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DPM Wong to WP - Singaporeans can pay affordable 20 yrs HDB loan

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Alfrescian
Loyal
'Dig deeper, ask WP for details'
DPM Wong says voters should ask how WP will implement its manifesto
By Rachel Chang
wong.st.jpg


DEPUTY Prime Minister Wong Kan Seng called on voters yesterday to look beyond attractive proposals in the Workers' Party's (WP) manifesto and ask the opposition party for a detailed explanation of how it plans to implement the ideas.

'Like in all brochures that companies put out, you have to drill down to the details,' he said on the sidelines of a community event in Bishan. 'What do they mean by the specific recommendations?'

He cited, for example, its call for HDB flat prices to be pegged to the median income of eligible buyers, and for flats to be affordable enough so mortgages can be paid off in 20 instead of 30 years.

'If you want to pay the mortgage in 20 years, does it mean you have to pay a higher sum every month?' asked Mr Wong. 'And if you fix the (buying) price at the median income, will there also be restrictions on the sale (price)?'

Such proposals might look and sound 'attractive', he said, but more detailed information was needed from the WP.

'When people look at all these items (in the manifesto), they should look into the details and ask for a better explanation on how these policies can be implemented,' he said when asked by reporters to comment on the manifesto, which the WP released on Saturday.

He added that HDB property prices are pegged at an affordable rate: 'If they can't afford it, then you would not have 90 per cent of Singaporeans owning HDB homes in the first place.'

Mr Wong, who oversees immigration policy, also responded to WP criticism on the influx of foreigners in recent years.

The party said, among other things, that the number of foreigners augmenting Singapore's population should be moderated to allow for infrastructural improvements to 'catch up with the huge population increase of the last decade'.

Mr Wong argued that the rapid economic growth in the years before the 2009 global financial crisis created jobs which had to be filled: 'If you don't have enough workers, what will happen to the companies that need them?'

He noted that the Government has been encouraging companies to boost productivity as a means to lessen the need to rely on foreign workers. But such measures 'need to be done in a manner that companies can cope with. It can't be done in one year, in one step'.

But Mr Wong, the People's Action Party's (PAP) first assistant secretary-general, declined to comment on other WP immigration proposals, such as a points-based system to assess those applying for permanent residency and citizenship.

'I am here today at a function to communicate with my residents, not to promote or criticise the Workers' Party manifesto,' he said.

The event was to commemorate the 25th anniversary of the PAP Community Foundation. Mr Wong handed out scholarships to 28 students from Bishan-Toa Payoh GRC who are attending polytechnics and the Institute of Technical Education. The scholarships, for students from low-income families, come from a $3.1 million fund the grassroots put together.

[email protected]
 

Einfield

Alfrescian
Loyal
Hey Shut up! No one ask you for your opinion, You let Mas Salamat escape still want to talk so much, if not for the old vampire as your god father, you think you can continue to be DPM?

Shameless!
 

ivebert

Alfrescian
Loyal
Hey Shut up! No one ask you for your opinion, You let Mas Salamat escape still want to talk so much, if not for the old vampire as your god father, you think you can continue to be DPM?

Shameless!

The most important is that

If you have cheap flats

The middle class leaves for Canada or Australia, cashing in on all the gains

Why be so nice to them?????

Fuck these sinkies and leech as much as you gain to help the rich and poor :smile:
 

wizard

Alfrescian
Loyal
30 years old get married, after 20 years of paying loan become 50 year old.

Start building CPF for min sum at 50 and they keep increasing the min sum and extending the age after every election. When will you see your CPF?

Use your 10 fingers and do a simple calculation and cast your vote.


Swiss standard that PAP mention in 2006. They did not blaff you, but they did not tell you swiss standard is for them only. They got millions so put inside swiss account.
 

wizard

Alfrescian
Loyal
How cum HDB loan rate still fix at 2.6% while banks are offerring better rates...?!

If you owe HDB loan. It look bad for PAP to chase you out from the flat if you cannot service the loan ( kana replace by FT).

Now they sub-con to bank. If you cannot pay, the bank can get you out.

