Buyers of 2nd homes can borrow up to 70 pct, from 80 pct
* Stamp duty on sellers who buy and sell within 3 years
* Aimed at speculators, won't hurt home buyers - analysts
* Singapore property stocks fall on new measures
* Singapore moves follow similar steps by HK, China (Adds analyst comments, background; changes byline and dateline)
By Kevin Lim and Lee Chyen Yee
SINGAPORE/HONG KONG, Aug 30 (Reuters) - Singapore announced on Monday restrictions on people buying second homes as part of new measures to cool its red-hot residential market, joining Hong Kong and China in taking steps to keep a lid on housing prices.
Home prices in Asia have soared in recent months, fuelled by the region's rapid economic recovery and ultra-low interest rates. The gains have been highest in Singapore, where prices rose 34 percent in the 12 months to June, followed by Hong Kong which increased 21 percent, according to Global Property Guide.
Part of the demand has come from wealthy Chinese individuals looking to diversify geographically by putting money into the two ethnically Chinese cities, which impose few restrictions on property investments by overseas investors.
"This latest move is not to discourage home-buying on the whole. It is aimed at property investment, especially short-term ones," said Nicholas Mak, former head of research at Knight Frank in Singapore and now a lecturer at Ngee Ann Polytechnic.
Hong Kong tightened mortgage lending this month for bigger apartments as prices headed for historic highs, while China is clamping down on bank lending to the property sector as well as making sure developers do not hoard land meant for housing development.
However, South Korea is taking a different path, announcing on Sunday it would ease some mortgage borrowing restrictions for low income earners buying homes for their own use.
In Singapore, the new measures included decreasing the amount those with existing mortgages can borrow to buy second properties to 70 percent from 80 percent, and extending a stamp duty to sellers who buy and sell within three years.
The stamp duty was previously imposed on speculators who disposed of their homes within one year. For a FACTBOX on recent property measures in key Asian markets
Singapore property stocks fell after the government's announcement, with shares of Southeast Asia's second-largest developer City Developments falling as much as 4.3 percent and Wing Tai dropping as much as 4.6 percent.
CapitaLand, Southeast Asia's largest developer, declined as much as 2 percent.
The worst-hit counters were those with large exposure to Singapore residential property, said DMG & Partners analyst Brandon Lee.
AFFORDABILITY
Analysts said Singapore appeared more concerned about ensuring home prices remained affordable for the majority of citizens rather than asset inflation, noting the new measures did not attempt to stem inflows from overseas.
The measures, they added, come on the back of an announcement by Singapore Prime Minister Lee Hsien Loong on Sunday that the government will build 22,000 new public homes next year, up from 16,000 this year, in a bid to ensure housing remains affordable.
"We've acted twice to cool the market -- once last year and once in February this year -- but prices are still rising," Lee said. "We need to do more."
Chua Yang Liang, head of Southeast Asia research at Jones Lang LaSalle, noted that while the pace of price increase in private residential property has moderated, resale prices of government-built HDB apartments continued to rise strongly.
"The latest introduction of measures are motivated largely by the unabated rise in public housing prices," he said, noting the 4.1 percent increase in HDB resale prices in the second quarter exceeded the average of about 3.0 percent in preceding periods.
Chua predicted Singapore home prices will continue to rise but at a slower pace, with private home prices moderating to 2-3 percent growth per quarter and HDB prices rising 1-2 percent.
Singapore said on Monday it introduced the new measures "to ensure a stable and sustainable property market where prices move in line with economic fundamentals".
Singapore interest rates are near record lows despite economic growth that will likely hit 12-15 percent this year, due to an increase in inflows from overseas.
Malayan Banking, for instance, earlier this month launched home loan packages in Singapore with first-year rates of as low as 0.88 percent per annum.
"The current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves," the Ministry of Finance, Ministry of National Development and Monetary Authority of Singapore said in a joint statement. (With additional reporting by Harry Suhartono and Lavrina Lee in Singapore; Editing by Muralikumar Anantharaman)
Monday 30 August 2010
Interview
You're interviewing for a job. After 20 or 30 minutes, you're asked: "Do you have any questions?"
The worst thing you can do is ask, "What is it your company does?" (Hey, it has happened.) The next worst thing you can do is say, "Um, nope, I don't have any questions."
[See 21 secrets to getting a job offer.]
You need to ask some questions! Asking questions shows your interest in a company and makes you look smarter (smart people tend to be inquisitive). Asking questions gives interviewers a chance to talk about themselves, a thing most people love. And--this is important--asking questions is a way to find out if you really want to work for these people.
Bottom line: Don't make the interviewer do all the heavy lifting. Take an active role in the interview process and improve your chances of landing a job.
