Singapore government should stop inflating HDB BTO prices just to pay themselves well

Singapore government should stop inflating HDB BTO prices just to pay themselves first.
Singapore government opts to keep property prices artificially inflated/ high???- why???!!!
To earn more revenue to pay their own salaries is it???
In the 1960-80s, Singapore was a real socialist state, confiscation farmland from the rich to sell HDB flats to all Singaporeans at costs plus prices (minimal land component costs for confiscated (cheap) land), why suddenly now talk about HDB BTO at market prices??? It's public housing for the poor/ very poor after all- just to justify PAP salaries at self determined "market pricing" is it???
At this rate, Singapore becomes just another corporate with PAP as its main/ only shareholder/ owner. Citizens of Singapore are just employees or slave labour...
Singapore might have had its roots in socialism, but indeed, the path it has taken today, at least regarding public housing pricings, resembles the curse of communism...
Land supply: Let market forces prevail

Melissa Tan
The Straits Times
Saturday, Dec 21, 2013
Fears among developers that an oversupply of private housing is building up appear to have prompted the Government to reduce its supply of land sharply.
The amount of development sites it will make available for sale in the first half of next year will be able to yield only about 11,600 homes - the first time the number has fallen below 14,000 since the second half of 2010.
The supply slowdown suggests that the Government is "taking a more cautionary stance" towards the property market, said Jones Lang LaSalle research head Chua Yang Liang.
Colliers International research head Chia Siew Chuin added that the Government will probably continue reducing supply.
The upcoming home supply for the first half of 2014 is 18 per cent lower than the 14,155 units earmarked for the second half of this year, and also significantly lower than the 14,035 units planned for the first half of this year...
- See more at: Sharp cut in govt land supply for next year | AsiaOne Business

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The Straits Times, Published on Dec 24, 2013
Land supply: Let market forces prevail
I AM perplexed by the Ministry of National Development's decision to greatly reduce the supply of land for next year, following developers' concerns about oversupply in private housing ("Sharp cut in govt land supply for next year"; last Thursday).
The recent rise in property prices was seen as a result of strong market demand. Similarly, if prices were to fall, should it not be accepted as natural market behaviour as well?
The ministry's decision seems to suggest that, despite the talk about letting market forces prevail, the Government will still step in to protect the interests of developers in the event of oversupply.
This creates a moral hazard whereby developers bid aggressively for land, knowing they will be protected if things go wrong.
The decision also suggests that the ministry is satisfied with current property prices, and this translates to minimum prices expected for private properties. This acts as an implicit price guarantee for private property owners.
A sharp decrease in property prices is not in the interest of all stakeholders, but we should also respect the principle of market forces.
Every market follows a cycle of ups and downs. Any decrease in property prices is temporary and, in the long run, prices will recover.
A drop in property prices does reduce the earnings of the country from land sales. Perhaps it is time to consider introducing capital gains taxes on properties, so that even when land is sold cheaply to developers, the country can claw back the gains via future transactions when property prices increase.
Teo Jin Chong
Copyright © 2013 Singapore Press Holdings. All rights reserved.
Land supply: Let market forces prevail

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Singapore govt exponential rate of salary increase:
Cannot help but wonder if paying taxes or buying property in Singapore is really all about buying into a scandalous/ criminal ponzi scheme...
Singapore government should ensure that all property is affordable to Singaporean's at a reasonable multiple of the annual median salary so that the kids of these Singaporean's do not get short changed in their childhood- e.g. cut backs on education or food etc- HDB should thus be priced affordable and rental units affordable/ available to the poor.
The land belongs to the govt and even new BTOs are still "subsidised public housing" choke full of restrictions- long term rental housing only. The govt shouldn't try to manipulate market/ private land sale prices JUST SO HDB BTO CAN BE priced higher.
Please remember that Singapore has socialist roots, HDB were once cheaply sold because of the compulsory acquisition land (farm/ vacant) from rich landlords at government determined pittance prices. HDB should thus use socialist ideals to price HDB universally, not private property/ capitalist prices, just so that PAP Ministers can command MNC CEO salaries...
We have failed to properly support the poor/ very poor; the incumbent's current desire for communism inspired ruling elite-first-privilege has derailed the genuine (help-the-poor) real socialist work ethic of the LKY era PAP political leadership.

Singapore ruling political elite have made themselves more equal than others

Same topic, different perspective from adjacent site as follows:
Singapore ruling political elite have made themselves more equal than others

shadowcast said:

Re thread : Singapore government should stop inflating HDB BTO prices just to pay themselves well
But.
isn the price of HDB flats decided by the current owners?

