Lui Tuck Yew: HDB property tax raised next year to “avoid bi
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Lui Tuck Yew: HDB property tax raised next year to “avoid bigger increases later”
Written by Our Correspondent
Acting Minister for Information, Communication and Arts Rear-Admiral Lui Tuck Yew said that the property tax of HDB flats is being raised next year partly to avoid having to introduce a bigger increase later should home prices continue to rise.
He said:
“The problem is, the longer you defer it, the larger the increase will be…if HDB prices continue to go up.”
The property tax rate is 10 per cent of a property’s annual value which has increased with rising property prices.
HDB resale prices have risen a hefty 31.2per cent in the past two years and hit a record high in June this year.
The sky-rocketing prices are attributed partly to cash-rich PRs entering the resale market.
According to real estate agency ERA, 40 per cent of the buyers of resale flats are PRs.
An Indonesian PR forked out a record $653,000 for a 4-room HDB flat in Queenstown lately while he could well afford a similar-sized condominium in the suburbs.
Mr Lui also repeated the official view that Singaporeans will stand to gain from the rising value of their HDB flats.
“If they eventually need to sell…(it) releases more money for their old age,” he said.
However, Mr Lui did not elaborate further on where the homeowners will stay if they sell their flats in such an inflationary market. They will probably have to fork out more to buy another flat.
More than 85 per cent of the population live in public housing built by the government agency HDB. However, these are 99-year old leasehold flats whose sale and resale are subjected to a variety of conditions such as a minimum 5 year occupation period.
Government leaders and HDB officials have insisted that the rising prices of flats helps to “create wealth” for Singaporeans.
This prevailing misconception has been debunked by a research done by two NUS professors NUS professors Abeysinghe and Gu Jiaying showed clearly that “higher property prices, instead of creating a wealth effect, exert a significant and negative “price effect” on consumption expenditures leading to a fall in the average propensity to consume.” (read article here)
As house prices go up, the increase in the value of housing assets is accompanied by a concurrent rise in the financial liabilities of households, in the form of higher downpayments for purchase of residential properties and burgeoning housing loans.
Source: The Temasek Review
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They always LPPL strategy, give you property tax rebates then raise property tax.
http://www.sgforums.com/forums/10/topics/382291
The other time also, give property tax rebates but raise net annual value of property, ended up paying more.
It's like initially the price of the product is $100, then they say give you discount of $10, before they give you the discount, they increase the price to $130.
You end up paying more despite the discount.
One hand giveth, the other taketh.
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he should just say no comment instead of giving such an answer.
i listened already very tulan.
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i paying more i also never dulan already why u all dulan
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more problems created by problems
Problem A - Lead to Problem B - Solution - ends up MAgnifying Problem B and back to Problem A = WHOLE NEW PROBLEM ALTOGETHER>
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need to pay more
because all the elites need
more monie to buy Christmas stuffs
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More PAP fucking bullshit.
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i don think it cretes wealth, Firstly HDB expects us to stay in our homes once we bought it. THen sell off now due to what? PRs?
Firstly the flawed market pricing approach by HDB also raises the price of new flats..
2ndly the ease of gaining citizenship here will convert more PRs to locals and they will scheme to buy new flats... As they are cash rich, they will get the flat compared to singaporean...So where does our locals go too?
then we live where?
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looks like Mabok Tongue has been busy training a new generation to take over his mantle as "MIW's official liar"
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I think the PAP guys are really not looking into the welfare of the country anymore. Yes, we have grown richer in assets, but are we really rich? Many house owners have assets which are worth more than 500k, but how many of them can actually spend without worrying?
If we have this same 500k at Thailand, Taiwan, Australia, we will be so rich and can spend without much worry.
So what is the point of us being so asset-rich?
Actually the PAP knows this fact. This is an old trick that they have been using since 1970s. Dangle a carrot to make us work harder and harder and harder. By making our house prices out of reach for the new generations, and forcing them to take 30 years housing loan, it is essentially asking them to sign a 30 years contract agreement with the government to work for the rest of your life. The PAP understands this strategy very well; where do you think all the scholars brain cells go into?
I remember Mr Lim - the NTUC chairman - says this in a recent article "We need to be cheaper, faster and better." Anyone can guess what this means to Singaporeans.
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Originally posted by Cheong999:
I think the PAP guys are really not looking into the welfare of the country anymore. Yes, we have grown richer in assets, but are we really rich? Many house owners have assets which are worth more than 500k, but how many of them can actually spend without worrying?
