Singapore's Property Rental Market "REDICULOUS"!!!
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Foreigners cannot buy landed housing and if any one of them are not PRs, they cannot buy HDB. Hence, their choices are limited to condominiums.
However, virtually all foreigners who can afford to purchase a flat would be granted PRs. The law on landed property stays.
Regards -
wait for price to crash. I think after PRC crash whole world would crash.
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who say PR cannot buy flat? you think they stupid is it? they are using their CPF to buy the HDB here. my neighbour is a malaysian, PR here and he is owning a HDB.Originally posted by Melvin Tan:Foreigners cannot buy landed housing and if any one of them are not PRs, they cannot buy HDB. Hence, their choices are limited to condominiums.
However, virtually all foreigners who can afford to purchase a flat would be granted PRs. The law on landed property stays.
Regards -
The government will probably put in a policy to curb the growth. The messaging has been flowing out consistently; SM, MM... PM... etc
The market will not crash because it will reflect badly on PAP. They will curb it and slow it down. After all, the government and Temasek is the one who is making all the money during this price hike.
Question is, what will our multi-millionaires proposed? So far, they do not have any good ideas; even for the simplest problems.
Here's some thoughts;
1) Work with all the major property business to stop en-block fever. This would be simple since Temasek as a stake in most of them.
2) Change the rules to stop topping up of lease-hold property. That way, 99-years price will reduce drastically and the prices hike will slow down (HDB will start reflecting their actual value instead of the currently inflated values created by government policy). Second benefit is that property company can only buy from government; so government makes all the millions instead of the current owners.
3) Introduce new policies to tax heavily on en-block or HDB resale.. that will also curb HDB price hike.
4) Release more land; but I doubt this will be effective as most available land are not in prime areas except for those in District 15. -
Just heard from a property agent that units in Neptune Court is going for 1.4million. The 99-year lease hold condo has only less than 20 years on the lease and was going for less than 400k in 2003/2004.
The price shot up because there was en-block potential.
The en-block fever has made everyone crazy. -
Hi,Originally posted by dreamykite:who say PR cannot buy flat? you think they stupid is it? they are using their CPF to buy the HDB here. my neighbour is a malaysian, PR here and he is owning a HDB.
I didn't say that
Quote: "if any one of them are not PRs, they cannot buy HDB."
However, there are also a couple of non-citizen schemes (for non-PR foreigners) that require them to be married to a spouse who is a Singapore Citizen.
Regards -
that is to say "if you are PRs, you can buy a new HDB flat too as long as your CPF got enough monies."Originally posted by Melvin Tan:Hi,
I didn't say that
Quote: "if any one of them are not PRs, they cannot buy HDB."
However, there are also a couple of non-citizen schemes (for non-PR foreigners) that require them to be married to a spouse who is a Singapore Citizen.
Regards -
First of all , you come in complaining about the rental in a private condo.Originally posted by WHATODO:So I guess 100% increase in rent is ok for eveyone here? Cause it seems that, either it is HDB or Condo the rental price has increase to 100%.
Is our current salary really match to the current property prices (rental and owning a house)? Are we all going to be slave to the property and no savings?
How would you know if there is 100% increase in rental prices for HDB if you are actually renting a private condo?
If you cannot afford to rent a private condo , downgrade to HDB then.
I would have sympathise with you and state that it is too much if it was a 3 bedroom HDB flat. -
I think the rule is pr who is single cant buy flat rite?Originally posted by dreamykite:that is to say "if you are PRs, you can buy a new HDB flat too as long as your CPF got enough monies." -
Yes, or if the PRs can pay upfront cash, I believe HDB will not mind, of courseOriginally posted by dreamykite:that is to say "if you are PRs, you can buy a new HDB flat too as long as your CPF got enough monies."
There are some PRs who have enough financial backing to do so. I heard of cases where the PR forks out the purchase price above valuation (for a condo) by cash that amounts to more than a HDB flat, especially in these times where many are buying property above valuation. These PRs cannot and don't plan to obtain bank loans.
