HDB flats worth $359 billion ?
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Business Times - 11 Oct 2005
S'poreans invest total of $359b in HDB flats
Some 93% of HDB dwellers own or about to own their flats: research
By ALEXANDRA HO
AND ARTHUR SIM
THIS nation of property owners has $359 billion invested in their HDB flats, according to the latest figures from a research paper released by the Singapore Department of Statistics (SDS).
And 93 per cent of HDB dwellers own - or are buying - their own flats, the figures show.
The research paper reveals that the average home equity of households residing in their own HDB flats was $154,000 in 2003. This is 3.3 times the average annual household income of $46,800.
Home equity, as defined by the Department of Statistics, is the estimated value of the flat after deducting the outstanding loans from the HDB.
The SDS also found that the equity-to-income ratio was highest for those in the lowest 20 per cent of households, at 9.8.
Of the homeowners in the least well-off 20 per cent, 71 per cent had equity of at least $100,000 in their flats, which compares with the 72 per cent for other income groups.
In fact 7.8 per cent in the least well-off 20 per cent had equity exceeding $250,000 in their flats.
In the middle income group, which makes up 60 per cent of HDB households, 15 per cent had equity exceeding $250,000. In the top 20 per cent income group, the figure is 22 per cent.
On average, home equity for HDB flat owners in the lowest 20 per cent households was estimated to be $138,000.
For those who owned three- and four-bedroom flats, the average equity was about $110,000 to $150,000. The national average is $154,000.
These figures compare favourably to the HDB household survey results released in June which showed that the average household income of those living in one- and two-room flats had dropped. This is despite the fact that HDB dwellers were, in general, better off.
According to the SDS, around 11 per cent of those in the lower household income group live in one- and two-bedroom flats.
The home ownership rate was high for households with younger heads. Even among the lowest 20 per cent, more than 90 per cent of those aged under 55 years owned their flats.
In comparison, households headed by those over 55 had slightly lower home home ownership rates (88 per cent).
The statistics show that 47 per cent (or $359 billion) of total assets in the household sector was invested in residential property. -
OWN???
HDB can be OWNED???
Technically "own" I believe. But more precisely, "own" and owe as well.
But even if you have fully paid up for your HDB flat, you can't modify or renovate certain aspects of "your" property.
Is this ownership? -
I thought 99 years later or whenever the lease expires, you have to "return" the flat to the govt?
No?
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basically sg ppl own nothing
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Well, taking a closer look, pretty much nothing can be owned here.
Even if you've fully paid for your car, you need to renew its COE, otherwise it is taken off the road.
Basically there is no Human RIghts here, so hence, no Rights, No REAL ownership.
Period. -
hence there's lots of quitters..
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Quite interestingly lots of minister's and mp's kids are quitters too. Many working overseas, some even marry foreigner and settle down there.Originally posted by mistyblue:hence ... quitters..
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its true. most singaporeans pay hundreds of thousands of dollars just to lease the flat for 99 years.Originally posted by charlize:I thought 99 years later or whenever the lease expires, you have to "return" the flat to the govt?
No?
news reported yesterday that the govt was very successful in this aspect. 93% of singaporeans own a property.
OWN? dont make me laugh. the flat either belongs to the bank or HDB. -
What's the point of having a high home equity when we can't benefit from it? Can we sell our flats to get the money? Not unless if we were allowed to camp in the void deck or Changi beach!
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The other ST article read:
"9 in 10 spore poor own homes"
and PM Lee was quoted:
"many of the poor already sitting on almost $200K worth of wealth"
=>So all these money from EVERY SINGLE CITIZEN goes to government/HDB.
$200K from every single citizen just for a roof instead of camping in changi beach.
Like as if, these can be convert to actual spending power.
one professor was quoted saying
"The sucess of the policy means it is now crtical that the government
make sure the prices of HDB chepaer flats do not dip."
=> expect homes to cost more, living expenses shall increases.
more debts to pay. -
I had talked to a Blangahdeshi worker. Despite tolling from 7am to 7pm, 7 days a week and getting a pitance $28, he still smile and says that it's easy monies.
Prior coming to Singapore, he had to fork out SGD3000 as agent fees, that's equivalent 3.5 months of free labours.
What's motivate him? A wooden hut with a piece of freehold land costs less than SGD 1000 in Blangahdesh!! A 3 storey hut costs less than SGD3000!
Imagine he own a house after tolling in Singapore in only a year! That's motivates him!
