Puteri Harbour Community

[xebay11]

wtf?! That's not true...is it? I don't think this is the case...

Google it.

 

[freedom]

Not very keen yet. But weighing my options against Medini. I feel SG properties are like this: After a commoner pays the deposit and monthly mortgage, he has to live in a frugal manner. But the potential upside in future is there. Maybe not so soon, but years later.

Iskandar is relatively cheap cheap, after one buys, still got spare cash to eat and eat, relax, enjoy, don't have to worry too much about monthly expenses. But whether the property value can go up or not is very questionable.

Ok, maybe I exaggerated the part on "the sky's the limit". But I mean, like I said, who would have thought even HDB flats can hit S$800k to more than 1 million? If we all went back on a time machine to say 20 years ago, and you told people HDB flats are very valuable, will cost that kind of amount, I'm quite sure many would say you're crazy! But that is the reality today.

So.... I think Singapore private property prices have reached a new high which many are finding hard to accept, especially when you bought a nice 3 bedroom condo in a good location at say S$700k only less than 10 years ago. The same new one today of the same size may cost S$1.7 million. Naturally it's very hard to accept or see any upside to it.

But I think the government has brought in many new rich immigrants. Today, what we feel is grossly expensive, tomorrow someone with that kind of money will buy up that condo for S$1.7 million. 5-10 years down the road, that condo may very well hit beyond S$2 million and we see yet another new norm. I feel this is the direction Singapore is heading. It's whether we believe in the successful "Singapore story" or not.

A lot depends on your entry timing as property moves in cycles...best to wait for a crash then go in when just recovering...I bought in 2002 and sold in 2010 my EC then bought landed terrace in 2010 when prices just recovering and it doubled in value to 2013....but must say I was lucky cause was not consciously going in at lows but needed to buy for marriage and later to be near a good primary school...

 

[sgcount]

FIRB rules, means many good properties not open to foreigners, also foreigners have to sell back to pr or locals only, the market is limited.

oh i see.. thanks.Someone told me can also sell to long term visit pass holder or students studying there? But I may be wrong. I thought I heard it somewhere...

But agree market is more limited for foreigners....

 

[sgcount]

A lot depends on your entry timing as property moves in cycles...best to wait for a crash then go in when just recovering...I bought in 2002 and sold in 2010 my EC then bought landed terrace in 2010 when prices just recovering and it doubled in value to 2013....but must say I was lucky cause was not consciously going in at lows but needed to buy for marriage and later to be near a good primary school...

Wow.. u very lucky.... things just seem to fall into place! Not sure if we'll be seeing something like this again.

The economy is slowing down but we are far from recession. The cooling measures have done their job to some extent but cash rich buyers are still not deterred from entering the market. Government hinted the measures are unlikely to be lifted off soon...

 

[Frodo]

Singaporeans are very stretchable financially.
Even expensive you don't see prices dropping significantly.
Check out the COE, it's pretty insane. But with the bulk of people working in civil service with yearly bonus and others in mainly financial services, Singaporeans tends to be quite well off financially

I suspect most Singaporeans will adopt the "heck it, if I don't buy it now things will get even more expensive later and we will all be really screwed!" So they just suck it in and jump in to buy even if they can barely afford it. Govt definition of affordable is maybe this lor...barely affordable also still considered affordable...

 

[sgcount]

I suspect most Singaporeans will adopt the "heck it, if I don't buy it now things will get even more expensive later and we will all be really screwed!" So they just suck it in and jump in to buy even if they can barely afford it. Govt definition of affordable is maybe this lor...barely affordable also still considered affordable...

Govt is not stupid. They know the profiles of their own people. They know there are many rich citizens and PRs around.

Also, I think it's because many believe in the Singapore story -- the SG100 thingy or Singapore in 2030. It takes confidence in the government and country's economy to buy expensive properties. On the other hand, no matter how cheap and large properties in some 3rd world countries are being sold, people tend to hold back.

 

[Stimpy]

Google it.

I did. So...RM1mill rule applies in Iskandar: http://www.propertyguru.com.sg/prop...2014/3/37551/johor-investors-to-face-problems. You can re-sell to locals for less, of course.

Medini, however, is seperate to those RM1mill rules http://www.propertyguru.com.sg/blog/tag/medini-the-new-foreign-investors-darling - they recently extended that exemption, so I can sell to locals or foreigners.

Let's see how sentiment is when stage 1 is all complete, not just Legoland...would be pleased to be surprised...accept if not, for a decade.

 

[Manhattan]

Govt is not stupid. They know the profiles of their own people. They know there are many rich citizens and PRs around.

Also, I think it's because many believe in the Singapore story -- the SG100 thingy or Singapore in 2030. It takes confidence in the government and country's economy to buy expensive properties. On the other hand, no matter how cheap and large properties in some 3rd world countries are being sold, people tend to hold back.

An average pair of working class graduate couple in their 40s could earn around S$250k per year, after deducting the CPF they can take home S$200k hard cash. Spending S$8k a month (enough? including a nice car and yearly holiday), they could save ~S$100k per year. In 3 years they can pay cash for a RM $1M house in Iskandar, so people are working very hard to entice these couples to úpgrade'to a S$1.5 M condo (which is only 6 times the household income, almost affordable) in sg so that money stay in Sg.

 

[btravelling]

Some pictures from PH over the weekend. Read a couple days ago the issues at the boarder, we could not believe how few stalls were manned on a weekend morning and the scrutiny of documents as compared to the airport, it is obvious the gov does not want people crossing the boarder and wants to make it a painful experience. On the way home we bussed it, flew through Malaysian customs only to be punished again for coming home, just glad we were not in a car, they had it much worse.
Did enjoy the food and drink tried to hit as many places as we could, weather was terrible Sunday but still people around in the afternoon.
Nice to see the Masterplan model updated in the UEM office.

