listen, New flats affordable for most buyers, says Mah Boh Tan

[ChaoPappyPoodle]

.

First questions first. WP should ask MBT exactly how much is in the national reserves. Than people can make up their minds whether there is enough to be used for this purpose. I bet you MBT don't even know how much there is, but can talk cock here.

Also, MBT should also explain why his HDB was losing hundreds $ millions every year for the last few years, was he not dipping into the reserves to cover these loses than?

I doubt that MBT knows much about the Reserves. However, I feel it is slightly relevant to ask him the question. If he doesn't know how much there is in the Reserves then why is he harking so much on the Reserves? In other words, he talks too much about something he doesn't know and yet he remains silent on something that he knows and that which the majority of Singaporeans want to know and that is the cost to build HDB flats with and without land costs based on land acquisition costs.

It is a well-known fact that HDB loses money because in the accounting books, HDB pays SLA (Singapore Land Authority) for the land costs. This is why any question pertaining to the accounting books of the HDB must include connections to the SLA.

 

[Windsor]

The main issue as I see it is that the government sees home ownership as a temporary abode for Singaporeans. The mindset is:

1. Pay for the use of the roof over your head
2. You are allowed to live there for 99 years
3. You pay for all costs incurred, such as renovations, repair and whatnot
4. After you pass away, the property will revert back to HDB after 99 years. If you have kids, they can live there for those remaining years.

This is how Singaporeans should view HDB Home Ownership. Unlike a freehold property, one buys the land and what has been built on it for a sum and can claim ownership in perpetuity if it is 999 - 9999 years freehold. Your descendants can continue living there for many generations.

As a rented unit, it is a damn high price to pay taking into consideration that almost all the hard-earned money you get during your useful working life has been put into the property. In other words, the monies you earn has been absorbed by the state and your descendants are unable to enjoy most of it. Whereas in the case of a freehold property, the monies you earned to pay for your property can still be enjoyed by your descendants for generations to come.

Not many of us have the opportunity to view our freehold property, grab some sand from the ground and tell yourself, this is all mine, I own this land.

 

[wikiphile]

I doubt that MBT knows much about the Reserves. However, I feel it is slightly relevant to ask him the question. If he doesn't know how much there is in the Reserves then why is he harking so much on the Reserves? In other words, he talks too much about something he doesn't know and yet he remains silent on something that he knows and that which the majority of Singaporeans want to know and that is the cost to build HDB flats with and without land costs based on land acquisition costs.

It is a well-known fact that HDB loses money because in the accounting books, HDB pays SLA (Singapore Land Authority) for the land costs. This is why any question pertaining to the accounting books of the HDB must include connections to the SLA.

That would be crossing into ah neh's territory wouldn't it, since SLA is under the ministry of law. No wonder he can't get the answers he needs

 

[ChaoPappyPoodle]

Windsor, it doesn't matter what the government wants from us IT IS WHAT WE WANT FROM THE GOVERNMENT AND WHAT THEY PROMISED US. They promised affordable home ownership and a CPF for our pensions but both are out of reach for a majority of Singaporeans.

Wikiphile, the whole point is to specify the issues at a small area and then to bring the root cause of the issue to a larger area. This is the way to show that affordable housing and sufficient state pension funds, promises that were made and that almost every decent government makes, has been lost in the PAPpies policies to enrich the state coffers, the Reserves, at the expense of lower and middle income families.

So, we humtum HDB and then draw a straight line to SLA. Then we draw another straight line to the Reserves. Then we draw a big circle around all that we have drawn and inside this big circle we draw a big PAP logo. And then we tear off the piece of paper and throw it into the dustbin because we will vote for the Alternative Parties in GE2011 because we have had enough with living with an utterly incapable PAP government who puts their profits (Reserves) ahead of us the citizens. But you do know that they lost out on billions upon billions of dollars of our Reserves by investing and rescuing foreign banks and yet they regard using the Reserves on the citizens as a sinful act.

Is this the type of government that you want? Is this the type of people that you want to govern you and your children and their future? Do you want your children to work for 30 years just to pay their mortgages and all the while worrying that a cheaper foreign worker is waiting to come in to take your children's job at the whim and fancy of a money-crazed boss?

