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Khaw boon wan: I still think families who earn $1,000 can buy a flat

makapaaa

Alfrescian (Inf)
Asset
[h=1]KHAW BOON WAN: I STILL THINK FAMILIES WHO EARN $1,000 CAN BUY A FLAT[/h]
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3 Nov 2014 - 5:32pm





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National Development Minister Khaw Boon Wan said that he did not think that “it (is) necessary for HDB to sell new HDB flats with a 70-year lease, alongside 99-year flats.”
This was in response to a question by Marine Parade GRC Member of Parliament Seah Kian Peng, who asked if the government “will consider offering first-time HDB flat buyers an option to choose a shorter lease of 70 years in addition to the current standard 99-year lease for new HDB flats”.

As to why the government does not think flats with 70-year leases are necessary, Mr Khaw said, “First, the upfront cost which HDB has to incur to offer a 70-year lease option is the same as that for a 99-year lease.”

In other words, if the government sells flats on a shorter lease, they will not be able to incur as high the profits.

He also said that, even though “a 70-year lease flat should be cheaper than a 99-year lease, the cost reduction is not directly proportionate to the reduction in lease.”
He said that this is because “flats with shorter lease tend to depreciate faster.”

On the 99-year lease, Mr Khaw said, “HDB buys land from the Singapore Land Authority for public housing on a 105-year lease” which “has enabled HDB to build and sell new flats on a 99-year lease.”

Mr Khaw also said that “new flats on a 99-year lease” are priced by the government to be “highly affordable for first-time buyers”.




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He reiterated a point he made before that families who earn only $1,000 will still be able to “afford a 2-room BTO flat in a non-mature estate”.

He also said that families who “earn $2,000 can afford a 3-room BTO flat, and those who earn $4,000 per month, a 4-room BTO flat.”

He claimed that “They can do so with little or no out-of-pocket cash.”

The government has not revealed any statistics on the number of $1,000-income earners who have been able to buy flats.

The government has introduced the Lease Buyback Scheme, where elderly households are able to sell back part of their lease back to the government to receive some cash for retirement.

Mr Seah’s question could be based on the idea that if a person would have to sell back his or her flat lease back, the option could be given at the start to purchase a flat on a shorter lease instead, so that the lease need not be sold back later on.

Even as Mr Khaw said that the “cost reduction (for a flat on a shorter lease) is not directly proportionate to the reduction in lease”, he has not shown any calculations to back up this claim.

In September, when asked how the government “determines the value of the lease under the Enhanced Lease Buyback Scheme”, Mr Khaw had said, “The value of the lease retained by the owners is determined from the market value of the flat based on industry-accepted standards and valuation practice."

In July, Mr Khaw also said, “we control the construction programme; secondly, we set the price.”

Singaporeans are estimated have to pay 60 percent of the flat leases for the land which we do not own, even though the land costs cheaply to the government.

It seems that the government would prefer to profit from the sales of the flats right at the start, then decide how much they would want to give back if the lease is sold back. Either way, it looks like the government is set to profit from the sale of flat leases.

The lack of transparency behind how flat prices are determined and set gives little confidence to Singaporeans on the government’s claims of the flat prices.
 

hokkien

Alfrescian (Inf)
Asset
If 1k can buy flat, we wont be struggling :biggrin: There will be no more rental flats liao :biggrin:
 

nato33

Alfrescian
Loyal
Doublespeak Cow is right. What he didn't say was you must not have any other financial obligations. So every month can use the full $1,000 to pay HDB.
 

sleaguepunter

Alfrescian (Inf)
Asset
This morning, heard on malayisa radio station, MY FM, a Malaysian telling the DJs that it much better to earn Ringgit 2500 per month in malaysia than go to Singapore making S$1500 (Ringgit 3600) because the cost of living in Singapore is too high.
 

soIsee

Alfrescian
Loyal
Does it matter? 99 or 70 years? Afterall, Sinkie NEVER DID OWN THE PIGEON HOLES BUT ARE JUST TENANTS!! But they had to folk out a price like as though they are buying those holes!

