Folks @ Prop Talk...I read sometime back that this year may be the beginning of another SUPRA CYCLE for Properties...Today's BT confirms somewhat. I saw a good unit. A lil stretched but I still can make it...but am not too sure if I should? What would you do? have you stopped all your acquisitions and in sell mode now?
Are you buying for own stay or investment?
If we are in your shoes and buying for own-stay and really like the apartment and are confident that we can manage money-wise, we will probably go for it. We believe that if you are buying to stay, you can afford to go with your heart a lil. And with the new "4-year holding" rule, we are unlikely to resell in the near term as we do not want to be hit with the additional sales levy. This is unless someone throws an obsecene amount of money at us for the unit, or if the estate goes en-bloc. And it is anybody's guess what the property market will be like in 4 - 5 years' time!
But we are unlikely to buy anything for investment at the moment (not in SG anyway). The prices are way to steep for decent returns while the near-term risks (economical and social - in terms of what the Govt will do) are much to high for our comfort.
Hi Folks @Prop Talk. I havent bought the apartment yet. It feels that the prices are sticky downwards (ie...owners are still holding out ).
In your opinion (I wont hold you folks to it..lol), I was thinking of holding out to another 12 months before i buy (for own stay). Would that be a good decision? cos sometimes the market turns up catching people unaware...
On the other side, some many international companies are hubbing in Singapore (World Bank / Mead Johnson). Even the Facebook founder has a place here. Singapore has a unique position .
Merry Christmas and it's really good to hear from you again!
All indications do suggest that private home prices will fall next year. But whether it's 5% or 20%, that's anybody's guess at the moment. And although some companies have put on a brave front and spoke about expansions, we do expect that many will be cautious with their investments (and especially hirings) given the uncertain economic outlook.
As such, it may be worthwhile to wait. Given the number of new projects that are expected to come on-stream in 2012-2013, and the Government pushing out new land parcels like there's no tomorrow (with the new ruling that successful bidders of such will have to develop and sell ALL units within a 5-year period or the additional buyer's stamp duty will apply), these should definitely put some downward pressure on price. Even if the price drop is not as significant as some "experts" suggest, you will at least get a wider choice in terms of what you can buy.