Encore, saw people working and cranes moving



Pine tree

 

[btravelling]

More pictures

Puteri Cove

 

[btravelling]

Teega



Suites

 

[btravelling]

Teega residence

 

[Stimpy]

Govt is not stupid. They know the profiles of their own people. They know there are many rich citizens and PRs around.

Also, I think it's because many believe in the Singapore story -- the SG100 thingy or Singapore in 2030. It takes confidence in the government and country's economy to buy expensive properties. On the other hand, no matter how cheap and large properties in some 3rd world countries are being sold, people tend to hold back.

Yes, but how much of the last 20 years of the singapore story have been the China story? How much of the last ten years has been the commodity super cycle letting Malaysian and Indonesians get rich and store value overseas? The long-term fundamentals of the singapore story are stability (recent pap win, check...for at least 5 more years), strong rule of law (corporate interpretation) and an educated workforce in a region beset by instability, cronyism and poor education. The fundamentals remain in place, but the extra 'froth' (rampant China now slowing, commodity super cycle ending and global GDP-share swing to the orient less eye-opening) may be receding, take some of the wind out of the sails. SG has always been highly adaptable, so it may come out strong, but you can see some reasons why it's perhaps not the one-way bet it was.

 

[btravelling]

Short video of construction around private marina

 

[Frodo]

Govt is not stupid. They know the profiles of their own people. They know there are many rich citizens and PRs around.

Also, I think it's because many believe in the Singapore story -- the SG100 thingy or Singapore in 2030. It takes confidence in the government and country's economy to buy expensive properties. On the other hand, no matter how cheap and large properties in some 3rd world countries are being sold, people tend to hold back.

I would think the SG govt knows one particular profile of Singaporeans, which is kiasi, kiasu, or even kiascrewed...so knowing how panicky we can be, they "enjoy" seeing things like one BTO flat unit oversubscribed many times which means kaching, kaching, kaching$$$$$$$

 

[xebay11]

An average pair of working class graduate couple in their 40s could earn around S$250k per year, after deducting the CPF they can take home S$200k hard cash. Spending S$8k a month (enough? including a nice car and yearly holiday), they could save ~S$100k per year. In 3 years they can pay cash for a RM $1M house in Iskandar, so people are working very hard to entice these couples to úpgrade'to a S$1.5 M condo (which is only 6 times the household income, almost affordable) in sg so that money stay in Sg.

Those days of graduates earning that kind of $ per annum is over, only the top 10 percent grads can achieve that, many of my very capable young engineering grads eyes pop out when I told them as a grad one should be able to afford maid, condo and car in their late 30s, like what we achieved in my time. To them it seems so far off and impossible.

 

[FHBH12]

Those days of graduates earning that kind of $ per annum is over, only the top 10 percent grads can achieve that, many of my very capable young engineering grads eyes pop out when I told them as a grad one should be able to afford maid, condo and car in their late 30s, like what we achieved in my time. To them it seems so far off and impossible.

The cost of maid, condo and car have possibly doubled over the last 15+ years. Engineering industry salary have only increased by 10-20% over the same period. Manufacturing outputs have stagnanted or decline in several sectors. The government has already announced that going forward, the pace of economic growth and salary increment will slow. However the top 25% now should still be able to achieve that, versus probably top 50% in your era.

 

[Tekkun]

btravelling,

Thanks for sharing. Noticed in the first pic, the car park around Imperia is full of cars. Good to see activities going in full swing against a picture of bare landscape some 2 years ago. Couldn't wait for it all to complete.

 

[Frodo]

The cost of maid, condo and car have possibly doubled over the last 15+ years. Engineering industry salary have only increased by 10-20% over the same period. Manufacturing outputs have stagnanted or decline in several sectors. The government has already announced that going forward, the pace of economic growth and salary increment will slow. However the top 25% now should still be able to achieve that, versus probably top 50% in your era.

I never have maid or condo before, and the cost of renewing my COE is already almost double of my purchase of the 2nd hand OPC bought 8 yrs ago at $34K, excluding interest! That's why have to say goodbye to Singapore car liao....

 

[mpan12]

Those days of graduates earning that kind of $ per annum is over, only the top 10 percent grads can achieve that, many of my very capable young engineering grads eyes pop out when I told them as a grad one should be able to afford maid, condo and car in their late 30s, like what we achieved in my time. To them it seems so far off and impossible.

Yes, those days are over.

I remember PM Lee HL once openly commented to the young citizens in Singapore, "Don't worry. I understand your concerns about whether you can lead better lives than your parents. I'm sure you can. We will ensure Singapore will always be an attractive place to work, live and play.... (and all other craps)" Not his exact words but meaning is roughly there.

I don't know who this world's highest paid politician is addressing his speech to. But it sounds like it is targeted at the kids brought up in upper class families.

He got to be joking to say young SG citizens of today can lead better lives than their parents.

Like xebay11, my younger colleagues were often shocked and dismayed when they realized how much lower prices of HDB flats were just merely 10-15 years ago. However, by comparison, their salaries today are almost stagnant and have not kept up with the much higher cost of living along the way. Many are resigned to live in smaller than ever 4-room HDB flats and take 25-30 year loans. Mind you, they are not low IQ young adults. They worked hard as students and graduated with above average results from local unis.

Some of them have already started to contemplate leaving this "stinkingly expensive" country where the government rule it like a big money-making corporation, as one of them described it.

I advised them, Go, if you can. This may be your country of birth, but Singapore is not going to look after you. The government is not going to care for you. It's largely your own money that you use to take care of yourself. If you can find greener pastures elsewhere, your own life matters more than anything else, including Singapore.