Foreign talent disappointed with new cooling measures for Singapore property market

The Singapore property market is bracing for a slowdown, with experts predicting a steep drop in transaction volume and prices over the next few months.

This comes after tougher residential property measures kicked in on Thursday, hours after they were announced on Wednesday night.

Under the new measures, foreigners and companies must pay an additional stamp duty of 10 percent of the value of residential property purchases in Singapore.

Permanent residents who buy a second property and citizens who buy three or more properties will pay an extra 3 percent.

The new stamp duty is on top of the prevailing fees of between one and three per cent.

Property buyers hit hardest by the new measure would be foreigners like Norman Lu.

The 34-year-old healthcare consultant arrived in Singapore a year ago to work in a multinational company.

Mr Lu is renting a place, but in the last three months he has been looking to buy a condominium in Paya Lebar or Braddell. However the new rules have put a stop to such plans.

He said: "We are very disappointed. Even though we are foreigners, we have been working in Singapore for a year, we also contribute to this country. So as a foreigner, we feel that the government does not welcome us."

Mr Lu said he was on the verge of closing a deal, but will need to evaluate his options now.

He said: "(There is) 80 per cent (chance that) I will not buy now. I will wait for one year, then I can get PR (permanent resident status) then I will buy a private condo or buy an HDB flat."

His other options include leaving Singapore, "because I can easily find another job opportunity in another country" and "if property owners drop the price by 10 to 15 per cent, then I will buy a condo immediately because I want to stay in my own property."

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Comments:

Quality of lives have not improved since PAP has won and Tony Tan has been elected as President. In fact, everything has gone skyhigh.

jetyan 1 hour ago

Not happy? Sod off then. Singapore is for SINGAPOREANS, not foreigners.

Aventador88 3 hours ago

Dear Mr Lu.,

You has not realise that poor Singaporaens like me has no S$ to buy my dream HDB leh. You invest in many many many private property --> more singaporeans go buy HDB --> HDB expensive --->My 300k S$ which can get a mansion somewhere in southeast asia cannot even get a 3-rm flat --> I go live in long kang or under the bridge like a troll.

pls pls in singapore singaporeans first mah. I think in China they also give proirity to locals, in britain to british etc

lalaalala1 3 hours ago

Singaporeans, this is the solution - have more sex.

With more babies, we have a bigger population, with a bigger population we have a bigger workforce. HENCE, WE DON'T NEED FOREIGN TALENTS.

intothatyeah 3 hours ago

The property market in Singapore lost it's credibility as rules keep on changing every year. Once an investor buys, he will never be sure what rules may kick in the following year. It's like casino property... not worth to take this type of risks.. Once the economy slums (see 1997) everyone will be happy to welcome foreigners again.

spaghetti3331 3 hours ago

Read from a news article that SG is the second in the world for expats income and given our lower tax rate than most countries, I don't see much of a disadvantage they are in. Stop behaving like a 2 yo and whine about how life is unfair.

meisapet 5 hours ago

"10% i will leave this country cos it is easy i can find another job opportunity in another country" so easy than why you still here?

stoneiscold 5 hours ago

@surfdudu You small, weak little twat! You're just showing your coward Chinese roots that run at the first sign of trouble. We've won 2 Word Wars - what have you done? I'm flattered you think we should defend the whole world simultaneously, but wear only NEARLY super-human. That's why we had to leave you little weaklings to try & fight your own battle 13,000km away while we sorted out the biggest war machine the World had ever seen. But you still cry & bitch like the whiney little baby you are!

nigeldenning 5 hours ago

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meisapet 5 hours ago

@nigeldenning 1) Guns at siloso were pointing the wrong way

2) Your ancestors colonized much of south east asia for your own benifit, so don't make it seem like you're Christ.

3) You didn't do anything. The soldiers who did are already dead. They have my respect. But I spit on you.

ichywichy 4 hours ago

Pack your bags, Go HOME

suntilon 5 hours ago

i believe this foreigner is just upset at the moment and not thinking straight. im sure he has contributed to the country, but mainly economical. not a big deal in my opinion. he should understand that the govt is doing this for the people of the country and not just think about paying more money and not being welcomed ( wtf?!?! srsly dude? ). this would hopefully make him want to work hard to become a true PR or citizen of a country with a good govt.

wmwmwm 10 hours ago

Nobody is indispensible. Without FTs, many Singaporeans are now well-travelled and educated enough to bring their experiences of the world to the corporate table. And at least Singapore don't produce FAKE degrees.

branchedamino 16 hours ago

Next thing we know, management level FTs will be changing our corporate culture. Everyone will be taking 2 hour lunch breaks and knocking off at 4pm like they do in Europe. And look where it got them the "Western Powers"? A shit load of debt that drags the rest of the world with them.

branchedamino 16 hours ago

Going by facts, Singaporeans still contribute the majority to our country's GDP and we have always survived with only a small number of FTs. Let us not let the irrational FTs stir the cesspool. We need many foreign workers like Bangla for construction and cleaning jobs BUT we DON'T need many EP holders who are doing jobs that Singaporeans are equally or even more capable of accomplishing.