U see how smart your Millions MP are when they they are dealing with their own people. But when they deal with other countries, they are like school boys. E.g the recent romania embassy case. Suddenly they talk about international law and right of a diplomats. Are they using the same human right for Singaporean who do not agree with them or people of Hougang. Can they be respected?
 

no_faith

Alfrescian (Inf)
Asset
shelter is basic need. of course, ppl have to buy a shelter.
den wat?
if basic need become overprice and unaffordable, 90% slp under the bridge?

hiding for sumtime, now appear and tok cock. wtf
 

annexa

Alfrescian
Loyal
:oIo:
The most important is that

If you have cheap flats

The middle class leaves for Canada or Australia, cashing in on all the gains

Why be so nice to them?????

Fuck these sinkies and leech as much as you gain to help the rich and poor :smile:

I don't understand what you talking. If flats are cheap means if migrate and sell house, then you get little or no money. If flat are expensive, then it is good to migrate because you now can encash A LOT of MONEY to buy TWO or THREE properties oversea!
 

Cestbon

Alfrescian (Inf)
Asset
WKS try to missleading.
1. Of course can make repaymeny in 20 year is affordable. More than 20 year is really bad. Now many younger geneation/1st time buyer make the repayment period. Some even 30 years.
2. What he said 90% own property. Do he do the statistic how many are younger couple those below age 35 and below? These group suffer the most.
 

dankos

Guest
WKS, how many % of the owners still paying off their mortgage? of those still owing, how many already above 50 years old?

WKS answer remains : 90% of sporeans own hdb.
 
Last edited:

Charlie99

Alfrescian (Inf)
Asset
I would rather have an HDB flat (only 99 year leasehold, instead of ownership as indicated by the Honourable Minister) at an affordable (should not include the cost of land because it is only a leasehold) amount, rather than the price set by the HDB.
Who cares whether it will be worth twice as much in 50 years. To any avearge income individual or family, a 4 or 5 room HDB flat at $250,000 is much better than $500,000.
A lower mortgage enables the citizens to pay it off in 20 to 25 years. Any period longer than 25 years create hardship for citizens looking to retiring at 60 years old, or mortgage free before 60 years old.
I do not believe that Workers Party was referring to a higher monthly mortgage payment when it suggested that mortgages be paid off within 20 years.
With respect, I do not agree with the HDB's pricing formula re: selling 99 year leasehold in HDB flats to citizens.


'Dig deeper, ask WP for details'
DPM Wong says voters should ask how WP will implement its manifesto
By Rachel Chang
wong.st.jpg


DEPUTY Prime Minister Wong Kan Seng called on voters yesterday to look beyond attractive proposals in the Workers' Party's (WP) manifesto and ask the opposition party for a detailed explanation of how it plans to implement the ideas.

'Like in all brochures that companies put out, you have to drill down to the details,' he said on the sidelines of a community event in Bishan. 'What do they mean by the specific recommendations?'

He cited, for example, its call for HDB flat prices to be pegged to the median income of eligible buyers, and for flats to be affordable enough so mortgages can be paid off in 20 instead of 30 years.

'If you want to pay the mortgage in 20 years, does it mean you have to pay a higher sum every month?' asked Mr Wong. 'And if you fix the (buying) price at the median income, will there also be restrictions on the sale (price)?'

Such proposals might look and sound 'attractive', he said, but more detailed information was needed from the WP.

'When people look at all these items (in the manifesto), they should look into the details and ask for a better explanation on how these policies can be implemented,' he said when asked by reporters to comment on the manifesto, which the WP released on Saturday.

He added that HDB property prices are pegged at an affordable rate: 'If they can't afford it, then you would not have 90 per cent of Singaporeans owning HDB homes in the first place.'

Mr Wong, who oversees immigration policy, also responded to WP criticism on the influx of foreigners in recent years.

The party said, among other things, that the number of foreigners augmenting Singapore's population should be moderated to allow for infrastructural improvements to 'catch up with the huge population increase of the last decade'.

Mr Wong argued that the rapid economic growth in the years before the 2009 global financial crisis created jobs which had to be filled: 'If you don't have enough workers, what will happen to the companies that need them?'

He noted that the Government has been encouraging companies to boost productivity as a means to lessen the need to rely on foreign workers. But such measures 'need to be done in a manner that companies can cope with. It can't be done in one year, in one step'.

But Mr Wong, the People's Action Party's (PAP) first assistant secretary-general, declined to comment on other WP immigration proposals, such as a points-based system to assess those applying for permanent residency and citizenship.

'I am here today at a function to communicate with my residents, not to promote or criticise the Workers' Party manifesto,' he said.

