THE TEMASEK TIMES

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Tan Chuan Jin asks netizens: Is the HDB flat really so out of reach?

Posted by temasektimes on April 26, 2012

Minister of State for National Development Tan Chuan Jin has responded to an article written by a netizen ‘Gin Tai’ on the increasing unaffordability of HDB flats on his Facebook.

In the article, ‘Gin Tai’ lamented at the sky-rocketing prices of HDB flats in Singapore in recent years which has priced many Singaporeans out of reach. He also expressed his unhappiness that similar-sized flats are not priced the same. (read more here)

In a note posted last night, Mr Tan began by asking netizens if the housing situation in Singapore is really so ‘dire':

“Let me just talk about the housing situation in Singapore. Is it really so dire? Is the HDB flat really so out of reach?”

Mr Tan explained that HDB flats are not priced the same because when determining the prices of flats offered, HDB factors in the costs of building the flat as well as the prevailing market conditions at the time of the offer and the individual attributes of the flats.

“Is there really a difference in value? Many Singaporeans who have sold their flats know that these different values would surface immediately in terms of the price their different flats can command. Should we therefore price them all the same? If they were, everyone would just wait for a flat on the top floors in a matured estate. And some would make huge capital gains compared to others when they sell.”

He added that subsidies and grants remain in place for Singaporeans in order to keep a range of different flat types affordable for Singaporeans at different income levels and urge Singaporeans to buy flats within their means:

“Do buy within your means. I know that these are emotive issues. But HDB does indeed cater to the vast majority of Singaporeans, from those in rental flats, to those who are comfortably in the middle classes. 80% of Singaporeans live in HDB flats. 90% of them own their own flats.”

Singapore has one of the highest home ownership in the world which is made possible by the generous subsidies and housing grants given by the government over the years to enable Singaporeans to own their own flats.

Read Mr Tan’s note here.

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72 Responses to “Tan Chuan Jin asks netizens: Is the HDB flat really so out of reach?”

  1. WildHoneyDiscriminates said

    Typical NATO (no action, talk only) alumni, talk is cheap! Considering you’re a minister who commands at least $900k-1mil annually + various director fees. (“New ministers will make about S$1.1 million”. “An entry-level minister will still make more than President Obama but you can’t please everyone,” said Eugene Tan, a political commentator and assistant professor of law at the Singapore Management University.”

    with an average Singaporean total houshold income of $3,000 -$6,000, or $36,000 – $72,000 annually. After less HDB loans, utilities (electric, phone), kids education, childcare, tuition, first-world transportation (*ahem*), food, books, household items, etc. For most average SIngaporean family, it is NET ZERO after the end of each month! (Not much savings left). Adding salt to wound, is the 30 year housing loan, the longer the duration the less cash to invest or grow funds elsewhere.

    where else you can invest your spare cash (at least $30k excess) every month, and have ‘finanical freedom’. Average sinkies are ‘sunked’ into endless debt and chained to the central ponzi scheme.

  2. fxxkyoualltwice@gmail.com said

    Please. He is saying to use your money on HDB flat. He is not concerned on your other needs. You can eat the bricks off your floor, drink water off your flat, oh sorry this means increase of water bills. Another way use your old clothes to make pails to hold water during rainy days. :D Dun buy buckets. Cost money. This way, I think we can afford the HDB? :D And if you want to buy open market, dream long long. They are for foreigners who are rich. We Singaporeans deserved this fate coz of the 60%. Good Luck.

    • Hsien Liao La said

      yeah, this fool clearly didn’t read up about disposable income and how it links to consumer demand, which directly enhances our lives. to the pro alien party, if we earn 1k, best is put 900 bucks into housing loan so we can flush the TemaSICK holdings with loads of cash. that’s how i see it.

  3. Jenny said

    He should exchange salary with me and see he even “dare’ to buy a 3 room.

  4. Ryuu Fong said

    Comfortably in middle-class? You can’t be comfortable in middle-class if you own your hdb flat.

  5. seX pisToLs said

    Housing prices rising up due to many foreigners in Singapore which the government, I believe, profits every single cents in it

  6. Bulls said

    Jinjin, own or lease?

