Punggol East By-Election coming ? MP steps down

[Imami]

Harlequin:

My late ah kong always use this term:- si lang ah kar kiah! (Teochew)

Quite apt!
Oh, ya, another of his favorite:- pah si kuan sai. :rotflmao:

:offtopic:

:rotflmao: harlequin si Jin jia buay tahan....

[Imami]

3Boys:

sleepy:

can't exactly sell at profit and then sleep under the bride right? So the purchase price (loan amount) is of utmost importance to most people whom I presume only own one roof.

I don't mind sleeping under the bride.....

Or can we sell the bride for a profit instead......

:rotflmao: 3b can joke Liao.... No more so pek chek.

[shine]

Dora1:

shine:

Hi, hi, I’m just an ordinary citizen who bought my 1st HDB and have stayed there ever since. Know nuts about property and investment. I welcome the recent cooling measures but at the same time, do find some sense about this JannettLee comment about people hogging HDB flats after they got the 2nd private property.


My elder brother had to return his HDB flat at a loss as he was unable to sell it off within 6 mths after he got his condo many years back. What was the reason for the change of policy where HDB dwellers are able to retain their flats even after they got a 2nd property? Is it to reduce cases of people selling at a loss like what happened to my brother, or to encourage people to venture into property investment if they have enough cash? Kindly share your views and knowledge. Thanks.

So that the HDB flat can be rented out to the FTs mah... if not the millions of FTs, where are they going to stay??
And SCs will be happy mah, money making leh, who won't like? Win-win situation!
The only losers are the young couples trying to get a new flat to stay because of the sky rocketing price.

pirate:

This part of what she said actually makes sense. But I think the change was implemented at a time when the property market was weak.

So, don't be surprised if Cooling Measures 8 require existing HDB flat owners who buy a private property to sell their HDB flats within 6 months. And don't be surprised if CM9 requires existing HDB flat owners who also own private residential properties to sell either their HDB flats or private properties.

Thanks for your views, think I understand now. The change in policy was to drive up business in the construction sector at the time when property market was sluggish. However, when people started speculating and plunged into reckless investments by buying multiple private properties, property prices rocket up, and at the same time, created a vacuum for genuine 1st time HDB buyers when HDB dwellers hogged the flats.

Indeed, the problems were created by the “short-sighted” government, whereby policies created did not anticipate and respond in time to the changing economic environment, and only tried to put out fire by introducing many rounds of cooling measures when things started to spiral out of control.

Personally, I think the government needs to think through the whole situation carefully, and comes up with more holistic policies rather than in piecemeal form to solve each problem as they arise, so as to ensure they do not have to keep coming up with cooling measures. Building new flats continuously but at the same time allowing people to hog flats will never satisfy the ongoing demand for genuine buyers, especially when the increase in population is in the cards.

[Just relax]

To Chief Kiasu,


The recent posts on this thread are way way :offtopic: :offtopic: :offtopic:

It has become very :? :? :? I am hoping you will clean it up accordingly. :xedfingers: :xedfingers: :xedfingers:

I don't think Michael Palmer had anything to do with the recent property cooling measures or HDB under-supply

[Irrelevant]

shine:

Indeed, the problems were created by the “short-sighted” government, whereby policies created did not anticipate and respond in time to the changing economic environment, and only tried to put out fire by introducing many rounds of cooling measures when things started to spiral out of control.

To appreciate HDB's problem, one will have to trace the roots to the Asian Financial Crisis. http://www.stproperty.sg/articles-property/hdb/stock-of-surplus-flats-vanishing-fast/a/56774

In 2002, the stocks of unsold flats was at 17,500 ~ value of 4-5billion @ 250k per flat. Since building flats takes a long lead time, it has become inevitable that we will veer from surplus to deficit?

Meanwhile, we have the big economies of the world pumping money furiously into the financial system via QE, e.g. USA, Japan, UK, EU. All the hot money must find somewhere to roost, except where the politicians/central bankers intended.

P.S. During the property market boom (bubble) in the US (in spite of all the Harvards, Yales, MITs, etc), the government of the day did not think it was suitable to have any cooling measures.

[Moonsun55]

It is easy to just quote such example but what likelihood is such scenario going to happen? We know very well that likelihood of your example happening is almost zero. you forgot that given that there are 80% HDB & 20 privat properties, there are 4 fighting for 1 private so by virtue of economic theory, private to HDB prices should be 4:1 (hypothetically).

pirate:

Moonsun55:

Why private drop HDB will drop? I don't understand & can't see any logic. can explain?

If 1,300 sf HDB flat cost $500k and 1,300 sf private condo in the same area also cost $500k, which one will you buy?

[3Boys]

Moonsun55:

It is easy to just quote such example but what likelihood is such scenario going to happen? We know very well that likelihood of your example happening is almost zero. you forgot that given that there are 80% HDB & 20 privat properties, there are 4 fighting for 1 private so by virtue of economic theory, private to HDB prices should be 4:1 (hypothetically).

pirate:

[quote=\"Moonsun55\"]Why private drop HDB will drop? I don't understand & can't see any logic. can explain?

If 1,300 sf HDB flat cost $500k and 1,300 sf private condo in the same area also cost $500k, which one will you buy?

[/quote]Errr......no. There is basis in economics for your example. It's like saying that a Lamborghini should cost 100,000 times more than a Honda.

pirate is saying HDB property prices are capped by private prices, and if you bring down private property prices, HDB prices 'should' follow. It's not a 100% correlation, but its there.

