Bloomberg: Singapore's soaring rents are becoming a political problem

[Chase]

Singapore's soaring rents are becoming a political problem
https://www.afr.com/property/reside...-becoming-a-political-problem-20230508-p5d6oo

Expats aren’t the only ones feeling the pinch of rents in Singapore rising at the fastest pace in the world.

The pain is trickling down to young singles like Sonam who are largely shut out of the nation’s subsidized housing program and starting to question the government’s resolve to tackle the problem. The 33-year-old tech worker, a life-long supporter of the ruling People’s Action Party, moved to Thailand after her landlord raised her rent by 70% for a two-year lease. She plans to support the opposition in the next election.

Last month the government announced a bold move to double the stamp duty to 60% for foreigners buying homes. “To have such steep increases for foreigners certainly point towards the ruling party starting to build its narrative” for the vote, said Nydia Ngiow, a managing director at BowerGroupAsia, a policy advisory firm. “This adds to the speculation that the elections could be held earlier than 2025.”

In a national address last week, Finance Minister Lawrence Wong — who is positioned to succeed Lee — acknowledged that prices have soared, but said incomes have kept pace. “In Singapore, the prime minister has to be a real estate agent,” he said. “So I’m learning and brushing up my skills.”

Singapore has largely defied a global property slowdown as an influx of wealth from China and other countries fans the market. Home prices have jumped for 12 straight quarters, even as they decline in cities from Hong Kong to London.

With so many people priced out of the market, demand for rentals has soared. Rents for private apartments and public housing surged about 32% and 27% respectively in March from a year earlier, though landlords often demand more. Singapore has topped New York with the world’s fastest pace of rental growth for high-end properties.

While the rental hikes have impacted expats more acutely since they are less likely to own homes, a survey last year showed that two in three Singaporeans between the ages of 22 to 29 are choosing to rent due to insufficient savings. Belle, a Singaporean content creator renting a shared flat, would like to see a cap on rent increases. She too is considering voting for an opposition party after previously supporting the PAP.

A new pilot program offering hostel-like public housing for low-income singles was meanwhile likened on social media to prisons.

 

[syed putra]

The big multinationals won't leave as sinkie fits in their criteria for health, safety, security and environment.
So that means sinkies will just have to keep pace.

 

[Scrooball (clone)]

The useless politicians are not reining in crazy costs.

Food, COEs, housing and more! These cunts only know how to use media to release a few feel good stories of $1 nasi lemak.

 

[Hypocrite-The]

I don't think is as big a deal as it's made up to be. Such news is just sensationalism

 

[laksaboy]

The pain is trickling down to young singles like Sonam who are largely shut out of the nation’s subsidized housing program and starting to question the government’s resolve to tackle the problem.

The source of the problem cannot also be the solution.

 

[aerobwala]

While the rental hikes have impacted expats more acutely since they are less likely to own homes, a survey last year showed that two in three Singaporeans between the ages of 22 to 29 are choosing to rent due to insufficient savings. Belle, a Singaporean content creator renting a shared flat, would like to see a cap on rent increases. She too is considering voting for an opposition party after previously supporting the PAP.

Expats suppose own a home here ?

 

[JohnTan]

Singapore's soaring rents are becoming a political problem
https://www.afr.com/property/reside...-becoming-a-political-problem-20230508-p5d6oo

Expats aren’t the only ones feeling the pinch of rents in Singapore rising at the fastest pace in the world.

The pain is trickling down to young singles like Sonam who are largely shut out of the nation’s subsidized housing program and starting to question the government’s resolve to tackle the problem. The 33-year-old tech worker, a life-long supporter of the ruling People’s Action Party, moved to Thailand after her landlord raised her rent by 70% for a two-year lease. She plans to support the opposition in the next election.

Last month the government announced a bold move to double the stamp duty to 60% for foreigners buying homes. “To have such steep increases for foreigners certainly point towards the ruling party starting to build its narrative” for the vote, said Nydia Ngiow, a managing director at BowerGroupAsia, a policy advisory firm. “This adds to the speculation that the elections could be held earlier than 2025.”

In a national address last week, Finance Minister Lawrence Wong — who is positioned to succeed Lee — acknowledged that prices have soared, but said incomes have kept pace. “In Singapore, the prime minister has to be a real estate agent,” he said. “So I’m learning and brushing up my skills.”

Singapore has largely defied a global property slowdown as an influx of wealth from China and other countries fans the market. Home prices have jumped for 12 straight quarters, even as they decline in cities from Hong Kong to London.

With so many people priced out of the market, demand for rentals has soared. Rents for private apartments and public housing surged about 32% and 27% respectively in March from a year earlier, though landlords often demand more. Singapore has topped New York with the world’s fastest pace of rental growth for high-end properties.