  7. seiya78 said

    Hey rich guy, surrender all your wealth and start working from zero and you will know how we feel, pls give a more mature comment cause normally a nation is make up of a pyramid shape, don because of your immature comment topple the whole nation.

    It is a simple psychology thinking of rich people income more than $8k or more saying that so much money buy car buy house is nothing, but have you ever think of those people who cannot afford.

    If people can’t afford to buy, you think they bother to get married and you think they bother to bear children helping nation to increase the population? All these are chain reaction, have you really see the problems?

    Don wait till GE then start walking the neighborhood, start walking around the neighborhood area now, talk and listen what every people say and don assume.

    Sitting in the office, watching the monitor, reading the chart is useless

    haiz

    • wef said

      have you consider how these people become rich?

      most of them, if not all, work for it.

      maybe you want to start working for it instead of spending your time complaining here.

  8. Jaded said

    Using all our available funds to service the HDB loan over 30 years, and barely having any left over for other things such as retirement, is a twisted perception of affordability. If the Govt still does not see this, 2016 beckons…

  9. My is CPF is left with ZERO currently and it will continue to stay that way for new 30 years because of the HDB installment…. and I dunno whether I can afford to pay hdb installment when I hit 50 plus as my job is threaten constently by FT…… This MP shoule step down because of his ZERO common senses…

  10. Ken Lee said

    so easy to talk!

  11. Singaporean Refugee said

    Mr Nato Tan.. I think you are out of touch with Singaporean. You are too Elite. So, we cannot vote you in the next GE. Bye.

  12. James Tan said

    He forget most S’porean are in debt for the rest of their life just to own that flat.

  13. Rick Zy said

    Have you solved Sg’s discriminatory employment problems at all??
    All Talk No Action.
    What has military training thought u? U have failed as a leader.

  14. invictus said

    Can someone explain to this General that HDB affordability must be seen in larger context ie total household expenses for family, other family responsibilities (parents), your daily expenses when you go to work, education for kids incl tuition, etc. if you look at this and after taking the long-term loan for your HDB, what is the average person left with to save for his retirement. Can someone please do the maths for this General ? Stop being a politician and ask rhetorical question, but put yourself in an average person’s shoes. An average person don’t draw $1m salary you know

  15. Ray said

    No money then dont buy flat in Bishan lah. Come and stay in Woodlands!

  16. Crap said

    Of course “affordable”, Tan Chuan Jin.

    Take 30-year loan and have nothing left for retirement.

    Why allow PRs to buy resale HDB flats???

  17. singaporeans said

    Once an emperor asked the hungry farmers why didn’t they eat minced meat porridge since they had no rice to eat?

  18. Tim said

    TCJ is saying – Beggars can’t be choosers lah…not out of reach, is over-reached! Don’t shoot for the stars, when you should just aim at the clouds.

  19. Singaporean@Singapore.com said

    I’m reading your article with my blood boiling..

    Firstly, appearing in the picture of 1-star general wearing number 3, are you talking in the capacity of Minister of SAF Commander?

    Second, in my opinion, an average non-elite Singaporean are better in their calculation because we are stranging to make end meet. Life is not about HDB only. There are other things that a non-elite Singaporean will be worried about. For example, healthcare for their parents, children education, yearly SAF liability for guys (IPPT, ICT and RT), fighting for job with FT, making their way to work without being late due to break down of world class transport system. Of course, the list above are not exhaustive.

    Thirdly, with the article, you have successfully confirm my support for oppoisition MP is correct!

    Last but not least, do you, as the Minister of Singapore, 1 star general of SAF, Knows the exact cost price of HDB and their breakdown? Could you tell us if, the selling price is indeed reasonable after that?

    Always remember, we are a Country, not a Company. Which is used to having the almost full support of the proud citizen and are now being reduced to 60.1% I’m not a fortune teller, but you can do the math on the future vote percentage.

    Don’t take our words too seriously because we are non-elite. Enjoy your stay as MP for the moment.

    Cheers and world peace

    • wef said

      idiot, check out the original article on TCJ fb.

      it’s temasek times who instead the damn 1 star photo in.

      • Singaporean@Singapore.com said

        Thanks elite. I don’t have so much time to check around the web. I have a job full of FT supervisor and management team.

        Apart from commenting on the 1 star photo.. do you have any rebutes on my post, Mr. Elite?

