That report came from an official of MAS of Singapore. Much of it is from Zone A as Zone B is scatterred and under control. Both UEM and Medini do not release land that easily.
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Property News
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That report came from an official of MAS of Singapore. Much of it is from Zone A as Zone B is scatterred and under control. Both UEM and Medini do not release land that easily.
Pls dont believe this type of statement. Foreigners will be part of the thousands that are going to stay in JB. Their investment are good for the development of JB.
Lawrence Wong got the wrong data. Maybe he is a sammyboy forumers. Took the data from some self proclaimed property gurus here.
AN oversupply of overseas property could lead to a fall in prices down the road, said Monetary Authority of Singapore (MAS) board member Lawrence Wong in Parliament on Monday.
He shared that there are some 336,000 new private residential units in the pipeline in Iskandar Malaysia, which he noted is more than the total number of private homes in Singapore.
Mr Wong was speaking on behalf of Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, who is the chairman of MAS.
An oversupply of properties could also make it difficult for owners to find tenants, said Mr Wong, who also cited reports in Iskandar and Johor that highlighted aggressive land banking by developers.
In Singapore, the banking system does not have a significant exposure to these overseas property loans. Such loans account for just 2 per cent of the housing loan portfolios of the key mortgage lenders in Singapore, added Mr Wong.
He shared that there are some 336,000 new private residential units in the pipeline in Iskandar Malaysia, which he noted is more than the total number of private homes in Singapore.
Mr Wong was speaking on behalf of Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, who is the chairman of MAS.
An oversupply of properties could also make it difficult for owners to find tenants, said Mr Wong, who also cited reports in Iskandar and Johor that highlighted aggressive land banking by developers.
In Singapore, the banking system does not have a significant exposure to these overseas property loans. Such loans account for just 2 per cent of the housing loan portfolios of the key mortgage lenders in Singapore, added Mr Wong.
Most of the buyers in Johor are Malaysian's who are Singaporean PR
The records will not register them as foreigners.
MAS could have exaggerated the figures by assuming the total potential residential supply for beyond 10 years to look like next few years. It is beyond the capacity of the construction industry in JB to ramp up so much supplies in next few years.
Most land were acquired very cheaply by developers many years ago from palm oil plantations, so developers will slowly release by phases over many years since holding costs are low and there are no regulations that the land must be developed within a short period of time.
Please note the remark " some 336,000 new private residential units in the pipeline".
In the pipeline could means anything from proposed planning (for next few years?) to approved development (waiting to commence work) to projects under construction.
Or it could means all of it, involving anything that is not completed yet - in the pipeline!
However, its is obvious that Lawrence here is just trying to caution prospective buyers of properties in Iskandar on the current situation when being asked on the risk in investing there.
SG has no control whatsoever or able to assist buyers in trouble with developers or any property issues overseas, so, can only caution and buyers are supposed to go in with their eyes wide open.
Highlighting that SG's banks exposure to properties in JB as insignificantly low at just 2% also means that even if the bubble were to burst anytime, our banks are still safe!
Caveat emptor, let the investors beware!
Really a worrying turn of events! Now Iskandar is even being discussed in Parliament.
It's not as if there are affordable homes in Singapore that locals can enjoy or live a dignified life. Many young doctors I met these days bought HDB flats. No money to go straight to condos. Only when their salaries increase in the later part of their careers perhaps they will consider buying private.
What I find amusing is, SG government admits lots of foreigners (many rich ones) and give them citizenship. These new citizens compete with our locally born Singaporeans even for HDB flats. So commoners here not happy, decide to move out, then go JB and try to invest. Now kena burnt! Like a merry-go-round....
If the figures quoted by Lawrence Wong are true, I think this lifetime can forget about selling or getting tenants.
It's not as if there are affordable homes in Singapore that locals can enjoy or live a dignified life. Many young doctors I met these days bought HDB flats. No money to go straight to condos. Only when their salaries increase in the later part of their careers perhaps they will consider buying private.
What I find amusing is, SG government admits lots of foreigners (many rich ones) and give them citizenship. These new citizens compete with our locally born Singaporeans even for HDB flats. So commoners here not happy, decide to move out, then go JB and try to invest. Now kena burnt! Like a merry-go-round....
If the figures quoted by Lawrence Wong are true, I think this lifetime can forget about selling or getting tenants.
