The HDB/CPF Scam – How the PAP perpetrated the biggest swindle in modern times

jw5 · Apr 11, 2014

If sinkies don't buy HDB flats which is the only form of PUBLIC housing meant for the ordinary PUBLIC, where do you expect ordinary sinkies to live?
Attap hut? Bungalow? Penthouse in town? Tent on the beach? :rolleyes:

mojito said:
Willing buyer, willing seller. No one forced sinkies to buy HDB flats. There was no misrepresentation or fraud. To say it is a swindle is to make a false claim.

mojito · Apr 11, 2014

jw5 said:
If sinkies don't buy HDB flats which is the only form of PUBLIC housing meant for the ordinary PUBLIC, where do you expect ordinary sinkies to live?
Attap hut? Bungalow? Penthouse in town? Tent on the beach?

That is besides the point. You never answer my question. Try to distract me right? A very sneaky opposition monkey you are!

tanwahtiu · Apr 11, 2014

you still don't get it. If you buy HDB for $25,000 back in the 70s you have 99 years lease which ends in 2069. If you buy the same flat today for $400,000 you have 55 years left. In 2069 your $400,000 is back to zero, lease is up?

If you buy the same flat for $800,000 say in 2024 you have 45 years to go. In 2069 the lease expires and your value is $0.

What if you buy the same flat in 2059 at $2.8M, and in 2069 the same 99 years lease is up and you get nothing.

Say if you bought the flat in 2024 and live there till 2059 and wish to sell? How much is your flat be worth with 10 years lease to go?

You are not getting a new 99 years lease every time the flat is re-sold. Or do you? You may have to clarify this with LHL?

Say you bought your flat in Chinatown in 1980 and 99 lease end 2079. Pirated PAP get rid of you 30 years later and make you live beside Johor Causeway. For the next part of your life you have to take 2 hrs of MRT to Chinatown?

mojito said:
If you can't express your premise in a single sentence, its not gonna stick. If i leased you a car for 200k when it costs 50k to own on across the causeway, terms may not be fair to you but you know what you are paying for. After all, it is written in the contract is it not? Where is the swindle?

mojito · Apr 11, 2014

tanwahtiu said:
you still don't get it. If you buy HDB for $25,000 back in the 70s you have 99 years lease which ends in 2069. If you buy the same flat today for $400,000 you have 55 years left. In 2069 your $400,000 is back to zero, lease is up?

If you buy the same flat for $800,000 say in 2024 you have 45 years to go. In 2069 the lease expires and your value is $0.

What if you buy the same flat in 2059 at $2.8M, and in 2069 the same 99 years lease is up and you get nothing.

Sinkies went in with their eyes wide open. Cannot claim not to know. It is all written in black and white. So not a swindle. How to argue in court?

chonburifc · Apr 11, 2014

mojito said:
That is besides the point. You never answer my question. Try to distract me right? A very sneaky opposition monkey you are!

Fraud, no. Misrepresentation, YES! PAPPIES bastards has been using the terms "home ownership", "asset enhancement" and "subsidies housing" blah blah blah to confuse daft Sinkees into believing they actually own the pigeonholes.

You don't own anything if you are just leasing from HDB. In short, you are prepaying 99 years rental instead of buying. And HDB/Banks are financing your 99 year rentals, not your HDB pigeonholes.

A very simple way to prove whether your pigeonhole belongs to you. if you really own the HDB pigeonhole, you should be able to get a bank to remortgage right? Answer is no.

tanwahtiu · Apr 11, 2014

ting dong like you waste my time.

mojito said:
Sinkies went in with their eyes wide open. Cannot claim not to know. It is all written in black and white. So not a swindle. How to argue in court?

tanwahtiu · Apr 11, 2014

well said bro. I always been saying cannot refinance your HBD to banks.

Ah Neh, Pinoys and angmoh own countries can do that using their home equity growth to refinance their businesses and companies and today set up companies in Singapore and PAP Sinkies has to work for them. Sad case, really sad case. The golden period for the 80% HDB owners Sinkies are destroyed by pirated PAP.

The 20% private property owners are doing fine and today prospers like fat fat pigs.

chonburifc said:
Fraud, no. Misrepresentation, YES! PAPPIES bastards has been using the terms "home ownership", "asset enhancement" and "subsidies housing" blah blah blah to confuse daft Sinkees into believing they actually own the pigeonholes.

