Never Imagined I will Start a Thread defending MahBowTan :)

last SG · 2007-10-28T10:13:09+00:00

...making people indebted.... making people work so many more years if not their whole lives... to pay for housing... making people pay the government exorbi...

AndrewPKYap SG

hahahaha I never imagined it!

I personally gain from a buoyant property market but as I pointed in (the link below) an article I wrote, property price rises are obnoxious (good for people like me but obnoxious nevertheless)

you see hor, way back in

2006-05-09 I wrote an article

Property Prices Rise at our expense - By Andrew PK Yap

I still think Mah is an idiot for waiting so long before doing anything about the housing bubble.

But... his latest move...

Another property brake
Govt scraps 'outdated' deferred payment scheme

Christie Loh
[email protected]

Property punters and those financially lax, you're next.
.
The latest measure to keep prices stable crept up on the property market late on Friday afternoon, when the Government suddenly took away a popular financing option for buyers of uncompleted private homes and offices.
.
With immediate effect, buyers can no longer ride on the deferred payment scheme, whereby a purchaser not only pays a small fraction of the price upfront, he can also wait a couple of years before forking out the remainder.
...................................
.
Calling the removal a "wrong signal" to investors, property analyst Colin Tan wondered why there was a need for such a sentiment-pricking measure when data do not suggest that speculative activities are anywhere near 1996 levels.

I have to defend Mah against people like this:

Calling the removal a "wrong signal" to investors, property analyst Colin Tan wondered why there was a need for such a sentiment-pricking measure when data do not suggest that speculative activities are anywhere near 1996 levels.

What?!!!!! Wait until near 1996 levels???!!!!

Wait until Singapore is like Burma then criticize PxP?

Of course not. We criticize now so that Singapore will never become another Burma. We support Dr Chee Soon Juan now, while things are still good and rosy, in his just cause to make government transparent and accountable to the people so that we never become like Burma.

Wait until near 1996 levels???!!!! .....

Wait until Singapore is like Burma then criticize PxP????!!!! .....

too little too late and much more painful and disastrous.

AndrewPKYap SG

and yet I do not want to give Mr Mah too much credit because I think his hand was forced.

I spoke to a colleague from China and she was complaining to me how much her room rental was.

"Previously, even with utilities, my room expenses was about S$500. Now before utilities, it is $700/-" she told me with her continental accent.

I think Mr Mah is simply protecting PxP beloved foreign talents.

AndrewPKYap SG

a the US sub prime crisis probably gave them a huge scare, of how fast Singapore can collapse if they continue to benefit the rich, at all costs

Gazelle SG

Nah...you have defended the dog,..it is the owner that you need to thank.

Article from July07.

MINISTER Mentor Lee Kuan Yew warned that rising property prices and rents have to be kept in check, or Singapore will lose its competitiveness.

In the strongest comments from a minister on the red hot property sector so far, Mr Lee said the influx of top foreign financial executives have fuelled a demand for high end office and residential space.

Some of the cash rich home owners, who have sold their condominiums in en bloc sales, are, in turn, buying higher end HDB flats, pushing up their values.

'We must check this spike in rents for office and residential space or we will lose our competitiveness,' said Mr Lee.

His remarks come after a series of steps taken by the Government to cool the property sector that has seen office rents and property prices soaring.

On Monday, the Urban Redevelopment Authority (URA) assured private home buyers that there are still 22,700 unsold units in the pipeline for the next three years.

And on Wednesday, it launched a plot of land in Scotts Road to be used as temporary office space to meet the acute shortage.

Mr Lee noted the Government is releasing more land for new office blocks and condos.

'We must not allow our rents to shoot up as high as in Hong Kong,' said Mr Lee

the Bear SG

your enemy's friend just became your friend...

pity you never figured out that your enemy's enemy may be your enemy Laughing

Lin Yu SG

Laughing another gu long xiao shou?

AndrewPKYap SG

Laughing

AndrewPKYap SG

Article from July07? hahaha maybe he read my 2006-05-09 article.... Laughing

so thank me! Mr. Green

after all it was because of his despotic rule that people now have to take so many more years to pay for a roof over their heads compare to when he first started.

AndrewPKYap SG

BTW newsintercom.org was one of those websites that were hit by the PxP and had to transfer its server out of Singapore. Laughing

kramnave SG

Megalomaniac(s).

AndrewPKYap SG

It was because of his despotic rule that people now have to take so many more years to pay for a roof over their heads compare to when he first started.

and who knows, Mah allowed Orchard Road area properties to rise first and we all we all know who's family owns massive numbers of Orchard Road area properties....

did they cash in and then came out to sound so noble...

I am waiting to see what atobe has to say to this.

