During the last ppty bubble of 2006/07/08, our Gov refused to acknowledge that there was a bubble forming until it was too late with sky high ppty prices. Our developers of course sang the same tune saying no bubble cos world economy sooooooo strong.
The result: No action taken.
When the bubble burst in the UK/US, our developers and banks cry father cry mother warning our Gov of the severe consequences and action needs to be taken fast.
The result: Immediate Action!! (IA!!!IA!!!IA!!!) Like rifle jam with live round during combat shoot. Land sales stopped, interest rates dropped, developers granted extension of development time, allow developers to rent out their units etc....
Now prices sooooo high until our young grads cannot afford public housing.
Action?: Cease IAP. Thats it????
Real action should be:
- 50% capital gains tax !!!
- Build more HDB flats
- Raise income ceiling for 1st time buyers of HDB flats
- BAN foreigners from buying ppty in the secondary market (like what australia does for the benefit for its own citizens. Who really wants to spend 35 years paying for the roof over their heads?)
Real question should be asked is: Why does 80% of our population need public housing? I know a young couple, both working graduates, in developed 1st world spore with one of the world's highest per capita GDP , can only afford PUBLIC HOUSING???
The result: No action taken.
When the bubble burst in the UK/US, our developers and banks cry father cry mother warning our Gov of the severe consequences and action needs to be taken fast.
The result: Immediate Action!! (IA!!!IA!!!IA!!!) Like rifle jam with live round during combat shoot. Land sales stopped, interest rates dropped, developers granted extension of development time, allow developers to rent out their units etc....
Now prices sooooo high until our young grads cannot afford public housing.
Action?: Cease IAP. Thats it????
Real action should be:
- 50% capital gains tax !!!
- Build more HDB flats
- Raise income ceiling for 1st time buyers of HDB flats
- BAN foreigners from buying ppty in the secondary market (like what australia does for the benefit for its own citizens. Who really wants to spend 35 years paying for the roof over their heads?)
Real question should be asked is: Why does 80% of our population need public housing? I know a young couple, both working graduates, in developed 1st world spore with one of the world's highest per capita GDP , can only afford PUBLIC HOUSING???
