Lowering land cost is like raiding S'pore's reserves: Mah
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Apr 16, 2011 - Straits Times
LOWERING land cost as a way to reduce new Housing Board flat prices is tantamount to raiding Singapore's reserves, warned National Development Minister Mah Bow Tan on Saturday.
This is because all land is sold at prices set by the Chief Valuer, and the land sale proceeds go into the reserves.
In the latest salvo on the hot-button housing issue, Mr Mah stressed that as the number of new HDB flats is not a small, any lowering of prices will inevitably affect the value of existing HDB flats.
Mr Mah was responding to a call from Workers' Party chief Low Thia Khiang who had suggested that if the Government was prepared to collect less money for land sales, the savings could be passed on to first-time home buyers.
Speaking to reporters on the sidelines of a ground-breaking ceremony for an upgrading exercise for Tampines, which will see a new town hub with facilities such as a sports hall and a new park, Mr Mah declined a debate with the National Solitary Party, which has announced it is contesting the GRC.
Mr Mah said there is 'nothing to debate' as his positions on housing and various policies are well known.
With the minister at the community event on Saturday morning were newly-introduced People's Action Party (PAP) candidates Heng Swee Keat and Steve Tan.
Mr Heng, the former managing director of the Monetary Authority of Singapore, said he welcomed the contest by NSP at Tampines and was looking forward to getting to know the residents better.
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having high ministerial salaries is like raiding reserves too.
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Originally posted by Clivebenss:
having high ministerial salaries is like raiding reserves too.
It's better us than them.
But ultimately something has to give.
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垃圾 mah can only talk 垃圾
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Reading this makes my blood boil and i really wonder will any rational person buy this story of his.
To benefit the citzens by offering cheaper housing is raiding the reserves?
oh how about the massive losses incurred in overseas investment huh???
million dollar salaries???
Just a proposal to help the people and they refuse, do u wan this kind of govt??
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watever its is he just avioding losing the talk to the NSP
he afraid of losing face and losing the talk to NSP
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Win already lor.
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arent we at a point of no return?
there is no way to lower land prices without harming current property owners. not unless the govt is willing to come up with the money to cover the shortfalls. but then we know they wont do it. its just not economically viable.
imagine if the price of hdb now drops drastically. all current owners of hdb flats would suffer.
but then to hear it from those who brought us to where we are today really make my blood boil.
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If WP really wants to peg HDB prices to median income, then be prepared to take money out from the reserves and reimburse the flat owners. Otherwise, silly Mah has a point. It's only going to become negative equity.
As for dragg, what you said about your blood boiling makes good sense too. PAP can only think within their own framework. They can't think out of it and are not receptive to ANY ideas from the opposition parties. Admitting it would only mean failure on their end.
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Land would cost be more expensive as places becomes more developed.
But problem is, how MBT been running HDB.
Just like Clementi Mall, it's a HDB shopping mall in reality. But the PAP decides to give it to SPH by tendering out because they could collect better property tax by making it a private shopping mall & w/ aircon.
But the fact is, it's a HDB project.
Somemore a home is still only a home. 99 years worth
MBT should be telling ppl 'thank you' for voting me, allowing PAP to be riched by higher and higher property tax reciept
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but how much is the land cost? Most are acquired at a minimal sums back in the 70s and 80s at 10% of the market value then?
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Originally posted by Rock^Star:
If WP really wants to peg HDB prices to median income, then be prepared to take money out from the reserves and reimburse the flat owners. Otherwise, silly Mah has a point. It's only going to become negative equity.
As for dragg, what you said about your blood boiling makes good sense too. PAP can only think within their own framework. They can't think out of it and are not receptive to ANY ideas from the opposition parties. Admitting it would only mean failure on their end.
are they suppose to make huge profit out of public housin? -
Originally posted by dragg:
arent we at a point of no return?
there is no way to lower land prices without harming current property owners. not unless the govt is willing to come up with the money to cover the shortfalls. but then we know they wont do it. its just not economically viable.
imagine if the price of hdb now drops drastically. all current owners of hdb flats would suffer.
but then to hear it from those who brought us to where we are today really make my blood boil.
Why would current owners of hdb flats suffer?
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As many people have pointed out, you can own only 1 hdb flat.
The flat prices have been spiking up for the last few years, does that mean that you have more money to spend on other things because of your flat's price appreciation?
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short leg minister have small understanding
Mr Mah was responding to a call from Workers' Party chief Low Thia Khiang who had suggested that if the Government was prepared to collect less money for land sales, the savings could be passed on to first-time home buyers.
no wonder u go thru backdoor grc ..... after losing 3 time 2 cst
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I don't think he is recruited to think savings for the citizens... he is recruited to think earnings for PAP.
We are barking up the wrong tree...lols...
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Originally posted by charlize:
As many people have pointed out, you can own only 1 hdb flat.
The flat prices have been spiking up for the last few years, does that mean that you have more money to spend on other things because of your flat's price appreciation?
that is provied after you sold yr house for profit -
Originally posted by Hwaimeng:
that is provied after you sold yr house for profitSell already stay where?
Set up tents at ECP ?
Sleep at void deck?
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Originally posted by Hwaimeng:
that is provied after you sold yr house for profitthey just wan to let u FEEL rich n nothing more
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why singaporean still voting for pap .. i really dunno.....
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Zzzzz.
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how about we cut the salaries of ministers and use it to subsidy hdb flats?
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Ask CPIB to investgate the land cost and any kelong by between HDB and contractors and tenders that bulided the flats and shopping centre
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Originally posted by wsy1234:
Ask CPIB to investgate the land cost and any kelong by between HDB and contractors and tenders that bulided the flats and shopping centre
So the PAP is profit oriented, so the private has no right to be so?They led them bid for land at any price. Everyone believes it'll get higher and higher
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whatever the grandiose ideas to sustain our country's national growth, it boils down to the income gap issue.
rising costs are here to stay...the root answer lies in the affordability of the people