Regards -
Hmmm, I'm renting out mine at $3200. 3 bedroom, low floor.Originally posted by WHATODO:
What do you people think of the current property rental market?
I rented a 3 bedrooms condo at bukit batok 2 years ago for $1300 and now the landlord is asking $2500 for it! That is like nearly double!
I know its the current market price and I really dont mind paying that amount but I dont even have a 100% pay rise!
So what do you people honestly think and what do you think will happend after 2 years (increase another 100%)???
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Yes, the single or joint-single HDB schemes are for citizens only.Originally posted by necten:I think the rule is pr who is single cant buy flat rite?
Regards -
Originally posted by fymk:
So I guess there is no law protecting the tenants? sigh
[b]First of all , you come in complaining about the rental in a private condo.
How would you know if there is 100% increase in rental prices for HDB if you are actually renting a private condo?
If you cannot afford to rent a private condo , downgrade to HDB then.
I would have sympathise with you and state that it is too much if it was a 3 bedroom HDB flat.
[/b] -
The rental contract has its own fine print. It is your responsibility to read the fine print and understand it. If the landlord chooses to increase the rent after your contract ends, it is his choice.Originally posted by WHATODO:So I guess there is no law protecting the tenants? sigh
Don't state that there is no law - you would have signed a lease which is a binding contract stating what a landlord can and cannot do. If you do not agree, don't sign it and don't rent the place . Simple.
There is a choice of HDB flats out there to rent. So rent them instead of whining about private condo rentals.
Want to stay in private condos - be prepared to pay. -
Originally posted by fymk:
Be it HDB or Condo, both are increasing at 100% rate. So no one is protecting the tenants?
The rental contract has its own fine print. It is your responsibility to read the fine print and understand it. If the landlord chooses to increase the rent after your contract ends, it is his choice.
Don't state that there is no law - you would have signed a lease which is a binding contract stating what a landlord can and cannot do. If you do not agree, don't sign it and don't rent the place . Simple.
There is a choice of HDB flats out there to rent. So rent them instead of whining about [b]private condo rentals.
Want to stay in private condos - be prepared to pay.[/b] -
We have been through this before. Landlords have the right to increase their price as long as they don't breach the tenancy lease. Welcome to the world of capitalism. Want nice? Pay more. It is everywhere.Originally posted by WHATODO:Be it HDB or Condo, both are increasing at 100% rate. So no one is protecting the tenants?
My question to you now : have you tried applying for a 3 room HDB flat rental yet?
Don't talk to me about 100% increases unless you have proof. If you cannot afford a private condo , don't rent one then. If you cannot afford a 3 bedroom rental then go and rent a room. Simple.
As much as I don't like government policies , I don't see where you fit in.
Check it out VVV
www.contactsingapore.org.sg/moving_accomodation_rentopen.shtml -
Now getting really rediculuos! Read straits times today, 3 bedroom HDB at Jurong East renting for $2,500 per month! So I guess this is the new trend???
Now I guess condo will raise it even higher??? -
o really? i rented out my hdb 5roomer in jurong east for 1.6k
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http://www.todayonline.com/articles/202076.asp
Blogger exposes rent error
$2,500 record figure not for one, but two combined 3-room Jurong East flats
Loh Chee Kong
[email protected]
IT WAS an eye-popping figure, even in the midst of a property market boom — and it turned out to be too good to be true.
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On Saturday, The Straits Times ran an article on HDB rents hitting a 10-year high.
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Citing rental figures from property agencies, ST reported — also listing other transactions in various locations — that a 3-room unit in Block 253 in Jurong East St 24 fetched a monthly rental of $2,500.
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But the figure turned out to be inaccurate, after an alert blogger did his own investigations and published the findings on his blog.
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Mr Alex Au, who runs the yawningbread.org website, told Today that the unrealistic figure raised his eyebrows, especially since he lived just a few blocks away from Block 253.
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With a digital camera in hand, Mr Au visited the block and found that it was half-empty.
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He asked: "Why would a new tenant pay premium rates when there are so many unoccupied flats on offer?"
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When contacted by Today, ERA Singapore, which provided the data on the Jurong East transaction, acknowledged its mistake.
