LTA Fine revoked

Thank God my fine for parking was revoke today. It felt very injustified for receiving the fine on a Christmas Eve 10pm for parking in a private estate.

7th Property Cooling Measures

Here are some key points:

• ABSD has increased all round.7% ABSD for Singaporean buying 2nd or 3rd Property.
• PRs are affected the most - ABSD extended to PRs, PRs not allowed to sublet whole HDB flat, etc. If you are PR, do find out more how this affects you.
• Loan-to-valuation (LTV) limit lowered for 2nd housing loan to 50% for a loan tenure under 30 years (OUCH)
• Minimum cash down payment for individuals taking 2nd loan will be raised from 10% to 25% (OUCH OUCH!)
• New ABSD and loan rules are temporary and will be reviewed depending on market conditions 
• First-time home owners are spared
• Mortgage Servicing Ratio (MSR) for HDB - i.e. the maximum percentage of your income that is supposed to service the home loan - will be lowered. It will now be a bit harder to get a loan to buy a HDB flat.
• Executive Condominium (EC) unit's floor area now capped at 160sqm (or around 1,700 sqft)
• Dual-key units restricted to multi-generational families only
• Developers only allowed to launch ECs 15 months from the date of award of the site
• Private enclosed spaces and roof terraces will be considered part of the gross floor area and will now be subject to development charges. These also apply to normal condo developments (we can hear the groans coming from developers)
• Industrial properties are now subject to Seller's stamp duty

Opinion

Although, I have being expecting measure to come, that's why I have some reserve about holding property counters. Luckily I cut loss on Kepl and Wheelock on Friday before this Friday's evening annoucement.

This is a hard measure. 

Prediction

Although I hate to predict, My feeling is that property prices are not going to go up at least till 2015. 2013-4 will see an influx of many units. I think we may see a 5-10% drop in property prices. You can't invest now on property due to garment's cramping down. Paradoxically, I think rental may hold up or even go up as it is increasing difficult for foreigners to buy property in Singapore.

So property investment is a no-no at the 2-3 years horizon, where is money going to go? US & Euro has problems that can't be solved, the central banks only know how to print money. Printing money means  ultra-inflation and  hot money have to come in to Asia and emerging markets. If money can't goes to bank or property, I think likely they will go to some other investment instruments. Strange right, STI goes up 20% last year despite US and Euro woes. As money becomes smaller, Stock's value had to readjust to reflect the new value. These 2 years, I would put my bet on the stock market.

Latest Property Transaction

The Ambra Dec 2012 1819 sqft      929psf = 1.7 million
The Treeline Dec 2012  926sqft      1259psf = 1.16 million

I am going to be daddy again

After twice failed attempts, I was presently surprised to hear the heartbeat sound of my 3 months old foetus. I was elated and also bait worried on how we going to handle the child next year. Mine is not easy to bring up a child in Singapore.

Chc update

Finally, the much awaited trial of Con Hee and his gang is starting soon in Jan2013. I pray to God for justice to be done. We have being coping well after we left church awhile ago but I was quite startled recently when I found out that our ex chc friends, Eric soo and Jesyln had unfriended us in Facebook. Till today they have not respond to my friend requests sent weeks ago. We were good friends in our good old Chc days, but now all true colors came out when all of us make our stand very clear. At first, it was Tony and his wife immediate shutoff when we told them we want to change cell, now this event. It really meant that all these years all these people are putting on their masks.

Ncc vs chc

As I attended Ncc service and was at awe when we saw the 5000 seater star threater, I began to think myself why didn't I Attend the church earlier. This is what we call a house worthy of our awesome God. We should not have being blinded by con hee and his gangs for so long. There are sharp contrast on how both church services are conducted.

Ncc services are usually started and ended on time. There are only have 1 praise song and couple of worship songs. Contrastly, Chc would seek to impress the youths with their exulurant P&W for almost an hour. Sometimes they would even sing towards the end.

When Pastor Prince came out, it was a low key affair with no standing ovation unlike what we have in CHC, where they would clap and cheer con hee once he went on stage.

In the Christmas service, I am surprise NCC doesn't even have a drama show. I was peeping at CHC's Christmas services and they have a hour solely to show case their impressive drama production. The only reason I could be is that CHC wants to impress the audience with their famed drama team. As I watch the ever improving drama, I dare to say they only selected the same few favourite actors and actresses (like Andrea, willy, Lucas) would act as lead casts. Now I understand why one my friends Jace Lee who has being in the ministry for decades would never get any lead cast.

During the offering time, Chc had to spent 15 mins encouraging the crowd to give through scriptures. Contrastly, in NCC nothing is preached before the offering bag is passed around. There is no pressure to give at all!

The sight of SUN HO giving prophetic scripture from her small 3G phone is a common sight. When did she become so powerful after such a long absence? Sometimes, Tan Ee Peng would do the same thing.