Serious It's Official! Sinkies Own Their HDB Flat! Oppies, Pls Stop Spreading Lies That HDB Is A Long-term Tenancy!

[iluvgst]

the daft 70 don't realise the pigs own their freehold luxury homes. but someone comes and tell u leasehold is good and u lap it up like a dog

 

[Leongsam]

the 70 percent are nothing short of daft. a lease is a lease. u dont own it. period.

You're just being pedantic because ownership is a myth in first place. Freehold houses can be acquired by the government at short notice too and this is not unique to Singapore. It happens all over the world.

Bank accounts can also be frozen and money confiscated even before the account holder has been convicted of a crime.

We used to own our wives once the marriage certificate was signed but today they can disappear the day after the wedding and you lose half your assets.

99 years gives you "ownership" for your lifetime and this applies to everything else you own regardless of the legalities or definition of the term because once you're dead everything ceases to exist from your point of view.

What is far more important in this day and age is not "ownership" but the right to use or occupy whenever needed. Take LHL's private jet as an example he does not own it but he certainly can use it whenever he wants it. In fact the whole SIA fleet is at his disposal without him having to "own" a single share in SIA.

 

[batman1]

The greatest lie of the world.Sinkees have been lied,misrepresented and deceived for the last 50 years .
The HDB flat is not an asset but just a rental flat.The HDB is the lessor and the HDB tenant is the lessee (not an owner).
U don't have t be a lawyer to understand what is an asset .
An asset is a thing which belongs to a person and which has a value.
U DO NOT own the HDB flat,u only rent it.
Your HDB flat DO NOT appreciate in value at the end of 99 year lease,u have to return to HDB at zero value at the end of 99 year lease.
The HDB lease is a written contract for renting a HDB flat for a period against payment of a fee,it is NOT a sales and purchase agreement
between a buyer and a seller.
After the expiry of the 99 year lease,when u return the HDB flat to HDB at zero value,where will u and your family stay ?
Also do u have to sign another tenancy agreement with the HDB for another HDB flat again and be indebted (say $500,000) to the HDB again ?
Will your children afford or be able to pay for a HDB flat in the future ?
What will u do if they cannot afford a HDB flat in the future ?
These are real question for sinkees to ponder? DO NOT allow others to enrich themselves at your expense.
DO NOT let others decide your fate or u may find one day u are without a house and have to sleep at East Coast Park.

 

[iluvgst]

freehold if it's acquired u are paid market rate for your land. u cant say the same when your hdb lease ends. u get nothing.

 

[Kopi0Kosong]

we lease-own the HDB flats. that's why we pay the flat annual property tax to the govt. the pap govt makes those strange laws and screw suffering sinkies again and again.

The bulLEE is the king. The king continues to bulLEE the people. The people accept being bulLIEd. The dynasty, the king and the people - the SINgaPOORe StoLEE.

 

[Robert Half]

I think 99 years leasehold HDB flats are far more practical asset that beat off 999 years freehold private condominium

 

[iluvgst]

"We are land-scarce in Singapore, we have constraints. If we give out and sell freehold land today, everyone who buys it will be very happy, and your children and whoever you pass your land to will be very happy, but eventually, there will be those without land"
Basically who is holding on to the freehold land ? the government, the pap and their business cronies? He is acknowledging that hdb dwellers are the slum underclass and u cannot pass down your hdb to your children.

 

[Leongsam]

The greatest lie of the world.Sinkees have been lied,misrepresented and deceived for the last 50 years .
The HDB flat is not an asset but just a rental flat.The HDB is the lessor and the HDB tenant is the lessee (not an owner).
U don't have t be a lawyer to understand what is an asset .
An asset is a thing which belongs to a person and which has a value.

I'm not a lawyer but I can tell you that your definition of "asset" is not accurate.

Asset
https://www.investopedia.com/terms/a/asset.asp
What is an 'Asset'
An asset is a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide a future benefit. Assets are reported on a company's balance sheet and are bought or created to increase a firm's value or benefit the firm's operations. An asset can be thought of as something that, in the future, can generate cash flow, reduce expenses or improve sales, regardless of whether it's manufacturing equipment or a patent.

