How much shd i bid for COV

M

mum_of_2_girls

New Member
Hi,

Wah!!! Luckily, I sold off my CityDev shares.

Do you think property prices will cool further?

I'm also waiting to enter the market just like all of you.

Hi SM and Powder,

SM, Powder, any good buys you are eyeing?

I'm not very smart, so share your experience, good or bad.

I love to read your investment posts.

Hi SM,

Thanks for your reply and your willingness to share your experience with us.
 


S

sgbabydoll

Active Member
Powder, from what I see - A lot of restrictions on the average buyer/seller but no restrictions to the very rich because to them coming up with extra cash for upfront payment isn't going to be a problem. I am just thinking must cooling the market be done this way?
 
S

simpleman

Active Member
I just advise my ex-wife and she recently bought a 3-room HDB in addition to a private property that she has - so in a way she she lucky because she is not going to be affected by the new rules.

So, she was telling me how come I can predict and asked her to get a HDB. Frankly I don't know but the writing is on the wall with the property prices going up much faster than the economy. The govt has to step in to do something.. And national day rally is one that you will see major announcements..
 
S

simpleman

Active Member
$30K grant is not a new feature..

When I retire with no income.. I will buy a new HDB with subsidy. And that will be my first HDB so I should have priority right?
 
S

simpleman

Active Member
doll,

Why not? when I retire.. I have no income..

And I will already transfer my private properties to my children..
 
M

mum_of_2_girls

New Member
Hi,

I agree with Powder that property agents are a very powerful group.

They can decide to bring clients to you or shift them away from you. They can let you view a lot of units or very little.

Sometimes, I feel it is so unfair. They are not even the owners of these properties but they have so much power to decide on fate of the properties and earn so much from them without taking any risk, unlike the investors.
 
V

vios

New Member
the new restrictions are rather fcukup to the more average people who seek to grow their portfolio lah.

yep i thought the same way as powder - shld prohibit a specific group of property agents who flip like nobody's business.
 
P

powder

Active Member
yes doll,

i was thinking along that line... the sandwiched class can celebrate for awhile. but i think we're just pushing back the inevitablility for them to be sandwiched again.

rental income will not be an easily available instrument open to the majority... for locals it will take longer term planning and requires alot of patience. u can literally see a market move past u, without being able to lift a finger. just smile and tell yourself that this is for the rich.
 
S

simpleman

Active Member
albee,

No such things as unfair. You can be an agent yourself. Try to be one and you will know the frustrations.

It is easy to see them earning commissions from not doing much work (in your perspective) but this is not true.
 
M

mum_of_2_girls

New Member
Hi SM,

I have always wanted to get a HDB. Wait too long, now no chance liao.

Your ex-wife must think you are God!, can predict Government will do something. She is vey lucky to get her HDB.

Now have to wait till retirement, no income, to get HDB.
 
S

simpleman

Active Member
Actually other than the subsidized HDB, I don't think there is much benefit in getting HDB - I mean the resale one.

You can always get private property - ok, it may not be so convenient in many instances - but they are more transparent and there are less restrictions.
 
S

sgbabydoll

Active Member
SM, because you can only buy resale flat as a single person. Unless you getting married during retirement hehe You can't buy new HDB flat with your children who own private properties you pass to them.

Your ex-wife is very lucky indeed.
 
T

thommy

New Member
doll, the 30k grant is not new.

anyway, just to check with u, if I bought mine before all these new rules kicked in, does that mean my lock-in is also 1yr like yours? cos I took bank loan, not HDB loan.
 
S

simpleman

Active Member
During retirement, I will buy a new hdb with one of my children.. I can form a nucleus family.. so I should qualify.

I have read the rules..
 
S

sgbabydoll

Active Member
SM, OK lah but your daughter can't have any of your private properties in her name. And, you need to wait out 30 months from "disposing" your private properties to apply for a new HDB flat.
 
S

simpleman

Active Member
doll, Remember I have 3 daughters. Just need 1 daughter to form nucleus family with me. Probably will be the youngest girl with me..

30 months is no problem lah. Just need to plan.

Govt is smart.. but we are always smarter..