Gazelle SG

Atobe will only be able to offer what you have already offer us...ie. alot of speculation and accusation without any facts to support them.

e.g. Singapore award Sentosa IR contract to Genting because PM Badawi came Singapore to put pressure on Singapore government. (even to the extent of saying PM Badawi made 2 stealth visit to Singapore, with one to personally come to thank Singapore government for the contract) Mr. Green

AndrewPKYap SG

In Singapore hor, we are dealing with despots that refuse to be accountable and transparent and give a good account of themselves and we can only surmise that the reason is they have something to hide.

see: The onus is on public officials to explain, and come up with the evidence, not sue.

Take massive amounts of public money and then hide themselves like TT Durai and sure, NKF was doing very well during TT Dura is despotic reign just as Singapore is doing very well under this present despotic regime. Laughing

sunnytv SG

Laughing Deduct here + Add there = No difference.

MP: Haha, that how Singaporean r easily trick. We deduct here today, we add there tomorrow. Give Bonus that come fr your own tax, make everyone happy. Raise GST, ERP, Transport fare etc to take back 10 times more than what they give u.

Same old trick. repeat again & again but it work wonder. Laughing

Spartans SG

Absolutely true!

AndrewYap becomes Senior member! congrat.

AndrewPKYap SG

Question

AndrewPKYap SG

Oh I see what you mean....

AndrewPKYap
Senior Member

Joined: 25 Oct 2006
Posts: 9282

Happy Belated Sgforums Birthday to me!!!!!

Mr. Green

AndrewPKYap SG

Troubles in UK wrote:

The Johnny-come-lately move by URA to dampen the speculative madness in real estate is not out of concern but out of fear that banks may come unstuck. FEAR that a sudden convulsion in credit market in NY and London may see a stampede out of all assets into cash. This results in extraordinary high spike in LIBOR rate. Remember most loan contracts are priced in LIBOR + X% not FED Fund rate. Banks may have to make margin calls on developers. The latter has no money.
.....
The credit crisis is far from over and British shareholders are at serious risk of becoming its next victims, the Bank of England has warned.

..the bank warns that the UK stock market is particularly vulnerable to a downturn.
Almost all British workers have money invested in shares either directly or indirectly through their pensions and life assurance plans and could lose out if share prices suffer a significant fall.

The bank warns that there is a significant risk of the City and Britain's financial system becoming embroiled in further turmoil as a result of the credit crisis gripping the world's money markets.

The credit crunch, which has already caused a run on Northern Rock bank, is far from over, it says.

And today, retail entrepreneur Sir Philip Green warned that the shockwaves from the crisis will be felt throughout the economy.

Money's going to be more expensive, there's going to be a concern or an awareness that it's going to be tougher, the Topshop and Wallis owner told BBC Radio 4's Today programme.

In its twice-yearly Financial Stability Report, the bank also signals that first-time buyers and buy-to-let landlords are the most at risk of defaulting on their mortgages and bankruptcy in the months ahead.

First-time buyers are now paying 20 per cent of their salaries in mortgage interest repayments the highest proportion since before the last property crash and are among those who are particularly exposed because they have had to stretch themselves more than would normally be the case in order to get on the housing ladder.

The bank also raises its danger level warning on all parts of the financial system and warns that the value of shares known in the City as equities is now at risk.

The financial system is more than usually vulnerable to further adverse shocks sourced either in recent events or from new sources, such as the equity markets or a weakening commercial property market, the report says.

The credit crunch occurred after hundreds of thousands of US home owners defaulted on their mortgages, leaving banks and investors across the world out of pocket. The resulting squeeze pushed up borrowing rates in the UK as banks attempted to recoup their money.

However, it warns: A deeper downturn in the United States and rising credit defaults could trigger a further round of asset price falls. Equity markets seem particularly vulnerable."
http://www.telegraph.co.uk/...

There you have it. Speculation may drive GDP percentage up and looks good an great for awhile. Speculation depends on banks credit. Banks depends on CDOs market to pass risk back to commoners. This market is kaput. Otherwise, the 3 local banks may become Chinese owned banks. Banks are now funding developers on no money down schemes. They may end up with the apartments. That will be slump for years and years.
Posted on 10/27/07 at 00:00:55

taken from here (in the comments section):

A Sinister Development

Columns

The development charge increase is obnoxious in that again, the government is taking more money from the people.

t_a_s SG

MM Lee is a very far sighted man, he can forsee the future, without him, singapore will not be so developed to day

royston_ang SG

The high rental is experience by many since last year. My company also had to moved in order to avoid the extremely high rental.

What he's doing is just pointing out obvious fact. Rolling Eyes