China official tried in absentia to retrieve overseas assets...Li was accused of embezzling US$15.3m in public funds between 2006 and 2010. He fled to Singapore in January 2011 and got permanent residency there. Singapore police found that Li and his wife owned US$4.4m of assets in the city state. — 29 Aug 2014
Many of the loss-making resale transactions from the first eight months of this year were from sellers who bought their units in 2007, in the run-up to the previous peak in property prices and just when the financial crisis was starting.
"A large proportion of purchases in the prime districts are by foreigners; perhaps they are just pulling out of Singapore. But the fall in demand for private homes makes it harder for sellers to find buyers. So if they really need to sell, they will have to lower their prices significantly," said Lee Lay Keng, DTZ's Southeast Asia regional head of research.
luxury condos selling at a loss and these losses are not reflected in mass market condo or HDB yet.
For those who wish to buy condo or HDB, it will be good to buy later when prices stabilizes. If necessary to buy base on needs, negotiate for a 10% discount because this will be the expected price for next year.
Like with stocks, I like to do my ground work early. Visited The Interlace this afternoon. This development was featured in the latest edition of The Edge and I was surprised to see that there was no one else in the showroom. When I was shown the price list, I realised why. They were still asking for around $1,300 psf for this 99 year leasehold apartment in the city fringe area.
What they have done is to decorate this very tastefully and have thrown in the renovations into the price rather than reduce the selling price. Smart way of discounting without being too obvious about it. Also, good for the previous buyers as it would appear that the developers are holding the price steady. The developers still have around 180 units to sell out of the total of 1040 units.
I am likely to visit many more showrooms in the weeks and months ahead just to familiarise myself with the key iconic condos available. My focus will be the Orchard and Marina area. I have no intention of buying at these prices but it is always good to have a feel of these key projects just in case prices fall to attractive levels in the years ahead. I like to do my homework early so that I can act quickly if there is an opportunity in the future.
I am too traditional. I don't like the thought of renting a place after selling one's main residence. I don't like uncertainties. A home is much more than an investment. One should not just see this in dollars and sense. It is about the quality of family life... something that one cannot exchange with money. Moreover, we will never know when we have to leave this world and hence, better to live each day well than to hope for a better tomorrow which we may never see. Like they say, there is no point chasing unlimited money with the limited time that all of us have in this world.