We may even stay in HDB and rent out the other private.. My daughters have not stayed in HDB before..
 
P

powder

Active Member
i see the divide increasing further... sadly. i dun even know if my doors are being opened or closed... i can imagine how tough it's gonna get.

anyway the whole gist seems to be the inevitable that i have been preaching in this forum... and that is the Local mentality - alot of spoilt brats. looks like the gov is not gonna be so nice anymore, and spoonfeed our nation of whiners... it's abt time we opened up the country for more hungry citizens of the world to come here and kick some sporean butts.

only thru opening this door, do we get to see how far back we've come in terms of work attitude. only know how to hide behind our country n education, with little character n mental strength...
 
V

vios

New Member
hmmmmmm i don't see it from the point of view in terms of local mentality. with or without these new restrictions, there is always a group of spoil brats, like what you described
 
P

powder

Active Member
the foreign doors will be opened wider... the property mkt will come to rest at a level that fringe foreign investors will bite at, whilst locals who got in on the hdb will have to wait 5yrs... i see a smaller door for locals... or a timed door. anyway it'll be staggered before working itself out, but the door is definitely narrower.

the money for ns is rather negligible, i dun mind paying 10times of that amount to be freed of my liabilites... takes a few months to recover.

well with the competition, more locals will realise they can't just point to their degrees and shout "i'm sporean & i deserve this". forget the promises told to u during your years of education... u will realise u're not as smart when compared in the context of the world. u're basically just unexposed to better quality pple.
 
B

bedokboy

New Member
5yr ruling is ok for me. I plan to pass onto my brother if I can take better care of myself in the future, ie earn more money.
 
miloice

miloice

Well-Known Member
30k grant for 1st timer is not new. But, I think its hightime to review that grant. The pricing is dynamic, I feel the grant should be a floating amount base on the average pricing of a basic flat type. e.g. 20% of 3 rm or 15% of 4 rm.

The idea of the subsidy is to provide affordable basic accomodation to 1st timer singaporeans.

It would be a great help 5 yrs back when 4 rm is only around 200k. Now, its high 300k and above and with avg COV over 30k. That grant becomes less effective already and soon obsolete as the prices continue to grow.
 
T

thommy

New Member
yeah man, agree with milo...years back 30k may seem to be a great help but with current crazy prices now, it seems like a mere pittance...I wonder does our govt know anything about inflation?
 
S

simpleman

Active Member
Of course the gov knows what is inflation.

But remember. 30K is grant. the HDB supposed to be subsidized already. The 30K is in additional to lessen the impact. Yes, it will have more bite 5 years ago than now. And perhaps they should review it - but to peg it to a fixed percentage is not what the govt will do.

The problem is that such a grant becomes our "rights" and govt should give us more and be fair to us - adjust for inflation and such.. Dangerous thoughts.
 
miloice

miloice

Well-Known Member
sm, how dangerous would that be? If its peg to a pricing of a basic housing... I'm not talking about ECs etc. But, basic housing. That is a reasonable baseline to gauge.

If a 3rm flat one day costs say 600k with COV of 50k, that grant still stuck at 30k is kind of stupid right?
 
S

simpleman

Active Member
Dangerous thoughts as in expecting "grants" and for it to be pegged at a percentage.

Yes, they should review the amount.. to adjust for inflation and in relation to affordability .. but it is not a given to be total inline with price changes. Remember, our income also increases.

Maybe some sort of affordability benchmarking guideline would be more appropriate..
 
miloice

miloice

Well-Known Member
well with Singaporeans, everything becomes an expectation
happy.gif
 
T

thommy

New Member
sm, I'm not saying that we are treating the grant as a given right but since housing prices have been climbing up steadily over the years, isn't it high time to review the grant subsidy?

I mean, it is their intention to make HDB housing affordable for 1st time buyers but it does not make sense when the grant has been unchanged since god knows when.

Inflation is very real, be it we like it or not.
 
S

simpleman

Active Member
Yes, I agree that the grant should be reviewed.. but you know.. it is a grant, not a right. Basically you take what you have been given.

Like the income ceiling for HDB - it has not been revised in tandem to rising income as well..