  20. Conan said

    HDB is really affordable for anyone who earns millions of dollars a year.

    • A Singaporean said

      “Do buy within your means. I know that these are emotive issues. But HDB does indeed cater to the vast majority of Singaporeans, from those in rental flats, to those who are comfortably in the middle classes. 80% of Singaporeans live in HDB flats. 90% of them own their own flats.”

      Sir,

      With respect. We do not own our flats. Our flats are on a 99 year lease after which I believe they will be repossessed by the government. It is likely that we are the only country with this phenomenon.

      • wef said

        with all due respect. if you can be alive and be owning your flat for full 99 years and still be a loser, you must be a terrible failure.

  21. just a thought said

    I’m sure 40% of the population doesn’t own a flat, but instead live in their parent’s flat.Does that count as they own a flat as well? loads of bull, does he think that everyone is getting a one star general pay or a PAP doggie pay? Nice suggestion you have there lol. maybe drinking our own urine and eating our own shit will help in saving more money for HDB flats.

  22. just a thought said

    The economy suppose to be progressing, but the lives of the citizens are digressing. LOL my parents paid for their flat in a duration of 20 years, WE have to take 30 years to pay for a flat now.. So how long will the decendants of us Singaporeans take to pay for their flat in future?

    Oh i forgot, the future generations of Singaporeans are no longer Malay chinese but philipino, China monkies White trash expatriates and some other species out there.

    Thanks PAP and the 60% who voted for them, now i can plan for my migration out of Singapore.

  23. Lew Sin Hoe said

    During my time when I got my first 4-room HDB flat in 1977 and upgraded to a HDB executive apartment in 1992,
    it was quite easy. Queing was fast and I could select the flat of my choice. That is because I have only own and
    live in one flat. Nowasdays, I believe it is expensive and difficult to get a HDB flat because the government
    allow people to buy a HDB flat to rent out, the owner then lives in a private house.

  24. Seb said

    Gen, Tan when you say “80% of Singaporeans live in HDB flats. 90% of them own their own flats”, can you clarify on what you mean by “own”? Do you mean they have the title deeds to their flats,…ie paid off their mortage loans??? That would mean that I am one of the 10%, but I don’t think so.
    SSG Seb

  25. Mimi Lee said

    Affordable houses for the common people? If you stay with your parents, don’t go shopping, don’t get married, save up until you hit 35, then MAYBE you might be able to afford a 2 or 3-room flat. But the Gov wants you to get married and have a lot of kids, which is difficult, if not impossible, due to the reasons others have said. Some speak from their personal experience, so there’s no way you can dismiss it as just plain crap.

    Unless you can assure that we would be taken care of when we grow old, then I won’t mind slogging my guts out for 30 years. But with the ever-rising inflation, I don’t think the future generation have the strength left take care of their parents (they have their own kids to support). With no savings at the end of 30 years, and no support whatsoever, it’s no wonder people are complaining that houses are too expensive.

    I once saw an article somewhere that says “Politics is directly related to economics. If you don’t understand this relationship, you don’t understand economics.” A country’s economy is heavily affected by the decisions that the government makes, so the talk of “Gov can’t control it” is total bulls***. Sure, the problem is a complex one, and if the Government needs time, we as the citizens understands. But doing nothing while promising us change isn’t what I will call solving the problem.

    I’ll be 23 years old in 2016. If I see no improvement by then, there will only be two options when I vote:

