here we go: Housing- much credit goes to the original forefathers for implementing the HDB program to provide affordable housing for the masses, that was the intent, subsidize housing for those who wanted one. The intent was not to create a new asset class so these hdb owners can sell at huge premiums. More controls should be implemented to prevent the run up in prices, even a cap on what they can trade for. Keep the HDB market affordable and with constant supply of new units will appease the masses. Private home and condo ownership should operate on free market principles. That's an asset class, people are investing in it for return and own use. If you can afford it then you get in. No govt in this world guarantees private home ownership to their citizens. These new stamp duties are not cooling a market, they are destroying a market which is eliminating commerce. what about developers? Don't they deserve the protection of the law? why can this govt shiet on them with no impunity. The govt sells a land at auction. All developers bid based on current legislation at the time on stamp duties and etc. Then overnite the govt moves the goal post. In other countries new propose legislation is debated and voted on and people get notice. In this country it happens overnite with no input from affected parties. Govt looks at developers as greedy corps. These developers create jobs. They inject and invest money in the economy. They take the risk. They build real hard assets with real transactions and deliver dreams. and then when they make a corporate profit they pay the govt corp profit tax. that's how a simple eco-system works. These increase stamp duties is telling the public NOT to buy, they raised once, people still buy, so they raise again to a level that people will no longer buy. So its a policy to destroy commerce. How can any govt implement a policy to force down asset values? what about existing home owners who bought at peak prices. Why do we need to cool the private housing market? if you want to ensure people are not over leverage then impose lower loan to value ratios, and even lower for 2nd and 3rd homes. The current policies do not make private home ownership more accessible, it makes it more difficult. So are you telling me that $1900 per sq ft condo will come back down to $1000 per sq ft soon because of these policies. is that what the govt want to do? destroy billions of asset values to please one group while decimating another? I truly think these policies are decided by academia and politicians with no input from dissenting views.
cars- the old arf tax was 100%, the new tax is 100% for 20,000 omv and under cars. How does that make cars more accessible? nothing has changed in the entry cost the new loan policies make cars even more inaccessible. It made sense to take a 10 year loan given the 10 year coe and much higher entry price. It made car ownership palatable to a workng man as a % of his salary. Now this 5 year and 50% cap maintains the same monthly payment. But the 50% downpayment makes it very difficult for many to purchase a car. so instead of potentially investing the money into a hard asset like property or save for kids tuition, many citizens have to tie it up in down payment in a depreciating asset, which is not a good use of anyone's capital. This new policy truly befuddles me what the endgoal was.
At 30k for a jippunese car for the down payment...the (predicted) $20k COE is a bloody gimmick... As an unfortunate and miserable meager average wage earner... i'd rather put my money elsewhere..like a roof over my head.
Problem is how much is the roof? HDBs are no longer under $300k & in private, you cannot find anything decent for a family under $1million, only at $1.5mil u begin to see something decent, used, 20km+ out of CBD & 99yrs. My pal's HDB is worth $600k+ in Pasir Ris & he bought it over 10yrs ago for S$350k. Not a very good investment if you ask me but it gave him shelter for 5+1pax. Another ex classmate, same age as me has just bought his first flat. A very talented designer but pay is not rosy. ROM for over 5yrs, stayed with parents & now wife near 40, finally got chance to try first baby luckily I went into business. In fact, 30% from my class don't have babies yet & a few are still singles.
Very interesting i learnt a lot these few days from you people. Stamping fee is the easiest wealth generating "software"
if you notice the current administrations only method to address any percieved problem is to TAX - reduce housing prices- raise stamp duties -reduce dependence on foreign labor- raise foreign worker levy -reduce car growth- raise arf tax I have not heard any innovative or even hand holding type of approach to address the issues. Their only ammo is to raise taxes. This crew deserves to be replace at the next election. Hollande and the frenchies should fly over to learn a thing of two from this crew.
Thats THE bloody problem.. everyone needs a roof over our heads and this gahmen charges ludicrous prices!! Its a need not a want but its a gonna be a debt which an avg joe will carry till old age... Given the choice i wld also go into business in the cosmetics line... For now.... needa save up..
Guess what mate.... today i just knew of someone with bachelor degree from india applying to be a manager for $1.2k... tell me who doesnt want to pay an experienced I.T manager with India state Uni..for an O levels pay...
Seriously, with the current new tax things, standard of living flying high the sky, with the Child Development Co-Savings (Baby Bonus) Scheme which don't really help much, who want to have babies ? Sometime, staying singles is still better , of cos parent will start to nag, you will feel lonely sometime. In current suitation, it best to plan far ahead before commit on anything. I start worry for the next generation with such high standard which won't stop here. Sooner or later, HDBs are no longer under $500k.
It always work this way here in this island (any piece of sub-continental land that is surrounded by water). Increase train service - Fare raise Increase of bus drivers - Fare raise A packet of cigg cost nearly to $12/- and yet limit the places for burning up the cigg (sooner or later, the only place you enjoy yours smoke is yours own home) bah bah bah.....Even a bangladesh can enter a Casino freely without paying any entry fee. Better change of topic, it getting more heat talking about all these, it won't make any changes at all no matter how we voice out.
Look what i saw today guys.... the best car in tines like this... Image Unavailable, Please Login Image Unavailable, Please Login
If the govt understands how to communicate, it would never had proposed the white paper on population when issues like housing, transport are not resolved.
If these higher taxes goes towards building better transport system or doing some good, that is one matter. I don't see the point in this tax except to make some happy. But in the end, govt score an own goal. The aspiration of Singaporeans to own cars has now been given a big kick in the butt. The new loan rules will kill most young Sporean's dream of owning a car. Cars are for the rich only. Where to find 50% cash after paying for the house.
If not, you are implying you support the recent budget to increase property tax of high end housing and the higher car taxes? Your views for a change.
Welcome to Spore. That's why the call the PAP, Pay and Pay. They love to tax. That is their usual solution. MORE TAXES.
Don't you read the papers? I don't either S pass is for degree holder jobs & entry salary is S$2K which is raised to S$2.2k come July & then there's the levy which was only S$50 last year? but over S$500 soon W pass is for lower tier jobs which the company must have very higher local ratio now. Can't remember the figures, either 6 or 9 :1 So that Indian will only be hired if he's filling a vacancy over S$2K salary. My last staff takes home S$2.8K to clear MOM for S pass. They won't issue the permit if their salary are just @ the limit.