I would suggest more transparency.. to have a affordability index.. and to peg grant against the index..

But we all should be aware of the how and what the govt is thinking.

Like your earned income relief - it has never been changed (or very little) over last 30 years when income has changed so much.
 
S

sgbabydoll

Active Member
Wondering if those who are marketing their flat currently, will they withdraw from the market since the next buy will be difficult.
 
S

sgbabydoll

Active Member
"5yr ruling is ok for me. I plan to pass onto my brother if I can take better care of myself in the future, ie earn more money."

Bedokboy, you can apply for a new flat with your brother now mah. Passing the resale flat to your brother later means give to him or sell at market rate minus COV to him?
 
P

powder

Active Member
precisely... use the grant wisely, but dun start asking for increases. end of the day it is a grant... ie the gov GRANT u. solutions should be kept close to our own hands, and in our own hands - i Dun mean hoping. even an ant can hope to have wings and one day be a flying ant...

over here u give an inch they push for a foot. agree the amount should be reviewed, but it remains a rather moot point until such time it is addressed. til then we're on our own rite? unless u are able to lobby for something better, always plan for the worst.
 
P

powder

Active Member
bedok,

where housing is concerned... the only pple u can "pass" your house to, would be your parents. not sure if u mean transfer ownership, but if tat's what u mean, pls make sure finances are sorted out Wisely.
 
S

sgbabydoll

Active Member
Powder could be right that one can't transfer ownership of the flat to even a family member, unless you have good reasons to withdraw your ownership.

Powder - for singles, if parents not around anymore can transfer to siblings.
 
P

powder

Active Member
doll, i'm more concerned with being cheated. it is not the sibling i worry, it is the possible spouses. seen it too many times liao...
 
T

thommy

New Member
Yes, the previous 8k income cap also remained like that for a long, long time. I was one of the disadvantaged ones by that rule.
 
S

sgbabydoll

Active Member
Powder, if Bedokboy gets married later he doesn't need to add wife's name in. It is not "automatic" for assets acquired before marriage. She can be listed as occupant.
 
P

powder

Active Member
sm is right. i would view it in that way, how we view things will directly impact our lives... the simplest way to be happy is to always see the good side of things. i am only critical of locals on certain aspects, becos these are the pple i will have to support when they are old If they dun change.

ps: it took me 3yrs to convince mum to sell her old flat, share n buy a house with me. i was earning 2.3k then... i decided i will cross the 8k ceiling in 3-5yrs, so i die die tried to buy a flat before that time.

dun sit on your butt thinking u won't cross, look ahead into the future and decide to do it when u are eligible, not when u're running out of time.
 
P

powder

Active Member
doll, i was thinking more of sibling's spouse... but his spouse also can. as u can see in another thread, some pple wanna have their names in the flat without contributing a single cent. i have seen fights over HDB by the lower rungs of characters... so it is something u should anticipate.
 
V

verluv

Member
Hi Thomas,
i think it depends on when you bought your HDB? At the second round of the cooling measure, HDB has already adjusted the MOP to be more than 1 year.
 
V

verluv

Member
I feel that the cooling measure this time round is to protect the Singaporeans from the property market. Govt knows that the bubble is really forming in the property market and does not want so many Singaporean to be affected.
By and large, the property market is "pushed" by rich foreigners and PRs who has plenty of cash. Why would increasing the downpayment from 5% to 10% affect them? Govt is protecting those Singaporeans who is taking the ride in property market.. preventing more to go into the property market. So that, once they have finished releasing their lands at a high price to developer, they will sure do a drastic measure to cool property prices and those who has a few mortgages will be affected.. maybe sub prime issue will come into place - whereby more and more owners having difficulties in repayment of loans and banks coming into picture to force sell their properties...
Govt cant afford too many Singaporeans to be affected.. they just cant afford....
 


B

bedokboy

New Member
wah so complicated.

ideal scenario is just sell to him as fuss-free as possible lor. If I am very comfortable I can gift it, maybe $1. Would that bring the market down at least for a while? Haha.

If not so well-off but I can still afford 2nd property after 5 years then cover my costs and a little bit of inflation can already.
 
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