branchedamino 16 hours ago

who liberated our asses - not the Brits and definitely it wasn't Brits who sorted things out in Europe

My short memory tells me it was American lives that sorted out Europe; the Brits got sorted out by the Nazis unless the history books were all wrong

I remember seeing one picture of Brits walking to the Japs with a white flag

Don't cook up stories to satisfy your white ego and give some respect to the americans who liberated your British asses too in Europe

munchong101 16 hours ago

Which f*cking dipshit would believe the Americans were going nuclear on Japan to save the world? Puh-lease.

branchedamino 16 hours ago

from my memory, the japs rode into singapore by bicycles after the brits abandoned our island. so the cannons were useless. and we weren't liberated by the Americans. the Americans liberated themselves by committing the heinous crimes of going nuclear on Hiroshima and Nagasaki - there was a ripple effect across other parts of the world including Singapore. but the Americans were clearly feeling the threat of the Empire themselves and were saving themselves.

branchedamino 16 hours ago

My my my. How short the Singaporean memory can be. When you were getting your asses kicked during WWII by the Japanese, remind me whose gun emplacements at Siloso were protecting you? But you couldn't defend yourselves. And after the Brits had settled things in Europe, and the Americans had sorted out the Japs, and we liberated your ungrateful asses, you tell us we're not welcome?

nigeldenning 17 hours ago

@nigeldenning Hey wanker!!! Get a grip of yourself aye??..Liberated our asses??...You cunts ran like dogs when the Japs came riding on their bicycles...you guys didnt even put up a fight with those 'slit eyed' asians...and now this??Buzz off you dipshit to which ever part of england/ britain you came from...dont need your fucking arrogance and blatant racism here in my country....

surfdudu 7 hours ago

Government don't welcome foreigner? Please la I feel government don't welcome citizen la...

randomsouls 17 hours ago

fuck you gvt dun welcome you? I think gvt dun welcome singaporean la

randomsouls 18 hours ago

u want a hse here? be a PR.... Looks like SG aren't the ones COMPLAINING

angminghong 19 hours ago

Chinaman Liu, Singapore dosen't owe you a living & you're free to carry out your threat of leaving Singapore! Once you leave your position in Singapore, true blue Singaporean can replace you anytime!

longliveme82 21 hours ago

To the people who bitch all day, you're no better than them. Let me ask you singaporeans, what can you contribute for this country? Complain every day? You contribute NS? Big fucking deal. You stinking anti-government haters should have use your brain before puking your guts on the internet. Simply put without FT, singapore will never survive. Mark my words.

Solitude075 21 hours ago

@Solitude075 you know what we hate more than FTs? people like you who are so full of themselves. For all we know you're an FT as well, so fuck off

ZxcoeanxZ 20 hours ago

@ZxcoeanxZ Do you know who I hate the most? Its bloody singaporeans like you who are full of shit! You don't even have proof to back up your claim. How stupid can you be? There are downsides to everything. Are we supposed to label globalisation as bad simply because it has certain downsides and choose to ignore the many benefits and growth that it has brought us? What a bloody joke!

Solitude075 18 hours ago

@Solitude075 SIngapore was already successful in the 80s and 90s....and that's without foreign trash like you...so buzz off and go back to where ever you come from if you cant handle the hard truth aye?!!!...

surfdudu 7 hours ago

@surfdudu Fuck you! You don't even have proof to say that I'm a foreign trash. What an absolute disgrace. Hard truth? No only retards like you who cannot comprehend the accomplishments FT had made and all that they had done in transforming Singapore from a sleepy fishing village to the modern metropolis that it is today. And the reasons you're hating FT for? I bet 99% of it is from hearsay and is entirely wrong. Pathetic haters like you should verify whether what you're hating is true.

Solitude075 4 hours ago

Blunt comments aside, PAP govt should now know what these FTs are treating singapore - when shit hits the fan, they won't stay and may even bite the hand that feeds them. Why bend so low for these people?

zm83 22 hours ago 2

ONE YEAR?? GUD FOR U!! WE THE TRUE BLUE S'POREANS HAV BEEN LIVIN HERE FOR ALL OUR LIVES!! We men sacrificed TWO YEARS of our lives to defend this nation we love, WHILE U ARE JUST HERE TO ENJOY THE FREE SECURITY!! U CONTRIBUTED TO SINGAPORE?? MY FOOT!! The amount you contribute is minuscule compared to the amount you LEECHED FROM SINGAPOREANS!! GO AHEAD AND JUST LEAVE!! You are not even welcome here in the first place. WE DO NOT WANT U FOREIGN TRASH IN OUR BELOVED HOMELAND!!

ivan78174 23 hours ago

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JinGwee 23 hours ago

And why the fuck did CNA even bother interviewing people like this??!!

jamesjan 1 day ago

KidChaos878 *thumbs up*

jamesjan 1 day ago

wah serious, do they loan from our bank, if they cannot pay later,

then some one need to print money for us to withdraw ?

cowtorto 1 day ago

Get Lost la...come here take our jobs, occupy our land, work 1 year and claim contribution to our economy?? pull your head out of your pompous ass and listen to what you are saying. Fellow Singaporeans, if you are going to this guy for health care consultancy, STOP NOW

restinpcs 1 day ago

中国来的乡巴佬, 讲话小心点

jakeweiq 1 day ago

ccb loser

weskerghostbutterfly 1 day ago

lets hunt this fucker down and send this video to his employees and all his future employment avenues. btw with his fucked up english, only desperate singapore will welcome him with open arms.

s10012667 1 day ago

great

SexCyberGuideCom 1 day ago

fuck off cunt ...

cubicon 1 day ago

Anyone with this guy's home address or email, please post. Thanks. Let the flaming begin.

