To divert public attention from the recent hot topic of supply glut in the property market, The Straits Times made use of November’s new sales to give developers a face-saving headline: “New private home sales rebound in November amid supply glut: URA data”. (The Straits Times, Dec 16) The article said “Excluding ECs, developers sold 1,147 units last month, 23.2 percent more … [Read more...]
Podcast Ep#9: The Truth Behind The New Curbs
Here comes part two of the new cooling measures show with the government raising five percent Additional Buyer Stamp Duty and lowering five percent for Loan-to-Value on July 5. In the midst of frantic last-minute buyers and discontented industry stakeholders, let me show you the true picture in this video: 1. How analysts prove to be the worst predictors again? 2. … [Read more...]
New cooling measures: The show has just begun
What a roller-coaster week for Singapore’s real estate market. It is a surprisingly well-coordinated good show put up by the Singapore government, complemented by the parts played by different stakeholders in the industry, with an unexpected ending of the cooling measures announcement. The show leading to the announcement Day 1: URA Q2 Estimate and PropNex IPO The … [Read more...]
How the 4% Buyer’s Stamp Duty makes speculators look foolish again
Singapore Budget 2018 has only bad news for the property industry. The top marginal Buyer’s Stamp Duty (BSD) rate is raised from 3 to 4 percent for residential properties valued over $1 million. The revised rate is effective immediately on or after 20 February 2018. The Finance Minister explained this is done to enhance “progressivity” in our tax system. For industry … [Read more...]
MAS makes commentators look foolish again
Last Thursday, Managing Director of Monetary Authority of Singapore (MAS) Ravi Menon mentioned at the annual report media conference that it is “not time yet to ease the cooling measures”, “they remain necessary” and “easing the measures now would send a wrong signal”. Sorry, cooling measures are to stay Menon cited two reasons for the decision: 1) Good pick-up of … [Read more...]