While the rental hikes have impacted expats more acutely since they are less likely to own homes, a survey last year showed that two in three Singaporeans between the ages of 22 to 29 are choosing to rent due to insufficient savings. Belle, a Singaporean content creator renting a shared flat, would like to see a cap on rent increases. She too is considering voting for an opposition party after previously supporting the PAP.

A new pilot program offering hostel-like public housing for low-income singles was meanwhile likened on social media to prisons.

This should encourage everyone, including foreigners, to buy a home in Singapore instead of renting.

There's no problem for me new. I just renewed a couple of rental contracts upwards. Collecting more rental income from my tenants from next month onwards.

 

[Loofydralb]

At last PAP has to admit that they will eventually hit a brick wall.
Anyone with brain cells would know that the PAP way of throwing money at any problem will not solve it but morph it into a bigger monster. Just like kicking the can down the road.
The collapse of USD as reserve currency will put a stake in PAP's economic heart, at last!

 

[Willamshakespear]

I don't think is as big a deal as it's made up to be. Such news is just sensationalism

I do agree with you. The report is more skewered towards supporting expatriates whom lived in palaces in their foreign countries, expecting the same while working here, than for our citizens plight, while a mere few citizens are USED to support their narrative over the high rental costs of living in land scarce Singapore.

Humankind relies on 5 senses - taste, smell, touch, hear & see - to define REALITIES. Anything without such are pure delusions.

The land scarce issue in Singapore is not a political problem, but a Human Expectations issue, which one as a sentient Human, must discern based upon REALITIES.

Our far sighted, hard working & visionary egalitarian forefathers & founding fathers had resolve the housing issue decades ago, & with descendants following their legacy, had forthrightly done the same - to leave no one behind.

The Free Market is a reality, based upon principles of supply & demand. As such, due to Worldwide expected inflation & rising costs as well as rising incomes, where a cup of kopi-o costs only 30cts in 1965, & salaries at avg $300/mth, today it is $1.20cts for the same cup if you are lucky enough to find a stall selling such & the avg Singapore salary today is $3000 to $5000.

A)leaders had followed our forefathers & founding fathers legacy, that no citizen will be left behind. For the young - 22 to 29 yrs old, whom are GAINFULLY employed, there is the HDB Public rental scheme, where they as a couple to start a family-the building block of civilization- can rent at mere below S$300/mth for a 2room flat. It is a temporary measure till their savings, CPF built up & waiting time for a BTO to be completed if they had applied & aspire to own their own homes for 99yrs, which no mortal will live more than such based upon the average life span of citizens -83yrs, & leave an inheritance for their kids.

For those whom remained single, they too are not left behind as they can purchase a flat - resale or BTO if they are above 35yrs old, whereby if they are gainfully employed, they would have the savings & CPF to meet the purchase price at such age.

B) Even with the land scarce issue, low salary foreign workers whom helped to contribute to our economy live in condo - like dormitories - with full egalitarian rights - health, safety even with security guards at entrances to protect them, even dining halls & even gym rooms, paid by employers.

C) For high level expatriates whom are contributing to our nation with jobs & innovation, whom will definitely earn more than even our Prime Minister, can rent or purchase properties in Singapore, even at high prices or doubled stamp duties, because what is money if one or one's loved ones have no security, opportunities, Rule of Law & conveniences that our country can provide?

D) For mid-level foreign executives, their talents are welcomed in Singapore that their own country is not providing, & thus their exodus here. But may they be aware - competition AT ALL LEVELS are rife. If one is to be competitive in a Free Market, one must be a true talent & be able to ADAPT & contribute. If not, the door is always opened. Our airports are opened 24/7. No one wants to lose talents, but neither can one be forced. Talents abound Worldwide.

As Singapore is an egalitarian society, perhaps more can be done to help not just Singaporeans, but foreign talents whom are contributing to our society. As HDB builds new homes for our citizens, perhaps 10% can be set aside for both young citizens whom wish to start families & foreign talents, but may those foreign talents be realistic & not expect to live in palaces. Already, our present HDB homes, often upgraded, are close to condo styles - clean, hygienic, utilities on time, sheltered walkways, efficient roads & transport systems, etc.

To fight rising rental costs, it will have to be based upon Free Market principle of supply & demand. CREATE more supply & the demand will fall resulting in lower or at least realistic prices that commiserate with one's income with left over for savings, & NEVER, EVER, a worker work to pay his landlord in order to live..

 

[Eisenhut]

To fight rising rental costs, it will have to be based upon Free Market principle of supply & demand. CREATE more supply & the demand will fall resulting in lower or at least realistic prices that commiserate with one's income with left over for savings, & NEVER, EVER, a worker work to pay his landlord in order to live..

Mai gong jiao wei , when petrol SS increase, worldwide price go down, did our petrol price go down?

When COE is in high supply, did COE price go down?

When Singtel, Starhub increase competition, did premier league football subscription come down?

So please don't gong jiao wei, in Singapore price always go up, up, up!

 

[Scrooball (clone)]

That’s the thing about these PAP dogs right. I bet they will step up when election is around the corner.