Even if your HDB flat was freehold as long as you lived in it it would not be in the"asset" column of your net worth. It would be classified as a "liability" and that is because it costs you money... parking, maintenance, cleaning to live in it.

However if you manage to rent it out and receive more in rent than your outgoings it would then become an asset regardless of whether it is leasehold or freehold.

An asset is not about ownership but about control and yield. If I have a patent on an invention and I'm earning royalties from licensing the patent to other companies then that patent is an asset. The fact that the patent will expire in 15 years does not make it less of an asset. It ceases to be an asset when the patent runs out but I controlled its usage by others during the period it was active so it was classified as an asset even though I did not own it in perpetuity.

 

[iluvgst]

they speak with forked tongues. they say singapore is land scarce blah blah so they cant give u freehold land. then in another instant they get ex URA running dog to say singapore has enough land and can easily fit a population of 10 to 20 million. they just say whatever they want for their agenda.

 

[iluvgst]

I'm not a lawyer but I can tell you that your definition of "asset" is not accurate.



Even if your HDB flat was freehold as long as you lived in it it would not be in the"asset" column of your net worth. It would be classified as a "liability" and that is because it costs you money... parking, maintenance, cleaning to live in it.

However if you manage to rent it out and receive more in rent than your outgoings it would then become an asset regardless of whether it is leasehold or freehold.

An asset is not about ownership but about control and yield. If I have a patent on an invention and I'm earning royalties from licensing the patent to other companies then that patent is an asset. The fact that the patent will expire in 15 years does not make it less of an asset. It ceases to be an asset when the patent runs out but I controlled its usage by others during the period it was active so it was classified as an asset even though I did not own it in perpetuity.

a leasehold asset is still a leasehold entity. decays to zero value at the end of the lease.

 

[Leongsam]

a leasehold asset is still a leasehold entity. decays to zero value at the end of the lease.

Again you are being pedantic and splitting hairs. Now you come up with a new term "leasehold asset" but it does not matter what you call it as long as you have control over it and it can yield a return it is an asset.

When the time comes that it can no longer provide you with a return then it ceases to be an asset in the balance sheet.

Things you own can decay to zero value too. You can buy a fancy top of the range computer today. It is yours and yours alone. Nobody else is allowed to touch it. Nobody will ever acquire it. No thief can ever steal it because it is in a top notch secure location. If the computer helps you make money because you use it for design work or you create apps and sell them or you write gaming programs then that computer is an asset.

However you know perfectly well that in 7 years time the computer will be worthless. It's value will be zero in the balance sheet... fully depreciated. It is also worthless if you tried to sell it because it will fetch pittance. You still OWN it but it certainly isn't an asset. It might become an asset again in 50 years time because has morphed into a priceless antique which collectors are willing to pay a fortune for but that is another story for another day.

 

[shittypore]

Expect PAP to tell these lesser mortals to FO, you sign on the dotted line knowing jolly well the lease is 99 yrs. Guaranteed there be no protest at HDB Toa Payoh. They promise ur CPF at 55 and scrap the Pension, later they amend the Law untill 65, at 65 still no full payment. They tell u, SEE! no protest so lesser mortals all agree with their amended law, pigs can fly.

 

[Leongsam]

they speak with forked tongues. they say singapore is land scarce blah blah so they cant give u freehold land. then in another instant they get ex URA running dog to say singapore has enough land and can easily fit a population of 10 to 20 million. they just say whatever they want for their agenda.

That is the very reason why land has to be leased out and not sold. In order to plan for population growth the urban planners need to be able to start with a clean slate in areas which need to be redeveloped. The 99 year lease means this planning can take place in an orderly manner and to a predetermined schedule.

You may not know this but when I was a kid the majority of land in Singapore was owned by a handful of millionaires who rented the land out to farms, rubber plantation owners etc. The land was freehold and could not legally be touched by the government based on the laws of the day. Large areas were slums or "kampungs" which is prettier term but did not change reality

However this situation was untenable because Singapore was growing and the government needed to bring in industry for jobs and the slums needed to be cleared and decent housing created because they were cesspits of disease, crime and decay.

The government therefore passed the land acquisition act which meant they could "legally" buy out the millionaires to the tune of a dollar an acre if I recall. We witnessed one of the most significant displays of socialism Singapore had ever seen. It was daylight robbery but it had to be done.

