Serious Breaking down the HDB scam known as Lease BuyBack Scheme (LBS) Part 1

[Papsmearer]

PAPsmearer has raised many interesting points and explained the legal issues.

However the reality is that 80% of sillipore have no choice (like in not enough money) but to buy HDB and retire in one.

Even if you can afford an EC , the next level, the price is 3 times more (eg 5 rm HDB $400k, EC 5 rm $1.2m)-so is it worth to pay 3 times more for essentially the same type of property (99 years lease) in around same location except that in EC you have condo facilities and pay 3 x the conservancy ($70 vs around $200 ++). The value of EC becoming private after 11 years is the subject of a separate argument.So I won't waste time talking about condos(leasehold/freehold) or landed .In fact I suspect most of these HDB dwellers do not even understand what document they have signed when they paid for them and the smarter ones hope to upgrade to condos/migrate ect2 when the chicken comes to roost.

End of day 80% have no choice but to buy HDB and accept whatever the HDB (or rather PAP ) decides -unless the political situation change.
Its good to highlight the potholes/weaknesses in the ministers argument (WP sleeping?)-but unless the political equation changes, it will alas be in vain.

Yes, you are right, 80% sinkie have no choice. The issue I have is that these 80% don't even know what they are buying. Its one thing to be forced to buy HDB flats, its another thing not to educate yourself as to what you are buying. Now there is shock and dismay when they start to find out that older units cannot be resold to people who need to use CPF to buy, or that they cannot en bloc their flats or that the HDB will take the flats back at the end of the lease, etc.

 

[Papsmearer]

best is pap pass a new land law and convert all land to 99 years. fair to everyone.

Who fuck care about the PAP. I am waiting for the oppo party that will state that all HDB flats will be converted to freehold if they are elected.

 

[nayr69sg]

It hasn't happened yet. But I bet many investors in 99 year leasehold private condos will also have the same "shock" when it gets closer to lease running out.

As you said Papsmearer even you don't look so far ahead as by the time 99 years you are long gone.

 

[Papsmearer]

It hasn't happened yet. But I bet many investors in 99 year leasehold private condos will also have the same "shock" when it gets closer to lease running out.

As you said Papsmearer even you don't look so far ahead as by the time 99 years you are long gone.

Not really. People who bought 99 year leasehold condos know that they have to vacate the premises in 99 years. People who "bought" 99 year HDB flats were told they were home owners and own their flats by PAP politicians. These are the ones that are in shock now when they find out they are actually renters.

 

[Charlie99]

Who fuck care about the PAP. I am waiting for the oppo party that will state that all HDB flats will be converted to freehold if they are elected.

Hopefully, that will send the PAP packing, and the opposition parties into the Parliament.

 

[mojito]

Not really. People who bought 99 year leasehold condos know that they have to vacate the premises in 99 years. People who "bought" 99 year HDB flats were told they were home owners and own their flats by PAP politicians. These are the ones that are in shock now when they find out they are actually renters.

So the difference is not day and night. QED

 

[nayr69sg]

Absolutely agree and I am with you on this.

Aye! same here!

 

[nayr69sg]

So the difference is not day and night. QED

Errr.....only people like me got only Primary 3 education only cannot see that difference is day and night. Wait papsmearer scold you hor!