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Property agents feeling the pinch as market cools
- Thread starter nutbush
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it is called de-coupling. owners of more than one property are already using this tactic.
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bro johnny, i am very pissed off with yellen for her speeches to hike rate, though it's going to be gradual and only 25bps. she has created much stress on my trading.
She has simply given people advance warning of an impending rate rise. Don't you think it is better than springing it as a surprise
People are speculating that it will be a small increase & future ones will be determined by the economic situation of the day.
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She has simply given people advance warning of an impending rate rise. Don't you think it is better than springing it as a surprise
People are speculating that it will be a small increase & future ones will be determined by the economic situation of the day.
yups, i was long on gold betting on the greece crisis and china market but it didn't turn out well.
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Decoupling not So straightforward. Party with the house gotta repay the other party's for cpf used for the purchase. Also this is still considered a purchase and subjected to the normal 3% stamp duty.
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Too early to lift property curbs: MAS chief
TODAY reports: Property prices have softened, but the price correction has been modest, says Monetary Authority of Singapore managing director Ravi Menon.
SINGAPORE: The moribund housing market may have set off a chorus of voices calling for the property cooling measures to be relaxed, but Monetary Authority of Singapore (MAS) managing director Ravi Menon said it is premature to do so as the price correction has been modest, putting paid to hopes among developers and homeowners of a market rebound.
“Property prices have softened somewhat, but like I said last year, in the context of the price increase that had occurred - 60 per cent over three years - the softening we have seen is really not all that much. So, it’s still premature to consider removing any of the cooling measures that are in place,” Mr Menon said on Monday (Jul 20) at the media briefing to release the central bank’s annual report.
Housing prices began their sharp climb in the middle of the 2009 as confidence returned to the market after the global financial crisis, before reaching their peak in the third quarter of 2013. The market has since fallen steadily but gradually after the MAS introduced in June that year the Total Debt Servicing Ratio framework for property loans to strengthen credit practices by financial institutions and encourage prudence among borrowers.
According to flash estimates released by the Urban Redevelopment Authority (URA) earlier this month, prices of private residential properties fell by 0.9 per cent in the second quarter, marking the seventh continuous quarter of price declines since the record high in 2013. However, prices have corrected less than 7 per cent from their peak, and hence, the cooling measures introduced in 2009 such as the additional buyer’s stamp duty (ABSD) and the seller’s stamp duty are unlikely to be rolled back.
Mr Leong Wai Ho, economist at Barclays, said: “It is fair from the point of view of a policy stance aimed at re-engineering home affordability. The property market cooling is happening in an orderly fashion, and it is prudent to allow this to continue.”
Mr Ku Swee Yong, chief executive of property firm Century 21, said Mr Menon’s latest remarks came as no surprise. “Based on the still-strong reaction from developers to Government Land Sale tenders and the decent response to some of the new launches, this is probably not the correct time to be easing curbs,” he said.
Mr Menon’s remarks mirror those of Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, who said in October last year that “prices have some distance to go in achieving a meaningful correction”. Earlier that same month, National Development Minister Khaw Boon Wan had also said it was not the right time to wind down cooling measures and there is still room for prices to moderate.
The Real Estate Developers’ Association of Singapore has repeatedly called on the Government to ease some of the cooling measures, especially the ABSD. It said earlier this year that the ABSD on the high-end housing market “runs counter to the Government’s efforts to encourage foreign investment flows into the country”.
Read the original TODAY report here.
-TODAY/xq
TODAY reports: Property prices have softened, but the price correction has been modest, says Monetary Authority of Singapore managing director Ravi Menon.
SINGAPORE: The moribund housing market may have set off a chorus of voices calling for the property cooling measures to be relaxed, but Monetary Authority of Singapore (MAS) managing director Ravi Menon said it is premature to do so as the price correction has been modest, putting paid to hopes among developers and homeowners of a market rebound.
