From Property Wire:
The number of repossessed properties in Singapore have risen 18% and are expected to increase significantly in 2009 and 2010, according to analysts.
The deteriorating economy and rising level of retrenchments are having a spillover effect on Singapore’s property market with auctioneers witnessing an increase in repossessed properties, according to Colliers International.
The number of repossessed properties put up for sale by banks and financial institutions rose 18 % from the fourth quarter of 2008 to the first quarter of 2009. Colliers is warning that this number is just the tip of the iceberg and is expected to go up further in the next two years.
Full report here.
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I wonder what the stats are for HDB flats.
Doesn’t matter. It has happened before. After that things will recover again as surely as the sun rises and sets.
And there will also always be 66% who are not affected by any crisis.
And the opposition will remain where it is, or maybe even become weaker.
And so the PAP will have 50% walkovers and 98% seats at the next election.
The streets will still be peaceful and also nobody will pitch tents to live, unlike even in the USA where there are tent cities.
This is the beauty of living in Singapore, for the 66% that is.
In America, the job loss for March 2009 was a staggering 742,000 Americans have lost their jobs.
that is 29,000 americans losing their jobs in A DAY. At the rate Americans are losing their jobs- we will see 8.4 million americans losing their jobs by the end of 2009.
We are not counting the 4.5 million americans who are looking for jobs.
America’s economy has TANKED. How can Singapore survive? It can’t.
The only people who are surviving are the rich PAP ministers, and Singapore’s PM Lee, his father, MM Lee has a pacer placed in his heart, to help his heart beat on time.
I don’t know what will happen to Singapore, as america’s economy will take a good 10 years to recover.
Americans are not buying and not spending. Singapore gets it money from exports to America.
Here in america, we are worried about the inflation, and concerns of lack of food.
Will Singapore have ENOUGH funds, for its people to survive? this was a main worry of MMLee.
when food is scarce, what will happen. Americans are themselves very concerned about food shortness.
1) Andrew Loh on April 12th, 2009 10.49 am
You mean you like to know the Truth from HDB?
:) :) ;)
Have some wisdom. If cannot afford, don’t. Get a smaller one.
Be humble. Be honest to your inner soul.
Dun be tempted by Greed nor affected by peer pressure to impress when the face skin is less thick that can withstand the beating.
Greed has no limits.
Wisdom is your guiding light.
Self preservation mental is greed for personal gains and a sign of weakness.
Once suckomed, you are the looser in life in the long run. You sabo the rest.
Spare a thought for your fellow citizens.
For the long run.
Have some foresight.
2 decades wasted learning. Waste no more time.
i think people with cash can go and buy once they drop by a lot.
then when market up huat liao.
but poor people like me no cash so no chance to buy, surely no chance to get anything repossessed.
but i still get poorer and poorer.
the rich still get richer and richer.
???????????????????????
The current global economic recession is not going to be anything
like most people experienced over the past 50 years. This is more
like a once-in-a-century downturn caused by massive credit build
up over since the second world war.
If you bought say a terrace house in a good area in the sixties you
pay maybe 20000 to 30000. A 4-room HDB type flat cost $8K? Look
at current prices of these properties and still many think it’s
“affordable”. (Mah Bow Tan’s favourite vocab).
Don;t think this is xtreme pessimism if I say the current downturn
is going to be worst than the 1930s…and that’s because the amount
of credit created all over the world is just staggering! It’s going to
take a very long time to unwind and this will mean a step down
depreciating asset values. Property prices will hurt the most.
Singapore’s property prices will gradually evaporates. No amount
of government intervention to support prices will work.
I plot a chart of the Private Residential Index and it seems to
suggest that the index will decline until it reaches the 1987
support level ie about 50% more downside! Well this is the
scale of current downturn!
So be more careful with your savings and avoid big ticket items.
Don’t compare today’s prices with those of yesterday , or last month,
or even 10 years ago.
At the rate that US n UK are printing money, the Amazon rainforest will be gone in no time. This is no ordinary downturn, nothing out of textbook scenarios, mkt cycles are getting shorter and sharper and not necessarily trending upwards. Those who are thinking of long term liabilities better think twice.
lots of doomsday professors here…….
life goes on
Guess Asiaone hasn’t read this report but know of a flat being sold for $658k in Tiong Bahru… hahahaha
‘Caveat Emptor’ – again.
HDB owners who took up HDB-CPF loans are usually safe from repossession. Only those who took up bank loans are the ones that would have their flats repossessed by the banks who have first charge as they are the lenders, and the CPF second charge with whatever is left, usually nothing. To those who got their houses repossessed, that is the unfortunate result of greedily biting more than they could realistically chew. With the weekly news of people buying private apartments, more distressed assets would be out in the market soon as the economy stills to shrink this year.
aiyoyo
so many of these cases during economy downturn,
not sure what solutions do elites give huh???
aiyoyo
It is not surprising that so many homes came under the hammer. The owners should also come under the hammer to smash some sense into their heads. These are usually the howlian ones, the young upstarts who like to flaunt what they don’t have. It is true..The equity is only 10% and the rest is debts and ah long.
i know of a howlian who was driving BMW . Of course most of the times it was parked and shining like you see in the showroom displays. Believe it or not the this howlian has to borrow 2,to 3 dollars for petrol for it to go for a ‘walk”. Same thing like these howlian house owners who can’t afford the house had to resort to stinge and crimp for the house and chalk up high credit card debt…if this doesn’t open their eyes and head nothing will.But behind every howlian is another howlian wife.
what is being reported here does not included those that have not.
it is bad and even worst scenario that most of us dont even know about it.
singaporean just want face.
Comment from this 61-year old Not-Senile/Not-Stupid S’porean:
SINGAPORE is a supposedly-democratic tiny red dot nation of
self-proclaimed “First-World” obscenely-paid million-dollar ministers and
self-proclaimed “First-Class” over-paid bird-brained bureaucrats
— not to mention obscenely-priced “pigeon-holes” (private condos)
and over-priced “bee-hives” (HDB flats).
and over-priced “bee-hives” (HDB flats).
filthy stinky float in the air confined spaced urine smelling cubical