MM Lee: HDB will continue to build “affordable†homes
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Like somebody from another forum said, I sell my kosong prata at $2 each and claim I subsidize my customers at $3 because some 5 star hotel is selling their kosong prata at $5.
See how much I care for my customers?
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Originally posted by charlize:
Like somebody from another forum said, I sell my kosong prata at $2 each and claim I subsidize my customers at $3 because some 5 star hotel is selling their kosong prata at $5.
See how much I care for my customers?
It's not about a few dollars "affordable" payment.
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Financial Consultant: Only households with monthly income of more than $7,500 can consider buying BTO project in Queenstown
December 17, 2009
According to Financial Consultant Mr Wu Jiawan, only households who earn at least $7,500 monthly can consider buying a 5-room flat in the new BTO Dawson project at Queenstown.
Even then, besides depleting their CPF, they still have to fork out a minimum of $600 monthly to finance the mortgage loan.
Mr Wu was referring to the two of the four BTO projects launched by HDB lately which are located in Queenstown.
Prices will range from $373,000 to $549,000 for a four-room flat and $532,000 to $664,000 for a five-room flat for both Dawson projects in Queenstown which is more expensive than some condominiums in the suburbs.
It is not known how HDB arrives at the figures, but they are pegged to the sale price of resale flats in the vicinity.
A four-room resale flat in Queenstown was sold a few months ago at a record-high price of $653,000 to an Indonesia PR.
Mr Wu made a quick calculation for Lianhe Wanbao:
“Assuming the mortgage loan is 80 per cent of the flat’s price or $528,000, after factoring the HDB interest rate of 2.6 per cent, one still has to pay $2,116 monthly for 30 years.”
Mr Wu urged first time home buyers to buy an affordable flat within their means to prevent over-stretching their finances as they still have to put aside other expenses for their children and retirement.
There is a salary cap of $8,000 for Singapore couples buying BTO flats for the first-time.
Going by Mr Wu’s calculations, couples buying these five-room flats will surely deplete their CPF for their housing loans and end up with little or no money for their retirement.
Furthermore, there is no guarantee that they will continue earning the same amount of money for the rest of their lives and they will be plunged into financial difficulties should one of them gets retrenched.
Despite escalating prices of public housing, HDB is adamant that HDB flats are within the reach of ordinary Singaporeans.
MM Lee Kuan Yew said recently that the government will try its best to keep HDB flats “affordable” for Singaporeans even as prices continue to climb.
He did not elaborate specifically on what the government will do to help Singaporeans achieve this aim.
Other ministers are nonchalant about the concerns of Singaporeans too with some even claiming that rising prices are good for Singaporeans as it helps to generate “wealth” for them.
However, they failed to realize that the asset value of HDB flats can only be unlocked when they are sold and the seller may have to fork out more cash to buy another flat in such an inflationary market.
When Singaporeans complain that they are unable to get a flat of their choice, National Development Minister Mah Bow Tan chided them for being “choosy”, saying that he cannot build the flats near the city or without second storeys.
At this rate the prices of HDB flats are going up, some property analysts even predict that flats in Queenstown may fetch over $1 million in ten years’ time.
Mr Wu felt that even if the flats are valued as such a price, there may not be any buyers as few Singaporeans can afford a flat more than $1 million and those who can will be buying condominiums.
The prices of HDB flats have sky-rocketed in recent years with resale flats hitting a record high in June this year, contributed partly by the relentless influx of foreigners into Singapore.
As the public housing market is controlled tightly by the government, its prices can be manipulated easily by increasing the demand while keeping the supply low at the same time.
The high cost of HDB flats is one of the reasons deterring young Singapore couples from having more children thereby triggering off a vicious cycle in which the government has to turn to immigration to boost the nation’s declining birth rate.
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see the coming Boon Lay Bus Int mess on 27 Dec
They can't move all the bus int into the new one inside Jurong Point because it's too small, hence they'll need to use the current bus interchange to serve ppl in Jurong come 27 Dec. So there'll be 2 Boon Lay Int, 1 opp each other
For selling it to develop JP2 and Centris for a profit. So why can't for profit, they give back to the people of Singapore a smaller bus interchange vs a bigger shopping mall
Govt can make profit, surely private can also ma No wonder Raymond Lim said "We've lost focus on public tpt"
"It's a honest mistake, let's move on"
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Just one honest mistake too many.
