I applaud the government’s move to curb property speculation.

 

This move is timely as the red-hot raging property market has created  the risk of a unhealthy bubble asset which if left uncheck may create alot of damage  on the economic front.

 

A property is meant to be a long-term valuable investment and more importantly it provides a reasonable shelter for the whole family. Some families I know have treat their homes like blue-chip stocks and traded them whenever thee is any slight appreciation in value.

 

I know of a family, staying in a condo in the   eastern part of Singapore,  who has shifted homes three times in two years literally living their lives in boxes in order to make a small gain from every move.

 

Such regular residental shifts not only destabilise the routine of the whole household but also particularly affect  children who will prefer a more stable living environment.

 

Singaporeans have all along treat their property as an investment tool and though many people have reap enormous financial benefits out of their homes, there are also others who were ruined if it was an  ill-timed one. Some may even have to sell their cherished homes at a loss when the turbulent economy turns and people go out of work.

 

More importantly, we also lost the friendship factor with our neighbours when we move houses too often. Good neighbours are hard to come by and it takes many years for the relationship to build. Once we move, it is difficult to maintain the relationship after that.

 

I am also sure that those who chased and bought properties the last few months will be hoping that they have waited for a few months more. I am still amazed how people can pay cash-over-valuation (COV) of $100,000 to buy a resale HDB flat!

 

I am thus glad that the government has introduced sufficient measures to curb property investment among the masses.  Dwellers of HDB flats have to stay in their homes for at least five years instead of the usual three years in order for them to sell their flats for a profit.

 

Let the super-rich invests  their millions in property but the general population should adopt the attitude of simply having a good roof over their head.

 

The financial ruin of a badly-timed property purchase is just too much for many people to bear.

Written by: Gilbert Goh