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Restrictions on Foreign Property Purchases & Sales

Property investments are mostly “rent seeking” and it will not create jobs if it only deals with resale properties. When Foreign Investors are allowed to buy properties from the resale market, they do not contribute to creating jobs in construction nor increasing the stock of properties. They would most probably contribute to the inflation of prices of property markets which will spill over to other assets markets which utilize land.

Australia government has done the right thing to restrict property purchases by foreign investors to new property projects so that such liquidity inflow will only contribute to creating jobs in construction and not contribute to speculative price instability in the resale market which affects their own people.

On top of that, they have capital gain tax.

Australian gov puts up all these measures inspite of the fact that they have huge land mass!

Some people commented that then the rich people will just not invest their money in Singapore! So be it!

We want quality investment from foreign investors which create jobs and contribute to the development of our city, not just rent seeking investment which involves speculation in property markets which affect our own people adversely.

Another tax should be applied to property hoarding. There are so many properties left empty in Singapore by both foreign and local Singaporean owners. Such properties should face additional property tax and it will discourage property hoarding.

In land scarce Singapore, we must not allow property hoarding or inefficient use of land and properties to exist.

 

Goh Meng Seng

 

 

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READER COMMENTS BELOW

7 Responses to “Restrictions on Foreign Property Purchases & Sales”

  • xoxo:

    All HDB OWNERS who are not SG CITIZENS MUST RE-SELL THEIR HDBs back to HDB at *cost-plus* so as to minimise SPECULATIVE tendencies that contributed to runaway pricing for GENUINE SGPOREAN BUYERS who want to buy for REAL CONSUMPTION.

    NON-SG SPECULATIVE BUYERS are taking advantage of the GLARING PURCHASE-SALE POLICIES for non-sg owners.
    Why Singles sgs were not allowed to buy HDB for YEARS ON when prices were much lower while PRs like malaysians were allowed then?
    Many PRs have resold their HDBs at huge gain$ while our now senior single sgs have to buy HDBs-if they can afford- at ELEVATED PRICES,even for *retirement flats*???

    Were HDB PURCHASE POLICIES THAT RESTRICTED OUR OWN SINGLES,ETC,formulated by NON-SG GOVT EMPLOYEES TO SGS’ DISADVANTAGE?
    ALSO,for the jobless n retirees who could not buy HDB becos of the policy restrictions ,why must they be made to WAIT SO LONG to buy HDB after they sell their private housing?
    This is ANTI-SG POLICY N ANTI-SENIORS WHO ARE FINANCIALLY hamdicapped.
    How to be self-sufficient financially n have Happy Aging?

    Dont just sing jingles,take real actions for the good of Sg People .
    If our Elected Ministers prefer to work forFOREIGNERS,maybe they shud join THE UN.

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  • xoxo:

    And,just an aside thought.
    Goh Chok Tong’s HDB ASSET ENHANCEMENT is IN ACTION indeed!
    But,but,for PRs mostly!
    Like i said,many early PRs from Malaysia who bought HDB REAP HUGE GAINS.
    THANKS TO ASSET-ENHANCER,GCT.

    WHAT A DARK COMEDY for singles who were not allowed to buy HDB before ,for DECADES.

    IT SEEMS LIKE NON-MEMBERS ENJOY MORE BEN3FIT$ here in $in City .
    How UNIQUE!!!

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  • High Property Price:

    High property price in the long run is not good for the Country.
    Also not good for our next generation.
    Government need to interevent and not let market force take over in this case as rich FT will cause the property price to rise.

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  • ganeshsk:

    xoxo: IT SEEMS LIKE NON-MEMBERS ENJOY MORE BEN3FIT$ here in $in City .
    How UNIQUE!!!

    YEs Membership does not have its privileges !!!!!

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  • SINGAROAR:

    What is the “type” of monies flowing into Singapore? Is it monies stolen from other economies? The “type” of monies will explain why the fundamental rule of at least a 3% return on property investments are being ignored. Investors with “clean” monies will calculate returns. Whereas in Singapore, the monies flowing into the property market does not follow any logic. This kind of monies do not create jobs but will push up property prices beyond the affordability of Singaporeans. The Australian govt. acts in the interest of its citizens and has placed restrictions on foreigners. The PAP on the other hand seems to open its legs wide removing the safeguards put in place by our founding fathers by giving out citizenships. In Switzerland, as a foreigner married to a Swiss, application for citizenship is only after 10years. One criteria that is used is the contribution of the foreigner to the local community. Besides this, there are other criteria that has to be fulfilled before approval. By removing safeguards, are we becoming a haven for people like Najib’s daughter who owes RM10million in taxes, in Malaysia? How much of Najib’s stolen monies are parked in Singapore banks? Is this the reason for VB’s visit to K.L.? Please clean up the State before the DOJ reveals its findings like the Keppel case and 1MDB monies which somehow “crawled” into Singapore Banks.

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  • Good Class Bungalows:

    How many political elites and the connected and their families are in the GCBs -owning category.
    Or luxury condos?
    They would certainly love these foreign speculators.
    Pinkie says he wish there will be more billionaires coming to sinkieland —who gains???
    Majority of sinkies are condemned and condemning their next generations to be HDB slaves.
    Tax ALL empty condos and other dwellings at triple the rented property tax rates—prevent house/dwelling banking —especially by foreigners.
    This little red dot of an island is too small for the world rich to park their money in property.
    Dwellings are for living esp in sinkieland.

    High Property Price:
    High property price in the long run is not good for the Country.
    Also not good for our next generation.
    Government need to interevent and not let market force take over in this case as rich FT will cause the property price to rise.

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  • Water tank:

    Underground tracks are also meant for climate change?

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