Sunday, December 11, 2011

The Case of Mr. Lu

One of the main problems Singaporeans have been harping on is the high housing prices in Singapore. Most Singaporeans are either unable to afford a flat or have to take on loans up to 20-25 years to buy a flat in Singapore.

After a long time, the Singapore government had finally began to take action. A new stamp duty of up to 10% will now be imposed on foreign buyers of Singapore properties. It is hoped that this would cool foreigner demand and lower property prices for Singaporeans.

Personally, I have doubts on how effective this would be as property prices are already so high. It’s like closing the door of the barn after the horses had bolted but it’s a good beginning.

Of course, foreigners in Singapore are unhappy with the move with one foreigner named Norman Lu been quoted on Channelnewsaisa that he was very disappointed with the move and he has options which includes leaving Singapore "because I can easily find another job opportunity in another country”.

If Mr. Lu was trying to gain sympathy for the position of foreign buyers of property; man, did he mess up or what! Singaporeans have reacted badly to Mr. Lu comment about foreigners having the option of leaving Singapore. I assure Mr. Lu on this; we know that!

Frankly, Singaporeans do not expect any loyalty from foreigners working in Singapore. We know fully well that the vast overwhelming majority of foreigners here are economic migrants who came to Singapore in search of better jobs. Once the better economic opportunities in Singapore disappear, they would go too. Foreigners in Singapore have no real commitment to Singapore outside this being a place to make money.

Singaporeans accept this. However to have a foreigner working in Singapore complain about a stamp duty, which almost every other country in the world has, and say that he will leave because of it grated on the nerves. Simply put; foreigners have it good in Singapore. Some might argue they have it better than Singaporeans in our own country! So if Mr. Lu has an option of leaving Singapore due to a better opportunity elsewhere; please go!

I don’t this out of anger but simple acceptance. Singaporean don’t expect any loyalty from you to stick it out during bad times, so if you believe you have better opportunities elsewhere, we will not stop you. Please go…and don’t come back.

13 comments:

Anonymous said...

Good riddance

Anonymous said...

He won't be leaving. some singaporeans will be trembling in fear if he goes. And the govt will beg him to stay to help the daft singaporeans.

Anonymous said...

Govt should impose more of the same and we will begin to separate the chaff from the grain.

It would be great if more of lu's type would pack up and go. and don't come back, leech!

Ghost said...

I don't think we can all Mr. Lu a leech but as a foreigner, he's here for the money. So if he can't get enough of it; don't complain, just go.
There's no need to go on TV and whine about it. It's not your country. If you are unhappy staying here as a guest, then go. Simple as that.

auntielucia said...

Mr Lu may have got the wrong end of the stick. The extra buyer's tax on foreigners won't hurt all foreigners. Au contraire! If prices fall and Sing $ is weak, it will benefit the deep pocket foreigners with foreign funds. In particular, Americans n Swiss, for example, as they also won;t be hit by the new tax...

Ghost said...

I think the biggest problem with this tax is that it came too late. The prices are so high now, the effect might not be seen. It might stop the prices from going up but prices might not go down.

auntielucia said...

Frankly if prices fall as much as predicted, well-heeled foreigners wld benefit while Sgreans who scraped together to buy something wld be in a deep hole and may have to sell out, causing further falls. The minority non-property owners among Sgporeans may benefit but I doubt it -- as by then, they too will get cold feet... it's a no-win situation...

Ghost said...

It will be a win for new home-owners if the prices go down.

Gintai_昇泰 said...

In my workplace, I got few Msians who are PRs working for so many years. They even bought HDB resale flats. They refuse to take up Sg citizenship cuz they plan to sell off their flat and cash out their CPF when they retire and return to their hometown. They enjoy the same job treatment and behave just like us. They say it is good to make their money here but will retire in their own country. They are not loyal to Sg. So we Singaporeans sacrficed 2 yrs in NS and also reservist duty up to age 40! We are suckers defending Sg for the benefits of FTs! It seems thst they are treated better by the govt than us. What an irony! Really langgar! How to support this govt?

Anonymous said...

Pls lah, that Norman Lu talk big only. I bet if ICA cancel his EP today, he'll be begging on his knees in front of O-level ICA clerk to let him stay on in S'pore.

Take note he said on TV maybe he'll wait for PR status and then buy **HDB** or condo.

WTF?!? If you're really a world-class talent you won't even consider resale HDB at all. I don't see Jim Rogers or Mark Mobius hanging out in their HDB flats.

Frankly the healthcare sector salaries and healthcare R&D are so much higher in US (even with budget cuts) and Australia and even UK (yes, even with austerity measures). Why is he even in S'pore? Unless he cannot get a job or continue working in those higher-salary countries.

Anonymous said...

That is the advantage of Foreigners/PR. They can leave as and when they love to do so for the slightest unhappiness. In fact, Singaporeans suffered the greatest inconveniences and unfair treatement from PAP. By that logic, Singaporeans should all emigrate for good, too bad we can't because we are holding pink IC, not blue or any other colors.

So the best way for Singaporeans is to vote with our feet against PAP until the White stooges drop dead.

Anonymous said...

why are PR allow to cash out on the profit made from public housing ? Profit made by foreigner in public housing should be tax fully.

Ghost said...

Although it is called public housing, there's not much rebates or discount on HDB flats. If there is, the prices won't be so high. In many ways, there's not much difference between HDB and private housing so there's no reason why PR and foreigners should not be allowed to cash out.