HDB Deputy CEO: Flats are "within family's reach"

[temasekreview]

In a reply to queries from Singaporeans on affordability of public housing, HDB Deputy CEO Yap Chin Beng wrote a letter to the Straits Times Forum with the usual reassurance that the flats are “within a family’s reach”. (read letter here)

Echoing similiar statements issued previously by ministers and HDB officers, Mr Yap wrote:

“The Government provides generous housing subsidies. HDB flats are thus affordable by any measure. On average, first-time home buyers use only 17 to 29 per cent of household income for their loans, below the international benchmark of 30 per cent.”

Mr Yap claimed that “a first-time couple earning $4,000 a month buying a resale four-room flat at $300,000 will need only 25 per cent of their monthly income. Their Central Provident Fund (CPF) contributions ($920) will cover almost all of the instalment, with only $81 paid in cash.”

Read rest of article here:

http://temasekreview.com/?p=13582

 

[0939]

Any cash paid on top of CPF is never within families reach.

 

[chinkangkor]

Whether you use cash or CPF for HDB flat, the monies go into govt coffer.

 

[chinkangkor]

Mr Yap claimed that “a first-time couple earning $4,000 a month buying a resale four-room flat at $300,000 will need only 25 per cent of their monthly income. Their Central Provident Fund (CPF) contributions ($920) will cover almost all of the instalment, with only $81 paid in cash.”

A couple earning a combined income of $4k will need a 30-year loan to repay the HDB. Assuming they have an iron rice bowl like the PAP ministers, they will be left with nothing for retirement when they reach 60 years old.

Is this so called PAP make believe affordable essential housing acceptable? It amuses me a lot whenever I see the PAP govt in constant denial mode.

 

[alvin36]

i would like to adk him to define... WHAT IS NOT WITHIN's REACH ??

At what price than considered NOT WITHIN ?

 

[JinGanKor]

"a first-time couple earning $4,000 a month buying a resale four-room flat at $300,000 will need only 25 per cent of their monthly income. "

so even the building cost is low, they will push the price max so that it falls within 25% of their monthly income.

it is not about how much it cost to build, it is how much they can sell, and they call this public housing.

 

[TeeKee]

asking a superscaled salaryman to comment on the affordability of HDB flats is like asking any MIW who hardly (okay maybe once in a while for publicity purposes) take the public transportation system and comment that we have a world class transportation system.

 

[chinkangkor]

HDB should perhaps consider 20% of $4k household income (median) and a ten-year loan period assuming an interest rate of 2.6%, what should the price of a 4-room HDB flat be?

I believe the above formula will make public housing much more affordable.

 

[JinGanKor]

HDB should perhaps consider 20% of $4k household income (median) and a ten-year loan period assuming an interest rate of 2.6%, what should the price of a 4-room HDB flat be?

I believe the above formula will make public housing much more affordable.

that will be true affordability and genuine price for public housing.

that means they will have lower gdp, lesser salary increment and bonus, lesser money to gamble oversea.

 

[TeeKee]

i think this beat any overpriced sinkie pigeon holes anytime..with the exception of once in every few hundred years run for your lives tsunamis...if only you could live that long..

 

[takcheksian]

This reminds me:

when the chow lampar MIW take MRT for publicity purpose, there is always a big army of running dogs and police to clear the train for these VIPuppies.

Where got need to squeeze with 2000 other people in the same carriage?

asking a superscaled salaryman to comment on the affordability of HDB flats is like asking any MIW who hardly (okay maybe once in a while for publicity purposes) take the public transportation system and comment that we have a world class transportation system.

 

[Watchman]

Is this so called PAP make believe affordable essential housing acceptable? It amuses me a lot whenever I see the PAP govt in constant denial mode.

What denial mode. That's the general idea, to make you cashless and hopeless. Not to fight the regime. If you got too much free time . PAP will have handfull .

 

[mktoh]

Mr Yap claimed that “a first-time couple earning $4,000 a month buying a resale four-room flat at $300,000 will need only 25 per cent of their monthly income. Their Central Provident Fund (CPF) contributions ($920) will cover almost all of the instalment, with only $81 paid in cash.”

Read rest of article here:

http://temasekreview.com/?p=13582

CPF is RETIREMENT money. it should not be a factor in setting HDB prices.

 

[angie]

Mr Yap claimed that “a first-time couple earning $4,000 a month buying a resale four-room flat at $300,000 will need only25 per cent of their monthly income. Their Central Provident Fund (CPF) contributions ($920) will cover almost all of the instalment, with only $81 paid in cash.”

Only


.

 

[dariobadis]

"a first-time couple earning $4,000 a month buying a resale four-room flat at $300,000 will need only 25 per cent of their monthly income. "

so even the building cost is low, they will push the price max so that it falls within 25% of their monthly income.

it is not about how much it cost to build, it is how much they can sell, and they call this public housing.

bro i totally agree with you. I'm really puzzle at how they can push the HDB flat so high. Material cost or wages also don't go up high. Compare to 20years ago Hdb flat have at least go up 300%, nothing go up so much. Oh yes , there is-public transport, it goes up also almost that much. But not the salary,so how can Singaporean be happy

 

[prinzy]

Remember HDB prices were once affordable. Then we continued to vote for the PAP. WHAT HAPPENEd? They opened the flood gates let in so many FTs who competed with us Sporeans on housing and education and almost everything. Inevitably, the sudden demand for resale flats surged and prices rocketed. HDB took advantage of this and capped the new flat prices on these inflated resale price. Who can we blame? OURSELVES !!! yES, OURSELVES.... Doyou want to buy more PAP stories and empty promises? The only promise made good was when Wooden Goh promised ..... more Goodyears.... Nah, never again shall I believe the PAPs.

 

[borom]

In today's ST (pg C1 ) I'm not surprised to see the report that " When asked, the HDB did not provide the latest numbers of those who default on their housing loan repayment "
This is important public info and should be readily available-just like other data on properties.
The ST then go on to say that in "January ....buyers defaulting ..for periods of three months or longer has risen significantly ....from 5 per cent to 8 per cent of all HDB home loans" .

From HDB's silence, its easy to come to the conclusion that the figure is very large -at least 10% ?

This is a huge number and does not match the claim that HDB flats are within reach. It also shows that something is very wrong with the HDB's valuation which has reached record high during the country's worst recession.

Just wonder how many of the defaulters can't pay because they lost their jobs to foreigners?

 

[annexa]

Who is earning $4,000 a month? Or is he assuring Sinkies that our gahmen is going to set minimum wage $4,000 for all of us? HURRAY!

Please ask again at your next Meet the People session.

 

[jacobsgoh]

i would like to adk him to define... WHAT IS NOT WITHIN's REACH ??

At what price than considered NOT WITHIN ?

Most likely he was talking about flats within bus routes, therefore its within the whole family reach[arrive], in time for supper after a hard day's work.

 

[KuanTi01]

HDB Deputy CEO: Flats are "within family's reach"

Oh pleeese! talk is cheap coming from some bigshot high-salaried pussy. If flats are affordable, why is there so many curses,complaints & letters to forum, newspapers not to mention at weekly meet-the-people's sessions & at the cofeeshops. It is inconceivable that these grouses are not fedback properly to the powers-that-be. Typical self-denia!

Fyi, one only need to ask around. The most original old rundown 3rm flat in a lousy location also costs u a bomb! Where got affordable! Where got? Where got?:oIo: