Serious HDB Slavery - Not even near 99 Years Demolished for Redevelopment

[Papsmearer]

I have a relative SERS-ed and HDB offered the flat at Clementi also (nearby) , on top of the new shopping center 4 room at 300+ k only ie even lower that if you normally buy from HDB.

How much did they put in their pocket? That is only the real question. Did HDB pay them more then $300K for their old flat? Did they have to take out a bank loan or take out their CPF to top up the money HDB give them for their old flat in order to buy the new one? Its no point posting these kinds of general comments when you have no answers to the questions I asked.

 

[eatshitndie]

Talk cock lah. Enbloc is not expensive to govt. Its only expensive to sinkie lemmings. Alot of these old blocks like this example was build in 1979. Back in those days, the HDB sold the flat to you at cost. So many of the original buyers paid $30k to $50K for their flats. The HDB made no money from them. Lee and Lee made the conveyancing fees which is more then what the HDB made. Now with Enbloc, the govt move them to a $500-$700K flat that has a lot of profit margin for them, and then make them sign a new 99 year lease and then drain their CPF to pay for this over priced shit. The govt laughing all the way to the bank.

gov still has to compensate sinkies for the "gains" made from a $36.9k flat over 36.9 years ago to today's gov's valuation of say $369k (even though the market rate may be $696k for that same flat). gov's valuation of market rate is typically well below the actual market rate. nonetheless, that's still 10 times more over 36.9 years. but at the end of the day gov recoups the cost plus earns some surplus as new flat sells for $696k, may be with a 69% margin after factoring in cost of land, labor, material. cost of land is lost opportunity cost to gov as land can be auctioned off to private bidders for much higher prices. heads they win tails sinkies lose.

 

[Papsmearer]

There's a standard market value everyone follows and yes by HDB but all use it. Same same.

Who uses the standard market value? If you go and buy a flat in ang mo kio tomorrow, you can buy it by paying the standard market value? You sure or not? The flat owner will tell you to fuck off. You heard of COV? The market value plus COV is the actual value for the flat. The govt already cheat the suckers by not including a COV component

 

[nirvarq]

How much did they put in their pocket? That is only the real question. Did HDB pay them more then $300K for their old flat? Did they have to take out a bank loan or take out their CPF to top up the money HDB give them for their old flat in order to buy the new one? Its no point posting these kinds of general comments when you have no answers to the questions I asked.

Yes the old house was worth 500k fully paid long ago. The new house you pay as per minimum loan available as per HDB laws. Yes i know ALL the answers it's my wife brother.

 

[nirvarq]

Who uses the standard market value? If you go and buy a flat in ang mo kio tomorrow, you can buy it by paying the standard market value? You sure or not? The flat owner will tell you to fuck off. You heard of COV? The market value plus COV is the actual value for the flat. The govt already cheat the suckers by not including a COV component

Yes we use the market validation by HDB as guideline and you can ask for COV my sister is property agent i know it ALL.

Next !

 

[Papsmearer]

gov still has to compensate sinkies for the "gains" made from a $36.9k flat over 36.9 years ago to today's gov's valuation of say $369k (even though the market rate may be $696k for that same flat). gov's valuation of market rate is typically well below the actual market rate. nonetheless, that's still 10 times more over 36.9 years. but at the end of the day gov recoups the cost plus earns some surplus as new flat sells for $696k, may be with a 69% margin after factoring in cost of land, labor, material. cost of land is lost opportunity cost to gov as land can be auctioned off to private bidders for much higher prices. heads they win tails sinkies lose.

Correct. the govt wins, so its not expensive for them. Sinkies lose as u say. so its expensive to them

 

[nirvarq]

Correct. the govt wins, so its not expensive for them. Sinkies lose as u say. so its expensive to them

That's not true. Your house left 40+ years you get to cash out. You get to buy new HDB + 30k grants. Everyone knows buying property in SG whether HDB or not you always makes money.

 

[eatshitndie]

That's not true. Your house left 40+ years you get to cash out. You get to buy new HDB + 30k grants. Everyone knows buying property in SG whether HDB or not you always makes money.

buying a $36.9k flat 36.9 years ago and paying it off is very different from buying a new flat today at $696k and owing a new debt of $369k after subtracting gov compensation and grant. what kind of fuzzy math are you smoking?

 

[Papsmearer]

Yes the old house was worth 500k fully paid long ago. The new house you pay as per minimum loan available as per HDB laws. Yes i know ALL the answers it's my wife brother.

I don't care whether its worth $500k or not. What did the HDB give them for it? If you know all the answers then how much did they get in their pockets?

