Ridiculous HDB Prices
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Originally posted by Jiani:
yeah..hdb prices never go down....never....things that go up can never come down
All 99 yrs.Can only stary for 2 generation, after that, return to hdb or you have to buy again.
HDB earn good never stop $$$$$ for generations.
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Originally posted by angel7030:
what the loan of F's u are talking about? there are alway foreigners able to pay for it, and there are alway financial insitutes willling to loan you besides those Singapore banks which govt asked them be prudent with mortage and loan, and you dun even know the conspiracies of buying properties in Singapore, you really think that there are tons of peoples with lmoney Q'ing up for property? Most are paid to Q up.
I'm not even talking about foreigners or financial institutes loaning money, so what the fark are you talking about?
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Remember Angel comes from taiwan.
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Very soon they will reduce the tenure of land to 70 years.
China's residential properties is all under 70 year leasehold, so why should Singapore not follow in their footsteps to further their policy of serfdom for Singaporeans.
With 70 years leasehold, your children will not even have a place to stay after you have passed on. Still have to slough all their lives to get an apartment.
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I think the problem is not the 99 year lease.
It's the difference between 99 year lease for a HDB flat and 99 year lease for a private property owner.
You stay in a HDB flat, the government can just tell you to vacate your flat without your approval or the residents living in the same block.
For private properties, approval must be sought from the residents through a vote.
Correct me if I am wrong.
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Then they will realised that 70 years is still too long, because you start work around 20s, it will be a good 5-10 years before you consider marriage and buying a house.
Say you marry at 30 y.o. plus 60 years leasehold, which means you will only work all your life to pay for the house, thereafter the house reverts back to the government (so that they can sell to the new generation), it's a system for perpetual serfdom.
A new system of communism.
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HDBs are affordable.
Really.
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MM Lee advises Singaporeans not to sell HDB flats
By Ewen Boey – November 14th, 2010
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Minister Mentor Lee Kuan Yew says Singaporeans should not sell their Housing Development Board (HDB) flats as they will appreciate in value year after year.
He told some 500 residents at a Tanjong Pagar GRC event, “I urge you not to listen to the estate agents and sell it and go and rent a flat because that’s a stupid thing to do.”
“You sell it, you may not get a rental flat for a long time. And you cannot gain from a rental flat… Please remember that,” he added.
Mr Lee’s advice comes shortly after the Government took measures to curb homeowners from selling their HDB flats to make a quick profit.
In an effort to encourage financial prudence, the HDB introduced a seven-day cooling-off period for people intending to sell their flats, starting from November 1.
Mr Lee was speaking at the annual Tree Planting Day in the GRC, and also took the chance to emphasise the importance of the Government’s home-ownership policy in creating a stable nation.
“No other country in the world has every family own their own flat or their own place,” he said.
“If we had not done that from the earlier days, we would not have today’s stable and peaceful Singapore.”
“Everybody has a piece of property which has increased in value every year. The infrastructure grows, the economy grows, the value of your home can go up,” he added.
He noted that flats 30 years ago which cost about S$30,000 to $40,000 would cost about ten times more today after upgrading, and told residents, “I congratulate all those who have kept your flats, and I urge those who have got old flats, keep them. Your upgrading programme will come, and you will have a much more valuable piece of property.”
When asked if he will contest in the next General Elections (GE), the 87-year-old Minister Mentor told reporters, “If I’m fit, I’m prepared to stand. But whether I stand or not, that’s up to the Prime Minister.”
This stance is similar to the one he portrayed in 2006, shortly after the last GE, when he told constituents at a National Day dinner, “If I’m still fit and capable of making another speech like this, I’ll be here, I will stand with you.”
Mr Lee has been the MP for Tanjong Pagar since the first Legislative Assembly elections in 1955, and last faced a contest in the elections in 1988 against independent candidate M.G. Guru, winning 81.6 per cent of the vote then.
The Tanjong Pagar seat became part of the Tanjong Pagar GRC in 1991, and since then, the constituency’s MPs have been unopposed.
However, we may have the opportunity to see some competition in the upcoming elections, with Reform Party chief Kenneth Jeyaretnam declaring his party’s interest in contesting the Tanjong Pagar GRC if they have enough candidates.
When asked if he thought the Reform Party had a chance to win over the GRC, Mr Lee replied, smiling, “You can sense the crowd, you can feel the ground, I don’t have to answer you.”
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We're talking about trillions of dollars if singaporeans were to liquidate their HDBs for retirement. You think PAP will allow that?
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Sure, why not, PAP do allow that, just control and change the CPF rules and regulation will do just fine. You sell yr HDB under loan from CPF, PAP will credit that loan cum interest back into your CPF, extend the withdrawer years and resell those flats you sold/or rebuild as condos at a higher price to foreigners, it is a win win situation for PAP. Go ahead, singaporeans liquidate yr HDB.
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Originally posted by Rock^Star:
We're talking about trillions of dollars if singaporeans were to liquidate their HDBs for retirement. You think PAP will allow that?
I read in other forums, a lot of people shouting to get more people to buy property all around the island saying price will keep rising and rising and rising.
Times are bad.
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Originally posted by charlize:
I read with great skepticism.
If you buy a 2 bedroom HDB costing $250,000, let's say you work for X number of years so you only took a loan of 80% for 30 years at 3% interest rate.
You would need to repay $10,204 a year, if what the Minister say is true, then the income of that household is $92,764 a year, which equates to $7,730 a month. Are all 2 bedroom HDB owners making $7,730 a month?