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Its vice-president Eugene Lim said: "It was a transaction in 2005, but it was actually for two units of 3-room flats that were combined. Under the data churned out by our computer, it was classified as a 3-room flat transaction Â… You can call it human error or computer error."
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Mr Lim added that the "jumbo" flat was rented to a company to house its foreign workers.
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Today verified the claim when it visited Block 253.
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ST said in a statement that the newspaper had "verified the accuracy of the information with ERA before going to print".
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But after questions were raised over the flat, the paper investigated further.
.
"We found that the $2,500 monthly rental was being paid for a 'jumbo' flat in Block 253 which comprised two adjoining 3-room flats," it said.
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Over at Block 510 Woodlands Drive 14 — also cited in the ST report — residents said they were "surprised" at the $2,200 monthly rent that an executive unit at their block fetched.
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But Mr P Wang, who bought his four-room unit for $260,000 in February, felt the high rent was "possible".
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The 32-year-old technician said: "It could be a one-off, given the booming property market."
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Earlier, Minister for National Development Mah Bow Tan had expressed his concern over reports of record property prices.
.
Mr Au agreed that the media had to be "very careful" with information supplied by third parties, "especially when there might be a vested interest".
.
The latest episode goes to show how the mainstream media and the blogosphere could complement each other in revealing "the truth", he added. "Working together in a more active media scene benefits everybody."
$2,500 record figure not for one, but two combined 3-room Jurong East flats -
All this for attention!Originally posted by googoomuck:http://www.todayonline.com/articles/202076.asp
Blogger exposes rent error
$2,500 record figure not for one, but two combined 3-room Jurong East flats
Loh Chee Kong
[email protected]
IT WAS an eye-popping figure, even in the midst of a property market boom — and it turned out to be too good to be true.
.
On Saturday, The Straits Times ran an article on HDB rents hitting a 10-year high.
.
Citing rental figures from property agencies, ST reported — also listing other transactions in various locations — that a 3-room unit in Block 253 in Jurong East St 24 fetched a monthly rental of $2,500.
.
But the figure turned out to be inaccurate, after an alert blogger did his own investigations and published the findings on his blog.
.
Mr Alex Au, who runs the yawningbread.org website, told Today that the unrealistic figure raised his eyebrows, especially since he lived just a few blocks away from Block 253.
.
With a digital camera in hand, Mr Au visited the block and found that it was half-empty.
.
He asked: "Why would a new tenant pay premium rates when there are so many unoccupied flats on offer?"
.
When contacted by Today, ERA Singapore, which provided the data on the Jurong East transaction, acknowledged its mistake.
.
Its vice-president Eugene Lim said: "It was a transaction in 2005, but it was actually for two units of 3-room flats that were combined. Under the data churned out by our computer, it was classified as a 3-room flat transaction Â… You can call it human error or computer error."
.
Mr Lim added that the "jumbo" flat was rented to a company to house its foreign workers.
.
Today verified the claim when it visited Block 253.
.
ST said in a statement that the newspaper had "verified the accuracy of the information with ERA before going to print".
.
But after questions were raised over the flat, the paper investigated further.
.
"We found that the $2,500 monthly rental was being paid for a 'jumbo' flat in Block 253 which comprised two adjoining 3-room flats," it said.
.
Over at Block 510 Woodlands Drive 14 — also cited in the ST report — residents said they were "surprised" at the $2,200 monthly rent that an executive unit at their block fetched.
.
But Mr P Wang, who bought his four-room unit for $260,000 in February, felt the high rent was "possible".
.
The 32-year-old technician said: "It could be a one-off, given the booming property market."
.
Earlier, Minister for National Development Mah Bow Tan had expressed his concern over reports of record property prices.
.
Mr Au agreed that the media had to be "very careful" with information supplied by third parties, "especially when there might be a vested interest".
.
The latest episode goes to show how the mainstream media and the blogosphere could complement each other in revealing "the truth", he added. "Working together in a more active media scene benefits everybody."
$2,500 record figure not for one, but two combined 3-room Jurong East flats