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Serious Bro Swee Keat Tells Sinkies To Come On!!! Get Real!! HDB Flat Still Got Value When You Are 85 Years Old!! Oppies Stop Spreading Fake News!

JohnTan

Alfrescian (InfP)
Generous Asset
mvimg_20190319_105727a.jpg


SINGAPORE — Government-built flats still retain value even when its owner has turned 85 years old, Finance Minister Heng Swee Keat said.

Using the example of a 25-year-old Singaporean buying a new 99-year-lease Housing and Development Board (HDB) flat, Mr Heng said that there will be more than 30 years of lease left when the owner turns 85, which is the life expectancy in Singapore.


“Is there still value in the flat? Absolutely,” he said on Tuesday (March 19) at the annual conference of real estate agency PropNex.

Mr Heng also dismissed criticisms that HDB dwellers are merely tenants instead of owners.



“This debate that is going on… (People saying), ‘No, this is a terrible hoax... This is macam (like) rental’, I mean, come on, get real,” he asserted.

Mr Heng was responding to a question from PropNex chief executive officer Ismail Gafoor on the lease decay issue of HDB flats, which has become “very much political”.

The talk that HDB dwellers are merely renting their flat and not owning it has been ongoing in the last two years after the authorities clarified in March 2017 that most HDB flats will return to the state once its 99-year lease runs out.

Prime Minister Lee Hsien Loong and National Development Minister Lawrence Wong have previously tried to correct such a perception, with Mr Heng doing the same on Tuesday.

He once again assured Singaporeans that there is still value in their flats in their old age.

“At the age of 85, you decide whether you want to pass on the property to your children. You decide what you want to do with it. There is still value in the property. It is not going to go to zero when you are 85,” Mr Heng stressed.


‘IRRATIONAL’ EXPECTATIONS

Wrapping up PropNex’s performance last year, Mr Ismail said at the conference that the agency raked in a record revenue of S$431.5 million, though he clarified that it is partly because the total number of property agents under PropNex jumped by 13 per cent to reach more than 7,500 compared with a year ago.

He also said that the market has slowed considerably with the imposition of the cooling measures in July last year.

When Mr Ismail asked about the Government’s intervention in the property market in the form of the cooling measures, Mr Heng said that markets can become “very irrational” when left on its own. The authorities had to ensure that property buyers are not “suffering from irrational exuberance”, thinking that prices will only go up.

“The result is that the prices overshoot, and then when it comes down, it also overshoots. So you have huge cycles, which is not good for your business and not good for individuals,” he added.

Mr Heng said that a sustainable pace of increase will be to align it with the rate of economic growth and the rate of wage growth.

‘CHEAP, CHEAP’

Mr Heng also compared the Singapore market with other global key cities, stating that property prices here are “still quite affordable” compared to other places.

While not specifying which key cities these are, Mr Heng said that foreign businessmen he meets in these cities abroad often tell him that properties in Singapore are “cheap, cheap, cheap”.

So, the cooling measures are “necessary” to protect Singapore’s property market from being negatively impacted from downside risks in the region.

“If we open up our market completely… our property prices will be driven not by our own fundamentals but by changes in the region. And if there is a speculative wave in our region, you'll find that we will be subject to that speculative wave,” he explained.

Foreigners buying any residential property in Singapore have to pay a 20 per cent Additional Buyers’ Stamp Duty (ABSD). This is higher than the 12 per cent paid by Singaporean citizens buying their second property and the 15 per cent paid by permanent residents buying their second property.

https://www.todayonline.com/singapo...hen-owner-reaches-85-years-old-heng-swee-keat
 

sweetiepie

Alfrescian
Loyal
KNN you know life expectancy is most at 85 you already left not much time still talk cock and greedy KNN
 

Sperminator

Alfrescian
Loyal
They always avoid this question: "What happens after 99 years?" Is there really any value after 99 years? We need a politician with balls of steel to give the public this answer!
 

mojito

Alfrescian
Loyal
Is the flat 99 year old when ah lau at 85 year old? If not, how can it be worth zero? Heng getting better at BS these days. :rolleyes:
 

Froggy

Alfrescian (InfP) + Mod
Moderator
Generous Asset
Got value sure got value la

Knn 1 cent is also value, sinkies stupid or what?
 

eatshitndie

Alfrescian (Inf)
Asset
proof is in the pudding. with 60 years of lease remaining, you get re-directed to the "cpf housing withdrawal limits calculator".

https://www.cpf.gov.sg/eSvc/Web/Schemes/PropertyWithLessThanSixtyYearsLease/Input

CPF Board - Property with Less Than 60 Years Lease Calculator

Results
As the remaining lease of the property is at least 60 years, please use the CPF Housing Withdrawal Limits Calculator to determine the amount of CPF that you can use.

after entering data into calculator, this is what you get....

https://www.cpf.gov.sg/eSvc/Web/Schemes/CpfHousingWithdrawalLimits/CpfHousingWithdrawalLimitsResults

CPF Housing Withdrawal Limits Calculator

The CPF Housing Withdrawal Limits Calculator helps you to estimate when you will reach the CPF Housing Withdrawal Limits on the use of CPF for housing.
Results
100% Valuation Limit (VL) for the property
Not applicable

CPF Withdrawal Limit for the property
Not applicable

when cpf is not applicable to purchase hdb flat with at least 60 years of lease remaining, who other than a clueless tiong wants to buy the flat? where got value anymore? may be some residual value such as rent and cost avoidance, but most likely it loses 69% of its peak valuation.
 

eatshitndie

Alfrescian (Inf)
Asset
it gets more complicated than the above if your hdb flat is purchased in the mid 80's and age plus remaining lease is at least 80 years. if one of two "owners" is born on april's fool day in 1959 while the other is born on christmas day in 1958, this is the result....

https://www.cpf.gov.sg/eSvc/Web/Schemes/PropertyWithLessThanSixtyYearsLease/Input

CPF Board - Property with Less Than 60 Years Lease Calculator

Results
This property has a remaining lease of less than 60 years, but at least 30 years. Please note that a member is only eligible to use his CPF if his age plus the remaining lease is at least 80 years, and the maximum CPF amount that can be used for the property is determined on the youngest eligible member using CPF.

Person Date of Birth Eligibility to use CPF
1 -------- 01 Apr 1959 -------- No
2 -------- 25 Dec 1958 --------Yes
3
4

The maximum amount of CPF that can be used for the property is $25,800.00 and this is 43% of the lower of the purchase price or the value of the property at the time of purchase.

of course there's value. there's poor value and there's good value. like that where got good value? you tell me.
 
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eatshitndie

Alfrescian (Inf)
Asset
1st of all this bean counter 1st sec-gen of ruling party must do the math with 69k iterations of various combinations (ages, remaining leases, original purchase prices, cpf balances), produce the results, and correlate them into a coherent leeport before spewing nonsense. if i can do it with python codes on a simple program, so can he and his minions with 69-man years of work. :rolleyes:
 
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halsey02

Alfrescian (Inf)
Asset
They always avoid this question: "What happens after 99 years?" Is there really any value after 99 years? We need a politician with balls of steel to give the public this answer!

They will tell you, they won't be around at even after 70 years old...99 years, how would they know. Only ah gong lived beyond 90....politician with balls of steel, many of them, don't even have any....that includes the oppositions, sad to say.
 
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