Chitchat Attacking the PAP on their property policies

[Thick Face Black Heart]

This is not a popular topic because many Singaporeans have benefitted from rising property prices (up to 2012 that is). If it were, the opposition would have made it a central issue in both 2011 and 2015. Those below 40 however, and I have spoken to many people in that age group especially those who have been retrenched at least once after 2012, feel they are unfair punished and rightfully so.

The key issue is the public property is overpriced. Way overpriced. You can do your own research by checking out equivalent sized homes in other developed countries. No comparison. Hong Kong has the same problem but theirs is due to a different set of policy failures. So let's concentrate on Singapore.

You have the govt rigging the land price (I say rigging because there no fair and transparent system in which the land price is determined) and the HDB then paying the rigged, phoney price to SLA. Now this as you all know is a case of the left hand paying the right hand because they are all part of the same political establishment. The HDB then cleverly factors the land cost into the price of public housing. That is a key reason why we are paying so much for miserable pigeon holes that would be laughed at by any European or American (the Hongkies will look upon us with deep sympathy).

Secondly, you have far less regulation when it comes to private property and this is where foreigners and PRs essentially pour their money into it and push the price up. Think about all those PRs who buy property and then rent it out, and collect their winnings when it is time to leave Singapore. And this is not restricted to private property but also to some extent infects the public property market. In this case the tail wags the dog, and as pte pty goes up, public pty will follow suit, because the govt has a defective system in place that does not allow the two to be decoupled. It is a defective system that is rigged against the common man and woman.

And then thirdly, you have an incompetent govt that has enacted failed policies and which mismanages the supply-demand equation. The govt has failed the younger generation of Singaporeans bigly.

Those of us sitting on a windfall have to realize that what the govt can give, it can also take back. Think about how much insurance premiums and the cost of living has gone up, and think about the plight of your juniors who need to play within a rigged system devised by an incompetent political establishment. It does not feel good to win in this environment. Even if you win, it is a phoney win that ultimately does harm to the country.

We have to drain the swamp.

 

[zhihau]

Who was responsible for the collection of the conveyancy fees all along?

 

[garlic]

Let me be the first to say "70% voted for this"...

Be that as it may, public housing,or HDB is not THAT out of reach of working couples with tertiary education (the norm nowadays)... In fact, most can pay it off within 10 years... I know this might attract a barrage of flames, but if one wants to splurge on restaurant meals daily, purchase cars with high depreciation, put kids through expensive tuition, go for yearly oversea vacations just to keep things looking pretty and then blame the govt on high HDB prices, then this kinda argument is flawed and just screams of "poser" all over..

For private property, that is just willing buyer, willing seller and no one puts a gun to one's head to make the purchase, "buying and spending within one's means" seems to be hard for the younger generation to grasp and comprehend as they were raised to do whatever it takes to "look good". When that fails, they whine and cry as if the whole world owes them.

Disclaimer: i own a hdb and a private property, both holding on with one earning rental... govt policies may change now and then, economy may go through up and down cycles, but with long-term aim of earning yields and with holding power, in the end, one will be able to ride out the troughs and enjoy the peaks. Those who overextended and who expect to keep earning abnormal profits (speculators) and with no holding power will whine and cry when the troughs come.

 

[mojito]

It is still low compared to other tip top top tier global cities in the world. Price as a proportion of annual household income would be a good gauge, depending on your sources, they are still very affordable. It is not a lack of control over prices, but the explicit decision not to provide market subsidies for new public housing due to the changing demographics. Think of all those money we put into the pockets of SPRs and ex-citizens when they finally decide to call it a day! We will not make the same mistake again. You will just have to accept that there were some silly horses that did not bolt out of the barn before we decided to close it.

 

[frenchbriefs]

housing prices are supposed to go up over time,economy is supposed to go up over time,organically.but some people and by some people i mean Lee Hsien Loong and gang are too greedy,they want the next 30 years growth compressed within 10 years.when growth is hyper accelerated within a short time under artificial conditions that are unsustainable u know what happens,a bubble occurs and u know what happens to bubbles when the conditions that help create and sustain it ceases to exist.

i quote from the movie "Insider Job" 2010, "When u start thinking you can create something out of nothing,it is very difficult to resist."-Prime minister Lee Hsien Loong.

