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Singapore Home Prices Edged Up In Q1 On Strong China Demand-jll

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http://sg.finance.yahoo.com/news/Singapore...1089439142.html

On Wednesday 30 March 2011, 16:00 SGT

SINGAPORE, March 30 (Reuters) - Strong demand from mainland Chinese buyers helped Singapore private home prices edge higher in the first quarter of 2011, despite government efforts to cool the market, property consultants Jones Lang LaSalle (JLL) said on Wednesday.

The average value of non-prime private apartments in Singapore reached a record high of S$1,043 ($823) per square foot in the first quarter, exceeding the previous high of S$1,020 psf in the last three months of 2010, JLL estimates.

Singapore, like Hong Kong, has found it difficult to keep a lid on property prices due to the surge in global liquidity that has pushed mortgage rates to near record lows as well as strong demand from cash-rich China nationals. [iD:nL3E7E91AR]

The increasing cost of owning a home has become a political issue ahead of general elections that may take place as early as next month.

Chinese nationals made up the largest group of foreign buyers of Singapore property, accounting for about one quarter of all purchases by foreigners in the city-state, JLL added.

"The surge in Chinese buyers in Singapore coincided with the policy tightening in China," said Chua Yang Liang, JLL's head of research for Southeast Asia.

The strong demand from China will continue so long as Beijing's fiscal and monetary policies remain conducive to overseas investment by wealthier Chinese nationals, he added.

Chinese investors last year overtook Indonesians to become the largest group of foreign buyers of Singapore residential property.

In the first three months of 2011, mainland Chinese accounted for nearly one-third of purchases by non-Singaporeans in the top end of the market which JLL defined as homes worth S$5 million and above.

Singapore has stepped up construction of lower-cost government apartments and increased subsidies for first-time home buyers in the lower-income groups in a bid to cool the housing market.

It also introduced new anti-speculation measures on Jan 13 that included tougher borrowing limits and a hefty stamp duty of 16 percent of the selling price for those who buy and sell within 12 months. [iD:nL3E7CD0WK]

Singapore private home prices rose 17.6 percent last year despite government attempts to cool the market in February and August.

The country's Urban Redevelopment Authority will release flash estimates for private home prices in the first quarter on April 1. ($1 = 1.261 Singapore Dollars) (Reporting by Kevin Lim; Editing by Ramya Venugopal)

 

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Chinese buyers acquired more homes here than any other group of foreigners in the first three months of the year, bypassing Malaysians, the traditional leaders, in the process. Mainland Chinese - including permanent residents (PRs) - snapped up 241 homes this quarter.

Edited by bepgof
 

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Chinese buyers acquired more homes here than any other group of foreigners in the first three months of the year, bypassing Malaysians, the traditional leaders, in the process. Mainland Chinese - including permanent residents (PRs) - snapped up 241 homes this quarter.

I think Singaporeans would generally be quite unhappy as most young generation could not get a HDB, while a foreign Chinese National can buy a few prime district condos in Singapore. Wonder what is left for our future Singaporeans. And if it helps, they are snapping up all our COEs as well. Our kids have to take public bus to school.

 

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Public transport also not space to stand. During peak time, need to wait for few MRT before can get in.

Next generation, either cycle or walk to school.

 

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Recently, my chinese col just turned from PR to citizen(A). Then happily went to apply for the recent BTO at SengKang. While another col(B), truly Singapore citizen went to apply boon lay BTO.

B was swearing to A, "lim pek have to serve my country for 12 years(NS + reservist) well u(B) never sweat or bleed for Singapore can apply for new hdb".

And also, A has property in China.... how HDB is going to check?

 

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Recently, my chinese col just turned from PR to citizen(A). Then happily went to apply for the recent BTO at SengKang. While another col(B), truly Singapore citizen went to apply boon lay BTO.

B was swearing to A, "lim pek have to serve my country for 12 years(NS + reservist) well u(B) never sweat or bleed for Singapore can apply for new hdb".

And also, A has property in China.... how HDB is going to check?

That new rule about oversea property. Wondering how HDB going to check.

White elephant rule.

If they don't say, how HDB will know? :rolleyes:

Oh..

BTW, tell u one of their workaround, they had told me.

