Which Direction Will Property Prices Go ?

ThinkCarefully

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Govt should just consider extending the lease duration by 1 year to compensate buyers for the delay even though it is not due to fault of the Govt. This delay delivery of homes does not only affect hdb buyers but private home buyers too. Before we bought our house we were informed by agents the estimated key collections date, while we are aware that the date was an estimation and might change , we did not expect delay of 9 months - 1 year.... for our case we bought tre ver and we were informed by agent that TOP would be early 2021, due to covid we are now looking at TOP in 2Q 2022 and it does look like there will be further delays. TOP early 2021 was what we were expecting and we had made plans around it. The delays caused by this pandemic was really unexpected. It affected our plan for the family and also our bank refinancing plan....

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That project...

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1993newbie

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not easy to extend the lease for HDB and condo 99Y LH only, what will happen to owners of FH condos? they may complain on unequal treatment just because they can afford premium to buy freehold land.

It may be better to to reduce property taxes for all owners rather than compensating leasehold buyers by extending the lease..seem more equitable. Everyone incur extra expenses and rent to provision for the delay in construction, FH or LH included.

Of course it will be best if they can offer some relief plus extend lease for LH owners
Well, actually HDB lease commences a few months after key collection of the last few units in the BTO enclave.

lease for BTO doesn’t start from the year of construction.
 

arctician

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Well, actually HDB lease commences a few months after key collection of the last few units in the BTO enclave.

lease for BTO doesn’t start from the year of construction.
Good leh then why ppl still unhappy.. For condo i think lease start from date they acquired the land or construction date..some of the lease start 2017 but top 2022. Lost 5 years of lease..
 

japst3r

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The government say buyers are to fairly share in the burden if view of rising construction costs. I don't think giving people compensation (whether by lease extension or property tax waiver) makes sense in relation to the government's stated intention.
 

japst3r

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Good leh then why ppl still unhappy.. For condo i think lease start from date they acquired the land or construction date..some of the lease start 2017 but top 2022. Lost 5 years of lease..

Ya when it comes to lease, HDB owners are treated differently and equitably. Private condo lease starts from the date the developer renews it, ie when they legally own the land after completion of the purchase from previous land owner.
 

arctician

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Ya when it comes to lease, HDB owners are treated differently and equitably. Private condo lease starts from the date the developer renews it, ie when they legally own the land after completion of the purchase from previous land owner.
Yah last time took 4y to build a 99y condo, now 5y. The private LH owners are the one most impacted. But well to be fair developers also facing margin suppression, foreign worker also lock up in quarantine last year..guess everyone has to share the pain
 

䏣炆玧示老太

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Yah last time took 4y to build a 99y condo, now 5y. The private LH owners are the one most impacted. But well to be fair developers also facing margin suppression, foreign worker also lock up in quarantine last year..guess everyone has to share the pain
can't wait then buy those TOPed condo,simple as that
>30k such units still left unsold right?
 

BTGoh87

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The government say buyers are to fairly share in the burden if view of rising construction costs. I don't think giving people compensation (whether by lease extension or property tax waiver) makes sense in relation to the government's stated intention.
Then we end up incurring higher interest in the 3rd and subsequent years until we collect kegs and big chunk of payment is released by bank then we do refinancing. Long story short, we not only end up with shorter remaining lease, we pay higher interest for from year 3 until TOP when we do refinancing, we also incur extra rent if we are renting a place while waiting for new place to TOP.... I think we are losing out on a lot not only shorter remaining lease. The Govt ought to give us some relief as this pandemic is unprecedented and like the Govt and businesses, we as home buyers did not cater for all that ⚠️ Why are we expected to silently absorb the impact?
 

1993newbie

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Good leh then why ppl still unhappy.. For condo i think lease start from date they acquired the land or construction date..some of the lease start 2017 but top 2022. Lost 5 years of lease..
Hmm I guess it affected their plans in family planning & upgrading coz their MOP will be pushed further since all BTOs are sure profitable.
 

japst3r

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Then we end up incurring higher interest in the 3rd and subsequent years until we collect kegs and big chunk of payment is released by bank then we do refinancing. Long story short, we not only end up with shorter remaining lease, we pay higher interest for from year 3 until TOP when we do refinancing, we also incur extra rent if we are renting a place while waiting for new place to TOP.... I think we are losing out on a lot not only shorter remaining lease. The Govt ought to give us some relief as this pandemic is unprecedented and like the Govt and businesses, we as home buyers did not cater for all that ⚠️ Why are we expected to silently absorb the impact?

