Sinkies and their HDB flat..

[Leongsam]

I told you they are having their cake and eating it too. They should not because they do not own the property. But you no choice, one entity owns 90% of the residences in singapore. Only a fucktard like SamLeong thinks you have a choice.

If I had a choice, I don't see why others can't make the same choice. I was accorded no special privileges.

 

[LEGEND]

If I had a choice, I don't see why others can't make the same choice. I was accorded no special privileges.

I wonder what would you reply if Bill Gates says the same thing to you.

 

[Papsmearer]

There are many no logic rules and laws in sinking land. If Pinky can say increase GST to help the poor, what do you think?

The other no logic is Sinkee peasants have to pay back to CPF the accrued interests for their pigeonhole loans. KNN, use own money still have to pay back interest. You all say this one is simi logic?

Friend, don't get me started on this repayment of CPF interest. All the PAP "cooling measures" are fuck useless because at the end of the day, the lemming is allowed and even encouraged by the PAP to "buy" their flat with almost zero down payment. Imagine the kind of lending policies that caused the real estate crash in 2008 in the US is being employed here. For example, you borrow from the bank or from HDB 80% of the value of the flat, and than you use 20% of your CPF as downpayment. But you have to pay interest on the downpayment as you are infact your own creditor. And the interest you have to pay to your CPF is not the nominal rate of 2.5% per annum, its is a compounded interest rate. So, if you use $100,000 of your CPF after 5years, you don't owe them $12,500 (2.5% X $100,000 X 5 years), you owe them over $13,000 due to compounding. Yes, the case can be said that the money is still yours eventually when you retire, but the writing is on the wall as to whether you can take out any or all of it, as they are making it harder every day. And even worse, if they turn it into an annuity, you will see non of it all. So, its not a given that its "your money". Add to this is the fact you need to reno your flat as all you get is a shell, and you will probably borrow that as the banks will give you up to $30,000 at 4.88% or a APR of 5.71% for 5 years reno loan. Why do you have to borrow this $30,000? Its because most renos cost more than that.
And you have to come out the difference from your own pocket. Its a big hit anyway. Not to mention at least $15000 in stamp fees and legal expenses when you do the "purchase". So, at the end of the day, you borrow 80% from the bank, 20% from your own CPF, and borrow the reno cost = 100% financing. Song boh?

 

[Papsmearer]

If I had a choice, I don't see why others can't make the same choice. I was accorded no special privileges.

If you had a choice, you would not rent a room in a Bedok south flat. You would rent in a private condo with swimming pool and gym. But you are priced out of that because the govt. owns so much land that the remaining properties not own by the govt. can charge high rents. So, in the end, you lan lan got to go HDB. Don't lie to everyone here and say that was your choice.

 

[Leongsam]

If you had a choice, you would not rent a room in a Bedok south flat. You would rent in a private condo with swimming pool and gym. But you are priced out of that because the govt. owns so much land that the remaining properties not own by the govt. can charge high rents. So, in the end, you lan lan got to go HDB. Don't lie to everyone here and say that was your choice.

I spend less than 2 to 3 months of the year in Singapore. Why on earth do I want to waste money renting a condo with facilities that I won't be using.

 

[tonychat]

Well, HDBSpeaks is full of shit and they don't even know their own policy. For the purposes of SIngapore, there are 3 main forms of property ownership (well, one of them is not really an ownership, its a rental)

1) 99 years HDB flat lease- This is no different than a 5 year lease on a car. At the end of the lease, you must return the object back to the owner. In the case of the car, back to the car leasing company, and in the case of the flat, to the HDB. Your value on the object is zero on the expiration of the lease. What is unusual about the HDB 99 year lease is that you are required to pay all your 99 years of rent UPFRONT!! Imagine that. That is why the HDB can require you to pay $500,000 for a flat. So, You are prepaying your rent for the next 99 years, and the amount is so big you need a bank loan. In the HDB documents, you are described as the tenant and HDB is the landlord. Common sense tells you that you cannot sell something that does not belong to you. Therefore, when you "sell" your flat, you are actually assigning your lease to someone else. The money they pay you is technically an assignment fee. Singaporeans don't understand that when they pay $800,000 for a resale flat, they are actually paying someone a fee to assign the flat with the balance of the lease to them. This $800K is compensation for the use of the flat by the new owner and the lost of use for the seller. That is why when you take a bank loan or a HDB loan to buy the flat, the paperwork always includes a Deed of Assignment. This Deed of Assignment is in the favour of the loan holder and allows the loan holder to legally take over the lease and assign (sell) it to someone else to recover the loan. This lease is legally registered, but you are not on title. The title belongs to the HDB.