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I mean specifically HDB BTO prices.
Remember Mr Mah Bow Tan saying how HDB is 'subsidised' based on a subsidy given to Singaporeans on the price of HDB which was Market price of land plus building costs???... So that was how MBT justified high HDB BTO prices:

Mah: WP’s housing proposals ‘dangerous
...He had previously dismissed the WP's housing proposals as "irresponsible".
Among the WP's proposals, the party has called for the prices of new HDB flats to be pegged to the median incomes of households that qualify to buy them. Currently, new HDB flat prices are pegged to resale market prices and then discounted...
Mah: WP’s housing proposals ‘dangerous

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So unlike the PAP lead by LKY which basically sold HDB BTO units at miniscule land cost plus building costs, PAP under LHL/ Mah Bow Tan did absolutely NOTHING to help poor Singaporeans with land cost, opting rather to keep land costs exorbitantly high, then giving a tiny subsidy, the ultimate objective being to reap MAXIMUM profit for the government. That HDB are affordable CANNOT BE FURTHER FROM THE TRUTH since the PAP has not only DECLINED to peg HDBs to the median wage, as suggested by WP, which it easily can (it owns the vacant land and can release it cheap to needy Singaporeans dependent on public housing, just as it released confiscated land cheap/ 'free' between 1960s to 1980s to poor Singaporeans so that they could contribute more effectively to the new Singapore economy.

Whilst there was no option for the open market sale of HDB during the early period before 1990, the HDB flats sold then were still lease hold 99years, thus giving early Singaporeans a practically guaranteed roof over their heads. The early leaders of Singapore also loved the people, placing the welfare of the people before themselves.

The PAP leaders of today unfortunately are a selfish lot, preferring to guarantee their own welfare by pegging their own salary scales to the highest in Singapore, not forgetting that some CEO salaries ought to checked as not few are responsible for various unethical practises just as banker CEOs are most guilty of- e.g. money laundering to terrorist/ human rights abuse states, tax evasion etc especially those bankers in Switzerland and the USA. Many companies also profit from unethical practice's such as pollution, market manipulation and attempt to minimise tax payments by registering their profits I'm tax haven nations- these CEOs are the MOAT IMMORAL amongst all citizens. There is nothing wrong with a high pay for demanding work, but shouldn't government salary be some multiple of the median annual pay in singapore rather than a multiple of the most unethical CEOs in business?

Then after tagging their own pay to CEOs, PAP leaders now create excuses dime a dozen to avoid minimum wage legislation, claiming its rigidity, lack of acceptance by MNC etc. The real reason I think is to keep worker unions from getting any leverage since once legislated, the question then becomes what is the minimum wage?

So unions have now become toothless tigers, and what about the very poor, where are the statistics about homelessness or those dependent on government rentals, those unable to afford daily meals, what is the supply of rentals and how are the rentals calculated, I find that the transparency of these issues is not available to publication.

In conclusion, it is ironic that whilst there is indeed a minimum wage for politicians (within like top 200-1000 earners in Singapore and no parallel peg anywhere else in the world), there is paradoxically neither minimum wage for Singaporeans nor a defined poverty line or reported poverty parameters for citizens to work upon.

Politicians are very well taken care of but the poor people now remain locked behind closed doors, as far as PAP's socialist roots go, I feel that PAP today is taking the wrong turn toward the dispicible bait-switch communist way of government- all citizens are equal, but PAP (the leaders) have made themselves MORE EQUAL than the others.

High HDB prices means people spending time working and scant time/ money donated to the poor. The limitless money politicians pay themselves, guaranteed, will not just be useless, but a burden in heaven.

When the poor are neglected, the leaders deserve zero respect. More must be done for the poor in Singapore and a culture of inclusion must start..

Re: Singapore ruling political elite have made themselves more equal than others

My considered reply at adjacent website (same thread title):
GRC based political entrepreneurs bringing Singapore to her knees

cscs3 said:

Thread source: Singapore government opts to keep property prices artificially inflated/ high??
Come back here only if WP able to bring the price down in those area managed by them !

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Problem is that is opposition controlled wards, regarding big things like upgrading, BTO prices etc, these are all decided by HDB in discussion with the PAP MP wannabe loser, now confered with the "PA Advisor to grassroots" title. This PAP appointed "advisor" liases with HDB and is ultimately the person to announce (not the respective civil servant on behalf of his ministry/ civil service (HDB)), that certain HDB flats within an opposition ward, have been selected for lift upgrading etc.

So if U are depending on the WP to bring down property prices in Hougang etc, you must be nuts. In any case, in a property bubble situation, it is not prices in just one district that is a concern but that of a whole nation since high property prices/ rentals will make really talented/ innovative Singaporeans AND foreigners SHUN Singapore for some other more inviting capital with equally/ more inviting economic/ lifestyle possibilities... The result being a dowdy and slow singapore economy, plagued by overpriced rentals/ property- by then Singapore will have no choice but to see BOTH the singapore dollar fall as fast as property prices plummet- the economic downfall of modern singapore.

The way things go with the supersized GRC system of elections, with unnecessarily large candidate troupes and the inflation of political districts size; Singapore is breeding a new class of moneyfaced politicians, well trained in the art of political monopolization and gerrymandering that will eventually bring Singapore to it's knees. Question is, will I live to see that day- since the outcome is not if, but when.
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