[See 50 tips for surviving your worst work day.]
So what should you ask? Here are 10 suggestions:
1. "Can you describe a typical day for someone in this position?" If your interviewer appears to be nervous or ill at ease, a non-abstract question like this is a good way to get the ball rolling.
2. "Could you talk about the history of this position?" Specifically, what you're trying to find out is how long the position has existed, how many people have held it, and why it is now available.
3. "What were the major strengths and weaknesses of the last person who held this job?" Or in other words, what kind of act would you have to follow. This is also a chance to find out what happened to your would-be predecessor. How this question is answered will tell you a lot about the dynamics and expectations of this workplace.
4. "What are this position's biggest challenges?" You're naturally curious about the downsides of the job. But find out in a way that makes you look confident and unafraid to tackle problems.
5. "In what area could your team use some improvement?" Do you get an honest-sounding answer? This is important. It's also an opportunity to talk some more about how your skills specifically match this company's needs.
[See more career advice at the U.S.News Careers site.]
6. "What are the prospects for advancement?" Asking this demonstrates that you have ambition, and makes you look like a big picture person.
7. "How would I be evaluated?" If you want to know an employer's true priorities, and what is really important about the position under discussion, ask this.
8. "Who are the most successful people in this company and why?" A clever way to get a glimpse of a company's values/ethos/culture and how the powers-that-be measure success.
9. "Why do you enjoy working at this company?" Okay, it's a softball question. But the answer, and the tone in which it is given, should tell you a lot. Basically, you are looking to see some sincere enthusiasm here.
10. "Do you have any reservations about me or my ability to perform this job?" It's a gutsy thing to ask. But consider doing so because it's a great way to get real-time feedback on you and your interview skills. Asking for criticism not only earns you points for courage, it could result in some very helpful information.
P.S. Do not ask questions that would be easily answered by consulting the company's website. You will look unprepared, even lazy. You'll also lose the opportunity to gather some valuable insight about this employer and the job on offer.
The worst thing you can do is ask, "What is it your company does?" (Hey, it has happened.) The next worst thing you can do is say, "Um, nope, I don't have any questions."
[See 21 secrets to getting a job offer.]
You need to ask some questions! Asking questions shows your interest in a company and makes you look smarter (smart people tend to be inquisitive). Asking questions gives interviewers a chance to talk about themselves, a thing most people love. And--this is important--asking questions is a way to find out if you really want to work for these people.
Bottom line: Don't make the interviewer do all the heavy lifting. Take an active role in the interview process and improve your chances of landing a job.
[See 50 tips for surviving your worst work day.]
So what should you ask? Here are 10 suggestions:
1. "Can you describe a typical day for someone in this position?" If your interviewer appears to be nervous or ill at ease, a non-abstract question like this is a good way to get the ball rolling.
2. "Could you talk about the history of this position?" Specifically, what you're trying to find out is how long the position has existed, how many people have held it, and why it is now available.
3. "What were the major strengths and weaknesses of the last person who held this job?" Or in other words, what kind of act would you have to follow. This is also a chance to find out what happened to your would-be predecessor. How this question is answered will tell you a lot about the dynamics and expectations of this workplace.
4. "What are this position's biggest challenges?" You're naturally curious about the downsides of the job. But find out in a way that makes you look confident and unafraid to tackle problems.
5. "In what area could your team use some improvement?" Do you get an honest-sounding answer? This is important. It's also an opportunity to talk some more about how your skills specifically match this company's needs.
[See more career advice at the U.S.News Careers site.]
6. "What are the prospects for advancement?" Asking this demonstrates that you have ambition, and makes you look like a big picture person.
7. "How would I be evaluated?" If you want to know an employer's true priorities, and what is really important about the position under discussion, ask this.
8. "Who are the most successful people in this company and why?" A clever way to get a glimpse of a company's values/ethos/culture and how the powers-that-be measure success.
9. "Why do you enjoy working at this company?" Okay, it's a softball question. But the answer, and the tone in which it is given, should tell you a lot. Basically, you are looking to see some sincere enthusiasm here.
10. "Do you have any reservations about me or my ability to perform this job?" It's a gutsy thing to ask. But consider doing so because it's a great way to get real-time feedback on you and your interview skills. Asking for criticism not only earns you points for courage, it could result in some very helpful information.
P.S. Do not ask questions that would be easily answered by consulting the company's website. You will look unprepared, even lazy. You'll also lose the opportunity to gather some valuable insight about this employer and the job on offer.
Wednesday 25 August 2010
It a month since I update anything on this blog. I really miss blogging, I always have some random thoughts tat i would like to put it here. Other than sharing, this blog is really my online diary. Its away fun to browse thru the past archive and see what you were doing or thinkin 2 or 3 years back.
so much to update that i duno where to start from. mayb i will just start from work.