This HDB 99 year lease is a Have-Your-Cake-And-Eat-It lease. Its totally in favour of the landlord. If lets say you wanted to rent a private condo, (usually the rental lease is a 1 year period), would you agree to pay the conservancy/maintenance fee on the condo? What about the property taxes of the condo? What about any upgrading that needs to be done to the condo? You wouldn't do it, right? You are after all only the tenant and these are the responsibilities of the landlord and property owner. Not so with a HDB lease. That's why when people like Samleong say its a good value, you really have to do your own cost benefit analysis and question it.

The other thing to remember about a HDB 99 year lease is that both parties enter into the lease with good intentions, but HDB has from the outset no intention to honour the 99 years. How many blocks have you seen taken back for redevelopment or some other reason? Is there anything that remains of the original estates like Queenstown? No, they have all been demolished for higher rise and higher density flats. But wait, those people signed a 99 year lease too. Look at the quality and design and materials in a HDB block. Who here thinks the flats will last 99 years? The HDB fully expects to move you out to "newer" estate and give you a discount on your new "flat upgrade" 50-60 years into your lease, if not earlier. So, the HDB will break your lease, count on it.

2) Leasehold properties - A leasehold property means that the improvements on the land (i.e. the building itself) belongs to the owners of the flats. They have a title to their unit. This is actually a physical structure that the owners collectively own. However, the land on which their building sits belongs to someone else, and this person is lesing the land to them for 99 years. At the end of the 99 years, several things can happen dependent on how the lease is written up. The improvements might revert back to the owner of the land with no compensation or a negotiated compensation. The improvements might be required to be demolished and the land is reverted to the original bare land that the owners leased in the first place. Or there might be a clause to negotiate another lease. So, it really depends on the wording.

3) Freehold - Well, its self explanatory. You own the land and you own the improvement on it. This is the highest form of property ownership. However, all freehold condos have an economic life remaining, and there comes a time when structurally they are not sound or the cost of upkeep is too high. In this case, they have the option to sell out to a developer. You can use Horizon Towers as an example, if you want to enbloc. But the proceeds of the sale will be whatever the market is willing to pay them for it.

Hope this helps.

You can check this thread out if you wish.

http://sammyboy.com/showthread.php?50943-HDB-101-What-the-PAP-don-t-want-you-to-know

Friend, don't get me started on this repayment of CPF interest. All the PAP "cooling measures" are fuck useless because at the end of the day, the lemming is allowed and even encouraged by the PAP to "buy" their flat with almost zero down payment. Imagine the kind of lending policies that caused the real estate crash in 2008 in the US is being employed here. For example, you borrow from the bank or from HDB 80% of the value of the flat, and than you use 20% of your CPF as downpayment. But you have to pay interest on the downpayment as you are infact your own creditor. And the interest you have to pay to your CPF is not the nominal rate of 2.5% per annum, its is a compounded interest rate. So, if you use $100,000 of your CPF after 5years, you don't owe them $12,500 (2.5% X $100,000 X 5 years), you owe them over $13,000 due to compounding. Yes, the case can be said that the money is still yours eventually when you retire, but the writing is on the wall as to whether you can take out any or all of it, as they are making it harder every day. And even worse, if they turn it into an annuity, you will see non of it all. So, its not a given that its "your money". Add to this is the fact you need to reno your flat as all you get is a shell, and you will probably borrow that as the banks will give you up to $30,000 at 4.88% or a APR of 5.71% for 5 years reno loan. Why do you have to borrow this $30,000? Its because most renos cost more than that.
And you have to come out the difference from your own pocket. Its a big hit anyway. Not to mention at least $15000 in stamp fees and legal expenses when you do the "purchase". So, at the end of the day, you borrow 80% from the bank, 20% from your own CPF, and borrow the reno cost = 100% financing. Song boh?

Thank you Mr Papsmearer.

It is just like i rent an apartment unit in Bangkok. I pay the owner of the Apartment monthly rent. The tax and conservancy charges is non of my business, The owner of the whole building apartment deals with these.

If i have a leasehold of my apartment or house, i have to pay for the conservancy charges because i own the house or apartment legally but not the land.

So the sinkie HDB create a situation, in which, by law, you are just leasing or renting the HDB flat but pay for the tax and conservancy charges like what a real leasehold do. This is called the totally sinkie ass fuck.

Moreover, you have to use your own CPF to pay for the HDB flat and then take a loan from the bank to buy the Flat and pay for the "mortgage" for years and yet can't own that HDB unit legally. another sinkie ass fuck.

Finally, after 40 to 50 years, they can take back your HDB for the purpose of redevelopment and the 99 lease is not fulfilled yet but you have to pay upfront the 99 year lease.. another fully sinkie ass fuck.

