What a piece of good news!
On the front page of today's Strait Times (19 July 2007) is the article "Property charge hike may cool en bloc fever". Finally, an enbloc "panadol" has appeared. Our government announced yesterday that there would be a development charge for the developers who want to enhance the use and value of sites by building bigger projects. The tax payable will now be levied at 70% and this change took immediate effect as of yesterday (18 July 2007).
Although some property analysts say it might be a knee-jerk reaction and not likely to derail the property market boom which is supposedly to continue way into 2008, I think there will still be some effect on the enbloc market. Developers will now be more cautious and not rush/ badger/ harass/ pester/ hassle/ hound owners into selling their homes, especially if their homes are on super prime land, like maybe near the Botanic Gardens or something because of the higher tax they have to pay the government.
This is indeed good news for some of us who have been tormented by the thoughts that we might lose our homes because of human greed. Now with this "panadol" (development charge) , the feverish and rampant enbloc market will at last be "cured" (kept in check). I sound too hopeful? Well, hope springs eternal in the human breast.
Sorry, if today's post seems a bit too serious, no-nonsense, prim and proper. Just have to get this off my chest. Tomorrow's post will be in a lighter mood, I promise. =)
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