THE TEMASEK TIMES

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Archive for September 16th, 2018

Buying Singapore properties: Then and Now

Posted by temasektimes on September 16, 2018

For those millennials who are aspiring to buy their first property, I am sure you heard of stories from your parents, relatives, friends and agents about the “good old days” when one can buy a property easily and make a healthy profit by selling a few months later.

If you have bought a property any time between 2001 to 2008, chances are, it would at least doubled in price by now.

There were no restrictions such as TDSR, LTVR, ABSD, SSD etc imposed on property transactions then and HDB flat owners can still buy private properties in Singapore and overseas.

I remembered entering my first showflat at a new launch at Novena in 2005 by chance. The agents were standing outside distributing brochures and invited me inside for free tea and cakes. The project was developed jointly by two prominent developers in Singapore. The response was lukewarm and only half the units were taken up. The agent was desperately trying to sell me a three room 1205 square feet unit at $900,000 by offering a $50,000 renovation package. Just fresh out of university, I was earning only $4,000 monthly then, but no worries, a banker was on site to offer me a bank loan. I could take up a 90% loan and paid only 10% as down-payment. I regretted not buying the unit. The same unit now fetches $2.5 million dollars in today’s market.

A few months later, I did buy my first property – a three room condominium in Yishun at only $470,000, cheaper than a 3 room resale flat in some popular districts today. Less than a year later, I bought another property for investment and so on and on. It was possible in those days to buy multiple properties so long you hold a decent job and have a good credit rating. Banks are more than eager to do your business with scant consideration of whether you can finance your mortgages in the long term.

Read rest of article here.

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Outcry over detention of Sarawak Report Editor Clare Rewcastle Brown by Singapore

Posted by temasektimes on September 16, 2018

A massive outcry has erupted in cyberspace over the detention of Sarawak Report Editor Clare Rewcastle Brown by Singapore.

Clare is the sister-in-law of former British Prime Minister Gordon Brown and is an investigative journalist instrumental in publishing sordid details of Malaysia’s 1MDB scandal which eventually led to the downfall of its Prime Minister Najib Razak during the recent May 9 General Election.

IA note posted on the Facebook page of Sarawak Report wrote:

“Clare was briefly detained in Singapore at 1AM last night after her book launch. Turns out ‘someone’ put her on the blacklist in 2016 but the Singapore authorities were baffled about why she had been placed on the list. After clarifying her involvement in the #1MDB expose they shook her hand and she was free to go. They suggested she raise the problem of the ‘mystery blacklisting’ with the authorities.”

 

Source: Sarawak Report Facebook page

The stunning revelation sparked a massive outcry in cyberspace with many Malaysians and Singaporeans jointly condemning Singapore for its repressive measures:

 

 

There has been no official explanation from the Singapore government so far on Clare’s detention.

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