So sinkie, you are in such an injustice, what can a sinkie like you do?? Do you have balls? Can you be like Hong Kong and taiwan? or you just be a coward and let your future generation suffer and then they spit on your grave next time. now you know why i stay away from sinkies. They are a disgrace. Your govt do not respect you as a human being who has the right to live in your own rights and justice, and you allow that to happen to you.

well, who respect a ball-less coward anyway.

 

[zhihau]

SO its either you sleep on the void deck or you sign. What to do?

so Sinkies should bunk in with their parents and buat bodoh... no need to sign, no need sleep under the void decks :o:o:o

 

[zhihau]

Song boh?

wah piang! VOTE THE PAP OUT!

 

[Papsmearer]

Thank you Mr Papsmearer.

It is just like i rent an apartment unit in Bangkok. I pay the owner of the Apartment monthly rent. The tax and conservancy charges is non of my business, The owner of the whole building apartment deals with these.

If i have a leasehold of my apartment or house, i have to pay for the conservancy charges because i own the house or apartment legally but not the land.

So the sinkie HDB create a situation, in which, by law, you are just leasing or renting the HDB flat but pay for the tax and conservancy charges like what a real leasehold do. This is called the totally sinkie ass fuck.

Moreover, you have to use your own CPF to pay for the HDB flat and then take a loan from the bank to buy the Flat and pay for the "mortgage" for years and yet can't own that HDB unit legally. another sinkie ass fuck.

Finally, after 40 to 50 years, they can take back your HDB for the purpose of redevelopment and the 99 lease is not fulfilled yet but you have to pay upfront the 99 year lease.. another fully sinkie ass fuck.

So sinkie, you are in such an injustice, what can a sinkie like you do?? Do you have balls? Can you be like Hong Kong and taiwan? or you just be a coward and let your future generation suffer and then they spit on your grave next time. now you know why i stay away from sinkies. They are a disgrace. Your govt do not respect you as a human being who has the right to live in your own rights and justice, and you allow that to happen to you.

well, who respect a ball-less coward anyway.

Yes, except that its a little worse than that. Because you get to pay the upgrades too, which will sooner or later come. The upgrades only enhance the property value, but you don't own it. So, the landlord benefits. They fuck you right up front by making you pay a stamp duty. For what? Stamp duties are only applicable if you buying property. But somehow, they want to collect more taxes and made this into a collectible tax item. Imagine there are 1 million HDB units, how much stamp duty they collected?

The real knife in the back is that the conveyancing work for years was send to Lee and Lee. So, even Gecko made billions of dollars. I don't even know why you need to pay for conveyancing when its just a lease agreement. Any lawyer can apply to register the lease, they make it into such a big deal by checking to see that there is no mortgage on it, etc.


Also, don't forget when you rent an apt (like the one in Bangkok that you mention), it already comes with flooring, cabinets, etc. Everything that is included except furniture. You would never agree to rent an empty shell in Bangkok and than spend $50k to renovate it, right? You expect it to be in move in condition. If you spend $50K to reno your HDB flat, and by some miracle, you actually live to see the end of the 99 year lease, the renos now all belong to the HDB, and you have to move out and leave it behind.

 

[tonychat]

Yes, except that its a little worse than that. Because you get to pay the upgrades too, which will sooner or later come. The upgrades only enhance the property value, but you don't own it. So, the landlord benefits. They fuck you right up front by making you pay a stamp duty. For what? Stamp duties are only applicable if you buying property. But somehow, they want to collect more taxes and made this into a collectible tax item. Imagine there are 1 million HDB units, how much stamp duty they collected?

The real knife in the back is that the conveyancing work for years was send to Lee and Lee. So, even Gecko made billions of dollars. I don't even know why you need to pay for conveyancing when its just a lease agreement. Any lawyer can apply to register the lease, they make it into such a big deal by checking to see that there is no mortgage on it, etc.


Also, don't forget when you rent an apt (like the one in Bangkok that you mention), it already comes with flooring, cabinets, etc. Everything that is included except furniture. You would never agree to rent an empty shell in Bangkok and than spend $50k to renovate it, right? You expect it to be in move in condition. If you spend $50K to reno your HDB flat, and by some miracle, you actually live to see the end of the 99 year lease, the renos now all belong to the HDB, and you have to move out and leave it behind.

Yes, and my rented bangkok unit has swimming pool and cafe too. Stamp duty are paid only when you really own a property. If you are just getting a lease, why do you need stamp duty? That is an additional screwing for sinkies and yes, the upgrading too. Why do you need to pay for the upgrading when you do not own the property. That is total injustice.

 

[Yanzi]

bro,
why do Sinkies need to pay property tax for the 99 lease HDB? because HDB & IRAS says so?

Good leading questions. Points for you.

 

[SongBoh]

Song boh?

Ah yes? You calling me? :p