We deserve better and we will have better. It's as simple as voting out the PAP and starting life a fresh. We only need to replace 44 PAP MPs in parliament. If we can do more then so be it. But we must prevent the PAP from importing no less than 500,000 FTs in the next 5 years should we allow them to win this election. This is the reality. Your future has arrived today and you should take a step to ensure that the future is closer to your dreams. Only change can help you. A change of government. That change is in you and it's in your mind, your eyes and within your heart. But you must make a stand because your vote counts and your vote for the Alternative Parties is needed. Please make the change. Vote for a change. Vote for your future and that of your children.

MERDEKA from PAP!!! MERDEKA for Singapore!!! MERDEKA!!!!!!!!!!

 

[Narong Wongwan]

KNN Mabok Tan failed maths.......

He is the minister and he dun know how much a flat costs and how much downpayment needed?

MBT said this : A couple below the age of 30 needs to pay only a 5 per cent down payment for a new flat. This can come out of their CPF savings.

So a couple earning a combined $4,000 a month can work for half a year and buy a new four-room HDB flat with no cash upfront, said Mr Mah.

it doesn't add up correct. earn 4k x 6 months = 24k. 24k will give u cpf of $8640 (24k X 36% for employer + employee cpf).

$8640 cpf is the total. some will need to go into medisave n special. total nett into OA is $5040 for the 6 months. 4 room hdb now cost say $250k. 5% deposit is $12500. $5040 how to pay $12500 deposit?? MBT anyhow hamtum the figures is it?

HDB flats
If you are taking a housing loan from HDB or if you are not taking any loan, you have to pay 10% of the purchase price of the flat as downpayment. You can use your CPF savings to make the downpayment. If your CPF savings are not enough, you will have to pay the balance in cash.

from the hdb website, u need to pay 10% deposit, not 5% somemore. also if u earn 4k per mth, buy a 250k flat (loan 95%) and repayment period for 30 year, your monthly repayment is $950; your cpf mthly contribution of $850 to OA is not sufficient to cover it.

 

[ah_phah]

he talk so much about reserves, knn.. by giving themselves the unjustified increments & out of this world bonuses... they r raiding the reserves.

 

[Getloud]

The main issue as I see it is that the government sees home ownership as a temporary abode for Singaporeans. The mindset is:

1. Pay for the use of the roof over your head
2. You are allowed to live there for 99 years
3. You pay for all costs incurred, such as renovations, repair and whatnot
4. After you pass away, the property will revert back to HDB after 99 years. If you have kids, they can live there for those remaining years.

This is how Singaporeans should view HDB Home Ownership. Unlike a freehold property, one buys the land and what has been built on it for a sum and can claim ownership in perpetuity if it is 999 - 9999 years freehold. Your descendants can continue living there for many generations.

As a rented unit, it is a damn high price to pay taking into consideration that almost all the hard-earned money you get during your useful working life has been put into the property. In other words, the monies you earn has been absorbed by the state and your descendants are unable to enjoy most of it. Whereas in the case of a freehold property, the monies you earned to pay for your property can still be enjoyed by your descendants for generations to come.

Not many of us have the opportunity to view our freehold property, grab some sand from the ground and tell yourself, this is all mine, I own this land.

They can take your freehold land anytime too.

 

[zhihau]

Mr Mah believes housing will not be a make-or-break issue in the May 7 General Election.

this man ought to be hung by his balls

heard he's no longer in PAP CEC? is this information true?

 

[niigata]

IF it is really so easy, why I still don't get to choose after trying 5 times BTO for the past 1 year? huh? why MBT why?

 

[Fool_Me_Hard]

New flats affordable for most buyers, says Mah

'

This kind of fcuk face will invite people to slap him.

 

[RealSingaporean]

KNN, i bought my HDB 3 room in 2003 at 160K, at that time nobody want to buy, so i buy lor. but few month later HDB said single also can buy any type of HDB flat. KNN. Honestly now people want me to sell at 300K not yet include COV yet. but unless i migrate if not to me this 300K number or profit of 140K is for show only.
I still support WP to lower new flat price. like that our young generation will not suffer.