[concern2]

PUNGGOL EAST SMC – PRELIMINARY UPDATE ON HANDOVER OF TOWN COUNCIL FUNCTIONS

(source: http://www.ahtc.org.sg/ahtc/media-release-31-january-2013/)

Arising from the outcome of the Punggol East SMC by-election on 26 Jan 2013, the Workers’ Party has commenced preparations to take over the town council functions from Pasir Ris – Punggol Town Council.

Preliminary discussions commenced on 29 Jan 2013 between the outgoing and incoming managements, and more status updates will be given in due course.

The incoming management will be applying for Punggol East SMC to be merged with the existing Aljunied-Hougang Town to form a new town consisting of Aljunied GRC, Hougang SMC and Punggol East SMC. This proposed merger will give rise to a mutually beneficial relationship between Aljunied-Hougang Town and Punggol East:

1. The proposed Aljunied-Hougang-Punggol East Town Council will now be bigger in size, giving greater flexibility to achieve higher operational efficiencies through process re-engineering, centralization of functions and specialization of work. While Punggol East SMC will be able to leverage on the economies of scale of a bigger town council, likewise, the Aljunied-Hougang Town Council will potentially be able to enjoy further cost savings arising from this merger.

2. Being part of the family, the Punggol East SMC will be able to benefit from the pooled experience and resources of both Aljunied GRC and Hougang SMC in town council management. For example, the existing standing committees of AHTC which are helmed by the various Members of Parliament, will be able to advise on the calling and award of contracts, financial matters, estate maintenance and improvement, etc.

A key aspect of the handover is the need for the incoming management to have office premises within Punggol East SMC to operate from as soon as possible, to effect preparatory works. As the existing town council office at Blk 156A Rivervale Crescent is within the boundary of Punggol East SMC, having the incoming management take over the office would be the most obvious option. We will work with the Housing and Development Board on this issue urgently.

We thank the residents of Punggol East SMC for their support and look forward to serving them in the coming years.

LEE LI LIAN, MP-ELECT, PUNGGOL EAST SMC
SYLVIA LIM, CHAIRMAN, ALJUNIED-HOUGANG TOWN COUNCIL

[Ran1977]

concern2:

PUNGGOL EAST SMC – PRELIMINARY UPDATE ON HANDOVER OF TOWN COUNCIL FUNCTIONS

(source: http://www.ahtc.org.sg/ahtc/media-release-31-january-2013/)

Arising from the outcome of the Punggol East SMC by-election on 26 Jan 2013, the Workers’ Party has commenced preparations to take over the town council functions from Pasir Ris – Punggol Town Council.

Preliminary discussions commenced on 29 Jan 2013 between the outgoing and incoming managements, and more status updates will be given in due course.

The incoming management will be applying for Punggol East SMC to be merged with the existing Aljunied-Hougang Town to form a new town consisting of Aljunied GRC, Hougang SMC and Punggol East SMC. This proposed merger will give rise to a mutually beneficial relationship between Aljunied-Hougang Town and Punggol East:

1. The proposed Aljunied-Hougang-Punggol East Town Council will now be bigger in size, giving greater flexibility to achieve higher operational efficiencies through process re-engineering, centralization of functions and specialization of work. While Punggol East SMC will be able to leverage on the economies of scale of a bigger town council, likewise, the Aljunied-Hougang Town Council will potentially be able to enjoy further cost savings arising from this merger.

2. Being part of the family, the Punggol East SMC will be able to benefit from the pooled experience and resources of both Aljunied GRC and Hougang SMC in town council management. For example, the existing standing committees of AHTC which are helmed by the various Members of Parliament, will be able to advise on the calling and award of contracts, financial matters, estate maintenance and improvement, etc.

A key aspect of the handover is the need for the incoming management to have office premises within Punggol East SMC to operate from as soon as possible, to effect preparatory works. As the existing town council office at Blk 156A Rivervale Crescent is within the boundary of Punggol East SMC, having the incoming management take over the office would be the most obvious option. We will work with the Housing and Development Board on this issue urgently.

We thank the residents of Punggol East SMC for their support and look forward to serving them in the coming years.

LEE LI LIAN, MP-ELECT, PUNGGOL EAST SMC
SYLVIA LIM, CHAIRMAN, ALJUNIED-HOUGANG TOWN COUNCIL

:goodpost:

[Moonsun55]

you get it, I am saying that there is no basis to support what pirate said. It seems more like we are seeing HDB flats transacting at close to a million $ & hence people think private at $1.5m is still very cheap. there are 7 cooling measures targeted at private & none for Citizens' HDB flats, may be govt targeted wrong segment & hence policy ineffective? But then again, probably they have fear of incurring anger for targeting the HDB? Have they become so soft & do what is popular to majority rather do what is needed?

Moonsun55:

It is easy to just quote such example but what likelihood is such scenario going to happen? We know very well that likelihood of your example happening is almost zero. you forgot that given that there are 80% HDB & 20 privat properties, there are 4 fighting for 1 private so by virtue of economic theory, private to HDB prices should be 4:1 (hypothetically).

Moonsun55:

Why private drop HDB will drop? I don't understand & can't see any logic. can explain?

pirate:

If 1,300 sf HDB flat cost $500k and 1,300 sf private condo in the same area also cost $500k, which one will you buy?

3Boys:

Errr......no. There is basis in economics for your example. It's like saying that a Lamborghini should cost 100,000 times more than a Honda.

pirate is saying HDB property prices are capped by private prices, and if you bring down private property prices, HDB prices 'should' follow. It's not a 100% correlation, but its there.