PAP Khaw Boon Wan: If you can pay HDB installment with CPF, it is affordable. AGREE?

[makapaaa]

http://statestimesreview.com/2015/0...ay-hdb-installment-with-cpf-it-is-affordable/ [h=1]PAP Khaw Boon Wan: If you can pay HDB installment with CPF, it is affordable[/h]admin / 4 hours ago September 7, 2015





At his PAP rally speech this evening, former Minister Khaw Boon Wan claimed that if Singaporeans can pay HDB installments, it means housing prices are affordable:

“How do we measure affordability? What do we mean when we said it is affordable? If you only earn only S$1,000 a month, you can afford a 2-room flat. If you earn S$2,000 a month, you can also afford a 3-room flat. If you earn S$4,000 a month, you can afford a 4-room flat. Monthly installments can be paid from your monthly CPF contributions, in other words, you do not have to take out of your pocket much cash to service your mortgage that is how we measure affordability.”

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Photo of Khaw Boon Wan from Facebook video

However, the former Minister of National Development did not factor in the impact on retirement because too much CPF money has been put in HDB flats. In other countries, affordability is measured as a factor of a person’s yearly income. Khaw Boon Wan however avoided using this measurement and chose to use CPF contribution as a measure of affordability on the assumption any Singaporean can be gainfully employed for the next 25 years for his mortgage.

Many Singaporean elderly are facing inadequate retirement funds in their CPF because from paying too much for their HDB flats, as accumulation of CPF funds for retirement has been severely delayed by housing prices.
[h=3]Comments[/h]

 

[makapaaa]

Re: PAP Khaw Boon Wan: If you can pay HDB installment with CPF, it is affordable. AGR

Appy TechGuy · Monash University
" Monthly installments can be paid from your monthly CPF contributions, in other words, you do not have to take out of your pocket much cash to service your mortgage that is how we measure affordability.”

What the heck is he talking about?

Some facts about the crap he is sprouting. CPF is supposed to be your money for your retirement or passed on to your next-of-kin. HDB is a 99 year leased flat that has ZERO value at the end of the lease. So in effect, you are taking your retirement fund and almost flushing it down the toilet in economic terms it becomes a depreciating asset. You are not servicing a mortgage in real terms, you are paying rental to a landlord.

Worst part is, the money flow is circular from one government account into another and you never see it.


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8 · 4 hrs







Wong Peng Yew · AGM at StarHub
GE joke of the day??? What happen if you lose your job for a long period of time and there is no CPF contribution? It is still affordable?

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1 · 1 hr








Go AlanFormer PM Woody Goh said Singapore have no poor people and no necessity to build 3room flats cos we will attained Swiss standard. Now this joker Cow BW is so proud telling all Singaporean are able to buy a 2-room flat then he will said the floor area is bigger than those in Hong Kong. So this is what PAP telling Singapore we are rich under their leadership. PAPs and their cronies enjoying Swiss standard of earmings while her citizens are paying for swiss standard without increment on remuneration

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3 · 2 hrs








Kelpie Woe · Western Sydney University
IMHO, the current measures have a fundamental objective in mind..i.e to strength S$. We don't have natural resources and our country size is small. Hence, the only way to survive is to raise as much money or reserve as possible. Hence, the idea of borrowing cheap from citizen fund and re-invest in various ventures comes naturally. Forget about low end manfacturing activties, we can buy them cheap from less developed countries.
Of course, everything must have a price tag, even the tree on the paveway in Singapore. So the higher the land price, the higher our property paper value, with all thes...See More

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1 · 3 hrs








Jimmy Jt · Alan international
Mr Cow, you are talking rubbish. We Singaporeans are not stupid. Please return to Penang where you belong

Like · Reply · 32 mins








Jojo Hatethewayithurtslost touch with reality? wat a joker..

Like · Reply · 1 hr

 

[Froggy]

Re: PAP Khaw Boon Wan: If you can pay HDB installment with CPF, it is affordable. AGR

Any Singaporean believe what he said is a real

 

[Confuseous]

Re: PAP Khaw Boon Wan: If you can pay HDB installment with CPF, it is affordable. AGR

They continue to insult SGs.
Anyone listening out there knows it is not possible.
Let them carry on.