Not that much different from Oppo dogs too.

Politicians are truly a bunch of cocksuckers.

 

[winnipegjets]

Western media does not understand sinkees at all. Most sinkees are like John Tan; their support for the PAP is unassailable.

 

[Papsmearer]

I do agree with you. The report is more skewered towards supporting expatriates whom lived in palaces in their foreign countries, expecting the same while working here, than for our citizens plight, while a mere few citizens are USED to support their narrative over the high rental costs of living in land scarce Singapore.

Humankind relies on 5 senses - taste, smell, touch, hear & see - to define REALITIES. Anything without such are pure delusions.

The land scarce issue in Singapore is not a political problem, but a Human Expectations issue, which one as a sentient Human, must discern based upon REALITIES.

Our far sighted, hard working & visionary egalitarian forefathers & founding fathers had resolve the housing issue decades ago, & with descendants following their legacy, had forthrightly done the same - to leave no one behind.

The Free Market is a reality, based upon principles of supply & demand. As such, due to Worldwide expected inflation & rising costs as well as rising incomes, where a cup of kopi-o costs only 30cts in 1965, & salaries at avg $300/mth, today it is $1.20cts for the same cup if you are lucky enough to find a stall selling such & the avg Singapore salary today is $3000 to $5000.

A)leaders had followed our forefathers & founding fathers legacy, that no citizen will be left behind. For the young - 22 to 29 yrs old, whom are GAINFULLY employed, there is the HDB Public rental scheme, where they as a couple to start a family-the building block of civilization- can rent at mere below S$300/mth for a 2room flat. It is a temporary measure till their savings, CPF built up & waiting time for a BTO to be completed if they had applied & aspire to own their own homes for 99yrs, which no mortal will live more than such based upon the average life span of citizens -83yrs, & leave an inheritance for their kids.

For those whom remained single, they too are not left behind as they can purchase a flat - resale or BTO if they are above 35yrs old, whereby if they are gainfully employed, they would have the savings & CPF to meet the purchase price at such age.

B) Even with the land scarce issue, low salary foreign workers whom helped to contribute to our economy live in condo - like dormitories - with full egalitarian rights - health, safety even with security guards at entrances to protect them, even dining halls & even gym rooms, paid by employers.

C) For high level expatriates whom are contributing to our nation with jobs & innovation, whom will definitely earn more than even our Prime Minister, can rent or purchase properties in Singapore, even at high prices or doubled stamp duties, because what is money if one or one's loved ones have no security, opportunities, Rule of Law & conveniences that our country can provide?

D) For mid-level foreign executives, their talents are welcomed in Singapore that their own country is not providing, & thus their exodus here. But may they be aware - competition AT ALL LEVELS are rife. If one is to be competitive in a Free Market, one must be a true talent & be able to ADAPT & contribute. If not, the door is always opened. Our airports are opened 24/7. No one wants to lose talents, but neither can one be forced. Talents abound Worldwide.

As Singapore is an egalitarian society, perhaps more can be done to help not just Singaporeans, but foreign talents whom are contributing to our society. As HDB builds new homes for our citizens, perhaps 10% can be set aside for both young citizens whom wish to start families & foreign talents, but may those foreign talents be realistic & not expect to live in palaces. Already, our present HDB homes, often upgraded, are close to condo styles - clean, hygienic, utilities on time, sheltered walkways, efficient roads & transport systems, etc.

To fight rising rental costs, it will have to be based upon Free Market principle of supply & demand. CREATE more supply & the demand will fall resulting in lower or at least realistic prices that commiserate with one's income with left over for savings, & NEVER, EVER, a worker work to pay his landlord in order to live..

I just have one question for you. When you go down on your knees to suck PAP cock, do you swallow the cum too?

 

[Chase]

Expats suppose own a home here ?

This should encourage everyone, including foreigners, to buy a home in Singapore instead of renting.

We should implement rules in ANZ that foreigners can only buy new units and only can sell back to Citizens not PRs.

 

[Chase]

There's no problem for me new. I just renewed a couple of rental contracts upwards. Collecting more rental income from my tenants from next month onwards.

You are so handsome, none of them offered to blow you in return for the no rental-increment?

 

[Chase]

Companies in Singapore are partially paying housing costs of employees and even relocating staff to cheaper neighbouring cities to help them tackle home rents that rose last year at their fastest rate in 15 years.

https://www.reuters.com/world/asia-...le-soften-blow-soaring-rent-costs-2023-05-08/

 

[JohnTan]

You are so handsome, none of them offered to blow you in return for the no rental-increment?

Unlike oppies, I get enough sex from my wife. So there's no need for me to accept sexual favours in exchange for not increasing the rent.

 

[syed putra]

Sembcorp and keppel can buy old cruise ships and refurbish it and berth alongside on one of the dusused terminal owned by PSA. Easily accommodate thousand per vessel.