GMS on his housin policy vs SDP

[Char_Azn]

 

[Cruxx]

Who is Goh Meng Seng?

 

[I_Hate_Pappies]

Who is Goh Meng Seng?

Don't waste your time on this kind of thread and that kind of person.

Quick!

http://sammyboy.com/showthread.php?99291-The-Official-TCSS-Thread/page539

 

[mojito]

He makes sense. Add an inflation index to HDB redemption of flat and all will be good.

Maybe those flats will fetch more than 5 room BTOs in the future.

 

[mojito]

Also I agree that it has to be pre-paid. There is this nagging suspicion that people will not care to maintain it because they do not own it. This could lead to the said properties devolving into a stinky tenement.

So GMS's statement is not false, it is prepaid. But prepaid is not a bad thing.

 

[Bigfuck]

GMS talk cock as usual. SDP is 99 year lease and since there is a possible of ownership transfer with modest appreciation, it cannot be pre-paid rental. Fail in concept understanding. Furthermore in upgrade works the lease period can be reset to 99 years again. NUS econs in those days must have been really lenient.

 

[GoldenDragon]

NUS econs in those days must have been really lenient.

Maybe GMS 'got road' with lady Econs prof?

 

[mojito]

GMS talk cock as usual. SDP is 99 year lease and since there is a possible of ownership transfer with modest appreciation, it cannot be pre-paid rental. Fail in concept understanding. Furthermore in upgrade works the lease period can be reset to 99 years again. NUS econs in those days must have been really lenient.

You cock-eye or I read wrongly? Ownership transfer only to HDB correct? That is why it is called NOM. Big Hole you can read or not? Price minus lease consumed. Current owners have option to convert to NOM.

Other than executive summary, I haven't had the time to read through whole thing yet. Looks promising.

 

[Bigfuck]

You cock-eye or I read wrongly? Ownership transfer only to HDB correct? That is why it is called NOM. Big Hole you can read or not? Price minus lease consumed. Current owners have option to convert to NOM.

Other than executive summary, I haven't had the time to read through whole thing yet. Looks promising.

I factored the appreciation because of upgrades that need to be carried out over the 99 years and will be done at discount. In addition, it can be used as reverse mortgage of higher value for those with no retirement security. Small fry fuck off. We know who you are.

 

[mojito]

I factored the appreciation because of upgrades that need to be carried out over the 99 years and will be done at discount. In addition, it can be used as reverse mortgage of higher value for those with no retirement security. Small fry fuck off. We know who you are.

Which part of "Purchase price minus lease consumed" do you not understand, numbskull?

ADD: Asset enhancement after construction should have no effect on purchase price. It does have an effect on valuation though. If you are saying it is asset valuation minus lease consumed, tell me then if I head HDB, why should I care to do asset enhancement for tenants?

And who are "we"? Who am "I"? HAHA! Peabrain.

 

[Bigfuck]

Which part of "Purchase price minus lease consumed" do you not understand, numbskull?
And who are "we"? Who am "I"? HAHA! Peabrain.

Blah.....ROFL. You and GMS make good buddies.

 

[Leongsam]

I admire Goh Meng Seng. He always makes sense.

 

[looneytan]

I admire Goh Meng Seng. He always makes sense.

good for him, but don't let him make other things

 

[zhihau]

I admire Goh Meng Seng. He always makes sense.

you got add to his points? :p:p:p

 

[mojito]

I admire Goh Meng Seng. He always makes sense.

He did not explain why prepaid rentals is a bad idea though. If he steps in here with his hoity toity views, I will grill him personally.

 

[Goh Meng Seng]

Without the means of benefiting from potential capital gains, most probably these people who buy these flats will not have upward mobility because by the time they want to upgrade or change flats to stay, they will not have the means to do it. They may even have problems buying another flat from HDB because they will be selling their own flat back to HDB at very low prices.

If I am going to rent the flat, I would rather pay monthly rental instead, keeping my options of moving out any time. It doesn't make any sense for me to help the "REAL PROPERTY OWNER" to pay for all cost of construction without actually owning it at all. The restrictions put on such flats are impractical to start with.

There are better policy options and you may be surprised, Hong Kong has more advanced housing policy options than Singapore.


Goh Meng Seng

He did not explain why prepaid rentals is a bad idea though. If he steps in here with his hoity toity views, I will grill him personally.

 

[tanwahp]

I am with GMS on this one, though I am blur on why the word "prepaid" is used.

As the government you can create affordable flats, but doesn't mean you let those flats stay stagnant in price. Even without market price increases, inflation will also set in. The problem comes when the buyer has an improvement in income and want to buy a condo but the gap between his flat value and the property market will be too wide by then.

Even the GIC economist who attended SDP forum thinks the flats need to be released to open market after 10 years.

 

[Scrooball (clone)]

How is GMS different from cab drivers who like to play 'political analysts' with their passengers?

 

[aurvandil]

It is PAP dogma that made "rental" a dirty word.

There is ample empirical evidence for the complete failure of the PAP housing policy. Yet our Grand Old Man can come forward and claim it is some sort of success. Until he dies, we will never be able to even consider the policy option of rental flats to solve our housing problems. Instead, our young people are forced to swallow 30 year dual income mortgages to support an increasingly profit oriented HDB.

 

[Goh Meng Seng]

Yup. In Hong Kong, public rental flats constitute a massive 30% to 40% and still growing. People will have more money for consumption or savings until they could afford their first private property.

For those on the sliding side, Hong Kong govt sold flats to those earning less than a certain amount of salary at cost without land cost. But not like what SDP has proposed. They could sell their flats in the open market, under two categories: Green card and White card. Green card holders are those with lower salary income and they do not need to top up the land cost to HK govt while those white card holders will have to pay HK govt the land cost when purchasing such flats from second hand market.

I would add an additional percentage of capital gain tax on the sellers if the price of the sales is above 100% or 150% of initial price they bought from HK govt. This will be a fair system.


Goh Meng Seng

It is PAP dogma that made "rental" a dirty word.

There is ample empirical evidence for the complete failure of the PAP housing policy. Yet our Grand Old Man can come forward and claim it is some sort of success. Until he dies, we will never be able to even consider the policy option of rental flats to solve our housing problems. Instead, our young people are forced to swallow 30 year dual income mortgages to support an increasingly profit oriented HDB.