The event was to commemorate the 25th anniversary of the PAP Community Foundation. Mr Wong handed out scholarships to 28 students from Bishan-Toa Payoh GRC who are attending polytechnics and the Institute of Technical Education. The scholarships, for students from low-income families, come from a $3.1 million fund the grassroots put together.

[email protected]
 

red amoeba

Alfrescian (Inf)
Asset
WP view on the HDB price only gives first half of the equation. While they are commendable for wanting to peg the selling price of the HDB flat to the affordabilty of the median Singaporeans. The 2nd half of the equation means that for those who already owns the HDB flat, they will see their valuation suddenly collapse because of this policy. Then they will create another unhappy lot of people.

Now I am not saying DPM Wong is correct. HDB has created a "monster" in this aspect. Unless WP or whoever takes over government to pay off all existing flat owners the difference btw initial valuation and the new valuation (bcos of implementing this policy), you can effectively "reset" the system.

But mind you, this is a very costly and painful exercise that I don't think any party can afford to do it. By saying, yes I want to make HDB flats affordable - thats answering part 1 of the question, the easy part. There is no way you can ignore the second part - the existing flat owners who have bought their flats high and hoping to sell off...whether or not for speculation or otherwise.

Answering / placating the second equation is going to be difficult. Even HDB has no answer for this. So, they keep repeating the same old script, 90% of Singaporeans own flats thats to show HDB flats are affordable.

Immigration part, yah...PAP really under estimated the inflow and the social impact...DPM has no valid rebuttal.
 

Charlie99

Alfrescian (Inf)
Asset
With respect to their suggestion for a Points System to determine the eligibility for immigrants, it is a fairer and more transparent system, almost similar to Canada's system, except that the Canadian government makes changes to it to allow for desirable trades and professions, by giving more points to individuals who are skilled or qualified for certain occupations / professions which Canada is short.

It is so long ago when I applied to be an immigrant, and I have lived in Canada for almost 3 decades that I am not familiar with the Canadian Points System. But during my time, part of it include: education and fluency in English and / or French; age; whether or not the applicant has a job offer; personal suitablity and adaptability (they assessed the potential immigrant via an interview - mine was simply a chit chat because when I applied for immigrant status, I had been working and living in Canada for almost 5 years).
 

peterpan777

Alfrescian
Loyal
He cited, for example, its call for HDB flat prices to be pegged to the median income of eligible buyers, and for flats to be affordable enough so mortgages can be paid off in 20 instead of 30 years.

'If you want to pay the mortgage in 20 years, does it mean you have to pay a higher sum every month?' asked Mr Wong. 'And if you fix the (buying) price at the median income, will there also be restrictions on the sale (price)?'


My parents HDB flat with mortgage of 15 years in 1976.
My HDB flat with mortgage of 15 years in 92.
Now we need mortgage of 30 years cannot 20 years cause cannot afford.
Is our life really improve since we earning much more than our parents?
WKS can you tell us?
 

Fool_Me_Hard

Alfrescian
Loyal
Wong Can't Sing is wrong. 90% of Singaporeans stay in HDB, not own HDB flats. By the way how many residents below the age of 35 own flats? I bet many of them still stay on their parents or in-laws house.
 

KuanTi01

Alfrescian (Inf)
Asset
When u earn obscene millions in terms of being a Minister (public service) & have no problems paying your bills, u should not be preaching on the issue of affordability of paying off HDB loans (public housing). Dig deeper and ask questions- that's exactly what the aspiring HDB flat owners should be doing to WKS. Why so-called subsidised HDB flats still so pricey?
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
own what own.. 99 year later must give back government, where got own..

99 years? In your dreams. After 30-40 years, HDB will come and tell u they want to tear down your block and offer u new blocks somewhere else for a "subsidized" price. The HDB has never had any intentions to honour their 99 year lease.
 

streetsmart73

Alfrescian (InfP)
Generous Asset
shelter is basic need. of course, ppl have to buy a shelter.
den wat?
if basic need become overprice and unaffordable, 90% slp under the bridge?

hiding for sumtime, now appear and tok cock. wtf


hi there

1. it just reflects kosong ground sentiments or compassion.
2. sheep is sheep regardless of size or color.
3. short arse is just another over-the-hill daft sheep!
4. clueless too.
5. pigeon-holes in the air is some basic needs, shelter of common sheep.
6. it is not that it is affordable.
 
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