    1. Vote the Opposition
    2. Void my vote

  26. Diane said

    Not only does the Government not understand the position of it’s people, it also shows the amount of importance, of the Ministers pay. I agree to filter out the loop holes of a reliable and non-corrupted Government, there should be incentives, but, what you can’t understand as a Minister is that the amount of pay, some of your citizens get annually is not even 1/10 of what you are getting. Yes, we are paid according to our qualifications, but that doesn’t mean that citizens with lower qualifications do not deserve to own a house, or send their children to school, or afford the food they put on the table. We are born and bred in Singapore, we stayed in this country for our families. If you think the younger generation of Singapore does not want to get married or have children, it’s because we see how much suffering and hard work our parents have to sacrifice to give us a better life and education. Some of our parents who have no qualifications, have to work two jobs just to sustain paying the bills, putting food on the table and sending us (their children) to Universities so that we may have a life that they never had. When we reach a point in our lives, be it in Polytechnic or University, we come out into the working industry and seeing what little we earn although as compared to our parents, there is a vast difference. We have come to realize that this is a society we cannot bring up our future generations in. We learn about investments and profits, but having a child and building a family in Singapore is not something that we can ‘invest’ in, because from the rising trends, we can foresee that no matter how much we earn now, in the future, we are going to be just like our parents, paying off the bills, slogging to put food on the table and paying off our housing loans. We are still human, sometimes, I feel that we have loss our sense of what Singapore’s resources are. The only resource we have to offer, is our people, but now the Government is just replacing the citizens with foreign talents. Instead of always going out of the country looking for options, like giving scholarships to China scholars and Indian scholars, find the hidden talents here and groom them. If you want to fix the birth problems in Singapore, stop bringing in more foreigners and work on the needs of your citizens. Don’t feel that we are complacent, sometimes we are just talking things that we face, that you as a Minister will never get to understand.

  27. PRC Sluta & Bastards said

    Dear BG (NS) TCJ,

    Stop talking without taking into consideration of other’s feelings like your ex-superior cum current ministerial colleague MG (NS) Chan….. it will not make u look better as if u can out-witted MG (NS) Chan…… n become the next Loud-speaker……

    Aside, do u know that beside stretching your loan to the maximum of 30 years….. Given an average young Singaporean at the age of 30 years old buying his/her 1st HDB flat n paying instalment for 30 years….. Do u know that when this young Singaporean hitting 55 years old, he/she cannot be able to use his CPF ordinary account to continue his HDB loan repayment BUT gotta fork out his cold-hard cash to repay his/her housing loan? Why?? Becoz, all his monthly CPFcontribution inside his ordinary and special account will need to go to the Retirement Account….. And CPF does not allow use to utilise the monies inside your Retirement Account to repay your housing loan…..

    End up….. We, Singaporean, need to go see the MP and beg the MP to write some Queen’s English letter to appeal to the CPF Borad to release our funds…. N not all cases are approved…….

    Lastly, do u know that HDB prices as compared to your time, probably 15 years ago, when u was just a young junior commission officer, commanding probably a handsome salary of $3k to $4k per month,cost about $320k for a 4-room flat at Tiong Bahru area BUT in 2012 value, a 4-room flat from HDB directly cost more than $500k to $650k …. Can u please jusitfy this “affordability” term in your context?

  28. WR said

    This article only shows a view from the top, definately not a bottom up…

    I think its better that he be a mute and wait for time…

  29. cc chia said

    HDB housing in Singapore is only cheap or affordable if someone is earning around $1Million a year like the several PAP ministers who have spoken on this subject recently. Why should the cheapest housing in Singapore cost several hundred thousand dollars when we do not even own it, since it still belongs to the HDB and we have to return it to the HDB at the end of its 99 year lease?

    Is it because we have shortage of land or that we have too many people living in this country? In reply to this question, I say NO. Just look around this island, and you would see lots of unoccupied and unused land and many under-utilised buildings and un-occupied apartments and houses. The housing prices are high only because the prices have been artificially propped up, and the building of houses, apartments and including HDB flats, have been tightly controlled by the government.

    Consider this. In most countries in the world (except in Singapore), the cost of houses or apartments within the major cities or within the capital city is usually expensive for obvious reasons. However, if one is willing to live in the suburbs or in the country-side, far enough away from the city center, then the cost is relatively low. The cost difference could be a factor of 10 to 20 times difference between housing located in the center of the capital city and that built in the country side.

    Therefore we should ponder why our PAP government has embarked on the policy of making housing expensive in Singapore. Of course the government would always claim that the prices are “reasonable or affordable”, but the majority of us disagree. It is certainly not for the benefit of its citizens that the housing prices in Singapore are where they are now!!

  30. […] http://temasektimes.wordpress.com/2012/04/26/tan-chuan-jin-asks-netizens-is-the-hdb-flat-really-so-o… […]

  31. daming said

    Interesting question from Minister Tan CJ. This question has just proved a point. If the government has no idea what/how the people are doing, how you expect them to improve the lives of those people?

