people with an additional 151,475 residential units � or about one additional housing unit per 8.6 new persons in Singapore. This means that the 150,689 units that are expected to be completed from now to 2017 can accommodate another 1.3 million population growth.
Singapore�s population was about 5.4 million at the end of last June. Taken together, it means that if we simply allowed the current residential projects in the pipeline to be completed, we can already accommodate a population of 6.7 million. And if we take into account the current vacancy of 23,375 private residential and EC units (as at end-September last year), we can just about accommodate the 6.9 million planned for 2030.
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About the author:
Ku Swee Yong is a licensed real estate agent and the chief executive of property firm Century 21 Singapore. He recently launched his third book �Real Estate Realities � Accommodating the Investment Needs of Today�s Society.�
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wow really? thanks for seeing agents so up
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that they can actually influence the market in any way
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hope it is not because you were conned by an agent before�
Yah lor, i got conned for selling my unit at all time record high psf price lor.
So miserable, me...... Sigh....
Muayhahahahahahah.
A lot of misinformation from both sides trying to talk up or talk down the market. Peeps looking to buy or sell should do their own fact checking and research on the market instead of relying on others - after all, it is your money to lose.
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Rental revision not 10%; no renovation cost deal20 Jan5:50 AMI REFER to the Bloomberg article "S'pore empty homes may climb to highest since 1998" (BT, Jan 19).
I am Sam King's landlord, and I can confirm that the rental revision was 3.75 per cent lower, not 10 per cent as the article stated, and that I have not agreed to "split some renovation costs, and provide new curtains and lights".
While I am sure that your readers are well aware of the softness in Singapore residential rents, I am equally sure that they would appreciate the correct information.
Gerry Ball
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Article was quite long but the relevant part is here:
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19 Jan5:50 AM
Singapore
SAM King had a pleasant surprise when the lease on his Singapore apartment came up for renewal late last year. For the first time in six years, Mr King was able to negotiate a lower rent with his landlord.
"It has turned into a tenant's market," said the 29-year-old sales director at an aviation services company, who got a 10 per cent reduction in the rent on his two-bedroom penthouse in the east of Singapore. His landlord also agreed to split some renovation costs, and provide new curtains and lights.
As Singapore's property market cools following five years of price gains, the number of empty apartments is on the rise, putting pressure on some landlords and giving the upper hand to tenants like Mr King who are renegotiating their leases. Vacancy rates for private residential homes rose to 7.1 per cent during the quarter ended Sept 30, up from a low of 4.6 per cent in March 2010 and the highest since March 2006, data from the Urban Redevelopment Authority showed.
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Edited by Kusje, 20 January 2015 - 10:12 AM.
is Sam King lying?????
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I am Sam King's landlord, and I can confirm that the rental revision was 3.75 per cent lower, not 10 per cent as the article stated, and that I have not agreed to "split some renovation costs, and provide new curtains and lights".�
19 Jan5:50 AMSingapore
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SAM King had a pleasant surprise when the lease on his Singapore apartment came up for renewal late last year. For the first time in six years, Mr King was able to negotiate a lower rent with his landlord.
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"It has turned into a tenant's market," said the 29-year-old sales director at an aviation services company, who got a 10 per cent reduction in the rent on his two-bedroom penthouse in the east of Singapore. His landlord also agreed to split some renovation costs, and provide new curtains and lights.
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As Singapore's property market cools following five years of price gains, the number of empty apartments is on the rise, putting pressure on some landlords and giving the upper hand to tenants like Mr King who are renegotiating their leases. Vacancy rates for private residential homes rose to 7.1 per cent during the quarter ended Sept 30, up from a low of 4.6 per cent in March 2010 and the highest since March 2006, data from the Urban Redevelopment Authority showed.
�Some landlords, facing tighter lending curbs and a more competitive rental market, have defaulted on their mortgages, leading to a fivefold jump in the number of properties put up for auction by the banks. A total of 159 apartments or houses were auctioned last year, up from 32 in 2013, according to auction data from real estate broker Colliers International.
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With fewer expatriates coming to live in Singapore due to controls on immigration, and a large number of apartments set to be completed in the next two years, the vacancy rate could rise further in 2015, bringing rents down even more.
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"We may hit almost 10 per cent by end of 2015 as completions are coming faster than the time now taken to find a tenant," said Alan Cheong, a Singapore-based director at broker Savills plc. Even in the depths of the Asian crisis of 1998, when Singapore property prices plunged 34 per cent, apartment vacancies topped out at 9.7 per cent, Mr Cheong added.