“Property prices have softened somewhat, but like I said last year, in the context of the price increase that had occurred - 60 per cent over three years - the softening we have seen is really not all that much. So, it’s still premature to consider removing any of the cooling measures that are in place,” Mr Menon said on Monday (Jul 20) at the media briefing to release the central bank’s annual report.
Housing prices began their sharp climb in the middle of the 2009 as confidence returned to the market after the global financial crisis, before reaching their peak in the third quarter of 2013. The market has since fallen steadily but gradually after the MAS introduced in June that year the Total Debt Servicing Ratio framework for property loans to strengthen credit practices by financial institutions and encourage prudence among borrowers.
According to flash estimates released by the Urban Redevelopment Authority (URA) earlier this month, prices of private residential properties fell by 0.9 per cent in the second quarter, marking the seventh continuous quarter of price declines since the record high in 2013. However, prices have corrected less than 7 per cent from their peak, and hence, the cooling measures introduced in 2009 such as the additional buyer’s stamp duty (ABSD) and the seller’s stamp duty are unlikely to be rolled back.
Mr Leong Wai Ho, economist at Barclays, said: “It is fair from the point of view of a policy stance aimed at re-engineering home affordability. The property market cooling is happening in an orderly fashion, and it is prudent to allow this to continue.”
Mr Ku Swee Yong, chief executive of property firm Century 21, said Mr Menon’s latest remarks came as no surprise. “Based on the still-strong reaction from developers to Government Land Sale tenders and the decent response to some of the new launches, this is probably not the correct time to be easing curbs,” he said.
Mr Menon’s remarks mirror those of Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, who said in October last year that “prices have some distance to go in achieving a meaningful correction”. Earlier that same month, National Development Minister Khaw Boon Wan had also said it was not the right time to wind down cooling measures and there is still room for prices to moderate.
The Real Estate Developers’ Association of Singapore has repeatedly called on the Government to ease some of the cooling measures, especially the ABSD. It said earlier this year that the ABSD on the high-end housing market “runs counter to the Government’s efforts to encourage foreign investment flows into the country”.
Read the original TODAY report here.
-TODAY/xq
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Private home prices fell 0.9% in Q2 in 7th straight quarter of decline
http://www.straitstimes.com/busines...l-09-in-q2-in-7th-straight-quarter-of-decline
The overall private residential property index fell by 0.9 per cent in the second quarter compared with the first quarter, according to final figures from the Urban Redevelopment Authority on Friday. Private home prices have now fallen for seven continuous quarters, making it the longest losing streak in 13 years, as tighter mortgage curbs continue to cool demand,
http://www.straitstimes.com/busines...l-09-in-q2-in-7th-straight-quarter-of-decline
The overall private residential property index fell by 0.9 per cent in the second quarter compared with the first quarter, according to final figures from the Urban Redevelopment Authority on Friday. Private home prices have now fallen for seven continuous quarters, making it the longest losing streak in 13 years, as tighter mortgage curbs continue to cool demand,
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Singapore's private home vacancy rate soars to 7.9% in Q2, highest in nearly 10 years
http://www.straitstimes.com/busines...-soars-to-79-in-q2-highest-in-nearly-10-years
The vacancy rate for private residential units rose 0.7 percentage points to 7.9 per cent for the second quarter of this year, according to Urban Redevelopment Authority data released on Friday. It is the highest vacancy rate recorded since 8.4 per cent in the fourth quarter of 2005.
http://www.straitstimes.com/busines...-soars-to-79-in-q2-highest-in-nearly-10-years
The vacancy rate for private residential units rose 0.7 percentage points to 7.9 per cent for the second quarter of this year, according to Urban Redevelopment Authority data released on Friday. It is the highest vacancy rate recorded since 8.4 per cent in the fourth quarter of 2005.
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Take note: according to this morning's URA figure, 2Q15 Rental dropped 1.1%
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at 2004, an freehold old terrace along upper serangoon road marketing at $600k also no taker. now $2m also cannot get.
price dropping too slow liao.