  32. fpc said

    the last sentence is wrong. the grants is a cover up for extraction of monies behind the scene.

  33. Affordability is not really the issue here.
    All manners of tweaking, pile on grants, etc, can manipulate the ‘affordability index’, and based on what criteria is a certain percentage more affordable than another?

    I urge all of you to direct your attention to HOW HDB prices flats.
    Then you can really get to the root of the problem.

    This is what I posted on TCJ’s fb, in case it gets deleted:

    ===========
    Can HDB publish what is the cost components of each flat?

    When we buy insurance, we can see how much the insurance agent makes, and how much of the premium goes into the policy?

    You just have to do one thing from now until 2016:
    Get HDB to publish clearly, when a person buys a 5 room Clementi BTO flat, when he pays $550,000 – $679,000 (http://www101.hdb.gov.sg/hdbvsf/eampu03p.nsf/0/12MARBTOCL_page/$file/12MARBTOCL_about1.htm?open&ft=bto)

    How much is he paying for construction cost, labour cost, land cost.

    You simply have to do that, and when it comes true,
    I will vote for PAP, in ANY constituency, for the next 2 GE.

    If you can’t do that,
    don’t even have to say anything, it’s all hogwash.
    ===========

  34. SingaPOORean said

    I will be working like a bull and not to leave Singapore as long as I own a HDB flat, its a trap set for every Singaporean (the 80% that stay in HDB minus our older generation that buy their flats less then 100k) and yet we will just jump with many questions in mind. I just brought a 4 room new BTO flat, have a 16 months baby girl, not considering a second child because of high expenses, will jump from my HDB window if I was to be unemployed for 6 months (sad but not kidding), press the housing loan calculator, borrow 200k with the HDB at flat 2.6 interest at 28 years, first payment principal $405.25 interest $433.33, after 10 years principle $523.16 interest $313.15, 20 years later at principle $681.25 interest $157.33, I’ll be 58 at that time and I have 8 years more of the loan to go, of course I can sell my flats on the way or down grade, or just to sell off my flats to settle my medical bills…

    Just complain, still have to live day by day, cheers…

    feel so much better after writing this comment…

  35. chuahd said

    Maybe 90% really own their own flat. BUT I dare say most of them own it at the expense of being heavily indebted to the hdb or banks through housing loan.

  36. TheOne said

    My dear Chuan Jin,

    You typical civil servants seems to miss the entire forest for the trees time and time again. I like to ask you, if you were to interview any uni, poly or ite grad, would their Singapore dream be merely to just own a 3rm flat, pay it off in 30 years and raise 3 kids on behalf of the government? No right? All wants a better live for themselves and their family. Just like how their parents have provided for them. Correct?

    So what is the use of an affordable HDB in Seng Kang or Ulu Sembawang or Chua Chu Kang? You think the HDB flat is the end game for the younger generation?? You seem to fail to take into consideration that the younger Singaporeans want and aspire to own a bigger place with better facilities to raise their children? Those opportunities were open to the 20 and 30 something just 10 years ago! And it worked! Buy a HDB, trade it up for a condo, buy a car and raise a family. But now you seem to suggest we should tamper with the very frabic of the Singaporean dream to secure a better future with foreigners? How??

    Where I work, I have seen a stream of young people come and go. 10 years ago, the 20 somethings had drive. They knew that if they work hard, they can make something for themselves. Today, most of the younger people I employ just don’t have that drive anymore. At lunch or during breaks, all they talk about is how things are so expensive and that they should just stop dreaming and stay with their parents as long as they can. Then we hear about the PR colleagues from Philipines and India putting down monies for HDB or even $1,000psf or $1,500psf condos. Way beyound their means but why not? The banks seems happy to give them the money. Stay 5 years, house value increase, sell at a profit and go back home to live like a King! And if the person they sold the flat to happen to be a Singaporean, then the poor chap has skin is in the game right? Made a foreigner rich with a locals money, that is what your government seems to be doing. If the property market tanks, PR just walk but Singaporean cry. What is the banks going to do anyway, go to philippines or India to look for them? All this while Singaporeans are stuck in this country where only the rich and wealthy can have it all BUT have no way to close the gap anymore. No chance. No aspiration. Just a living dead in Sunny Singapore.

