Mah Bow Tan: HDB flats are still affordable to first time fl
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Mah Bow Tan: HDB flats are still affordable to first time flat buyers
Temasek Review
In spite of the prevailing public sentiments, National Development Minister Mah Bow Tan repeated his stance yesterday at Parliament that HDB flats are still “affordable” to Singaporeans.
Mr Mah used a formula called the debt service ratio (DSR) which compares the monthly mortgage installment to the monthly household income to substantiate his claims.
The DSR ranges between 17 to 25 percent for new flats and around 30 percent for mature flats in central locations.
“These figures are within the international benchmark for housing affordability, which ranges from 30 per cent to 35 per cent,” Mr Mah was quoted as saying in the Straits Times today.
Mr Mah also admitted that “it is possible that prices of resale flats have risen faster than incomes when indexed against different years.” in response to a question by PAP MP Lim Biow Chuan.
In an extensive interview with the Straits Times a few weeks ago, Mr Mah used two sets of figures from the years 1999 and 2009 to show that the relative pace of income has “out-paced” that of HDB flat prices.
The statistics were disputed by Reform Party member Hazel Poa who wrote on her blog that the results would be different if the base year is different, causing much embarrassment to Mr Mah.
The increasingly unpopular Mr Mah has come under fire of late from Singaporeans for his failure to control runaway HDB flat prices which have hit a record high in the last few months, caused partially by rising demand fueled by mass immigration.
Though PRs form some twenty percent of the buyers in the resale market, Mr Mah insisted that they have “negligible” impact on the prices.
He also lashed out at first time home buyers for being “fussy” and having “unrealistic” expectations.
Mr Mah earns around $2 million dollars a year, or more than 4 times the annual salary of U.S. President Barack Obama.
PAP strongman Lee Kuan Yew castigated Singaporeans for being “daft” should they cast a protest vote against Mr Mah in the next general election over sky-rocketing HDB flat prices.
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he should resigned....thats all that need to be said.
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income has outpaced HDB prices? hahaha. There are 3 kinds of lies. Lies, white lies and statistics. Either he hasn't walked the ground or these stats are just pure bs.
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Originally posted by Rock^Star:
income has outpaced HDB prices? hahaha. There are 3 kinds of lies. Lies, white lies and statistics. Either he hasn't walked the ground or these stats are just pure bs.
ha ha ha....he is saying "his personal income" has outpace HDB prices....ha ha ha...... -
yeh to make a audacious statement like that seem to suggest he may have been on another planet all this while. Well, his salary is alrdy that of another planet lol.
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MBT is a puppet and also scapegoat of PAP LKY, it is of no use keep criticising him, it is the puppeteer who is holding his lines and manipulating him behind a black velvet curtain that hold the key to housing price rising.
When thing cannot be answer, Mah will use term like DSR, relative pace of income, world standard pricing etc etc... to fool the ground. Come on lah, even my 80yo Ah Ma also know how to do a simple math on HDB...in 1980, she said mean salary was $800 and a 4 room HDB cost only 40k, today mean salary is $2000 and a 4 room HDB cost 360k, what is the ratios?
Ah ma answered 1980 was 1:50
and today it is 1:180...
afforadable?? dun fool the rich lah.Govt said we got the best education system in the world, and yet they want to make us look like stupid fools. Haiz...
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the elites will still support PAP they r delighted with the rising property prices
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Originally posted by mlmersrlosers:
the elites will still support PAP they r delighted with the rising property prices
not really, we sell, we also need to buy, unless we are willing to downgrade, which is shameful for elites, or alternative migrant out of here with millions in bank. -
Originally posted by angel7030:
MBT is a puppet and also scapegoat of PAP LKY, it is of no use keep criticising him, it is the puppeteer who is holding his lines and manipulating him behind a black velvet curtain that hold the key to housing price rising.
When thing cannot be answer, Mah will use term like DSR, relative pace of income, world standard pricing etc etc... to fool the ground. Come on lah, even my 80yo Ah Ma also know how to do a simple math on HDB...in 1980, she said mean salary was $800 and a 4 room HDB cost only 40k, today mean salary is $2000 and a 4 room HDB cost 360k, what is the ratios?
Ah ma answered 1980 was 1:50
and today it is 1:180...
afforadable?? dun fool the rich lah.Govt said we got the best education system in the world, and yet they want to make us look like stupid fools. Haiz...
Agreed that he should not change his term here and there to make it LOOKS affordable to the new couples. -
Originally posted by angel7030:
not really, we sell, we also need to buy, unless we are willing to downgrade, which is shameful for elites, or alternative migrant out of here with millions in bank.im refering to real elites that own many properties
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If new or rather young couples want to buy new hdb flats, they need to loan, 10 to 20 or 30 yr old loan.
How old are they when they pay up the loan? CPF aleady dried up, so as the couple.