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It is cleverly phrased to sound imminent, which is not. We know on the ground there is a big supply but not devastating. The holding costs and legal requirements for developers and owners in JB and SG are vastly different. Besides, the MY banks are very strict in approving loans to foreigners. At worst, the owners just use their property as weekend or holiday home. The bigger factors to over or under supply are the jams and tolls/levies caused by government policy.
Actually they told only the half story. As usual, using stats to twist n turn. Of the 330K, only 142K has been approved while the rest are still pending approval . Of the 142K, NOT all are built ! In fact developers are holding back !
Also, they say IM condos are more than SG, but conveniently omit the fact that more than 70% of Sg are HDB . Total housing is 1.2m if u include HDB. So IM units are still lesser than SG units in totality !
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How can our doctors and dentists earn high salaries in Singapore? Take a look at the polyclinics and see how depressed these foreign doctors salaries are.. I heard as low as $3000-$4000 ( my sales man with ITE cert earns S$5000 first month with me )
So its quite a practical world here. You studied almost a decade to become a doctor and you got no job unless you put S$2500 as your monthly salary. Last time they only need compete with Malaysian grads.. now got Pinoy, Laos, Cambodia, Japan, Thailands etc etc.
Whether or not they are holding REAL certs I donno cos all FT around me are holding fake certs. Welcome to the real FT world of Singapore
So its quite a practical world here. You studied almost a decade to become a doctor and you got no job unless you put S$2500 as your monthly salary. Last time they only need compete with Malaysian grads.. now got Pinoy, Laos, Cambodia, Japan, Thailands etc etc.
Whether or not they are holding REAL certs I donno cos all FT around me are holding fake certs. Welcome to the real FT world of Singapore
That's a good perspective to the information provided to parliament.
The devil is in the details.
Yes, and they say statistics dun lie ?? LOL
I don't think this 336,000 units in the pipeline is something MAS will be so irresponsible to plucked from the thin air.
We all know that within MAS and all the GICs, among them, they have an army of researchers, economists, planners and whatnots and there may be many things they know and the public don't.
The proposed Peter Lim's RM10 billion Vintage Bay, CapitaLand's RM3.2 billion proposal in Danga Bay, the later phases in Princess Cove, Greenland's RM3 billion Tebrau Bay Waterfront City, the huge Country Garden's Forest City in the west.............off hand I can already name some massive projects "in the pipeline" and there are several others!
Some slowing down is obvious right now given the slow take up rate in 2014 and 2015 as reported, I guess many projects may just as well be frozen till later, perhaps till very much later.
Someone must have a copy of Zone A and Zone B figures. If we were to tabulate ourselves, let see what figure we can get.
Zone A
====
Danga bay
Greenland
R & F
Country Gardens
etc
Zone B
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Forest City
Sunway Iskandar
Do you know a half day for a doctor is from 5.30am to 2.30am while a full day session is about 17 hours/day? No wonder every doctors want to become specialist and going into their own practice. At least they know that they get to keep their earnings after trading the time for it.
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Don't worry about figure.
As long you buy in area with limited land and FH.
If I cannot sell my Astaka or Sky88; I don't think my kids will mind inherit them in future.
Developer may be able to build another 1 or 2 Astaka or 2-3 Sky88 in the same area and that is about all.
If you look toward other zone; vast amount of land 500 times the size of Toa Payoh.
I bet they can build Medini 1, Medini 2 to Medini 100.
Those investors whom buy into 103 LH; are not investing.... they are only hoping.
Good luck to them.
PS: For those whom want to invest may look toward Ho Chi Minh. July 2015 they will introduce new measures to let foreigner own properties.
(HCMC is only 1hr 40 minutes by flight.)
Note: I am not an agent; I also do not have a mailbox in this forum.
As long you buy in area with limited land and FH.
If I cannot sell my Astaka or Sky88; I don't think my kids will mind inherit them in future.
Developer may be able to build another 1 or 2 Astaka or 2-3 Sky88 in the same area and that is about all.
If you look toward other zone; vast amount of land 500 times the size of Toa Payoh.
I bet they can build Medini 1, Medini 2 to Medini 100.
Those investors whom buy into 103 LH; are not investing.... they are only hoping.
Good luck to them.
PS: For those whom want to invest may look toward Ho Chi Minh. July 2015 they will introduce new measures to let foreigner own properties.
(HCMC is only 1hr 40 minutes by flight.)
Note: I am not an agent; I also do not have a mailbox in this forum.
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I remembered someone said: Buy where land is limited, do not buy where land is endless. Sounds familiar?
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