Malaysian FT admitted to causing HDB prices escalation- Leong ZH

[tun_dr_m]

http://malaysiakini.com/news/139495

Why M'sians are snapping up HDB flats


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COMMENT The Federal Territory of Kuala Lumpur is offering public housing to help those from the lower-income bracket own houses in line with Prime Minister Najib Razak's 'People First, Performance Now' commitment.

Across the Causeway, Malaysian permanent residents (MPRs) in Singapore are snapping up second-hand Housing Development Board (HDB) flats like nobody's business. While there are no official figures on how many HDB flats are owned by MPRs, anecdotal evidence seems to suggest that...

 

[kingrant]

What a joke! Singaporeans are also snapping up landed property in the Iskandar region and western suburbia of Johor after the 2nd link.

 

[xdecepticon]

If not mistaken the Msian govt only allocated 10 or 15% to foreign buyers. Whereas in sillypore, theres no limits to numbers of MPRs buying HDB resale flats. Hmmm......

 

[khunking]

Great observation.

If not mistaken the Msian govt only allocated 10 or 15% to foreign buyers. Whereas in sillypore, theres no limits to numbers of MPRs buying HDB resale flats. Hmmm......

 

[Equalisation]

What's happening ??

Jobs go to foreigners, houses also swallowed up by them, school places also taken up by them ......

Help !! We are under siege in OUR own country !!!

 

[VeryWise]

I have talked to a few of my foreign friends and colleagues on this. Most would buy a resales flat if they can afford it as it makes a lot of sense.

For example one colleagues of mine, an Indian. He is paying S$1600 for a 3-rm flat every month in rent for his family of 4. He got his PR just 2 years ago and is waiting for his CPF to grow. He is also been saving as much as possible and might be asking his parents in India for a family loan. He reckon he should have enough to settle the down payment and COV by mid of next year. Why he needs a flat? If he is staying in Singapore for 10 yrs, the amount of rent he will have paid is 192K, non-returnable. He calculated that getting a flat even the upfront costs are higher, the long term return is better. He believes even if he sells the flat eventually for a tiny profit, says 30K to 50K, he would have been able to retire comfortably in his village in India. Moreover, they will give up their PR and withdraw all the CPF. His very simple calculation - a home at 250K, sold 300K...just that amount is good for him to buy a larger home and start a small business.

I guess one thing Singaporean will loss out is the option of retiring in a cheap countryside withing the country. Probably a lot will suggest selling your flat, give up your citienship and move to say Batam, Thailand or JB. But it's still a sad situation because Singapore will just be like a "hotel".

 

[manokie]

I guess one thing Singaporean will loss out is the option of retiring in a cheap countryside withing the country. Probably a lot will suggest selling your flat, give up your citienship and move to say Batam, Thailand or JB. But it's still a sad situation because Singapore will just be like a "hotel".

Get an gd education and career and move to EU, US!

 

[VeryWise]

Get an gd education and career and move to EU, US!

The ellites and higher mortals maybe. For average, ordinary citizens, it will be difficult. Not impossible but just having a bigger barrier.