You don't own anything if you are just leasing from HDB. In short, you are prepaying 99 years rental instead of buying. And HDB/Banks are financing your 99 year rentals, not your HDB pigeonholes.

A very simple way to prove whether your pigeonhole belongs to you. if you really own the HDB pigeonhole, you should be able to get a bank to remortgage right? Answer is no.

chonburifc · Apr 11, 2014

Sinkees need to take this more seriously. Not for yourself but for your next generation. HDB peigeonhole price already so high for the current generation, you think the next generation can afford the so-called public housing. If a couple have to work 20-30 years just to pay (rent) for a shelter for 99 years, then something is really wrong. My opinion is not more than 15 years. The rest should be for investment and retirement purpose.

Current generations can go screw themselves but next generation don't deserve to take over the shit created by the current generation.

tanwahtiu · Apr 11, 2014

Baby boomers are stupid lot? 90% buay tak chek cant study or read. Buy pirated copy movies and soft ware baby boomers where got future. Breed what you sowed.

Buy pirated copy movies and software end up getting pirated government, all fair and square .... hehehehe

chonburifc said:
Sinkees need to take this more seriously. Not for yourself but for your next generation. HDB peigeonhole price already so high for the current generation, you think the next generation can afford the so-called public housing. If a couple have to work 20-30 years just to pay (rent) for a shelter for 99 years, then something is really wrong. My opinion is not more than 15 years. The rest should be for investment and retirement purpose.

Current generations can go screw themselves but next generation don't deserve to take over the shit created by the current generation.

blackmondy · Apr 11, 2014

Pee-a-pee is indisputably the most cunning gahmen in the world.

Instead of owing us our retirement money, using the HDB scam we ended up owing them money.

chonburifc · Apr 11, 2014

tanwahtiu said:
Baby boomers are stupid lot? 90% buay tak chek cant study or read. Buy pirated copy movies and soft ware baby boomers where got future. Breed what you sowed.

Buy pirated copy movies and software end up getting pirated government, all fair and square .... hehehehe

Fuck you lah. Only IT chee bye kia like to buy crappy original software. My pirated home PC and notebooks how come not so many problems compared to the original ones in my offices? Becos' IT chee bye kias are simply useless.

Papsmearer · Apr 11, 2014

blackmondy said:
Pee-a-pee is indisputably the most cunning gahmen in the world.

Instead of owing us our retirement money, using the HDB scam we ended up owing them money.

that my friend, just about sums it up.

Papsmearer · Apr 11, 2014

mojito said:
Sinkies went in with their eyes wide open. Cannot claim not to know. It is all written in black and white. So not a swindle. How to argue in court?

In Singapore kangaroo court, of course cannot argue. In any other real court, PAP will get sued left right and centre. In the very first act they do, (the acquisition of the land) it is already a swindle. By forcing land owners to sell their land at non market values and paying them a fraction of what its worth is just an outright swindle, wrap your brain around that fact first.

Papsmearer · Apr 11, 2014

chonburifc said:
Sinkees need to take this more seriously. Not for yourself but for your next generation. HDB peigeonhole price already so high for the current generation, you think the next generation can afford the so-called public housing. If a couple have to work 20-30 years just to pay (rent) for a shelter for 99 years, then something is really wrong. My opinion is not more than 15 years. The rest should be for investment and retirement purpose.

Current generations can go screw themselves but next generation don't deserve to take over the shit created by the current generation.

This is the issue with the whole system. The next generation are reared up by parents who are brain washed and brain dead, and therefore cannot explain these simple facts of PAP life to their kids. the school system also fails them. It useless to spend 3 days teaching kids etiquette in school, when instead they can spend the 3 days teaching them about the facts of life under the PAP Leegime. But which principal got the balls to go against MOE?

Papsmearer · Apr 11, 2014

chonburifc said:
Fraud, no. Misrepresentation, YES! PAPPIES bastards has been using the terms "home ownership", "asset enhancement" and "subsidies housing" blah blah blah to confuse daft Sinkees into believing they actually own the pigeonholes.

.

It is fraud because the HDB has no intention to honour its 99 year lease to you. When both parties are supposed to enter in an agreement in good faith, and one party has already pre-plan to screw the other party over, it has committed fraud. I cannot lease you a car for 5 years when I know the car will break down and be written off within 2 years. If I did that, I would have committed fraud on you. Simple as that.

tanwahtiu · Apr 11, 2014

problems (1+++) or problem (1) is problem, buy original no problem (0). Always receive updates from original sellers.

