WP's housing proposals amount to crashing sector
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Originally posted by Rock^Star:
I have got friends telling me their property price is rising and they're so happy about it. Yeh your asset value goes up, that's cause for celebration right? But your asset goes up, everywhere else is the same too. How to profit? And making 100k of profit is no big deal these days, with the high costs of living.
Alternatively, many young sgporeans have thought of liquidating their HDBs when they reach retirement. No way the govt will allow that, when those young sgporeans reach retirement age, their HDBs are probably in the region of $2m each? How is the govt going to allow billions of $$ to deplete from their coffers just like that?
can't blame their mindset
because of how the way they're taught in skool.
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Originally posted by Rock^Star:
I have got friends telling me their property price is rising and they're so happy about it. Yeh your asset value goes up, that's cause for celebration right? But your asset goes up, everywhere else is the same too. How to profit? And making 100k of profit is no big deal these days, with the high costs of living.
Alternatively, many young sgporeans have thought of liquidating their HDBs when they reach retirement. No way the govt will allow that, when those young sgporeans reach retirement age, their HDBs are probably in the region of $2m each? How is the govt going to allow billions of $$ to deplete from their coffers just like that?
Sell already stay where ?
HDB void deck ? Set up tent at ECP ?
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Originally posted by charlize:
Sell already stay where ?
HDB void deck ? Set up tent at ECP ?
Stay at old folk homes in JB. -
mebbe get abducted by space aliens.
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Originally posted by Rock^Star:
I have got friends telling me their property price is rising and they're so happy about it. Yeh your asset value goes up, that's cause for celebration right? But your asset goes up, everywhere else is the same too. How to profit? And making 100k of profit is no big deal these days, with the high costs of living.
Alternatively, many young sgporeans have thought of liquidating their HDBs when they reach retirement. No way the govt will allow that, when those young sgporeans reach retirement age, their HDBs are probably in the region of $2m each? How is the govt going to allow billions of $$ to deplete from their coffers just like that?
The government don't buy flats.
You may not have the money to buy the $2mil HDB flat, but other Singaporean have.
Who do you think paid more than $750k for an HDB flat?
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mbt get tumbled into the vicious cycle of asset inflation.
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Originally posted by charlize:
Sell already stay where ?
HDB void deck ? Set up tent at ECP ?
Can sell....see whether after years of staying 5 rm, willing to go into pigeon hole of 3 rm lor.
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Originally posted by mancha:
The government don't buy flats.
You may not have the money to buy the $2mil HDB flat, but other Singaporean have.
Who do you think paid more than $750k for an HDB flat?
Of course sell flat and give up citizenship la.....otherwise how to get back all that CPF lui?
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In the 1970s, our forefathers have done the right thing for us -- vote out those ministers and MPs who did not benefit the people. As a result of this good karma, we have a prosperous Singapore. Now in 2011, are you going to selfishly think of your own housing value and upgrading, or are you going to think of your children's future? If you think of your children's future, then you should make sure bad ministers and MPs are not voted back into the parliament. Please do Singapore a favor and make sure ministers like Mah Bow Tan do not get back into parliament and continue to damage you and me.
It is not about how strong the opposition team in your GRC is. It is not about whether you will get your covered walkway. If you have to walk frustrated every day, even the covered walkway will not make you happier. It is ALL about making sure bad ministers and MPs do not return to parliament to harm people. Remember this! Please!
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Some pple actually believe that, talk to anybody from the old, comfortable generation and they'll say that all the difficulties and disagreements they have the PAP policies aside, they still have this notion the moment the PAP loses power all the investors will flee Singapore.
So the only solution is to keep selling your life to them.
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Anyway MBT also didn't address the fact that the market is going to crash anyways and we're going to have a major problem on our hands the way things go. Housing gets so expensive to the point something's going to give... prices can't keep getting higher and higher it's going to reach a point nobody is going to buy... GG at that point.
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Point by point rebuttal to Mah Bow Tan. An intellectual midget with flimsy arguments? What happened to the best and brightest? Complacency!
1. Housing is not a make or break issue in this election
Shows you how disconnected Mah Bow Tan is from the sentiments on the ground. Housing is the single largest expenditure facing Singaporeans, Mr Mah. It is a key issue, especially given the housing policy has not been successful. Trust me if people are happy with housing PAP will state that housing is the key benchmark they should be judged by.
2. The most important issue is who can look after Singapore’s future
Singapore’s future? Foreigners in Singapore’s future? Or Singaporean’s future? If one has gotten it wrong on housing, foreign talent, wages in the past, what makes him think they will get it right in the future? Mr Mah’s track record in housing isn’t great, no?
3. WP’s housing proposals are “raiding the reserves” / PAP’s are not
The PAP’s “Grow and Share” package is from current reserves, and hence according to Mah it doesn’t constitute raiding the reserves. I must be stupid, but doesn’t current reserves eventually flow into “past reserves” after time? I am sure that WP’s proposals can be structured to affect only funds from current and future land sales, which will also affect current reserves only, and will not have to dig into past reserves. Easy solution!
