Wednesday, October 12, 2011

Foreign ownership of landed property expected to go down

According to CNA, "Foreign ownership of landed property expected to go down".
Law Minister K Shanmugam said he expects the approval rate of foreigners owning landed property to reduce by more than half, since amendments were made to the Residential Property Act.

The changes, which kicked in in January this year, impose tighter restrictions on foreign ownership of landed property.

Those who renounce their citizenship or Permanent Residency are to sell their restricted residential properties in two years.

Mr Shanmugam said the current rate of foreigners owning landed property hovers around 3.5 per cent.

Total silence of MSM regarding such overt central plan control
Clowns like Mah Bow Tan likes to use demand and supply economics theory to justified property hike. But they are not so stupid to believe in their own lies. They would rather have landed property priced lower so that their children can afford a lawn and a dog kernel.

The restriction places a limit on demand, keeping landed property price much lower than their potential value, effectively subsidizing our elites. So instead, our elites are enjoying the socialist policy.

Elites unable to compete
Shanmugam further stated, "After the further tightening up, I suspect we are looking at very few people who would qualify......"

There are already massive barriers against foreigners resulting to merely 3.5% of landed property ownership. Feeling the heat recently, PAP wanted to place more restriction, never mind PAP's perpetual mantra that one has to "work harder, be a talent" to earn more monies in order to enjoy the material comfort.

The people compete with everyone in the world for a shoebox
The average Singaporeans have to compete with the all foreign talents. When property drops, PAP will invite more FT.

We should restrict foreigners in owning any property
I support to restrict foreigners in owning any property because there is no reason protection goes to elites and not to people. The PAP's policy of capitalism towards the people and socialism on elites must stop.

Further reading:
Inverse Robin Hood 2

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