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Leong Sze Hian wacks HDB hard at Hong Lim Park !!
- Thread starter Avantas
- Start date
Thats what happen to a friend of mine too. He bought a house, mortage to the bank, bought a new one and mortage as well. Like that, he had over 20 to 30 properties. When the 98 crisis hit, he lost all. Fled singapore as well. Banks took over all the properties.
Have not heard about since then
Is Mr Leong Sze Hian planning to contest in next election
I don't see your point in asking the question.
Many come to this forum to whine about their problems and high cost of HDB flats amongst other things, but when a gallant knight like LSH speaks up on behalf of the citizens you think he has a personal agenda. You don't deserve people like him.
Agree, they make you pay and pay for whole life. You never own anything. When you pay off your old flat, they make you take up a new one and start all over again.
The government is caught in a bind. They are caught in the very web they had spinned. They know very well that if the prices of HDB were lowered the whole housing property market will collapse. New buyers would be happy, but owners who paid higher prices before wouldd not be. Private developers would be forced to drop their prices too and perhaps sell below cost to recoup losses. Banks would not be happy as they would be caught by developers defaulting on loans. The repercussions are just far too reat. So don't dream of buying a 5room at S$70,000 even if this price is well above HDB's true cost.
When you have a Ex Traitor who is a Lawyer run the country, this is what you get.
He will reward Scholar for coming up with complex scheme, that from the surface, try to solve a problem with in return, his gov will benefit in revenue.
Just take a closer look at all their major policies, this is the golden rule.
Even the so call goodies hand out, it is timed such that it is near election.
You need to live here long enough to understand it, an outsider will think Dirty Harry is God Send.
You left out the part whereby of SG's reserve is inclusive of the land that the SG govt holds. If the SG govt reduce the land cost it will also have a direct impact on SG's reserves + the collaspe of the property mkt in SG. so How much is that worth?
In short, the goat calling the price of its own wool!
Singapore lower land prices = less reserves they own.
Minus the investments lost by Ho Jinx, are we seeing 90% of reserves gone?
i love this part. malboro tan should really wake up from his high ivory tower & see the truth.
“Every time a question is asked in Parliament - “Are HDB flats still affordable ?”. The answer is always ‘yes’. Why ? Because the average Singaporean household pay not more than 25% of their annual income for the HDB flat, therefore it is affordable. This to me is like telling you the obvious. If you cannot afford the HDB flat, will you buy it or not ?”
“Every time a question is asked in Parliament - “Are HDB flats still affordable ?”. The answer is always ‘yes’. Why ? Because the average Singaporean household pay not more than 25% of their annual income for the HDB flat, therefore it is affordable. This to me is like telling you the obvious. If you cannot afford the HDB flat, will you buy it or not ?”
I am fully aware as you are that the land cost which HDB uses to arrive at the cost of the flats is computed based on the market price, against the prudency of accounting principles. Of course this helps to inflate the cost.
Longs ago Chiam Seee Tong argued against the then corrupt Minister incharge of HDB, Teh Cheang Wan, on this point. The latter challenged CST to build at a lower cost.....a but CST was smart enough not to take. How much is a flat worth(cost)?...HDB isn't telling....but my estimates it could be around S$40K for a 5 room.
I think the HDB prices are a huge property bubble ie asset inflation bubble. The median salary is 2500 dollars per month (based on the jobs credit scheme); that makes the median household income at 5,000 dollars assuming both husband and wife are working. At 60,000 dollars per annum household income and a 5 room HDB at 500,000 dollars, that works out to an affordability index of 8.3 times of annual income.
Note what MP Dr Lim mentioned recently in parliament, that decades ago someone could pay for their flats with something like 15-25 months of pay, which works out to 2 times of annual income.
Now at 8 times of annual income, that is unaffordable even by US or european lending standards. We can claim lower direct taxes compared to US and Europe, but our indirect taxes aren't low - such as GST, COE, ERP, petrol tax, Maid levy, Means-testing, utilities tariffs.
Moreover, i am just talking about affordability index based on HDB, which is supposed to be subsidized mass market housing. Not even talking about private property, another bubble fuelled by the deferred payment scheme and global leveraging on cheap money, both things of the past now.
Moving forward, the possible ways to manage this asset inflation economy is to 1. allow for wage increases - unlikely cos the government wants us to be competitive for MNCs to setup business here 2. allow for lower property prices- unlikely cos the government as the biggest landlord and property owner will not let prices drop like a rock. Guess we the working class are cooked.
Note what MP Dr Lim mentioned recently in parliament, that decades ago someone could pay for their flats with something like 15-25 months of pay, which works out to 2 times of annual income.
Now at 8 times of annual income, that is unaffordable even by US or european lending standards. We can claim lower direct taxes compared to US and Europe, but our indirect taxes aren't low - such as GST, COE, ERP, petrol tax, Maid levy, Means-testing, utilities tariffs.
Moreover, i am just talking about affordability index based on HDB, which is supposed to be subsidized mass market housing. Not even talking about private property, another bubble fuelled by the deferred payment scheme and global leveraging on cheap money, both things of the past now.
Moving forward, the possible ways to manage this asset inflation economy is to 1. allow for wage increases - unlikely cos the government wants us to be competitive for MNCs to setup business here 2. allow for lower property prices- unlikely cos the government as the biggest landlord and property owner will not let prices drop like a rock. Guess we the working class are cooked.
Now at 8 times of annual income, that is unaffordable even by US or european lending standards. We can claim lower direct taxes compared to US and Europe, but our indirect taxes aren't low - such as GST, COE, ERP, petrol tax, Maid levy, Means-testing, utilities tariffs.
what u mention is peanuts. the real indirect taxes are the lost income from CPF investments that are mandatorily placed with the govt. The govt. takes your CPF money, invests it, and claims to receive 9% annualized return, yet they pay you 1.5-2% interest rate. The difference is an indirect tax. The other biggie is HDB flat. The govt. pays $50K to $80K to build a flat depending on the size, but charges you $250K to $450K. The diff is also an indirect tax.
what u mention is peanuts. the real indirect taxes are the lost income from CPF investments that are mandatorily placed with the govt. The govt. takes your CPF money, invests it, and claims to receive 9% annualized return, yet they pay you 1.5-2% interest rate. The difference is an indirect tax. The other biggie is HDB flat. The govt. pays $50K to $80K to build a flat depending on the size, but charges you $250K to $450K. The diff is also an indirect tax.
I hope he does contest in the next GE, as an opposition candidate.
Singapore needs people like him to keep the pap on their toes.