 

[Bigfuck]

KNN, i bought my HDB 3 room in 2003 at 160K, at that time nobody want to buy, so i buy lor. but few month later HDB said single also can buy any type of HDB flat. KNN. Honestly now people want me to sell at 300K not yet include COV yet. but unless i migrate if not to me this 300K number or profit of 140K is for show only.
I still support WP to lower new flat price. like that our young generation will not suffer.

Dear friend, it is lesser than 140K, either way. To exercise the option in either case cost you money. For the one staying in Singapore, you could actually turn out negative with renovations and other costs you failed to include. You do not qualify for anything lower than a 3 room, mind you.

 

[yellow_people]

Because it is too complicated

He is actually doing the peasants a favor by generalizing things

If not, the peasants will be smoked by the figures

WP's suggestion is bullshit. Had they honestly survey the ground, they would have known that the minorities are losing out and getting 20 to 50k less in the resale market as a result of the HDB ethnic quota. Yet there is not a peep from LTK, SL or the rest of the WP... They're objective is to pander to the popular vote of Ah Beng.

This is the reason why I urge minorities to deny WP the vote. If these charlatans are sincere about providing a check and balance, they can do so as NCMP. Let's see if these Confucian Charlatans are true to their words. I am willing to bet they are not.





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[ballsathome]

Of course i am ugly and worthless like all the other toilet slurping keling.

Can't disagree.

 

[mcsmith6]

hdb was set up with a sole mission to provide affordable housing for every citizen.

hdb unit was never meant for profiteering. hdb unit is a place for living. it's price fluctuation
should not affect flat owners.

newer hdb units are screwing buyers as a new 5rm flat is smaller than an old 3rm flat.

 

[Sperminator]

Very Simple, VOTE FOR OPPOSITION in MAH BOW TAN's WARD, and give him an early retirement.

We need a more competent minister! VOTE HIM OUT!

VOTE FOR OPPOSITION!!!

 

[Bigfuck]

hdb was set up with a sole mission to provide affordable housing for every citizen.

hdb unit was never meant for profiteering. hdb unit is a place for living. it's price fluctuation
should not affect flat owners.

newer hdb units are screwing buyers as a new 5rm flat is smaller than an old 3rm flat.

Anyone has the typical Singaporean lifetime income and expenditure graph? It helps alot

 

[Bigfuck]

hdb was set up with a sole mission to provide affordable housing for every citizen.

hdb unit was never meant for profiteering. hdb unit is a place for living. it's price fluctuation
should not affect flat owners.

newer hdb units are screwing buyers as a new 5rm flat is smaller than an old 3rm flat.

Anyone has the typical Singaporean lifetime income and expenditure graph? It helps alot.

 

[Windsor]

Well the hard truth is, MBT wants desperate Singaporeans looking for cheap HDB flats to behave like those who frequent Courts and Harvey Norman. Pay little upfront and get what you desire, but at the end of the final payment you ended up paying more than twice the value of the purchase. Whatever calculations made, we all know that the less upfront deposit means paying more interest. A $248,000 4 Room flat will eventually be fully paid after they have taken more than $500,000 either in cash or CPF after 30 years. Which leaves the buyer with little in CPF to retire with. Only fools will buy the argument that HDB is affordable.

 

[Papsmearer]

Well the hard truth is, MBT wants desperate Singaporeans looking for cheap HDB flats to behave like those who frequent Courts and Harvey Norman. Pay little upfront and get what you desire, but at the end of the final payment you ended up paying more than twice the value of the purchase. Whatever calculations made, we all know that the less upfront deposit means paying more interest. A $248,000 4 Room flat will eventually be fully paid after they have taken more than $500,000 either in cash or CPF after 30 years. Which leaves the buyer with little in CPF to retire with. Only fools will buy the argument that HDB is affordable.

Well, MBT argues that u can "monetize" your flat to fund your retirement. But he hasn't explained where u would live in your old age after you sell your flat.U have to pay rent on a fixed income, that's hard. Furthermore, he fails to mention that u only have a limited time window to sell your flat. After your flat reaches 49 years, no banks will finance it. So, any potential buyer buying your flat in say the 55 year, must pay cash, hence lowering your flat price.