I am not afriad of tomorrow, for I have seen yesterday and I love today~William Allen White

Posts tagged ‘cooling measures singapore’

My view: Singapore government’s property cooling measures targetting foreginers

OK, I said I won’t really write about it, but I am feeling a little huffy puffy about it, so I must get my five cents across.

What this blog is about–you can read the following article:

cooling measures in Singapore properties

My view on this tax is translating so much more than a tax trying to prevent foreigners from purchasing homes in Singapore, it also translates to me professional foreigners are not wanted in Singapore and the locals feel threatened for no reason.  Honestly, do you only want your country to import in blue-collar and low-income workers from impoverished nations that are not educated?  ARE YOU SURE THAT IS WHAT YOU WANT THE DIRECTION OF SINGAPORE TO CHOOSE?

So in my last blog, as a “P.S.”, I mentioned the following, which I’ll now elaborate because I cannot resist:

“Singapore government, please be nice to me, why must you slap a 10% tax of foreigners purchasing homes in Singapore?  I only want to buy a condo to live in, I have no intention of investing or flipping it in the market.  You should slap the tax on 2nd purchase homes, not just on foreigners, especially since I am planning to make a life here, boo boo boo!  If I continue, it will become a 2nd blog and clearly this is nothing exciting compared to all my trips, but come on!  This policy doesn’t stop the mega rich, if they want to buy, they will still buy 5, 8, 10 condos!  Do you want me to keep renting until I become a PR?  But I am Chinese!  Chinese people do not believe in renting for the long-term!  Chinese people like to have a roof over their heads they can call their home!”

First Comment to my own comment:

if the gov wants to cool down the mkt, the measure should be for everyone in singapore, the buyers are not juyst foreigners isn’t it?  The tax should be slapped on all buyers who are making 2nd or 3rd purchases.  If the buyer that is purcahsing is to live in the condo, it’s silly to punish them for that.  In a sense, I believe the HK gov’s cooling measure is a lot smarter, you don’t want to create a brain drain in the country.
Second comment to my comment:
Even if I am not a foreigner, I will still find the new cooling measure silly by the government.  If the intention is to cool down the property market and prevent people from flipping or snapping up multiple properties, the tax should be slapped onto everyone who make 2nd, 3rd and more purchases, that makes more sense doesn’t it?  The HK government did a cooling measure a few months back which I personally feel is way more aimed at the objective, to cool the market.  Slap tax and restrictions on all buyers that are not 1st time buyer or for investment, because the intention is to cool the market!  Unless the secret plan of the government is to stop foreigners from building a home and calling this country a home, which is so silly, why do you want to create a brain drain and kick out the professionals?  If the locals only feel comfortable with street sweepers and blue-collar workers from Sri Lanka and pakistan and Philipines, that’s just so silly!  Are you sure that is all the immigrants you want into the country?
My view on Mainlanders
OK, I just have to add this in because everyone seems to think Chinamen are pouring money into property markets and making the housing market do jumping jacks.  While walking little pretzel, locals in Singapore like to express this view on Chinamen to me because I’m from HK so I must be feeling that pain too in HK.  Yes, there is the mentality in HK that prices are skyrocketing because Chinamen with money just keep buying and buying in HK.  So how do I really feel?  Sometimes, I do not like mainlanders, and it’s not because they are pouring money into the HK economy, the reason I don’t like some of the mainlanders I see in HK is because they are not educated and are missing the software; an educated, cultured, and refined personality– it has nothing to do with the millions they have.  I personally have no problem with Chinamen pouring money into HK, I welcome all the richies who like to buy LV and GUCCI only to bring them to wet markets in China, I have no problem with that.  For Chinamen that like to snap up properties in HK, I also have no problem, because that tells the world HK is a good place to invest in, foreigners are validating that for the locals, so what do I have to complain?

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