Skywalkermesonman 1 day ago

serve your 2.5 yr first lah, work 1 yr got simi lj contribution? contribute to the high property price and jam in pie ar? don't feel welcome then fuc off la..

iltomoko 1 day ago

Singapore got talent!

iltomoko 1 day ago

Seriously... Make that 100% and get out of my country.

rz8035 1 day ago 2

Mr government. As u can see, once the FT felt that there is no benefits for them, they will consider to leave the country. I am sure not all FT arel like that. Do consider our local talent.

verticalsky 1 day ago

Chinaman doesn't feel welcome... NOT A SINGLE FUCK WAS GIVEN!!!!

KidChaos878 1 day ago

Norman: 操你妈的逼，滚回大陆去！

papalolita 1 day ago

@papalolita Ha ha ha...i like that. For non-Chinese.

Fuck your mother cunt, and fuck back to China!

boharihamen 1 day ago

Leave if you must, after all Singapore is not home to you considering how easily you'd choose to leave. Many Singaporeans can't choose so easily as they leave friends & family behind.

superfinefeline 1 day ago

lol

derrontan 1 day ago

1 year? gtfo

noddigem 1 day ago

Don't welcome you? FUCK YOU. YOU DON"T KNOW HOW MANY SINGAPOREANS SUFFER BECAUSE OF THE FUCKED UP POLICY? No you fuckin' don't.

So you wanna leave, look at my face, do I give a flying fuck? ;)

jeremyspk 1 day ago 3

wow, a PRC healthcare consultant, i'd rather ask my cat for advice on health ... this guy might give me

firdaus125 1 day ago

Leave leave leave, yes you are right, ur not welcome here

phasehonda 1 day ago

fuck off back to your prostitute mother's womb

absolutelyoverthetop 1 day ago 28

I seriously doubt this Chinaman is banking on staying in Singapore for the long term. He's got it all planned, get a PR, get his entitlement, leave for another country and repeat..

Jamooja 1 day ago 2

Seriously is Lu a retard? Go fuck yourself lu! please fuck off from our country!

mivec81 2 days ago

go back to your country la!!!



rahimlfc10 2 days ago 26

Go fcuk spider lah foreign pussy. ccb !

oOoLyRrAdoOo 2 days ago 2

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ybbolb 2 days ago

This fucker actually believes he is a talent. Then why the fuck he came to Singapore? 'Cos he knows his fuck-up English can be accepted even for an interview with CNA. That's how fuck up how policy is. Ain't it? Standards are so low for talent these days. Explains so much about the so-called "talent" in PAP itself.

kelveto 2 days ago 2

Foreign talent. I'm having trouble understanding your English. What the fuck did you just say?

kelveto 2 days ago

we dont need you, rubbish. Get lost.

Igten0s 2 days ago

you call this talent?

timehippo 2 days ago

dun be stupid... price drop is good for you also... y worry the 10%? or they prefer to keep buying at the bubble level price juz like in China!

sgwarrenb 2 days ago

give and take la... of course you get more thats y you are staying!.. anyway... its this stupid Chinese thinking thats creating property bubble worldwide... they willing to use 70% of their income to pay mortgage leaving no money for living a life... and they expect all to do the same?!

sgwarrenb 2 days ago

He should go back to his slum. One less trash is no difference, in any part of the world.

evoked87 2 days ago

really daft cocky guy from 3M healthcare based in singapore......... my words to u: appreciate and please dont threaten us Singaporeans

kkkuuuaaannn 2 days ago

He shows no appreciation of what foreign buyers are doing to the property market here, and obviously oblivious to the impact on the locals. Land resource is a scarcity in SGP, and we MUST protect it for SGPeans well into future generatios. If he doesn't like the new policy, then please pack up and go.

ocyeo00 2 days ago

Byeeeeeeeeeeeeeeeeeeee!!!

alanfoo07 2 days ago

You can easily find a job in other countries? Empty threat. The impending recession ought to shut you right up. If that doesn't do it, the fact that your salary will decrease by more than half should put you right in your place. If you're serious about staying here, the increase is literally peanuts. The policy only really affects those who use the property market solely for investing purposes. So quit whining.

ziqziqrose 2 days ago

Don't just talk. Do!

Please leave Mr "Health Consultant". Such a shady job description...

ICA should blacklist his PR application. Its so obvious that he wants to make a quick buck.

Just 1 year and apply for PR... You see what crap you bring in?

ziqziqrose 2 days ago 5