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Originally posted by Chew Bakar:
Just one honest mistake too many.
should I cry or laugh at this MOT & LTA's motto"Building a people centered transport system"
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Originally posted by sbst275:
should I cry or laugh at this MOT & LTA's motto"Building a people centered transport system"
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Take it with a pinch of salt.
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Originally posted by sbst275:
should I cry or laugh at this MOT & LTA's motto"Building a people centered transport system"
It means that it is always so crowded that wherever you stand in the MRT carriage or bus, you are in the centre of everybody else.
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The key question is what happen if the bubble burst....? what happen when SG Credit rating is down graded? just like Greece.....
If they kept inflating the base price, CPF have to increase the credit limit for loan....An inflated public housing a long term instrumental tax ? After all it ties to CPF....where would one lived if not in public housing?
right now with the help of regional expansion and liberal immigration policies we see the demand....continue to perk up prices but for how long?
What happen when SG govt goes bankrupt....All HDB will be owned by overseas creditors.
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SkyTerraces 5rm vs 4rm LOFT – difference of $100k vs 2sqm extra and no balcony
December 19, 2009
Dear HDB,
With regards to the newly launched BTO SkyTerraces scheme, kindly explain how an extra 2meters squared in area, costs an extra $106,000 ($532k-$426k) or assuming the the price is taken off the same lowest floor, facing the same direction.
Even if I take the Special 4rm high floor vs a low floor 5rm, I pay same price for the unit and get a double height space and balcony.
The Special 4rm is 97sqm and comes with double height space and a balcony:
The 5rm is standard 99sqm (small by current standards) and has no balcony, and no double height space:
Something is wrong here… either the price is wrongly calculated, or this 5rm should not be called a “5rm” at all, because there is no premium value to justify the extra 50-100k top up just for the term “5rm”.
How do you answer to those who are only eligible for 5rm flats? Will they be allowed to take the Special 4rm option? It doesn’t make sense at all.
SkyTerraces Price range
- Special 4rm with balcony $426k-549k — 97sqm
- 5rm – 118 $532k-643k — 99sqm
Kind Regards,
Lee Kim Teo
- Special 4rm with balcony $426k-549k — 97sqm
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Air-conditioned HDB flats in Toa Payoh converted to worker dorms for foreign employees of Sentosa IR
December 19, 2009
Singapore’s pro-foreigner government has lent a helping hand to Resort World Sentosa (RWS) to secure two blocks of HDB flats in Toa Payoh for its foreign employees working at the soon to open integrated resort.
It was reported earlier that RWS is hunting for flats in the Telok Blangah area for its foreign workers which includes hotel service staff and casino pit supervisors.
There is no official statement on the number of foreigners that RWS could hire. Overall, it will employ about 10,000 people when it opens next year.
RWS spokesman Robin Goh told Business Times earlier that “it remains committed in recruiting Singaporeans and Singapore permanent residents.”
However, Filipino President Gloria Arroyo said in April this year that around 5,000 new jobs would be made available to Filipinos in the island resort of Sentosa in Singapore which means that about half of them will go to foreigners. (Source: GMA news)
According to the Straits Times, the two flats designated to be converted into worker dormitories are blocks 32 and 33 in Toa Payoh Lorong 6.
They contain more than 300 units. Each flat houses four to six workers, who pay below market monthly rents ranging from $140 to $260 each. (which means there are between 1,200 to 1,800 foreign workers).
The flats appear to be better furnished than some flats of locals. The bedrooms are air-conditioned and they come with furniture like dining tables and beds. Fridges and washing machines are also provided.
It is not known if these foreign staff of RWS will be offered Singapore permanent residency whose criteria is so lax that even cleaners and masseurs can qualify.
Despite rising resentment and anger on the ground at the large number of foreigners in Singapore which now make up 36 per cent of the population, the ruling party is adamant that they are “essential” to Singapore’s continued growth.
With the opening of the two IRs next year, Singapore can expect a flood of foreigners including some unsavory characters like prostitutes.
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Can go malaysia and buy a house for the prices here, guess you pay more for safety and convenience
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The latest replies by MM Lee and Mah clearly showed that they are very cold to the average Singaporeans.