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More defaults are also probable, though for the moment it's only a small proportion of landlords who are facing difficulties with their mortgages. Less than 0.5 per cent of all mortgages were in default, according to the Monetary Authority of Singapore's latest financial stability report, published in December. Those in arrears made up less than one per cent of mortgages.
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Landlords with multiple properties are most exposed to the softening rental market. With resale prices falling as well, they often can't recoup the price they paid for properties they are unable to rent out.
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"The cooling measures have affected homeowners' ability to sell," said Sharon Lee, director and head of auction at the broker Knight Frank Singapore. "The current large supply of homes available for rent has also caused rental rates to decline and it could have affected some buyers' ability to refinance or service their loans."
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Singapore's home prices fell 4 per cent in 2014, the first year-on-year decline since 2008. The government in 2013 added to its five-year campaign to rein in property values with some of the strictest measures, including capping total debt repayments at 60 per cent of a borrower's income.
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Meanwhile, more restrictive policies on hiring expatriates have curbed demand for home rentals at a time when the supply of new apartments is on the rise, said Ong Teck Hui, the national director of research at broker Jones Lang LaSalle.
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More than 20,000 new private homes will come onto the market in 2015 and again in 2016, up from about 17,911 in 2014, according to the Urban Redevelopment Authority.
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The government has clamped down on expatriate hiring after losing votes on the immigration issue in the last election in 2011.
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The number of employment passes issued in the first half of 2014 rose only 0.9 per cent to 176,600. That compares with a more than 20 per cent jump in such passes in each of the two years to 2011, data from the Ministry of Manpower showed. Passes issued fell 0.9 per cent in 2012 and rose 0.7 per cent in 2013.
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Prime residential rents could fall another 10 per cent this year, after a similar drop in 2014, Mr Ong added.
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BLOOMBERG
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Edited by Wt_know, 20 January 2015 - 10:20 AM.
A lot of misinformation from both sides trying to talk up or talk down the market. Peeps looking to buy or sell should do their own fact checking and research on the market instead of relying on others - after all, it is your money to lose.
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Article was quite long but the relevant part is here:
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i think the media has some pressure to paint a bleak picture'
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but we all know what is the truth right? heh heh
is Sam King lying?????
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Is Sam King the liar or did the Bloomberg reporter misrepresent the numbers?�
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Technically this Sam King is only on record as saying "It has turned into a tenant's market".
ayah just look at URA n squarefoot rental caveats lar... so obvious the rental price trend...still need media report meh
I think this reporter has his numbers all wrong. Article says Sam King is 29 years old.
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If you look at his LinkedIn page, https://sg.linkedin....king/14/6a1/936, he has
almost16 years of work experience.�
A fresh uni grad from the UK would be around 23, making him 39 years old now. Best to take this article's figures with a pinch of salt. Looks like a very poor job of journalism here
Edited by KR81, 20 January 2015 - 11:41 AM.
I think this reporter has his numbers all wrong. Article says Sam King is 29 years old.
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If you look at his LinkedIn page, https://sg.linkedin....king/14/6a1/936, he has
almost16 years of work experience.�
A fresh uni grad from the UK would be around 23, making him 39 years old now. Best to take this article's figures with a pinch of salt. Looks like a very poor job of journalism here
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How did you count 16 years? I only see 10.
my fren lookin for tenant kena lowball so he rejected rental offer heh... so seems like landlords still have some hope :)...
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it wont bottom until landlords have lost most or all hope imo..
Edited by Duckduck, 20 January 2015 - 12:15 PM.
You're right, some of his roles are overlapping.
Not enough kopi this morning!
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How did you count 16 years? I only see 10.
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Edited by KR81, 20 January 2015 - 12:23 PM.
Oh, you need to look at the dates. Some of those roles are concurrent.
No need lah.
If you think market is up, then just go ahead and buy lor. Whats stopping you? TDSR, CMs ? Wahahahahaha
The answer is in yourself, my friends
jialat liao ... expats has no money to stay in marina bay or river valley liao
so, is it better to buy MM condo at simei, bedok and tampinese and let to expats which can command higher rental compare to pinoy/indian/prc FT?
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Attached Thumbnails
Edited by Wt_know, 28 January 2015 - 11:28 PM.
If cannot rent then how ah?
Every month lose money ah?
Wah lau eh!
Expat package for housing min also 10k and up
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