Affordability
Minister for National Development:
“Another widely-accepted measure is the debt-service-ratio (DSR), which looks at the proportion of the monthly income used to pay mortgages.
The DSR for new HDB flats in non-mature estates, based on an industry norm of a 30-year loan, averaged 23 per cent this year. This is well within the 30-35 per cent international benchmark for affordable expenditure on housing.
Depending on flat type, the DSR ranged from 11 per cent for standard flats to 29 per cent for premium projects like the Punggol Waterway Terraces, which cater to higher income households”.
The definition of DSR is all costs related to housing, such as mortgage, maintenance, property taxes, insurance, utilities, etc, and not just the mortgage repayments, as a percentage of net income and not gross income.
Also, the use of “averages” is meaningless for the lower-income. Moreover, the very concept of average affordability is flawed because those who cannot afford to buy or cannot afford to continue to pay, will not be included in the “average affordability” statistics.
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Originally posted by charlize:
I read in other forums, a lot of people shouting to get more people to buy property all around the island saying price will keep rising and rising and rising.
Times are bad.
how on earth times can be bad when your assets keep rising?? -
Originally posted by angel7030:
how on earth times can be bad when your assets keep rising??That is provided you have assets to begin with, if you have debts your debts will also keep rising.
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Even I am looking for HDB but it seems that these are over priced? I now understand the reason for such high prices. Thanks everyone for the truth. Being a foreigner, these things are normally ignored. But I am glad that i reached this forum, an eye opener for sure. It would be great if someone could guide me to a good property agent. Thanks
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Originally posted by βÎτά:
That is provided you have assets to begin with, if you have debts your debts will also keep rising.
What debts are you talking about when I am talking about my front and back assets. With better shape and look in personal assets, i am commanding a better profits.Even when we are talking about the structural assets, we are referring to non realize rising asset, for debts, it is a total different issue, debts belongs to the realized debts, cos you need to pay, if not..good luck
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Looking at things in perspective, we can see that most Asian cities eg. Taiwan, Seoul, Hong Kong, Chinese cities are facing rapidly rising property prices.
The folks that are grumbling aren't only Singaporeans. The rich are basically sweeping up precious land all over Asia's booming cities. Many folks in these Asian cities cannot even afford a teeny weeny rat-hole flat.
So take consolation, we are not alone.
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so let's all die together la :) better than dying lonely.
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Originally posted by angel7030:
What debts are you talking about when I am talking about my front and back assets. With better shape and look in personal assets, i am commanding a better profits.Even when we are talking about the structural assets, we are referring to non realize rising asset, for debts, it is a total different issue, debts belongs to the realized debts, cos you need to pay, if not..good luck
You like to beat around the bush and circumnavigate all the critical points.
Alot of BS from you but it still does't tackle the critical points raised, you could be a PAP MP.
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Originally posted by Effie chuang:
Looking at things in perspective, we can see that most Asian cities eg. Taiwan, Seoul, Hong Kong, Chinese cities are facing rapidly rising property prices.
The folks that are grumbling aren't only Singaporeans. The rich are basically sweeping up precious land all over Asia's booming cities. Many folks in these Asian cities cannot even afford a teeny weeny rat-hole flat.
So take consolation, we are not alone.
One should not just look at the issue of property price increases per se, we should look at the root cause of drastic property price increases in Singapore. One of the reasons is the lax PAP policies regarding immigration, more people in Singapore means more apartments needed to house these people, more demand means higher prices. Simple.
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Originally posted by βÎτά:
You like to beat around the bush and circumnavigate all the critical points.
Alot of BS from you but it still does't tackle the critical points raised, you could be a PAP MP.
I am higher than that, we are all taught on twisting and turning, getting straight to the point is easy, even a child can said that sweets are getting more expensive, we leave this straight issue to those not so smart people, for us, we choose to go thru different doors
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Originally posted by Radhika.sood.123:
Even I am looking for HDB but it seems that these are over priced? I now understand the reason for such high prices. Thanks everyone for the truth. Being a foreigner, these things are normally ignored. But I am glad that i reached this forum, an eye opener for sure. It would be great if someone could guide me to a good property agent. Thanks
you foreigner? if you know what it is but you no hiu, you chose to ignore, but if you don't even know what it is, you are ignorant.
go property guru,haha, you really gia mm zai loh. you first time HDB buyer? go to HDB, visit hdb.com.sg, ask what are you eligible, what is available, and work from there. No need to pay property agent, most of them no good.
there is a house hold income ceiling for first time buyer of 2 rooms and 3 rooms flat. 3 room flat max income ceiling is $3000 per month, above which you buy from open market. CCK, Hougang and Punggol new 3 room standard HDB going for $164K onward.
If you take a loan of $200K for 30 yrs, your monthly repayment is $800, at current HDB interest of 2.6%, with household income is $3K, your CPF is $990, more than enough to pay month installment, no cash payment involved.
Listen to singaporean who are living in HDB, they don't stay in HDB but live on ikan bilis. Millions of singaporean are living in HDB, if they can manage their $3k a month, you can do better.
If you can buy cheaper and better houses elsewhere, go!!! too much demand for HDB has already pushed up the prices. but, do you noticed that many people are chewing sour grape when they realize that the lousy HDB flats are appreciating faster than the cheaper and better.
Its your choice, but put the money where your month is.
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Wah, even foreigners want a piece of the speculative bubble that is HDB flats.