 

[Papsmearer]

That's not true. Your house left 40+ years you get to cash out. You get to buy new HDB + 30k grants. Everyone knows buying property in SG whether HDB or not you always makes money.

You can cash out as a resale flat and get market value plus COV, which is more then what the HDB gives you. So what is the big deal with SERS?

 

[nirvarq]

buying a $36.9k flat 36.9 years ago and paying it off is very different from buying a new flat today at $696k and owing a new debt of $369k after subtracting gov compensation and grant. what kind of fuzzy math are you smoking?

I'm local and i know it all...... after 5 years you sell you make money right ? m&ds have been doing it all the time buy sell buy sell ! lol........ What toking you !

 

[nirvarq]

I don't care whether its worth $500k or not. What did the HDB give them for it? If you know all the answers then how much did they get in their pockets?

They get it all because my wife brother retired with 700+k in cpf he had more than the minimum sum required.

 

[Papsmearer]

The other thing that gongkias don't understand is that the SERS process takes at least 2 years, as the govt has not completed construction of the new blocks to move people into. Who here thinks the market will go up in the next 2 years? I do. But the market value given to you by the govt is not based on the value of your flat 2 years from now. Its based on today. So if you flat goes up $50k in the next two years, its too bad for you. Your new flat may also have gone up, but generally, price appreciation is greater in mature estates with a lot of existing amenities versus new ones.

 

[nirvarq]

The other thing that gongkias don't understand is that the SERS process takes at least 2 years, as the govt has not completed construction of the new blocks to move people into. Who here thinks the market will go up in the next 2 years? I do. But the market value given to you by the govt is not based on the value of your flat 2 years from now. Its based on today. So if you flat goes up $50k in the next two years, its too bad for you. Your new flat may also have gone up, but generally, price appreciation is greater in mature estates with a lot of existing amenities versus new ones.

Gongkia, SG market has been going up the last 40years. Your new flat will make so much more for u after 5 yrs when u can sell.

 

[Hypocrite-The]

My question is...will singkies flat owners be better off financially with or without SERs?

 

[Papsmearer]

They get it all because my wife brother retired with 700+k in cpf he had more than the minimum sum required.

Again, you are avoiding my question. I ask a simple question of how much your brother in law pocketed after SERS, and you bring up all these shit about his CPF and how much he has in it. I don't think u fucking know what u are talking about. Firstly, its not your wife's brother. Its your brother in law.

 

[nirvarq]

Again, you are avoiding my question. I ask a simple question of how much your brother in law pocketed after SERS, and you bring up all these shit about his CPF and how much he has in it. I don't think u fucking know what u are talking about. Firstly, its not your wife's brother. Its your brother in law.

Read again. I said he get it all. All the money paid to his bank. I never avoid anything in my entire life. I only win and always ! If you have no minimum sum met then some of the money goes back to cpf.

 

[sweetiepie]

Imuho sers is definitelee at the advantages of sinkies. But why some ended as disadvantage? There are leesons for it
1. They want to harass old neighbours and lazy to leedo the process.
2. Their old house already all been hoarded and hard to lee hoard new house
3. They don't know the theory of exchange old items with new items at an offset cost. Mindset of ai pee you ai qi. Means they get $x and they use this opportunity to buy more expensive and bigger new flats and then kpkb taking new loans etc whereby they should be buying smaller unit to offset the new gains.

 

[nirvarq]

You get to cash out your old house market value. You get a new house and how you pay depends on your credit status. Whether your minimum sum is met and whether you want to pay installments or fully paid it's up to you as long you meet the credit /HDB/laws as a new buyer.

The essence is HDB is subsidies price offered to you. After 5 years 'usually' you make. It's been so for 40 years. Everyone says SG will not make it 20yrs ago. But you know what ? Termasick is one of the 10 owners of the Blackrock the biggest MNC of the world that owns almost everything... Think about it. Ofc if market slumps everybody lose not you alone.

 

[sweetiepie]

Imuho sers is definitelee at the advantages of sinkies. But why some ended as disadvantage? There are leesons for it
1. They want to harass old neighbours and lazy to leedo the process.
2. Their old house already all been hoarded and hard to lee hoard new house
3. They don't know the theory of exchange old items with new items at an offset cost. Mindset of ai pee you ai qi. Means they get $x and they use this opportunity to buy more expensive and bigger new flats and then kpkb taking new loans etc whereby they should be buying smaller unit to offset the new gains.

Don't be surprised some stubborn old farts can even tell you no I can't move house becas I need to visit that coffeeshop every morning or my daughter need to go for her tuition nearby