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Originally posted by Vader1337:
Can go malaysia and buy a house for the prices here, guess you pay more for safety and convenience
and why would singaporean needs to buy an apartment in MY and not in SG
vs leaving SG totally?
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Originally posted by pearlie27:
The latest replies by MM Lee and Mah clearly showed that they are very cold to the average Singaporeans.
The way they're talking, behaving or executing new plans are destroying the whole country that the past PAP gen has built over the last 3 decades.all thks to money and profits
That has happened to Dubai
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Originally posted by John Penn:
Air-conditioned HDB flats in Toa Payoh converted to worker dorms for foreign employees of Sentosa IR
December 19, 2009
Singapore’s pro-foreigner government has lent a helping hand to Resort World Sentosa (RWS) to secure two blocks of HDB flats in Toa Payoh for its foreign employees working at the soon to open integrated resort.
It was reported earlier that RWS is hunting for flats in the Telok Blangah area for its foreign workers which includes hotel service staff and casino pit supervisors.
There is no official statement on the number of foreigners that RWS could hire. Overall, it will employ about 10,000 people when it opens next year.
RWS spokesman Robin Goh told Business Times earlier that “it remains committed in recruiting Singaporeans and Singapore permanent residents.”
However, Filipino President Gloria Arroyo said in April this year that around 5,000 new jobs would be made available to Filipinos in the island resort of Sentosa in Singapore which means that about half of them will go to foreigners. (Source: GMA news)
According to the Straits Times, the two flats designated to be converted into worker dormitories are blocks 32 and 33 in Toa Payoh Lorong 6.
They contain more than 300 units. Each flat houses four to six workers, who pay below market monthly rents ranging from $140 to $260 each. (which means there are between 1,200 to 1,800 foreign workers).
The flats appear to be better furnished than some flats of locals. The bedrooms are air-conditioned and they come with furniture like dining tables and beds. Fridges and washing machines are also provided.
It is not known if these foreign staff of RWS will be offered Singapore permanent residency whose criteria is so lax that even cleaners and masseurs can qualify.
Despite rising resentment and anger on the ground at the large number of foreigners in Singapore which now make up 36 per cent of the population, the ruling party is adamant that they are “essential” to Singapore’s continued growth.
With the opening of the two IRs next year, Singapore can expect a flood of foreigners including some unsavory characters like prostitutes.
When IR call for Singaporeans to work last year and previous year, few came and applied, so WDA and all other employment insitution give the green light for IR human resources, which is an international resources to go ahead and recruit foreigners, thousands of philipinos applied and even Arroyo, their president also encourage her citizens to apply rather than be maids, the beneficiary part of Philipinos is that they can speak english and are also service orientated peoples. They got the people they wanted, and Singaporeans are also happier, because getting Philipinos at least show a change in getting Chinese, bangalas or indians etc etc.Thru WDA, the IR management negotiated a place for them to stay, better to consolidate them into one group then to place them all over the state, these workers are here to help us, in a way to build our economy and strengthen our service sectors. So what is wrong with new things around, all are paid by their management. Sometime, i just cannot understand Singaporeans, so focus about smaller issues and forgo the bigger issues, gone case.
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Originally posted by sbst275:
The way they're talking, behaving or executing new plans are destroying the whole country that the past PAP gen has built over the last 3 decades.all thks to money and profits
That has happened to Dubai
Dubai??? how can Dubai and us be the same leh, so how about Greece?? -
Originally posted by pearlie27:
The latest replies by MM Lee and Mah clearly showed that they are very cold to the average Singaporeans.
They seem to only care about money. They never give a damn to Singaporeans. Feel so sad for Singapore with such selfish and greedy leaders.
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Whether HBD flats are expensive is dependent on the income of the ordinary workers.
When the income of the ordinary workers are rising faster than the rise in HDB flat prices, there will not be a problem.
It will be a BIG problem if the income of the ordinary workers are falling and the HDB flat prices are rising rapidly.
The government needs to make it illegal for cash over valuation so that the valuation will show the actual flat price.
People will then be able to see how clearly rapidly flat prices and how high these prices have reached.
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Then again, common-poreans do not give a damn to the worries of their leaders too.
I think this is the perception of those in power xD