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Most people/couple still can get loans for $300K to $1m
so they are supporting the price for condos up to $1.5m
The real meltdown is in those >$3mio units or $2000psf condos.
appx 10-20% lower in the past 12 months.
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until bank raise rates, no way private condo below $1m.
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To me, pte condo will always be 'X' amount above hdb. so unless hdb dropped significantly, pte condo prices will hold. 7 straight quarters of drop by actual price declination still less than 10%.
The decision lies on the key question here - After selling, what are you going to do with the sale proceeds? Do you have alternative means of making better returns than renting it out. Hope that answers your question.
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it's area specific, compare the price of HDB 5 room flat in Strathsmore and one condominium in woodlands...
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Needless to say la. Property is always about location. When you compare hdb and private of course must compare same area.
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Tougher guidelines for property adverts in Singapore
Tough new measures are being introduced this week for real estate advertising in Singapore, which includes overseas property.
The new guidelines, which come into effect on Wednesday 12 August, guidelines aim to minimise the scope for advertisers of investments and investment services to make claims that are speculative, misleading or which cannot be substantiated.
The enhanced guidelines, from the Advertising Standards Authority of Singapre (ASAS), are contained under Appendix J of the Singapore Code of Advertising Practice (SCAP), which were developed in consultation with the Monetary Authority of Singapore (MAS) and the Council for Estate Agencies (CEA).
Advertisers and media owners with contracts signed prior to 12 August will be given a three-month grace period until 11 November 2015 to fulfil the existing contractual requirements and adhere to the enhanced guidelines.
“The ASAS Council has observed an increase in advertising of investments, including investment in overseas properties, and investment services such as wealth management seminars and seminars teaching trading strategies,” the guidelines state.
“Such advertisements may promise high or guaranteed returns or results. However, they do not always provide sufficient warnings against any financial, legal or regulatory risks of such investments (e.g. restrictions on sale of properties by foreign citizens, potential tax liabilities).
“Consumers responding to such advertisements may not be aware of the risks of limited legal redress, risks of the investment, or the possibility of losing some or all of their capital investment.”
Advertisements on investments and investment services should ensure that members of the public are fully aware of the true nature of any financial commitment that they may enter into as a result of responding.
The guidelines refer to any form of advertising, across any media platforms (including internet and company-owned websites and interactive mobile applications) and “includes advertising which promotes the interest of any person, product or service, impart of information, educates or advocates an idea, belief or opportunity.”
The measures include any “investment in immovable and moveable properties (located in Singapore or overseas), any product or service, instrument, in whatever form or nature, that a consumer is offered or invited to purchase or invest in, with the expectation of generating future profit, benefit, capital appreciation and/ or gains.”
The appendix of rules also includes other obligations that advertisers must follow, including the fact that testimonials and endorsements “must be representative of the average consumer.”
Advertisements must also “be understood easily and must not take advantage of the consumer’s inexperience or gullibility.”
“Advertisements should not contain claims that give the impression that an investment is ‘safe’, ‘low-risk’ or ‘risk-free’ or able to generate ‘quick’, ‘easy’ or ‘high’ profits with little or no risk,” the guidelines say.
There are also specific rules that concern properties that are based abroad detailing that “Advertisements for real property located abroad, whether for sale, investment or owner-occupation, should not mislead or exaggerate.”
Knight Frank executive director Tan Tee Khoon has told Singapore Law Watch, “They are definitely a move in the right direction of responsible advertising, so that prospective buyers or investors are not misled.
“That said, it may be challenging for a property advertisement to encapsulate all the requirements of the ASAS enhanced guidelines. The advertisement may have to be sizeable and wordy to make clear the charges, expenses or tax liabilities when these can be found in the sales-and-purchase agreement.”