    You talk like you guys have done a good job making HDB affordable. My goodness, how imature and blind are you? Its about aspiration, inequality, fairness and giving back to the citizens that have put in their heart, sweat and blood to help your predecessors build this country to where it is today!

    So honestly, I did rather you don’t say anything, just keep very quiet and keep very still and don’t move so no one knows you even exists then to spew this total rubbish that address just the smallest, most minute and insignficant part of the entire nation’s problem.

    • wef said

      if you have a dream to own a 5 room flat, but have to attitude to earn enough for 3 rooms then you got no rights to be talking about dreams.

  37. Jenn Khong said

    Funny that you people should be voicing your frustration here. Do you honestly think that any of these MPs really read these crab here?
    Wrong platform lah.

  38. jaded said

    no wonder the prices of flats stay the same after all this while. because our ministers think they are affordable. they must be thinking, if something ain’t broke, why tinker with it?

  39. A Sinkie said

    Forget about trying to justify how it can be affordable.

    Just simply justify why the huge leap in HDB prices over the past say 10 years, Mr Tan. Simply due to construction cost?

  40. 大陆仔 said

    年纪青青你到底懂些什么?一路顺风又顺雨,那知什么是暴雨情况!温室里的小树苗。没经历磨练那会成长,

  41. Kel said

    My mum bought a 3rm Hdb 15yrs ago at $130,000. 15 years later, she still have outstanding loan of $70,000. Look at the scary interests, hdb grant and subsidies can’t even pay for the interest.

  42. Ftgusd said

    Subsidised?? How much?? $1??

  43. Unhappy Singaporean. said

    “Let me just talk about the housing situation in Singapore. Is it really so dire? Is the HDB flat really so out of reach?”

    -Yes it’s out of Reach, like duh! (150k for 5-Room and now 900k for 5-Room)?
    -HDB was setup to help Singaporeans (Why FT can buy HDB Houses that were meant for us? B’cos of this, Married couples will have to wait 4-6years in BTO scheme. Till then, where do they live?)
    -Take a step back and see the situation. (A lot of foreigners cant even speak English working in Front Line. Where is the Quality?)
    -FTs only care about the money they make, they don’t give a crap about the country. Where else for us, This is our Homeland! In time of crisis, who will flee first?
    -Stop with the influx of FT and start Investing on your OWN people.

    • wef said

      get your facts right. are you sure FT can buy flats from BTO?

      • Singaporean@Singapore.com said

        What Wef said is correct. FT cannot buy HDB from BTO..

        They just simply throw tons of money to the Condo… which will eventually affect the cost of EC and HDB since they are tag to market rate….

  44. Shawn said

    Might as well ask us to build our own houses. Being Singaporean in Singapore,my opinion of a country is to look after the citizens. Houses are necessities,so does applies public transport and utilities. From the way i look at it, these necessities have become something the gov take advantage from and gain profits from it. The rich stands so high up and dun see whats happening below. Talk like nobody’s business. Sad to say, theres no humble ministers able to empathise the situations. Their mindsets are into business models.

  45. $1left said

    Qns.: Is the HDB flat really so out of reach?
    Ans.: YES!
    A simple Qns., a simple Ans. Hopefully, all exam’s Qns. may be as simple as MOS had just asked.

  46. Emeritus Sang Nila Utama said

    Sir, did you think twice before responding? Think, think, think on the mortgages average Singaporeans have to shoulder! Millions of us do not have the privilege to put on a Star on our uniform like you to fulfil HDB mortgages within a short span 😒.

  47. JASON CHOW said

    PRs should paid additional 10% for resale flat. Can used the $ to help those from lower income to buy flat.

  48. Working for the mASTER said

    Do you seriously think our Ministers truly keen to improve the life of the pleasant citizens, do you expect them to be so carig as to make sure housing does not eat up too much of the people’s income and that flat size is reasonably large enough to have children thus improving the quality of the life of the people. Tankuku. Believe not what they say but what they have actually done – making life worse off over the years squeezing out every pennies from the hard work of citizens through the sky-high HDB price and all kinds of indirect taxes work created by them to support the highest paid cabinet in the world. If I will them -why rock the boat.

  49. Green Panther said

    Mr Tan Chuan Jin, please do a proper research before concluding to a no-brainer article like this. Kthksbye.

