Property News

[snowbird]

Not really the same. Singaporeans are not buying in SG because they are excluded, not permitted or cannot afford. They bought in Malaysia eg Iskandar cos they thought it was so much cheaper.

Malaysians are more than qualified to buy properties in their own country. But they rather buy much more expensive ones in SG. So that says something.

When the political situation in a country is unstable and worse, coupled with a depreciating currency , the richer ones and the corrupted ones, will try to take some of their wealth elsewhere for safety and SG is always one of the choice locations

 

[hasslehoff]

But isn't it the same over at SG ? Singaporeans not buying in SG but buy overseas , including Malaysia ?

One is about the Preservation of wealth (even with ABSD) vs stretching your dollar and making your money go further (value buy)

ABSD 15% vs RM depreciation 25%
SG prop capital appreciation over next 5-7yrs vs MY (Iskandar) prop depreciation?

 

[PuteriWorld]

Ordinary Malaysians who are Bank Managers etc with RM 10000 a month salary can only smell the Singapore condo after paying for their Cars and own houses. So I guess 99% of Malaysians will consider Singapore condos out of their reach.

Ironic that Singaporeans bought up so many Iskandar and other Malaysian properties. But the Malaysians themselves are moving out of their own country to invest in Singapore. This says a lot....

 

[snowbird]

Ordinary Malaysians who are Bank Managers etc with RM 10000 a month salary can only smell the Singapore condo after paying for their Cars and own houses. So I guess 99% of Malaysians will consider Singapore condos out of their reach.

RM10,000 is now worth less than S$3,450.
With this salary, you can only take public transport and maybe only possible to buy a resale 3rm HDB flat in areas like Sengkang or Jurong West.

 

[sgcount]

It's the rich Malaysians I think who are buying SG properties now. If they can do that, I'm sure they can also afford to buy a lot more of their own properties in MY. But the fact they are not shows the lack of confidence and the very bad state Malaysia is in.

Even before an overseas property buyer does anything, the loss due to RM currency exchange is already appreciable.

The situation is a lot worse in places like Iskandar where there is a huge oversupply and possibly lack of rental.

 

[cow138]

Over supply is the main concern. It'll take some time for the supply to move through the system.

 

[PuteriWorld]

My Malaysian friend also snap one in Sengkang for S$400K plus. Willing to pay ADSD. Works in RWS as Coupier

Yes, the 15% ABSD is hard to swallow. But amazingly, my KL property agent just rushed down to grab a unit at sengkang. Interesting , isn't it?

 

[Tekkun]

don't look down on m'sian lar... bruddder. there are many rich m/sians around.

Malaysians always in the back waters and 3rd world country. Singaporeans very rich people. Look at the currency exchange. 3x leh.
I suppose this is the general mentality about chiu hu lang or wat they called? Country bumpkin?

 

[RedsYNWA]

Yes, the 15% ABSD is hard to swallow. But amazingly, my KL property agent just rushed down to grab a unit at sengkang. Interesting , isn't it?

15% ABSD for a unit at Sengkang that will only come on board 3-4 years later........ Hummm, think there are better options in Australia or London?

 

[freedom]

Actually, now that Johor is thinking about implementing the International zone, foreigners only allowed to buy landed above 2mil rm and only leasehold, properties in the international zone like mine in Tebrau will likely see price appreciation to 2 mil rm, isn't it? Then, those who bought in international zones will still profit in spite of the falling ringgit.

 

[Tekkun]

15% ABSD for a unit at Sengkang that will only come on board 3-4 years later........ Hummm, think there are better options in Australia or London?

The boat had sailed liao in London. Boom time was 3 years ago. But when they implement property gain tax at 18% this yr, market gone soft. Still can la...but not as good as last time. Australia got FIC restrictions on foreign ownerships. Exit plans not so good. But small units still ok as locals can afford to buy subsale.

 

[sgcount]

Exactly/ Smart man! 100 over 100!

Thank you!

Investors got to be careful now, especially with those cunning property agents. There's this Malaysian agent I came across by the name of Ryan Khoo. He and his wife opened a company here marketing Malaysian properties, including Iskandar. These people are very glib at turning black into white.

For eg, Ryan mentioned once that the weakening of RM is a good thing. Means properties in MY getting cheaper. Buy buy!

I think what he meant was "Bye bye" to your properties.

 

[freedom]

Thank you!

Investors got to be careful now, especially with those cunning property agents. There's this Malaysian agent I came across by the name of Ryan Khoo. He and his wife opened a company here marketing Malaysian properties, including Iskandar. These people are very glib at turning black into white.

