I REFER to last Wednesday's report ("Foreign home buyers hit record in Q1") and the letter by Madam Koh Chin Chin ("Limit private homes sold to foreigners"; last Saturday).
The argument that the private home market can be opened to foreigners and permanent residents (PRs) with some restrictions, without significant effect on the prices of other segments of the property market, has been proved wrong.
A broader set of limitations is needed, taking into account the objectives and affordability of the three buyer categories: citizens, PRs, and foreigners.
For the citizen, it is a home; for the PR, it is a desirable alternative to renting; and for foreigners, it is an investment.
A property gains tax should be introduced for foreigners. This will provide a concrete benefit for PRs who really want to make their home here to take up citizenship.
Henry Tan
Foreigners jack up the price, sporean no choice have to follow.
Making the property very expensive for sporean, but cheap for foreigners.
Yes, some restriction need to add in, if not, it will be foreigners world.
Tax them another 20% of the property prices. Sporean dont need.