Govt mindful of property speculation
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Govt mindful of property speculation
TO CURB property speculation, the Government has made available 26 sites yielding about 10,500 private residential units as part of its Government Land Sales (GLS) programme for the first half of this year alone.
This is the highest figure provided by the biannual GLS programme since the Reserve List System started in 2001.
The Reserve List System makes available, if necessary, extra sites for flexible uses.
The Government will continue to "increase supply to meet the strong demand", National Development Minister Mah Bow Tan said in Parliament yesterday.
He was responding to a question from MP Ho Geok Choo (West Coast GRC) about measures that have been taken to cope with rising property prices.
He said: "The Government will continue to monitor the property market closely.
"We will implement additional measures if necessary to maintain a healthy and stable property market."
The measures introduced in February this year and September last year have already helped moderate the increase in private- and public-housing prices, he said.
Prices in the first quarter of the year increased 5.6 per cent for private residential property, compared to a 7.4 per cent increase in the final quarter of last year.
As for public housing, resale prices have registered a slower increase the Resale Price Index rose by just 2.8 per cent in the first quarter, compared to a 3.9 per cent increase in the final quarter of last year.
The median Cash Over Valuation the sum paid over and above the valuation of a flat has also stabilised.
Steps that have been taken include a lower loan-to-value limit for all housing loans provided by financial institutions, and a stamp duty to be paid on residential properties and land sold within one year after purchase.
These measures, Mr Mah said, were "calibrated to encourage greater financial prudence among purchasers" and prevent a property bubble.
"They were not intended to stop prices from rising or deter genuine home-buyers and investors from buying properties," he said.
As for Housing Board flats, Mr Mah said that HDB is prepared to offer more than the 12,000 flats that have already been pledged for release this year.
http://news.omy.sg/News/Local%2BNews/Story/OMYStory201004280044-147168.html
http://news.omy.sg/News/Local%2BNews/Story/OMYStory201004280044-147168/2.html
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so, afterall, this is not a free market that depend on supply and demand as govt initially said it...must have earned/conned enuf liao
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They are in a no win situation.
Release too much supply, they will cause prices to fall - bad during election year.
Feed the massive demand, prices will forever be out of reach for a majority of new home owners - also bad during election year.
They are now caught between a rock and a hard place.
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There is a one off solution, but it's too costly to use.
The government pay for the differences. NEVER will it happen.
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Originally posted by shrekho:
There is a one off solution, but it's too costly to use.
The government pay for the differences. NEVER will it happen.
They can do it if they wanted to.
They will just find other ways to suck money from you instead - CPF being the most obvious option.
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Originally posted by shrekho:
There is a one off solution, but it's too costly to use.
The government pay for the differences. NEVER will it happen.
it took 4 years to con your 1% increase in your CPF from employers, do you think they will pay for the differences???
Singaporeans..haiz! real lame
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Originally posted by charlize:
They are in a no win situation.
Release too much supply, they will cause prices to fall - bad during election year.
Feed the massive demand, prices will forever be out of reach for a majority of new home owners - also bad during election year.
They are now caught between a rock and a hard place.
I tot it should be "the devil or the deep blue sea", no? -
Originally posted by 4sg:
I tot it should be "the devil or the deep blue sea", no?
Rock and a hard place sounds better imo......Actually bubble is good..... if things dun go bust or go soaring sky high.... how to make $
Kind Regards
Genie
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In Singapore, the private property drives HDB flat price.
Actually, there is huge speculative activities going on. Mainly driven by hot money fleeing from overheating oversea markets such as China, Indonesia, HK.
To curb these speculation would restrict the flowing of revenue for the govt. Revenue like stamp duties, property tax, land tax etc.
They did every thing to control price but failing to acknowledge that one major source of the problem is really the foreign speculators.
Speculation is not entirely bad as it can help to even out demand and spread risk.The only thing left is for them to acknowledge that the foreign speculators are really part of the market. They are one major contributor for price increase.
Just acknowledge this fact and not going around beating the bushes.
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First of all, before I tell you the real facts, can you handle the real facts??
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Originally posted by angel7030:
First of all, before I tell you the real facts, can you handle the real facts??
. . .. . .. not facts . . .. . all you have to offer here . . . are all from cesspit. .. . being a cesspit yourself . . .. . . all you . . .. . can contribute are . .. urine and faeces . . . . 宜妓!
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