For eg, Ryan mentioned once that the weakening of RM is a good thing. Means properties in MY getting cheaper. Buy buy!

I think what he meant was "Bye bye" to your properties.

I think dun need to be too pessimistic. Houses one can live in for retirement or rent out for passive income, unlike shares whose value can drop like Creative technology from $30 to $1 now and perhaps never recover. What we bought r freehold which may not be possible for foreigners in future and rental demand will always be there though yield may not be high, it ensures passive rental income forever potentially....more sgpn as they get retrenched or r retired will want to rent now instead of buy too which is good for boosting rental demand...

 

[dumb1]

Actually, now that Johor is thinking about implementing the International zone, foreigners only allowed to buy landed above 2mil rm and only leasehold, properties in the international zone like mine in Tebrau will likely see price appreciation to 2 mil rm, isn't it? Then, those who bought in international zones will still profit in spite of the falling ringgit.

So simple meh? RM2m will be out of reach of many Malaysians. So owners will need to depend almost solely on foreigners. But who would pay RM2m for existing properties even with declining ringgit. Developers will need to build bigger houses on bigger land to match the asking price of RM2m and older properties will have no takers unless they are sold at affordable prices to locals.

 

[dumb1]

I think dun need to be too pessimistic. Houses one can live in for retirement or rent out for passive income, unlike shares whose value can drop like Creative technology from $30 to $1 now and perhaps never recover. What we bought r freehold which may not be possible for foreigners in future and rental demand will always be there though yield may not be high, it ensures passive rental income forever potentially....more sgpn as they get retrenched or r retired will want to rent now instead of buy too which is good for boosting rental demand...

Better be safe than sorry. With a stroke of a pen, freehold can be taken back knowing the kind of crazy policies that can be implemented.

Capital control is a lingering doubt and depreciating currency appears to have no bottom. Recently, a lawyer from AG Chamber has been deported to Sg even though she has been living there about 20 years. Years ago when faced with a crisis, the government implemented a RM100k levy on sale of properties by foreigners.

 

[enjoylife77]

Better be safe than sorry. With a stroke of a pen, freehold can be taken back knowing the kind of crazy policies that can be implemented.

Capital control is a lingering doubt and depreciating currency appears to have no bottom. Recently, a lawyer from AG Chamber has been deported to Sg even though she has been living there about 20 years. Years ago when faced with a crisis, the government implemented a RM100k levy on sale of properties by foreigners.

Back then, my friend got caught in the RM100k legal issue with his freehold Bukit OUG purchase. Very unpleasant.

 

[dumb1]

Back then, my friend got caught in the RM100k legal issue with his freehold Bukit OUG purchase. Very unpleasant.

Back then, RM100k was a huge levy. If they repeat it, the levy may now be RM300k.

 

[sgcount]

I think dun need to be too pessimistic. Houses one can live in for retirement or rent out for passive income, unlike shares whose value can drop like Creative technology from $30 to $1 now and perhaps never recover. What we bought r freehold which may not be possible for foreigners in future and rental demand will always be there though yield may not be high, it ensures passive rental income forever potentially....more sgpn as they get retrenched or r retired will want to rent now instead of buy too which is good for boosting rental demand...

Initially, I was on cloud 9 thinking, yes... can get rental income. It's a form of investment.

Until the hard truth hit me earlier this year published by the SG govt and even Malaysian reports. Iskandar is hugely over supplied. There may not be any rental for many years. Even if one is lucky enough, the rental will likely not cover the loan amt.

As for retirement home, maybe those retiring now or soon is ok. But for others whose retirement is mamy more years later, the property will become a liability rather than an asset. And the money lost continually over the years may not be recovered.

The amt most of us paid for Iskandar homes are actually over-priced. The Malaysian developers were quick to capitalize on the fact that there is cooling measures in SG and Singaporeands will not think twice to dump their money on Iskandar homes.

By comparison, I doubt many Malaysians will be interested in those overpriced properties. So you are looking mainly at foreign buyers. That's a very small pool. I disagree with the view that because of this, your property will increase a lot in price.

So I feel don't depend too much on capital appreciation also. Finding a buyer to dump your property when you want to could be a big problem. Those who bought in the last 2-3 years may be prepared to keep the property for good or make drastic losses.

Just a personal caution. See if anyone agrees.

 

[freedom]

I think to buy for own stay, weekend home and retirement home is best....to buy for investment is more difficult...

 

[Tekkun]

The big man of Sunway once said:
When choosing your property, chose the best possible unit in the project located in the best location.
If there's a downturn, you will be then be able to offer the best unit amongst your competitors be it for rental or resale.
If you can't get it, walk away and wait for the next one.