If we have this same 500k at Thailand, Taiwan, Australia, we will be so rich and can spend without much worry.
So what is the point of us being so asset-rich?
Actually the PAP knows this fact. This is an old trick that they have been using since 1970s. Dangle a carrot to make us work harder and harder and harder. By making our house prices out of reach for the new generations, and forcing them to take 30 years housing loan, it is essentially asking them to sign a 30 years contract agreement with the government to work for the rest of your life. The PAP understands this strategy very well; where do you think all the scholars brain cells go into?
I remember Mr Lim - the NTUC chairman - says this in a recent article "We need to be cheaper, faster and better." Anyone can guess what this means to Singaporeans.
Yeah, having assets and having cash is different things Add int he factor of significant disposable income, We aint got any.Not much .
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Originally posted by Cheong999:
Actually the PAP knows this fact. This is an old trick that they have been using since 1970s. Dangle a carrot to make us work harder and harder and harder. By making our house prices out of reach for the new generations, and forcing them to take 30 years housing loan, it is essentially asking them to sign a 30 years contract agreement with the government to work for the rest of your life. The PAP understands this strategy very well; where do you think all the scholars brain cells go into?
Which is why I say as long as PAP rule does not end, Singaporeans will forever be doomed to living such a fucked up life imposed by PAP.
PAP rule must end.
They must be voted out in next elections.
There are still many people who have the mental block about PAP, cannot take the next step to end PAP rule.
This type of mentality must change.
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Originally posted by Cheong999:
I think the PAP guys are really not looking into the welfare of the country anymore. Yes, we have grown richer in assets, but are we really rich? Many house owners have assets which are worth more than 500k, but how many of them can actually spend without worrying?
If we have this same 500k at Thailand, Taiwan, Australia, we will be so rich and can spend without much worry.
So what is the point of us being so asset-rich?
Actually the PAP knows this fact. This is an old trick that they have been using since 1970s. Dangle a carrot to make us work harder and harder and harder. By making our house prices out of reach for the new generations, and forcing them to take 30 years housing loan, it is essentially asking them to sign a 30 years contract agreement with the government to work for the rest of your life. The PAP understands this strategy very well; where do you think all the scholars brain cells go into?
I remember Mr Lim - the NTUC chairman - says this in a recent article "We need to be cheaper, faster and better." Anyone can guess what this means to Singaporeans.
As i said, we dun need someone to tell us about our govt, if he dun likes it, changi is open 24hrs. You can go ahead to spend your 500k in taiwan or Aust, that aint a problem for us here. They got homeless, and almost everyone of us have home, think about it. Property up will make those rich pay more, how much is your 5 rooms HDB tax compare to a bungalow of 20millions.Even if PAP dangled a carrot, throughout the whole 50 years of national building, they are still in full control of the Govt, so the question is that you, as citizen of singapore should ask yourself, aint you lucky boy. Afterall, you get educated, have a job and a roof on top of you happily posting with not much worry about tomorrow. Credit should go to yourself and PAP, and yet you turn around and make a joke out of PAP who nurtured you as what it is today, aint you ashame of yourself.
What Chairman, you just come here and blar blar black sheep all the way without even knowing what the NTUC Secretary General is talking about...CBF. Read more ya
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Originally posted by Greytan49:
Lui Tuck Yew: HDB property tax raised next year to “avoid bigger increases later”
Written by Our Correspondent
Acting Minister for Information, Communication and Arts Rear-Admiral Lui Tuck Yew said that the property tax of HDB flats is being raised next year partly to avoid having to introduce a bigger increase later should home prices continue to rise.
He said:
“The problem is, the longer you defer it, the larger the increase will be…if HDB prices continue to go up.”
The property tax rate is 10 per cent of a property’s annual value which has increased with rising property prices.
HDB resale prices have risen a hefty 31.2per cent in the past two years and hit a record high in June this year.
The sky-rocketing prices are attributed partly to cash-rich PRs entering the resale market.
According to real estate agency ERA, 40 per cent of the buyers of resale flats are PRs.
An Indonesian PR forked out a record $653,000 for a 4-room HDB flat in Queenstown lately while he could well afford a similar-sized condominium in the suburbs.
Mr Lui also repeated the official view that Singaporeans will stand to gain from the rising value of their HDB flats.
“If they eventually need to sell…(it) releases more money for their old age,” he said.
However, Mr Lui did not elaborate further on where the homeowners will stay if they sell their flats in such an inflationary market. They will probably have to fork out more to buy another flat.