2 China chinese couple. Wife convert to Singaporean . Husband remain as PR.

Apply new HDB, Take all simi grant as they can.

If is baby girl, give birth in Singapore. b'coz the wife work at nurse. Got staff price during give birth. Take singapore citizenship. Got simi baby bouns. Edsave fund, etc

If is baby boy, wife resign and go back to China to stay until give birth. Take China Citizenship. Stay at China, educate at China. unless want to come to Singapore and study. Then apply student pass.

That's their plan but don't know workable or not?

 

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That new rule about oversea property. Wondering how HDB going to check.

White elephant rule.

If they don't say, how HDB will know? :rolleyes:

Oh..

BTW, tell u one of their workaround, they had told me.

2 China chinese couple. Wife convert to Singaporean . Husband remain as PR.

Apply new HDB, Take all simi grant as they can.

If is baby girl, give birth in Singapore. b'coz the wife work at nurse. Got staff price during give birth. Take singapore citizenship. Got simi baby bouns. Edsave fund, etc

If is baby boy, wife resign and go back to China to stay until give birth. Take China Citizenship. Stay at China, educate at China. unless want to come to Singapore and study. Then apply student pass.

That's their plan but don't know workable or not?

This plan is workable! It has been tested and proven by many foreigners in Singapore for years. I read this plan on expat forums before. Honestly, I really pity our poor sons who are born in Singapore, they waste 2 years of life working cheaply for govt with the risk of injury and death!

Edited by forgotten
 

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honestly NS is not as horrible as it sounds la... pretty much manageable and fun during the BMT period.

many men do not mind reservists as well, since its always nice to catch up with long time friends...

ok, back to topic, no system would be 100% "abuse-free". No point saying who go thru loop holes....as there is always someone doing so, its just not us. Be glad we do not have to leave our parents and loved ones in order to "benefit" from a system. If i have a choice, i would still rather be a Singaporean than China guy who can go thru loop holes.

Treasure what we have instead of what we cannot have.

Cheers!

 

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That new rule about oversea property. Wondering how HDB going to check.

White elephant rule.

If they don't say, how HDB will know? :rolleyes:

Oh..

BTW, tell u one of their workaround, they had told me.

2 China chinese couple. Wife convert to Singaporean . Husband remain as PR.

Apply new HDB, Take all simi grant as they can.

If is baby girl, give birth in Singapore. b'coz the wife work at nurse. Got staff price during give birth. Take singapore citizenship. Got simi baby bouns. Edsave fund, etc

If is baby boy, wife resign and go back to China to stay until give birth. Take China Citizenship. Stay at China, educate at China. unless want to come to Singapore and study. Then apply student pass.

That's their plan but don't know workable or not?

second part on the baby boy won't work cos so long as he is 2nd generation of citizen/PR, needs to serve NS. unless he declares he won't become SG citizen or PR anymore in future.

HK housing market even worse as they are much closer to China. even the 15% stamp duty is not stopping the property market from going up up up~

 

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many men do not mind reservists as well, since its always nice to catch up with long time friends...

My husband love reservist. He so sad when his reservist period has finish.

No more 1/2 day go home. Even call me and ask me to guess where was he now.

No more watching world cup in the canteen. Even call me and told me what was the score.

No more sitting at the shopping mall , looking at mei mei during lunch time.

No more playing card during CNY time. Tell me how much he won during the card games.

Wah liao..

Sometime wondering, what is he doing in his reservist time.

Some more, never has a single re-call.

 

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i love my reservist..... 2 weeks of lim kopi with buddies plus the odd stint at lim chu kang playing catching... i miss my reservist le...

 

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My husband love reservist. He so sad when his reservist period has finish.

No more 1/2 day go home. Even call me and ask me to guess where was he now.

No more watching world cup in the canteen. Even call me and told me what was the score.

No more sitting at the shopping mall , looking at mei mei during lunch time.

No more playing card during CNY time. Tell me how much he won during the card games.

Wah liao..

Sometime wondering, what is he doing in his reservist time.

Some more, never has a single re-call.

My hubby is the opposite from your hubby. I never hear him grumble so much in our years together haha! :P I called him "grumpy old man" during reservist days and that period as "his yearly PMS".

My brother and his colleagues love reservist cos it's a chance for them to switch off from their auditor work.

Edited by forgotten
 

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