Your points are valid, but unfortunately the government's interest is to help businesses over middle-class home-owning individuals. People who buy private properties and are particular about these matters you talked about are likely to fall within this category. The rich don't care about these as their lifeline is in their businesses. The poor also are not affected by such property-related matters. If any sort of relief or assistance will be granted to buyers, it would more likely be for first-timer/young couples who are waiting for their BTOs as that forms the largest base and are also considered as the future of Singapore. But who knows? All depends on the government's budget also. But to help out private condo owners is likely to create a lot of discontentment in the large population because taxpayers money is being used to subsidise investments of a very small segment in society. End of the day, private condo owners are not a lot compared to HDB.
 

holasingapura

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Then we end up incurring higher interest in the 3rd and subsequent years until we collect kegs and big chunk of payment is released by bank then we do refinancing. Long story short, we not only end up with shorter remaining lease, we pay higher interest for from year 3 until TOP when we do refinancing, we also incur extra rent if we are renting a place while waiting for new place to TOP.... I think we are losing out on a lot not only shorter remaining lease. The Govt ought to give us some relief as this pandemic is unprecedented and like the Govt and businesses, we as home buyers did not cater for all that ⚠️ Why are we expected to silently absorb the impact?
Govt provided so many reliefs for sinkies still not enough? More than a year of debt moratorium and billions injected to fund your wages!

Is the govt to blame for covid-19? Greedy and self-entitled sinkie!
 

arctician

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can't wait then buy those TOPed condo,simple as that
>30k such units still left unsold right?
no thats last time, now is 20K+ liao including unsold and all uncompleted.

Analyst have been warning on the dwindling land bank of developers and inventory stock at all time low, they predicting the next wave of enbloc fever seen in 2017-2018 to happen soon.

i know some people have been waiting at sidelines since last year predicting a major correction in real estate but surprisingly it didnt happen, so they have been talking the market down.

Same for me i been waiting since last year, but when prices didnt correct after dec 2020 upon ending of loan repayment relief, i know cant wait anymore, visited 10+ projects and issued cheque all in 2 weeks. Sometimes we just have to accept the market reality.
 

Passerboy

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no thats last time, now is 20K+ liao including unsold and all uncompleted.

Analyst have been warning on the dwindling land bank of developers and inventory stock at all time low, they predicting the next wave of enbloc fever seen in 2017-2018 to happen soon.

i know some people have been waiting at sidelines since last year predicting a major correction in real estate but surprisingly it didnt happen, so they have been talking the market down.

Same for me i been waiting since last year, but when prices didnt correct after dec 2020 upon ending of loan repayment relief, i know cant wait anymore, visited 10+ projects and issued cheque all in 2 weeks. Sometimes we just have to accept the market reality.
U waited since dec 2020 still ok, some here have been advocating a correction since pre-Covid and pre-2018 CM... 3 years passed.
 

japst3r

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U waited since dec 2020 still ok, some here have been advocating a correction since pre-Covid and pre-2018 CM... 3 years passed.
It's impossible to time a market crash. It's also not possible to predict the extent of the crash. But crashes do not wipe out value entirely. So the question also morphs into one of how high did the market climb and at what point of the climb did one enter? If you enter early, the crash is not going to affect you as bad as entering late. Not entering at all and you might end up purchasing at a value not too different from pre-crash. Then you gotta ask yourself whether all the lost time was worth it at all anyway. Moral of the story is in any investment, it is hard to time the market. Particularly so for property, which tends to be illiquid. Go in with eyes wide open and make a rational decision at the purchase time, accepting the risk of loss as well.
 

holasingapura

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U waited since dec 2020 still ok, some here have been advocating a correction since pre-Covid and pre-2018 CM... 3 years passed.
Before you jump into telling your stories, do read carefully. He had been waiting "since last year", but only took the plunge after "dec 2020". :p

Anyhow did prices not correct slightly in 2019/early 2020 from 2018 launch prices?
 

holasingapura

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U waited since dec 2020 still ok, some here have been advocating a correction since pre-Covid and pre-2018 CM... 3 years passed.
Woodleigh had massive price reduction to 1,700psf. Now second round of slashing for "lakefront series".

Riviere, Avenue South just cut prices. 6 figure discounts.

Garden was initially launched at 1,700psf.

I am sure being deputy chairman of expert panel, you are able to list out many more.
 
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