I had talked to a Chinese worker from SiChuan too. Despite earning SGD1000 as a construction worker, he vowed never to return to Singapore when his contract end. He was discouraged by the hot weather and better prospect back in his hometown.
If a Chinese worker couldn't be satisfied, just wondering if our beloved low-income earners citizens are contented with their meagre pay.
Are there any countries in this world that would pay me SGD 200000 a year? I would try persevere under the hot sun and tolling for 12 hours a day for 7 days a week! Imagine I could retire in a year time. -
Singapore is a "wonderland" for foriegn workers and all.Originally posted by iamgoondu:I had talked to a Blangahdeshi worker. Despite tolling from 7am to 7pm, 7 days a week and getting a pitance $28, he still smile and says that it's easy monies.
Prior coming to Singapore, he had to fork out SGD3000 as agent fees, that's equivalent 3.5 months of free labours.
What's motivate him? A wooden hut with a piece of freehold land costs less than SGD 1000 in Blangahdesh!! A 3 storey hut costs less than SGD3000!
Imagine he own a house after tolling in Singapore in only a year! That's motivates him!
I had talked to a Chinese worker from SiChuan too. Despite earning SGD1000 as a construction worker, he vowed never to return to Singapore when his contract end. He was discouraged by the hot weather and better prospect back in his hometown.
If a Chinese worker couldn't be satisfied, just wondering if our beloved low-income earners citizens are contented with their meagre pay.
Are there any countries in this world that would pay me SGD 200000 a year? I would try persevere under the hot sun and tolling for 12 hours a day for 7 days a week! Imagine I could retire in a year time.
Except Singaporeans. -
u are not suppose to retire.
Are there any countries in this world that would pay me SGD 200000 a year? I would try persevere under the hot sun and tolling for 12 hours a day for 7 days a week! Imagine I could retire in a year time.
else, who is going to pay our ministers salary.
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RETIREMENT, for a lot of us, is an ILLUSION. Just like CPF.
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sell and migrate to elsewhere.Originally posted by pearlie27:What's the point of having a high home equity when we can't benefit from it? Can we sell our flats to get the money? Not unless if we were allowed to camp in the void deck or Changi beach! -
What nonsense? Most of us work our entire life just to pay back the mortgage which is about 3 times the amount we loan from the HDB. Secondly, if you manage to sell your flat, you don't get back all the money you put in. All go back to CPF.Now with the increasing minimum sum, what have you left? Nothing. When you seriously think about it, we work for nothing.
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What an intelligent piece of comment!Originally posted by NuLife:The other ST article read:
one professor was quoted saying
"The sucess of the policy means it is now crtical that the government
make sure the prices of HDB chepaer flats do not dip."
A salute to the mensa level professor!
He must have spent hundreds of hours pondering this issue and finally postulating such a deep comment!
Wonder which university does this professor belong to?
Is he/she teaching at one of singapore's world class universities that mainlanders dream to attend?
I can envisage singapore undergrads now rushing to apply for his courses!
Again, well done professor! You have made our great leaders proud by making the above comment! -
This is why many people are saying; Sg government say one thing but doing is another thing.Originally posted by av98m:Quite interestingly lots of minister's and mp's kids are quitters too. Many working overseas, some even marry foreigner and settle down there.
I never trust these blood suckers. These people will bring loads of money with them to the hell when they die; that why they need ridiculously super high salaries and plus plus...plussss.....ass.... -
You are right~!~!~! Owning HDB is just gimmick by our government. getting a loan and by the time paid is more than double of your purchase price. 99 years lease, you own nothing by then. Your descent got start fromk zero again.Originally posted by pearlie27:What's the point of having a high home equity when we can't benefit from it? Can we sell our flats to get the money? Not unless if we were allowed to camp in the void deck or Changi beach!
In fact, the failure of having more born singaporeans was created by our sg gov by having 20 percent down payment to lease a HDB flat. Youngsters, after NS service cannot afford and have to work for at least 7 to 10 years before considering of settling down. The fark gov . -
why am i singaporean?
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there is no choice
limited land area so no way u can get freehold
common in cities around the world -
x2, the major consolation I have is my family. Secondly, not forgetting all the people who think and suffer alike.Originally posted by Ray2:why am i singaporean? -
What's the use of having illiquid asset? you can't eat bricks or tiles for breakfast. Even for the 7% of the bottom income earners, they can sell their old flats for $100,000 and yet it is not enough for them to buy a new 3-room flat. -
please do not use the word buy.
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i didnt know singapore's air was worth so much man.