Those who fail to comply will be asked to withdraw or revise their adverts and could face negative publicity from the authorities.
http://www.opp.today/tougher-guidelines-for-property-adverts-in-singapore/
Tough new measures are being introduced this week for real estate advertising in Singapore, which includes overseas property.
The new guidelines, which come into effect on Wednesday 12 August, guidelines aim to minimise the scope for advertisers of investments and investment services to make claims that are speculative, misleading or which cannot be substantiated.
The enhanced guidelines, from the Advertising Standards Authority of Singapre (ASAS), are contained under Appendix J of the Singapore Code of Advertising Practice (SCAP), which were developed in consultation with the Monetary Authority of Singapore (MAS) and the Council for Estate Agencies (CEA).
Advertisers and media owners with contracts signed prior to 12 August will be given a three-month grace period until 11 November 2015 to fulfil the existing contractual requirements and adhere to the enhanced guidelines.
“The ASAS Council has observed an increase in advertising of investments, including investment in overseas properties, and investment services such as wealth management seminars and seminars teaching trading strategies,” the guidelines state.
“Such advertisements may promise high or guaranteed returns or results. However, they do not always provide sufficient warnings against any financial, legal or regulatory risks of such investments (e.g. restrictions on sale of properties by foreign citizens, potential tax liabilities).
“Consumers responding to such advertisements may not be aware of the risks of limited legal redress, risks of the investment, or the possibility of losing some or all of their capital investment.”
Advertisements on investments and investment services should ensure that members of the public are fully aware of the true nature of any financial commitment that they may enter into as a result of responding.
The guidelines refer to any form of advertising, across any media platforms (including internet and company-owned websites and interactive mobile applications) and “includes advertising which promotes the interest of any person, product or service, impart of information, educates or advocates an idea, belief or opportunity.”
The measures include any “investment in immovable and moveable properties (located in Singapore or overseas), any product or service, instrument, in whatever form or nature, that a consumer is offered or invited to purchase or invest in, with the expectation of generating future profit, benefit, capital appreciation and/ or gains.”
The appendix of rules also includes other obligations that advertisers must follow, including the fact that testimonials and endorsements “must be representative of the average consumer.”
Advertisements must also “be understood easily and must not take advantage of the consumer’s inexperience or gullibility.”
“Advertisements should not contain claims that give the impression that an investment is ‘safe’, ‘low-risk’ or ‘risk-free’ or able to generate ‘quick’, ‘easy’ or ‘high’ profits with little or no risk,” the guidelines say.
There are also specific rules that concern properties that are based abroad detailing that “Advertisements for real property located abroad, whether for sale, investment or owner-occupation, should not mislead or exaggerate.”
Knight Frank executive director Tan Tee Khoon has told Singapore Law Watch, “They are definitely a move in the right direction of responsible advertising, so that prospective buyers or investors are not misled.
“That said, it may be challenging for a property advertisement to encapsulate all the requirements of the ASAS enhanced guidelines. The advertisement may have to be sizeable and wordy to make clear the charges, expenses or tax liabilities when these can be found in the sales-and-purchase agreement.”
Those who fail to comply will be asked to withdraw or revise their adverts and could face negative publicity from the authorities.
http://www.opp.today/tougher-guidelines-for-property-adverts-in-singapore/
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Hurry, got AMK & BEDOK BTO flats!
http://www.todayonline.com/singapore/close-9000-flats-available-latest-hdb-launch
A total of 8,940 flats across 25 towns will be available in the latest Housing and Development Board (HDB) flat launch, including Build-to-Order (BTO) flats in the non-mature towns of Bukit Panjang and Sembawang, and in the mature towns of Ang Mo Kio and Bedok.
http://www.todayonline.com/singapore/close-9000-flats-available-latest-hdb-launch
A total of 8,940 flats across 25 towns will be available in the latest Housing and Development Board (HDB) flat launch, including Build-to-Order (BTO) flats in the non-mature towns of Bukit Panjang and Sembawang, and in the mature towns of Ang Mo Kio and Bedok.
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