More than 85 per cent of the population live in public housing built by the government agency HDB. However, these are 99-year old leasehold flats whose sale and resale are subjected to a variety of conditions such as a minimum 5 year occupation period.
Government leaders and HDB officials have insisted that the rising prices of flats helps to “create wealth” for Singaporeans.
This prevailing misconception has been debunked by a research done by two NUS professors NUS professors Abeysinghe and Gu Jiaying showed clearly that “higher property prices, instead of creating a wealth effect, exert a significant and negative “price effect” on consumption expenditures leading to a fall in the average propensity to consume.” (read article here)
As house prices go up, the increase in the value of housing assets is accompanied by a concurrent rise in the financial liabilities of households, in the form of higher downpayments for purchase of residential properties and burgeoning housing loans.
Source: The Temasek Review
ERP, this month also went up what.
What to do, most Singaporean vote for them.
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Originally posted by noahnoah:
need to pay more
because all the elites need
more monie to buy Christmas stuffs
Elites where need to buy christmas stuffs??, i just sit here only, lots of hampers and christmas gifts and invitations are coming in already. And as for those govt elites, they can alway dig into ah gong coffer and have a merry Christmas all the way at Paris -
Originally posted by Greytan49:
Exactly, aint you guys knocking our own head with your lower head??Me lower no head hor
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Bo bian
Whoever so call founded Sg
will always rule Sg..
All aliens like to come to sg
and settle down~
So no way Everyting will be cheap one
Public transport fare might be exp for us
but actually is peanuts to those foreign aliens
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he's thinking we a a bunch of idiots....haiz...66.6% voted them in. let's just move on.
\
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Originally posted by noahnoah:
Bo bian
Whoever so call founded Sg
will always rule Sg..
All aliens like to come to sg
and settle down~
So no way Everyting will be cheap one
Public transport fare might be exp for us
but actually is peanuts to those foreign aliens
hello, comparing to developed countries, we are not that expensive hor, yet we provide one of the best transport. -
Originally posted by SevenEleven: he's thinking we a a bunch of idiots....haiz...66.6% voted them in. let's just move on.
\
No, you guys are not idiots, just that some one is trying to make you look like an idiots and you fall prey to it, you recognised democracy, the rights to vote, and who ever got the most votes wins. So? -
The property tax is something that affects the middle-class the most. The rich and elites are not that affected. The rich and elites have much more equlity compared to the middle-class. Remember that the property constitute a huge majority of the middle-class - probably 50% or more, while the property only constitute a small majority of the richs and elites because these guys invest in stocks and companies, etc.
Yes you are right, our homeless rates are lower than many countries, but it does not mean that we have no homeless. Our govt is so damned rich, GIC is one of the biggest fund in the world, when we are such a small country. We are doing very well, and the govt is doing a very good job at that. But isn't it also time for the govt to lessen our load rather than spending so much time focusing on making us better, faster and cheaper?
I am not sure about you, but I don't live to work.
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Originally posted by angel7030:
No, you guys are not idiots, just that some one is trying to make you look like an idiots and you fall prey to it, you recognised democracy, the rights to vote, and who ever got the most votes wins. So?
yup.. in all seriousness we do have to blame the opposition as they can't seem to get their acts together...they were a credible force until that one dramatic day when everything went to shit...
oh well..
sometimes, casting a blank vote as a show of no-confidence for either the incumbent or the challenger is as much as we can do.. and as much as i can do...
'sides... hey.. the MIW are somehow the lesser of two evils at the moment.. but they're trying to be the no.1 evil.. trying really hard.. and they're also bloody trying
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actually i think
theres lot of rich ppl in sg
just step out of the house during
weekdays and C
so many like no need to work and
just go shopping will do
Where the monie from?
I also dun know
LoL
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Originally posted by Cheong999:
But isn't it also time for the govt to lessen our load rather than spending so much time focusing on making us better, faster and cheaper?
As long as PAP continues to win easy victories in elections, there won't be pressure on them to change their fucking policies.
If 66.6%, 70%, 80% vote for them they won't feel there is a need for change.
Only when they suffer a defeat will they reflect on their rubbish policies.
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Originally posted by noahnoah:
actually i think
theres lot of rich ppl in sg
just step out of the house during
weekdays and C
so many like no need to work and
just go shopping will do
Where the monie from?
I also dun know
LoL
frankly I don't care if they want to raise all they want. it will be better off when the bloody voters finally wake up