Work has been fantastic for me, slowly i am starting to enjoy what i am doing. the initial stages might have been really difficult but once things start to move, you really get busy.
I have manage to hit my 3 month target within a month, right now I can really take my foot off the pedal and relax abit. It has been a gruelsome month for me, I am really working hard spending all my time in office constructively, working OT and skipping lunches. not to mention my school had already started. I must say its really worth it, now tat i have hit my target, i can totally concentrate on my studies. I can just spend my office hours doing my assignments and projects. and today i just went home at lunch time, telling my boss i meet client haha :)
took a nap and went to school.
*Disclaimer : boss should not read the above paragraph, all rights reserved
Nonetheless, I am still short of 2 deals before I get my promotion! Despite my efforts, I have yet to complete a mortgage deal. Its a requirement to complete 1 mortgage and 2 insurance deal. btw last month I was able to close a mega deal worth $12000!! but sad to say my commision not alot. :< So any souls out there that no of ppl buying house or need insurance please let me no!
I will be going to Batam this weekend with my family, if its fun next time we can organise a trip there ourselves!
hmmmm ok onto soccer!! alot to say, first gallas sign for tottenham ahah lets hope he retire at westham then he would have played for all 4 top flight london club.
Chamakh have been a very good signing, good run and aerial presence. probably save us a points at anfield
koscielny, too early to gauge but lets hope he will be awesome.
We will be signing another defender from sevilla, pardon me, i cant spend his name, its like s-q-cilly, something like tat. jloo say he is good and lets hope he will be just as gay as jloo.
how can we forget about fantasy league when we talk about soccer?
This season fantasy league is really intense, game week one all of us can feel the pressure already, I must self really dun wan to lose out tis time, not to the likes of jloo at least. jloo himself is already in overdrive mood, cursing every single captain u guys have. haha. credit to jh who lead by 30over points just in 2 games.
Right now every week is like a final and every transfer is like life and death. fluctuation of values can be so crucial, I have experience it first hand last season, a slow start and a drop in player value can early on can kill off any chances u have. lets hope all of us do well this season except jloo. if he still win tis season, we might consider scrapping off the buffet lick next season. the pain of seeing him eating free buffet hurts me. LOL
i will stop here before I bored you guys
til then
S
haha
so much to update that i duno where to start from. mayb i will just start from work.
Work has been fantastic for me, slowly i am starting to enjoy what i am doing. the initial stages might have been really difficult but once things start to move, you really get busy.
I have manage to hit my 3 month target within a month, right now I can really take my foot off the pedal and relax abit. It has been a gruelsome month for me, I am really working hard spending all my time in office constructively, working OT and skipping lunches. not to mention my school had already started. I must say its really worth it, now tat i have hit my target, i can totally concentrate on my studies. I can just spend my office hours doing my assignments and projects. and today i just went home at lunch time, telling my boss i meet client haha :)
took a nap and went to school.
*Disclaimer : boss should not read the above paragraph, all rights reserved
Nonetheless, I am still short of 2 deals before I get my promotion! Despite my efforts, I have yet to complete a mortgage deal. Its a requirement to complete 1 mortgage and 2 insurance deal. btw last month I was able to close a mega deal worth $12000!! but sad to say my commision not alot. :< So any souls out there that no of ppl buying house or need insurance please let me no!
I will be going to Batam this weekend with my family, if its fun next time we can organise a trip there ourselves!
hmmmm ok onto soccer!! alot to say, first gallas sign for tottenham ahah lets hope he retire at westham then he would have played for all 4 top flight london club.
Chamakh have been a very good signing, good run and aerial presence. probably save us a points at anfield
koscielny, too early to gauge but lets hope he will be awesome.
We will be signing another defender from sevilla, pardon me, i cant spend his name, its like s-q-cilly, something like tat. jloo say he is good and lets hope he will be just as gay as jloo.
how can we forget about fantasy league when we talk about soccer?
This season fantasy league is really intense, game week one all of us can feel the pressure already, I must self really dun wan to lose out tis time, not to the likes of jloo at least. jloo himself is already in overdrive mood, cursing every single captain u guys have. haha. credit to jh who lead by 30over points just in 2 games.
Right now every week is like a final and every transfer is like life and death. fluctuation of values can be so crucial, I have experience it first hand last season, a slow start and a drop in player value can early on can kill off any chances u have. lets hope all of us do well this season except jloo. if he still win tis season, we might consider scrapping off the buffet lick next season. the pain of seeing him eating free buffet hurts me. LOL
i will stop here before I bored you guys
til then
S
haha
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