  50. Bengy said

    what to solve this problem, very easy la, sell all d HDB flats back to d government la..

  51. Joanne said

    The high price of flat also contributes to low birth rate. Think hard how many of your citizens are really professinals and earn high pay ?! Last time my parents can still bring us up with their little meagre pay. Now I have give up the idea of forming a family of my own because I cannot afford it.

  52. eirelavear said

    “80% of Singaporeans live in HDB flats. 90% of them own their own flats.”

    Singaporeans are lulled into believing that the flat that they work so hard to pay for is theirs…it is still a 99-year leasehold flat which is owned by the State and I’m just wondering if I’ll live to see how the government will deal with these leaseholds at that point in time. It’ll be interesting to see how much HDB will charge to renew the lease for each block of flats…

  53. A Singaporean said

    This is what i had mentioned earlier. I’m no economics wizard, but I would think that the price of a flat would depreciate over time. At the moment, there are a few mature estates, like 30 years plus? These flats in prime areas still command a premium price, which Singaporeans and/or PRs are still willing to pay. However, what happens when there’s only 40 years left on the lease? 20 years? 10 years?

    What if this scenario emerges? An old lady / man who has never married, who is staying in the house of his or her parents. Will he/she be evicted after the 99 years is up? What if she cannot pay for the renewal of lease?

  54. Bon said

    Actually, the caused of ALL FUCK UP on housing is previous Minister MBT. He was the one who starts to increase the price of public housing by land valuation with the commercial value. FUCKED UP … now, not even Minister KBW can bring the price down…. there is simply no formula to bring the price down again just because of this FUCKED UP from MBT. IDIOTS.

  55. Ftgusd said

    Did all our dearest minister and their immediate family members pay $$ where they are staying now? I really wonder……

  56. notimpressed said

    I think most people are missing the mark. This problem arose not because of the PRs buying HDB flats. This has always been the policy. Back in 2005-2006, i was looking at getting a flat because my mum could not afford to pay the monthly installments on the then current 4s flat. So i was looking for a way to buy direct from HDB, but realised i could not since my dad who passed, had one dealing with HDB directly and somehow, because my mum was married to him AFTER he bought the flat, she was taken to have privileged from this arrangement. So much for the concept of femme sole in Singapore. Anyway, in 2005-2006, there were still having those direct HDB flats, not these BTO flats. It was still “affordable” to a certain extent. A 3-room was around 70K.

    Anyway, push came to shove and i had to get a resale flat in 2006. Got a 3-room for around 145K. But now that i am about to get hitched, i am looking at prices and it really scared me! 295k for a 3 room flat in the same area! I started looking last yr, mind you! In 2006, there were a good lot of PRs in Singapore.

    It is my belief that this MESS was caused by HDB ditching the HDB direct flats and focusing solely on these crappy BTO flats. Nothing to do with the PRs. PRs had always been buying HDB flats, and some rightfully so. They are here paying taxes in Singapore and they build their lives here. Despite whatever anyone says, most are less likely to return because their kids have their roots embedded in Singapore. And we do need these PRs. We are like the USA. We need a flow inwards to stabilize our population growth. So what if they do not undergo NS? My brother went thru NS and he migrated. Big freaking deal. Going by that rationale, am i as a woman, less of a singaporean because i didn’t undergo NS? Rubbish.

    I say, bring back those HDB direct flats, and it will be ok. In any event, this policy was endorsed by the PAP led government. And it surprises me that 60% voted for them still. You want to talk about NATO? General populace of Singapore are the NATO ones.

    • andrew said

      “Notimpressed”, you are so innocent? How can you say PRs didn’t cause the HDB flat prices to increase so much? did you do a survey?

      Just use your common sense to think. PRs also need to live in HDB flats. And from 2005 till today, there are literally hundreds or thousands of them coming here. It’s all about demand and supply. So many want to live in flats, but the supply is limited, what will be affected? Prices, of course!

      You mentioned we need to be like USA. But do you know how big the US is compared to kacang putih Singapore??? Even then, if you want to go there to work, it’s very difficult. They will make sure you are useful to them. Over in Singapore, the stupid government gives out PR-ship and citizenship like FOC kacang putih. Of course all prices increase lah!

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