I bought 1 AutoCad, TurboCad, in 2004 and still get updates today. They send an email and offer discount for new one I buy without 2nd thought. This is really no problem (0+++++). When I get update MS also follow up update, how nice.

Now get pirated government and pass on to your descendants?

chonburifc said:
Fuck you lah. Only IT chee bye kia like to buy crappy original software. My pirated home PC and notebooks how come not so many problems compared to the original ones in my offices? Becos' IT chee bye kias are simply useless.

Papsmearer · Apr 11, 2014

tanwahtiu said:
You are not getting a new 99 years lease every time the flat is re-sold. Or do you? You may have to clarify this with LHL?

No need to clarify. There is no new lease everytime the flat is resold. U just take over the balance of the lease when you buy a resale flat.

From HDB's website: You can see they use remaining lease to calculate loans and what not.

Restriction on use of CPF funds and HDB loan for HDB flats with less than 60 years of remaining lease

From 1 Jul 2013, the rules on the use of CPF funds and HDB loan for purchase of public housing with less than 60 years of remaining lease are as follows:

Remaining Lease of HDB flat

Use of CPF Funds^

HDB Housing Loan
> 60 years Allowed

Allowed

30 to 59 years Allowed, if remaining lease can cover the buyer* up to the age of at least 80.

The total CPF usage by the household will be the pro-rated Valuation Limit (VL) based on the ratio of the remaining lease when the youngest buyer who can use CPF turns 55 years old, to the lease at the point of purchase.

Allowed, if remaining lease can cover the buyer* up to the age of at least 80.

Loan tenure will be the shortest of:
(i) 25 years;
(ii) 65 years minus average age of buyers; or
(iii) balance lease at the point of purchase minus 20 years.

20 to 29 years Not allowed

Allowed, if remaining lease can cover the buyer* up to the age of at least 80.

Loan tenure will be the shortest of:
(i) 25 years;
(ii) 65 years minus average age of buyers; or
(iii) balance lease at the point of purchase minus 20 years.

< 20 years Not allowed

No HDB housing loan

tanwahtiu · Apr 11, 2014

and these parents are no other than the buay tak chek baby boomers.

Papsmearer said:
This is the issue with the whole system. The next generation are reared up by parents who are brain washed and brain dead, and therefore cannot explain these simple facts of PAP life to their kids. the school system also fails them. It useless to spend 3 days teaching kids etiquette in school, when instead they can spend the 3 days teaching them about the facts of life under the PAP Leegime. But which principal got the balls to go against MOE?

AhMeng · Apr 11, 2014

The whole CPF and HDB scheme is a con job to help PAP stay in power!

tanwahtiu · Apr 11, 2014

thanks bro, sure enough, it is a big scam.

And they knew it if not why they draft this regulation?

This means Queenstown and Clementi town kenna lah. They were built in the early 70s and 44 years old now and left with 55 years to go?

Cannot buy Clementi and old HDBs in Queenstown leow. Can set up a site call HDB watch, how old is your HDB today?

Papsmearer said:
No need to clarify. There is no new lease everytime the flat is resold. U just take over the balance of the lease when you buy a resale flat.

From HDB's website: You can see they use remaining lease tot calculate loans and what not.

Restriction on use of CPF funds and HDB loan for HDB flats with less than 60 years of remaining lease

From 1 Jul 2013, the rules on the use of CPF funds and HDB loan for purchase of public housing with less than 60 years of remaining lease are as follows:

Remaining Lease of HDB flat

Use of CPF Funds^

HDB Housing Loan
> 60 years Allowed

Allowed

30 to 59 years Allowed, if remaining lease can cover the buyer* up to the age of at least 80.

The total CPF usage by the household will be the pro-rated Valuation Limit (VL) based on the ratio of the remaining lease when the youngest buyer who can use CPF turns 55 years old, to the lease at the point of purchase.

Allowed, if remaining lease can cover the buyer* up to the age of at least 80.

Loan tenure will be the shortest of:
(i) 25 years;
(ii) 65 years minus average age of buyers; or
(iii) balance lease at the point of purchase minus 20 years.

20 to 29 years Not allowed

Allowed, if remaining lease can cover the buyer* up to the age of at least 80.

Loan tenure will be the shortest of:
(i) 25 years;
(ii) 65 years minus average age of buyers; or
(iii) balance lease at the point of purchase minus 20 years.

< 20 years Not allowed

No HDB housing loan

The HDB/CPF Scam – How the PAP perpetrated the biggest swindle in modern times

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