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03-10-2013, 11:42 PM
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Millionaire Member
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Join Date: Feb 2010
Location: Bkt Timah
Posts: 86
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It is scary to read that so many depend so strongly on the rental of their property(ies) for their livelihood during retirement.
Should anything adverse happen to the property market, how would such people survive if they are over-reliant on property for their income?
Low vacancies and strong rentals are not a given and should not be assumed to be a given.
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03-10-2013, 11:53 PM
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Many retirees I know depend on rental income (room rentals or whole unit) for their retirement. We must ensure we bring in more FTs to support our retirees. We need to speed up the inflow of high paying FTs to support the rental market. Perhaps increase again the ABSD for PRs and foreigners in their first property purchase here, so that they don't buy but instead rent here. Our poorly crafted policy to flood the market with oversupply of properties is likely to make our retirees suffer. We need to urgently solve our property oversupply problem, or else prices and rents will crash.
Quote:
Originally Posted by whizzard
It is scary to read that so many depend so strongly on the rental of their property(ies) for their livelihood during retirement.
Should anything adverse happen to the property market, how would such people survive if they are over-reliant on property for their income?
Low vacancies and strong rentals are not a given and should not be assumed to be a given.
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04-10-2013, 12:13 AM
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Millionaire Member
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Join Date: Feb 2010
Location: Bkt Timah
Posts: 86
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Quote:
Originally Posted by Unregistered
Many retirees I know depend on rental income (room rentals or whole unit) for their retirement. We must ensure we bring in more FTs to support our retirees. We need to speed up the inflow of high paying FTs to support the rental market. Perhaps increase again the ABSD for PRs and foreigners in their first property purchase here, so that they don't buy but instead rent here. Our poorly crafted policy to flood the market with oversupply of properties is likely to make our retirees suffer. We need to urgently solve our property oversupply problem, or else prices and rents will crash.
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Bringing in high paying FTs is not the panacea. In any case, my personal opinion is that the economy ought to be controlled by locals as far as possible and local companies ought to hire FTs to work for them i.e. to execute and not to hire FTs to manage the locals. I've seen too many "Indian chief" FTs who should be made to go through the hoops and earn their stripes first instead of being appointed to a senior position from day one. As for the other FWs e.g. nurses, waitresses, workers, etc, please bring in more FWs if locals don't want to do the job.
I have no axe to grind with foreign companies hiring their own kind to the top positions and then hiring locals for the junior positions. However, it is wrong for local companies to hire foreigners for the top jobs at the expense of locals. I don't buy the bulls**t about locals not having enough talent or experience or expertise for the top jobs. This may be the case for very specific or limited cases and should not be used to generalise the entire employment market.
Putting a capital gains tax on foreigners for properties does not sound like a bad idea at all. This should especially be the case for HDB properties since it is subsidised by the government for social (and political) reasons, maybe not necessarily private properties.
Lastly, Singapore will always attract the UHNW at least for the immediate future. The wealthy will always remain wealthy, just a matter of how rich due to the vagaries of the market. High end properties will always be affordable for the wealthy and their main motivation for relocating here is not the price of properties but other intangibles that Singapore has to offer.
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04-10-2013, 06:25 AM
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Quote:
Originally Posted by whizzard
Putting a capital gains tax on foreigners for properties does not sound like a bad idea at all. This should especially be the case for HDB properties since it is subsidised by the government for social (and political) reasons, maybe not necessarily private properties. |
Not tax. Just paid the unsubsidized price.
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04-10-2013, 08:50 AM
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Quote:
Originally Posted by Unregistered
You must be another PR disguising as Singaporean.
There are indeed many PRs who become very rich after selling. You are ignorant or pretend to be ignorant. Let's introduce capital gains tax for PRs selling HDB flats to prevent abuse. In fact they should be banned from buying HDB flat. They can always rent from Singaporeans. |
of cos the best is to even ban them from buying resale hdb, but what will happen next? Do you know basic finance or econ or the basic of all, supply and demand? when demand drops, price drops, understand, kid? You must be one of the mid age who complains a lot, because you are stuck at the middle lower range of life..
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04-10-2013, 09:20 AM
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Quote:
Originally Posted by whizzard
It is scary to read that so many depend so strongly on the rental of their property(ies) for their livelihood during retirement.
Should anything adverse happen to the property market, how would such people survive if they are over-reliant on property for their income?
Low vacancies and strong rentals are not a given and should not be assumed to be a given.
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What do you suggest otherwise besides rental income?
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04-10-2013, 09:35 AM
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idnrtte space
Quote:
Originally Posted by Unregistered
What do you suggest otherwise besides rental income?
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income from business, people, please think out of the box, 99% people are thinking the same thing, and FTs are richest and able to buy, who is renting? rental yield is dropping, and more restrictions on renting out your unit..
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04-10-2013, 09:48 AM
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Quote:
Originally Posted by Unregistered
income from business, people, please think out of the box, 99% people are thinking the same thing, and FTs are richest and able to buy, who is renting? rental yield is dropping, and more restrictions on renting out your unit..
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True, those who always look and see, then follow what people been doing for past 20 years are always losers, because you are the last of the musical chair.. rental yield were high and people who been relying on it sold their hdb during peak and invest in private... then sell and buy more.. keep their money rolling, and assets from 1 unit to 10 units... they are the leaders, and usually followers lose out and kpkb.... when old..
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04-10-2013, 01:12 PM
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Quote:
Originally Posted by Unregistered
of cos the best is to even ban them from buying resale hdb, but what will happen next? Do you know basic finance or econ or the basic of all, supply and demand? when demand drops, price drops, understand, kid? You must be one of the mid age who complains a lot, because you are stuck at the middle lower range of life.. |
Yes, we should ban PRs from buying resale hdb. Hdb flats are for poorer Singapore citizens. PRs can rent or buy private properties. If they can't afford, they can go back home to their villages.
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04-10-2013, 01:55 PM
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Quote:
Originally Posted by Unregistered
Yes, we should ban PRs from buying resale hdb. Hdb flats are for poorer Singapore citizens. PRs can rent or buy private properties. If they can't afford, they can go back home to their villages. |
I am a PR from Chennai, bet you don't own any hdb or property because you sounded like a sour grape..
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