4. Mr Mah boasts “How many countries in the world can you buy a flat with zero deposits, other than in Singapore”?
Two points. Firstly, isn’t the money you pay for the downpayment that comes out of your CPF a deposit? Aren’t the monthly payments coming out of the homebuyers’ pockets also a flow of wealth / a payment – payments that can otherwise go into the homebuyer’s retirement or medical expenditures? Why does Mah make it sound like he is giving stuff away for free? Secondly, I know of another country where you could buy property with zero deposit. It’s called the USA – over there pre-Global Financial Crisis you can get 105% mortgages that can allow you to buy property and pay for the closing costs with no money down. I am not sure why he wants to follow the US, given what’s happening to the housing market there, or what is so good about getting a property with zero deposit if it means taking on a huge load of debt.
Question: What do you do to make low wage earners whose income isn’t growing feel like they can afford expensive things? Answer is simple: you give them cheap debt. A lot of it.
5. WP’s policy will crash the housing market
If the housing market’s fundamentals are strong, and if affordability is good, there is no reason for the market to crash.
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me think mah bow tan will be bashed up after election.:)
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Originally posted by SingaporeTyrannosaur:
Some pple actually believe that, talk to anybody from the old, comfortable generation and they'll say that all the difficulties and disagreements they have the PAP policies aside, they still have this notion the moment the PAP loses power all the investors will flee Singapore.
So the only solution is to keep selling your life to them.
Maybe someone should re-educate them. Investors only flee if the situation is highly unstable and volatile. British, Australians, Americans have a dynamic political landscape where one day, one party may come in and another time another party comes in.So how unstable can that be? It's not like Singapore have guerillas and militias.
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MBT can't solve the problem himself
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Originally posted by Rock^Star:
Can sell....see whether after years of staying 5 rm, willing to go into pigeon hole of 3 rm lor.
The hdb got this policy asking the poor to sell their house and at the same time, they get monthly cash handout. Their house thus belong to hdb.
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Minister Mah rebuts NSP's public housing proposal
SINGAPORE: Minister of National Development Mah Bow Tan has rebutted the National Solidarity Party's view on public housing.
He held a news conference after his thank you speech at Dunman Secondary school nomination centre.
Mr Mah said the NSP's proposal was akin to a public rental housing system.
The NSP had proposed to lower HDB flat prices through cost-plus pricing and under-paying for public housing land.
-CNA/ac -
Which part of leasehold MBT did not understand?
Leasehold is a form of property tenure where one party buys the right to occupy land or a building for a given length of time. As lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold where the ownership of a property is purchased outright and thereafter held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) on a periodic basis such as weekly or monthly.
Until the end of the lease period (often measured in decades or centuries; a 999 year lease is quite common) the leaseholder has the right to remain in occupation as an assured tenant paying an agreed rent to the owner. Terms of the agreement are contained in a lease, which has elements of contract and property law intertwined.
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Originally posted by SevenEleven:
Which part of leasehold MBT did not understand?
Leasehold is a form of property tenure where one party buys the right to occupy land or a building for a given length of time. As lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold where the ownership of a property is purchased outright and thereafter held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) on a periodic basis such as weekly or monthly.
Until the end of the lease period (often measured in decades or centuries; a 999 year lease is quite common) the leaseholder has the right to remain in occupation as an assured tenant paying an agreed rent to the owner. Terms of the agreement are contained in a lease, which has elements of contract and property law intertwined.
HDB is just lease not even leasehold. That is HDB flat is just a long term contract between a leasee and his landlord (HDB) for a 99 years period. There is no more obligation of the landlord (HDB) if and when the contract expires.
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Originally posted by tranquilice:
Stay at old folk homes in JB.With so many old folks being kicked to JB, cost of living will jack up like crazy just the situation in Singapore.
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Originally posted by Clivebenss:
HDB is just lease not even leasehold. That is HDB flat is just a long term contract between a leasee and his landlord (HDB) for a 99 years period. There is no more obligation of the landlord (HDB) if and when the contract expires.
NOooOoooo.
80% of Singaporeans own their HDB flats.
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What's the use of having a paper high value HDB flats when you can't even get a bank loan and use HDB flat as a morg.
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Originally posted by SevenEleven:
Which part of leasehold MBT did not understand?
Leasehold is a form of property tenure where one party buys the right to occupy land or a building for a given length of time. As lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold where the ownership of a property is purchased outright and thereafter held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) on a periodic basis such as weekly or monthly.
Until the end of the lease period (often measured in decades or centuries; a 999 year lease is quite common) the leaseholder has the right to remain in occupation as an assured tenant paying an agreed rent to the owner. Terms of the agreement are contained in a lease, which has elements of contract and property law intertwined.
He already said no debate or discussion on this.
But I see him and his housing policies being reported over and over again in the newspapers every few days just to try justify what he had done to create the huge property bubble it is today.
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Need to let the air out the bubble slowly by building new flats.
WP is right, not everybody is eligible. The waiting time is long, if you reduce price, even longer. This will not crash the bubble.
Once the buble is down, all of us can breath easier, even the minister for national development (not referring to this post by name). Stubborn man.
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Remember, all hdb is 99 yr lease.