Singapore’s Housing Boom: 100% home ownership and 200% for investment and speculation
In Singapore’s past, the government was worried about getting housing for its growing population. That was 50 years ago, today this policy has resulted in people now owning 2 & 3 properties besides their own living needs. This pose the question does Singapore’s government still need to intervene in the housing market?
The original aim of the government was to provide affordable housing to every citizen and give them a feeling that they owned a piece of Singapore’s future.
Parc Life Sembawang by Frasers
The First Prime minister has even gone on record as stating that is his “Primary Occupation” to see to it that Singapore is a Parc Life EC Sembawang society instead of one that rents so everyone could participate in the growing domestic economy.
He also believes that those who serve in the military would be more motivated if they had a personal stake in defending the City-State. It would also turn a nation of immigrants into a cohesive whole that would take an interest in the society and participate in the creation of wealth and prosperity along with voting and taking part in the running of the country for Parc Life EC.
However, some feel these lofty ideals have gone beyond what was anticipated. Singapore’s citizenry now not only own one home but also in some cases multiple homes that promote speculation, investing, and second or third incomes. This goes well beyond the dream of just owning a home for one’s family.
Fraser Centrepoint Homes Sembawang
This has resulted in many becoming property owners and real estate speculators and if they cannot own the Parc Life EC Sembawang outright to make a profit the will pass until something better comes along.
Speculation is rampant as Singapore has finite land that can be owned, bought and sold according to experts and this makes land the most valuable commodity in this tiny yet influential City-State at the crossroads of trade in the Pacific Rim Region.
In other countries such as America, where if you don’t like the pricing you can move further away from the center of the city to find more affordable accommodations such as Parc Life EC. This isn’t the case in Singapore and so prices continue to rise and jockeying for position has become a game between those who buy and those who want to sell at a profit. This has made Singapore a hotbed of land speculation.
Another factor is that as Singapore has changed from an ethnocentric nation to an international society outside capital and foreign investors are flocking to Singapore to get in on the action. This is fueled by the governments more that liberal immigration policies of late.
Foreigners are now allowed to buy condominiums in Singapore. “Much as we have improved home ownership among Singaporeans, we do allow Foreigners to own condominium units and they too play a part in making property an investment and speculation tool, remarked Lee Kuan Yew, The First Prime Minister.
Parc Life EC by Fraser Centrepoint Homes
HDB resale prices have been affected as well.
From 2005 to 2008 immigrant buying of condominiums and apartments such as Parc Life EC Frasers Centrepoint Homes drove their prices up 40%. It had an equal effect of boosting HDB resale to 37%.
Most of this volatility can be attributed to wealthy buyers from Indonesia, Malaysia, and China.
This caused the government to institute 8 rounds of cooling measure in an attempt to control the skyrocketing prices, which has caused Canada to restrict wealthy Chinese from immigrating to Canada has these wealthy individuals were also driving up the land prices out of the reach of the Canadian citizens.