Serious HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats!

[JohnTan]

According to the Housing Development Board (HDB)’s latest annual report released today (Oct 13), the government lost S$1.64 billion from building new HDB flats in the latest financial year.

You may view the annual reports here.

HDB completed building 23,718 BTO HDB flats this year – 11.3% lesser than 2015. The annual report said that HDB lost S$2.25 billion to “Housing Activities”, but this is offset by a S$613 million from “Other Activities”. As there is no breakdown on these description, there is not enough transparency to assess where did HDB spend their funds on and to whom they paid resulting in these losses.

HDB did not reveal construction costs of the “Housing Activites” and also did not reveal how much were paid in land costs to the Urban Redevelopment Authority (URA).

In 2015, the URA recorded a surplus of S$1.14 billion – believed to have come from the HDB’s purchase of state land for building HDB flats.

HDB BTO flats in Singapore are however not affordable to most Singaporeans as morgage loans stretches as far as 30 years upon purchase. A direct purchase from HDB 3-room apartment (known as 4-room flat) in suburb Bukit Batok cost as much as S$325,000. Exorbitant housing in Singapore has hit retirement hard resulting in most Singaporeans having to work past retirement age.

http://statestimesreview.com/2016/10/13/hdb-we-lost-s1-64-billion-from-building-hdb-flats/

 

[winnipegjets]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

Sinkees will believe everything the government says ...so gullible.

 

[chootchiew]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

Should be earned less 1.64 bil I guess.
In any case when a bonding retreat can use up 1 bil, what is losing 1.64 bil for the benefit of its peasant. Sup sup sui lah.

 

[greedy and cunning]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

tis is virtual loss or
lost real hard cash ?

if former , then it iz juzt accounting grimmick
if latter , then somebody must be making tons of $$ with little work.

will High Density Building [aka hdb] tell the silly , the daft and the moron
who gain from its loss ?

 

[shittypore]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

Just a peanut even if its real accounting lost 1.64 bil, try looking at Termasick books than u will noe wat is the meaning of lost.

 

[Brightkid]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

Holy shit! Do not worry, HDB. Just open up your books for sinkies to see and those who had caused your losses will open their wallet or take more loans to repay you. No question asked.

Just open up'your books and be transaparent about it. Am sure all sinkies are good and fair hearted people and will not con a caring govt to go into deficit.

 

[frenchbriefs]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

I suggest we privatise hdb now,sell the entire sinking titanic thats bleeding like a stuck pig to me for $1.Ill take over all responsibility for housing sinkies from now on and promise I will turn around the company to a positive one billion dollar a year company in no time.

Clearly pap has no clue how to run a company building hdb for 99k and selling for 299k "after subsidies"

 

[kryonlight]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

Wow, sinkies are so lucky to have such a caring government. Besides the HDB grants they give you, they also willingly swallowed up to $94,864.66 loss per BTO flat. PAP is simply the best!

 

[batman1]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

IF HDB lost money,then pigs can fly !

 

[JohnTan]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

IF HDB lost money,then pigs can fly !

There is a huge price difference between BTOs and resale HDB.

My cousin who was lucky to get a BTO at Duxton has sold his HDB for a profit of over $500k, shifted to a less expensive HDB estate in Hougang and pocketed the difference. He laughed his way to the bank. There are probably thousands of other sinkies and PRs who benefited similiarly.

These people made their windfall because HDB absorbed the losses and sold them cheap homes. Sinkies would not have been able to make so much money from their HDB flats if their BTOs were sold to them at market price.

 

[greedy and cunning]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

There is a huge price difference between BTOs and resale HDB.

My cousin who was lucky to get a BTO at Duxton has sold his HDB for a profit of over $500k, shifted to a less expensive HDB estate in Hougang and pocketed the difference. He laughed his way to the bank. There are probably thousands of other sinkies and PRs who benefited similiarly.

These people made their windfall because HDB absorbed the losses and sold them cheap homes. Sinkies would not have been able to make so much money from their HDB flats if their BTOs were sold to them at market price.

if their BTOs were sold to them at market price , then what's the point of having HDB ??

before hdb there were SIT , JTC , hudc
SIT was setup to provide low cost housing
JTC did the same , on a much smaller scale
hudc took care of the middle income group who were not qualify to buy hdb.

you mind is constantly thinking of $ and how to make more
hence u missed the important point :
mission of hdb is to provide affordable housing to the low income
it is not suppose to make $ out of sillypoortians
resale price is always much higher than BTO
because thats what hdb desired and designed
building less than demand to give the impression that
flats are hard to get.

 

[Papsmearer]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

The Shit Times article neglected to mention that URA and SLA made a corresponding $1.64 billion profit?

 

[kezgtree]

Re: HDB Lost S$1.64 Billion Building Homes While Sinkies Profiteer From Resale Flats

if their BTOs were sold to them at market price , then what's the point of having HDB ??

before hdb there were SIT , JTC , hudc
SIT was setup to provide low cost housing
JTC did the same , on a much smaller scale
hudc took care of the middle income group who were not qualify to buy hdb.

you mind is constantly thinking of $ and how to make more
hence u missed the important point :
mission of hdb is to provide affordable housing to the low income
it is not suppose to make $ out of sillypoortians
resale price is always much higher than BTO
because thats what hdb desired and designed
building less than demand to give the impression that
flats are hard to get.

....Hear say mudland have a policy that private developer who bot land to build resident unit must provide 20% low cost
resident...that is below rm50k...true?