It matter to Penang cow simply becos daft Sinkie MUST still be conned to pay up more for 99 LEASEHOLD PIGEON HOLE to enrich himself and his cronies!

How else can Ah Cow be paid $100 over thousands peanuts every month leh? LoL
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Singaporeans are very lucky. In other countries, the lower income earners are doomed to living their lives in run down rental property.

Only in Singapore can they become home owners.
 

wendychan

Alfrescian (InfP)
Generous Asset
He claimed that “They can do so with little or no out-of-pocket cash.”




FOOking stupid BS frm a multi million dollar earner

still think people are stupid
 

nitecrawllerr

Alfrescian
Loyal
Singaporeans are very lucky. In other countries, the lower income earners are doomed to living their lives in run down rental property.

Only in Singapore can they become home owners.

KNN, 99 yrs lease and u called that Home Owners? My two ding dong lah. We are just tenants living in a rented flat cos the landlord decide to let us live for max 99 yrs only.

Worst than a rented flat. Have to pay conservancy charges too. Pui!
 

soIsee

Alfrescian
Loyal
KNN, 99 yrs lease and u called that Home Owners? My two ding dong lah. We are just tenants living in a rented flat cos the landlord decide to let us live for max 99 yrs only.

Worst than a rented flat. Have to pay conservancy charges too. Pui!

You forgot to add after these tenants paid these CONSERVANCY charges in the hope that these buggers in charge of these money really use them to CONSERVE their rented premises...

These buggers took the money to go gambling in 'don't know what Mini the bond' and LOST IT!!

And worst they are not made to repay back or compensate these tenants.

Tenants ..Double screwed, triple screwed or multiple screwed ? LoL
 

laksaboy

Alfrescian (Inf)
Asset
$1k can buy you a flat... maybe back in the day when policemen wore shorts and Gay World was the hippest place in town. :rolleyes:


[video=youtube;wlZRo9l8OTc]https://www.youtube.com/watch?v=wlZRo9l8OTc[/video]
 

palden

Alfrescian
Loyal
It's a true fact $8 can do heart bypass and $1.50 got chicken rice. So what's wrong with $1000 buy one flat? Earn 2 k and you can drive Ferrari. 3k gets you your own private jet.
 

borom

Alfrescian (Inf)
Asset
if families that earn $1k can buy a flat , why would a minister need to be paid millions?

It its is not avarice ?
 

dr.wailing

Alfrescian
Loyal
if families that earn $1k can buy a flat , why would a minister need to be paid millions?

It its is not avarice ?

Totally agree.

Leegime takes us for morons, in the delusional belief that we're unable to connect the dots ourselves.
 

rushifa666

Alfrescian
Loyal
No one saw this?
"On the 99-year lease, Mr Khaw said, “HDB buys land from the Singapore Land Authority for public housing on a 105-year lease” which “has enabled HDB to build and sell new flats on a 99-year lease.”
What stupid shit is that? Why is money changing hands?
 

halsey02

Alfrescian (Inf)
Asset
Not very long ago....it was STATE LAND, HDB LAND.....now HDB buy land from SLA....is SLA a private land owner? what happened to HDB LAND, STATE LAND??...so the State & HDB sold all their lands to SLA..& now SLA is selling them to......

Isn't that, making money, out of us? no?
 

eatshitndie

Alfrescian (Inf)
Asset
Not very long ago....it was STATE LAND, HDB LAND.....

not very long ago, sg was a swamp. :p

image.jpg
 

Annunaki

Alfrescian
Loyal
Knnbccb to this $8 bypass short fuck who is paying himself millions yet trying to convince people that 1k per month is enough for survival
 

halsey02

Alfrescian (Inf)
Asset
Knnbccb to this $8 bypass short fuck who is paying himself millions yet trying to convince people that 1k per month is enough for survival

This "marketing strategy" is for the "abangs" & $8 cow is from the land of the "abangs"...he would know how to sell...the $1,000 income, with 1 wife & 4 kids can buy a HDB flat..."boleh! lah!"...
 
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