Without the land acquisition act Singapore would not be where it is today. It would still be a backwater.

Even if all HDB flats had freehold titles it would make no difference if the government needed the land your flat stood on. They would pay you a token sum and you'd have to move on.

So thank your lucky stars the PAP did what it did then otherwise today you'd probably be renting land from the family of Tan Lark Sye at market rate.

 

[Leongsam]

freehold if it's acquired u are paid market rate for your land. u cant say the same when your hdb lease ends. u get nothing.

You certainly do not get market rate. You get the government designated amount which often means you lose even more since you paid a premium for freehold title.

The trump card the government has is contained in this para of the land acquisitions act.

https://sso.agc.gov.sg/Act/LAA1966#pr33-

the market value of the acquired land shall be deemed not to exceed the price which a bona fide purchaser might reasonably be willing to pay, after taking into account the zoning and density requirements and any other restrictions imposed by or under the Planning Act (Cap. 232) as at the date of acquisition and any restrictive covenants in the title of the acquired land, and no account shall be taken of any potential value of the land for any other use more intensive than that permitted by or under the Planning Act as at the date of acquisition.

It's a stroke of genius on the government's part.

 

[sweetiepie]

my uncle say KNN please focus on how to be immortal or live longer first before paying too much attention on lease KNN

 

[Robert Half]

my uncle say KNN please focus on how to be immortal or live longer first before paying too much attention on lease KNN

Only a very few can see the 99 lease expiry let alone the 999 freehold expiry

 

[Kopi0Kosong]

...
However you know perfectly well that in 7 years time the computer will be worthless. It's value will be zero in the balance sheet... fully depreciated. It is ...another story for another day.

There you have it - the HDB flat WILL be worthless, ZERO value, after the end of 99 years. So the cheating LEEders should not be LYING to the people "Your flat WILL APPRECIATE'. Singaporeans will appreciate the true value - our LEADERs.

 

[batman1]

Leongsam said : I'm not a lawyer but I can tell you that your definition of "asset" is not accurate.

U are quite correct.I will elaborate further.
An asset exists when future economic benefits are controlled by a person or an entity.
Control of an asset means the capacity of the person or entity to benefit from the asset in the
pursuit of the person's or entity's objectives and to deny or regulate the access of others to that benefit.
An asset should be recognized in the statement of financial position when and only when:
(a)it is probable that the future economic benefits embodied in the asset will eventuate; and
(b)the asset possess a cost or other value that can be measured reliably.

With the above definition of an asset,I will conclude that the HDB flat is NOT an asset but just a rental flat.

 

[Kopi0Kosong]

That is the very reason why land has to be leased out and not sold. In order to plan for population growth the urban planners need to be able to start with a clean slate in areas which need to be redeveloped. The 99 year lease means this planning can take place in an orderly manner and to a predetermined schedule.
You may not know this but when I was a kid the majority of land in Singapore was owned by a handful of millionaires who rented the land out to farms, rubber plantation owners etc. The land was freehold and could not legally be touched by the government based on the laws of the day. Large areas were slums or "kampungs" which is prettier term but did not change reality
However this situation was untenable because Singapore was growing and the government needed to bring in industry for jobs and the slums needed to be cleared and decent housing created because they were cesspits of disease, crime and decay.
The government therefore passed the land acquisition act which meant they could "legally" buy out the millionaires to the tune of a dollar an acre if I recall. We witnessed one of the most significant displays of socialism Singapore had ever seen. It was daylight robbery but it had to be done.
Without the land acquisition act Singapore would not be where it is today. It would still be a backwater.
Even if all HDB flats had freehold titles it would make no difference if the government needed the land your flat stood on. They would pay you a token sum and you'd have to move on.
So thank your lucky stars the PAP did what it did then otherwise today you'd probably be renting land from the family of Tan Lark Sye at market rate.

What population growth when Singaporeans are not even replacing! There is a distinct difference between transplanting talents and just simply taking in and giving away. Only a weak or scheming ruling Party does that.

 

[bobby]

The HDB ownership concept is an excellent plan by the gahmen to use up the citizens CPF savings.

At the end of their lives....no monies will be paid out via their CPF.