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actually, whatever the hell index and base years they put out is moot...
just like my ex-boss who could not see beyond the figures...
an increase of 1 to 3 is an increase in 200% while the increase of 10000 to 12000 is 20%...
he told me to put in the bulk of our resources to "tackle the very huge increase"
back to this... ultimately, a resale flat at most places command a COV of tens of thousands of dollars... i've been trying to get a flat... there was one which was over 30 years old, the interior is "renovated" (actually just patched up with the cheapest material possible)... the owner wanted a $100k COV for it saying that the renovations cost them $48k... this was a 5-room flat...
there are 4-room flats also commanding the same nett price!
even when we see flats that are absolute wrecks, the COV is around $30k to $40k
that is in addition to the insane valuation which seems incomprehensible at best... how the hell does a 4-room HDB (read that as "tenement" because that's what it actually is.. tenement apartments) flats command a price of around $500k??
a friend of mine once said this:
buy flat - CPF gone
renovate flat - savings gone
buy furniture - credits gonehow to afford to have children?
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Originally posted by mlmersrlosers:
im refering to real elites that own many properties
u mean anything more than one properties mean an elite, so i got 3 properties, am i an elites??? dun take elites as a stereotyped proud and look down on people group, they are also humans, and not just because some elites make a hell out of his/her status, all elites are taken for the same. Some elites are good peoples, they understand the ground suffering and contribute alots ya..see properly, dun just go and bite the hand that help you. -
Originally posted by angel7030:
u mean anything more than one properties mean an elite, so i got 3 properties, am i an elites??? dun take elites as a stereotyped proud and look down on people group, they are also humans, and not just because some elites make a hell out of his/her status, all elites are taken for the same. Some elites are good peoples, they understand the ground suffering and contribute alots ya..see properly, dun just go and bite the hand that help you.I never say elites are proud just that u the one keep saying u r an eliteso bhb i am an elite also but i didnt say anything lol
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Originally posted by the Bear:
actually, whatever the hell index and base years they put out is moot...
just like my ex-boss who could not see beyond the figures...
an increase of 1 to 3 is an increase in 200% while the increase of 10000 to 12000 is 20%...
he told me to put in the bulk of our resources to "tackle the very huge increase"
back to this... ultimately, a resale flat at most places command a COV of tens of thousands of dollars... i've been trying to get a flat... there was one which was over 30 years old, the interior is "renovated" (actually just patched up with the cheapest material possible)... the owner wanted a $100k COV for it saying that the renovations cost them $48k... this was a 5-room flat...
there are 4-room flats also commanding the same nett price!
even when we see flats that are absolute wrecks, the COV is around $30k to $40k
that is in addition to the insane valuation which seems incomprehensible at best... how the hell does a 4-room HDB (read that as "tenement" because that's what it actually is.. tenement apartments) flats command a price of around $500k??
a friend of mine once said this:
buy flat - CPF gone
renovate flat - savings gone
buy furniture - credits gonehow to afford to have children?
for a while, i thot you live in private landed property like me...haiz, another HDB dweller..
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You will be surprised that some hdb owners are well off and cash rich than those living in landed property.
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Originally posted by mlmersrlosers:
I never say elites are proud just that u the one keep saying u r an eliteso bhb i am an elite also but i didnt say anything lol
i never said u said it//lol..i am just giving views, remember i am lawyer trained, will not defame anyone here ya -
Originally posted by angel7030:
i never said u said it//lol..i am just giving views, remember i am lawyer trained, will not defame anyone here ya
Angel so many profession on your belt. LOL. -
Originally posted by likeyou:
You will be surprised that some hdb owners are well off and cash rich than those living in landed property.
so be it, but if u are cash rich, why still be conned under HDB, i go into private property because we dun want to be con by HDB, even we need to loan more, we do it, at least we are out of the HDB ever Conning process, same goes to CPF, try to get out of it, if you are in, you are been conned from both corners, the HDB and CPF, aren't they related??? see the picture?? -
Originally posted by angel7030:
i never said u said it//lol..i am just giving views, remember i am lawyer trained, will not defame anyone here ya
you refer to taiwan train or the train here -
Originally posted by likeyou:
Angel so many profession on your belt. LOL.
malay said Jali makan -
I think he put high hopes that if he keep repeating that HDBs are afforable, the citizens will agree with him. Like a broken radio.
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Originally posted by CheckmateA1:
you refer to taiwan train or the train here
here got train meh?? only the conning MRT that keep taking money, taiwan express is free for 12years and below...talking about giving more childrens, singapore govt are not even looking at the paid and paid structure they created that is not childrens friendly at all.My Ah Ma said last time, she took me to take bus in singapore, me dun hv to pay one ok, now,...all above 3 years old hv to paid liao...haiz...
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He cannot support his fact liao.
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some more it is 99 years lease and not freehold