Now the economy is sick,it is pumped full of GMOs,BGHs and steriods for the past ten years,now u are bleeding from the asshole when u shit.we may have beaten the hong kees during the first ten years of the century,achieving a growth rate of 6% while they could only manage 3% a year,while the hong kongers are now enjoying their organic growth that comes from the households income growing itself,singapore is about to witness what is going to happen to their padded overinflated gdp numbers.......turns out when it comes to matters of business and economics,its better not to put so much faith in textbook warriors and scholar generals who cant even run a simple company,its better to pray to Li ka shing and Tan Kah Kee instead of the Lees and the cantonese who knows what they are doing when it comes to business and have money in their blood.

 

[frenchbriefs]

It is still low compared to other tip top top tier global cities in the world. Price as a proportion of annual household income would be a good gauge, depending on your sources, they are still very affordable. It is not a lack of control over prices, but the explicit decision not to provide market subsidies for new public housing due to the changing demographics. Think of all those money we put into the pockets of SPRs and ex-citizens when they finally decide to call it a day! We will not make the same mistake again. You will just have to accept that there were some silly horses that did not bolt out of the barn before we decided to close it.

economics or capitalism is about the transferance of money from the stupid to the smart,after all u and i agree idiots shouldnt be allowed to have money.

 

[scroobal]

When HDB masionettes hit $750k circa 1995 in the first surge in HDB prices arising from the HK migrant policy that subsequently failed it led to a number of owners selling and migrating. $500k profit. The PAP is facing a Catch 22. They thought grants will sort it but it never did.

 

[zhihau]

When HDB masionettes hit $750k circa 1995 in the first surge in HDB prices arising from the HK migrant policy that subsequently failed it led to a number of owners selling and migrating. $500k profit. The PAP is facing a Catch 22. They thought grants will sort it but it never did.

It's all part of the plan, isn't it? Woody and his asset enhancement plan had to show some results after its inception in 91. Teehee...

 

[scroobal]

Yes, Woody led the genie out of the bottle.

It's all part of the plan, isn't it? Woody and his asset enhancement plan had to show some results after its inception in 91. Teehee...

 

[garlic]

In all honesty, i have more gripes with the healthcare and education system than the public housing system. There is absolutely no need to buy and stay in a $750k maisonette when a $290k BTO in Jurong will do just fine. When someone reaches the financial situation whereby $1m to purchase a home is no issue, then that person can go ahead and buy wherever he fancies and at whatever price. There is a price to pay to stay in a certain area and at a certain square footage.

 

[mojito]

economics or capitalism is about the transferance of money from the stupid to the smart,after all u and i agree idiots shouldnt be allowed to have money.

Come to think of it, more precisely we still have the foals (fools?) even as the horses bolted out of the barn. We just have to make do with these and the new throughbreds we imported. We've got some new barns ready to welcome them into our stable. Them throughbreds for racing, the donkeys for farm work, make sure you keep them separate eh?

 

[The_Hypocrite]

But a majority of the pappie votes was from the young n 1st time voters..so who did they vote for?

 

[Thick Face Black Heart]

But a majority of the pappie votes was from the young n 1st time voters..so who did they vote for?

They voted for pappies and for a rigged housing, CPF and healthcare system.

Time to drain the swamp

 

[Thick Face Black Heart]

Let me be the first to say "70% voted for this"...

Be that as it may, public housing,or HDB is not THAT out of reach of working couples with tertiary education (the norm nowadays)... In fact, most can pay it off within 10 years... I know this might attract a barrage of flames, but if one wants to splurge on restaurant meals daily, purchase cars with high depreciation, put kids through expensive tuition, go for yearly oversea vacations just to keep things looking pretty and then blame the govt on high HDB prices, then this kinda argument is flawed and just screams of "poser" all over..

For private property, that is just willing buyer, willing seller and no one puts a gun to one's head to make the purchase, "buying and spending within one's means" seems to be hard for the younger generation to grasp and comprehend as they were raised to do whatever it takes to "look good". When that fails, they whine and cry as if the whole world owes them.

Disclaimer: i own a hdb and a private property, both holding on with one earning rental... govt policies may change now and then, economy may go through up and down cycles, but with long-term aim of earning yields and with holding power, in the end, one will be able to ride out the troughs and enjoy the peaks. Those who overextended and who expect to keep earning abnormal profits (speculators) and with no holding power will whine and cry when the troughs come.

People have many expenses in life, not just paying for their first property. Yes its true that many people could have prioritized better, but it's also true that public housing is expensive not just because of demand, but also because the govt has rigged the system through phoney land prices and by allowing the pte pty tail to wag the public housing dog. It would be instructive to look at the situation in HK though it is a slightly different set of policy failures there. The demand issue however is common to both of HK and SG.

 

[shittypore]

Tis is the only way Familee and their Cronies can get rich fast, high housing prices and low minimum wages or no minimum wage structure. It boils down, to their greed and looking after the elites and not the lesser mortals, u die is your business.

 

[frenchbriefs]

Let me be the first to say "70% voted for this"...

Be that as it may, public housing,or HDB is not THAT out of reach of working couples with tertiary education (the norm nowadays)... In fact, most can pay it off within 10 years... I know this might attract a barrage of flames, but if one wants to splurge on restaurant meals daily, purchase cars with high depreciation, put kids through expensive tuition, go for yearly oversea vacations just to keep things looking pretty and then blame the govt on high HDB prices, then this kinda argument is flawed and just screams of "poser" all over..

For private property, that is just willing buyer, willing seller and no one puts a gun to one's head to make the purchase, "buying and spending within one's means" seems to be hard for the younger generation to grasp and comprehend as they were raised to do whatever it takes to "look good". When that fails, they whine and cry as if the whole world owes them.

Disclaimer: i own a hdb and a private property, both holding on with one earning rental... govt policies may change now and then, economy may go through up and down cycles, but with long-term aim of earning yields and with holding power, in the end, one will be able to ride out the troughs and enjoy the peaks. Those who overextended and who expect to keep earning abnormal profits (speculators) and with no holding power will whine and cry when the troughs come.

pardon me madame,but it is my opinion that i detect a hint of elitism and aristocracy in ur speech?

anyway from a capitalistic point of view,it makes no sense to be paying 300k for basic shelter and necessity,something which can be just as easily cost and afforded for 70k to 99k(estimated cost of a hdb unit),why subject urself to 14 more years of unnecessary debt slavery than is needed?not only that it hinders ur progress and pursuit of happiness and prosperity.my parents who purchased their hdb flat in the early 90s for 70k i assumed paid off their mortgage within 10 years.high housing prices serves only to benefit rich landlords and property tycoons like you,as a tool of transferring wealth from the poor to the rich.

we all know the asset appreciation policy instituted in the 90s was nothing but a ruse,to deflate our CPFs of its burgeoning resources and huge balances.transferring years of our hard earned real actual wealth to fuel a housing property bubble ponzi.

 

[numero uno]

pardon me madame,but it is my opinion that i detect a hint of elitism and aristocracy in ur speech?

anyway from a capitalistic point of view,it makes no sense to be paying 300k for basic shelter and necessity,something which can be just as easily cost and afforded for 70k to 99k(estimated cost of a hdb unit),why subject urself to 14 more years of unnecessary debt slavery than is needed?not only that it hinders ur progress and pursuit of happiness and prosperity.my parents who purchased their hdb flat in the early 90s for 70k i assumed paid off their mortgage within 10 years.high housing prices serves only to benefit rich landlords and property tycoons like you,as a tool of transferring wealth from the poor to the rich.

we all know the asset appreciation policy instituted in the 90s was nothing but a ruse,to deflate our CPFs of its burgeoning resources and huge balances.transferring years of our hard earned real actual wealth to fuel a housing property bubble ponzi.

its a ponzi scheme. asset inflation and appreciation is ruse to lock up the CPF and make the majority dependent on the government/MIW for votes and 70% fell for it. they did not factor in the china factor, and the down sizing of the economy due to triple whammy ie the sudden collapse in oil sector , sudden collapse of the banking sector and sudden tightening in corruption in china(whcih sinkielanddepends on heavily). Its a no won situation. Its pure karma for listening to the greedy selfish property big wigs for are in it for their own vested interests and planning to run out of sinkieland in times of collapse. its a no-win situation. if they allow the market to die a natural death ie collapse there would be a tsunami of bankruptcies. so they have no choice but to continue the measures for an indeterminate time probably forever as mentioned in shitty times and hoe to ride out the perfect storm(which I predicted 3 years ago). if interest rates goes up then all measures are useless and property would collapsed dristically irrespective of all measures.