The CPF-HDB scam and how to defeat it

[tobelightlight]

Condo with 99 years lease is completely different form HDB it it has a strata title and stands to gain from En Bloc sale whereas HDBs has ZERO strata title (but forced to pay for land costs, LOL) and if HDB kernah Enbloc are only given ranjiao VER/SERS which is worse off as most residents are forced to move to less convenient location or forced to top up the different or cough out more monies so more, LOL.

This is why HDBs are a very xiasuay toxic 'asset' like a long-term rental which must be avoided at all costs, LOL.

You sounded very vaccinated.

 

[k1976]

in amerika the rockefeller rule advises young couples earning high incums to get insurance each for $1m from reputable life insurance companies and pay premiums aggressively in the early years to avoid spending spare cash on unnecessary luxury items, trips and events such as sexpensive concerts, jewelry, and sports cars. early premiums for at least the first 6.9 years can help build enough funds in the policy to amass yields especially when insurance policies in amerika are tied to investments. benefit is that when sumtin happens to couple their kids have immediate protection, and payouts are tax-free too. nonetheless, when couple grow older at retirement, they can tap into their policies for monthly annuity payments like a hybrid pension until they die. they can still have their $1m life insurance each for their kids or beneficiaries in case they die. if they put the benefits into a family trust they stay there for future generations. their kids can tap into the payouts and benefits by drawing monthly stipends from the trust fund without withdrawing the whole lumpsum and burning all in a stupid fit. this can be prepared and enforced in the trust. if the kids are smart and frugal like their parents they can have $1m policies of their own and put those policies in the same family trust (or foundation). some sextended families with grandkids and great grandkids already have over $6.9m in the trust. and if they build on it for a few more generations it bloats to $69m. and almost all the benefits and payouts are tax-free. this is how wealthy families in amerika build generational wealth. their descendants are grateful and have few financial worries in the future for what their forebears have done.

All can be easily "resolve" by annual inflation

 

[True Believer]

The CPF and HDB scam is even worse then that. I can tolerate it if it's a tax. But its designed to be an asset depletion scheme. i.e. the govt drains your retirement savings into a HDB flat that eventually is worthless.

S'poreans don't actually own anything in our own country unless we buy a private property.
Our HDB flat is leased for 99 years if you buy it from the Housing Board.
Our car is leased for 10 years.

 

[Scrooball (clone)]

How is it a scam? You know the price, u know the duration of ownership and u willingly go through the whole intricate process to buy!

The scam is pretending to be scammed and then going around shouting !

 

[Eisenhut]

S'poreans don't actually own anything in our own country unless we buy a private property.
Our HDB flat is leased for 99 years if you buy it from the Housing Board.
Our car is leased for 10 years.

Tiagong even graves at bukit brown cemetery 15 yrs nia

 

[eatshitndie]

sinkies like lab rats and organisms in a petri dish are conditioned by their confined environment. much like hongkangers, whole life is about getting an education in order to land a good paying job to get married and buy a home. for hongkangers lagi worse. always concerned about getting a home larger than 699 sq ft. 69% of a conversation with a hker are about comparing home size and price.

 

[laksaboy]

Tiagong even graves at bukit brown cemetery 15 yrs nia

Don't forget to pay the rent at the columbarium. And the more 'accessible' slots cost more.

 

[eatshitndie]

Don't forget to pay the rent at the columbarium. And the more 'accessible' slots cost more.

there’s upselling and atas pricing even in death and funerals. goondu sinkies will pay higher prices due to face and keeping up with the lees and tans. $36.9k for a niche, $6.9k for a spirit or memorial tablet, $16.9k angpow money to temple or private columbarium for upkeep and prayers.

 

[Papsmearer]

Thats why i move out of Singapore. I let my cpf be drawn down by monthly instalment. Dont fkin believe in this ponzi scheme

Cpf is fkin tax on low earners! Imagine almost 30% of income goes to cpf

U let your CPF be drawn down monthly against your will? Are you stupid? U one of those kiasu sinkie? Just fucking renounce your sinkie citizenship and take all your CPF out. And bring it to whatever country you moved to. Why give the PAP even one single dollar? I don't understand this kind of stupid logic.

 

[Papsmearer]

Correct, CPF is only a scam as long as you stay at ranjiao low-ses HDB housing, a very xiasuay 'housing' with zero strata title and yet forced to pay land costs to HDB to SLA, LMAO.

Hence I'm staying in a Condo with a strata title and can huat big big in the event of an En Bloc sale.

Never ever stay in HDB once you can afford to upgrade to private housing.

Yes and no. Yes to always buy private property. But it depends on the type of private property. I personally only buy freehold. I don't care if its 999 or 99 private, I just would not buy it. U can huat big if there is an en bloc, even if you buy a 99 year condo. But the reality is that en bloc rage is long over, and even when it was in full force, it was hard to en bloc. You look at Horizon Towers in Leonie Hill rd., very prime property for en bloc. And got a lot of owners want to sell, but others holding out, and in the end, end up in court. Now, 5th try at en bloc. Its a bloody mess.

When you say CPF is a scam only for low SES living in HDB flat, nothing can be further from the truth. If you buy private property, look at who is the developer. Is it Capitaland, Keppel Land, SPH etc. These are all GLCs. They are nothing better then HDB dressed in a business suit. Your CPF can also be used to buy their 99 lease flats. No different then if you used it to buy HDB. They still make obscene profit from you because the underlying land that your private flat is located on was stolen by the PAP under the Land Acquisitions Act, and therefore, their cost of land, direct or indirect is much lower then a real private developer will have to pay. You have just paid triple price to a GLC developer, and the PAP allow you to use your CPF for down payment and monthly payment. And so in the end, you are still depleting your retirement into a govt housing scheme.

And yes, never stay in HDB if you can upgrade to private. But be mindful of the type of private you are upgrading to.

 

[Papsmearer]

Condo with 99 years lease is completely different from HDB as Condos have a strata title and stands to gain from En Bloc sale whereas HDBs has ZERO strata title (but forced to pay for land costs, LOL) and if HDB kernah Enbloc are only given ranjiao VER/SERS which is worse off as most residents are forced to move to less convenient location or forced to top up the different or cough out more monies some more, LOL.

This is why HDBs are a very xiasuay toxic 'asset' and only siao lang would spend so much money on a long-term rental 'property' with no strata title, low ceiling, no security and facilities, LOL.

https://blog.icompareloan.com/99-year-leasehold/

99 year leasehold properties – Are HDB and condos one and the same?​

" Since the issue of redevelopment is topical it is necessary to differentiate condos and hdb flats since both are on 99year leased land. In the case of private condos, many are on 99year leases but all the units have a strata title.

A strata title defines the unit size and its undivided share of the land. For example, lets say there are 100 units in the condo, therefore each unit strata owner has a 1/100 share of the land should the condo be enblocked to a new developer. Say there are 50 years left of the lease.

The new developer pays to SLA a top-up sum based on a formular to bring the lease back up to its original 99year tanure status. Usually developers do enblock purchases because URA has assigned increased plot ratio. This enhanced plot ratio is a previlege that has to be purchased. It is not an entitlement. In the case of HDB flats 'owners' have only purchased a 99year lease. They have no share of the land unlike private condos sold under strata title.

The simple difference is one is a strata title and the other is only a lease even though both lands are 99year leases. It will be interesting how the compensation will be computed in VERS. "
----------------

This article you quoted from icompareloan.com is a lancheow article. Whoever wrote it knows shit about the property ownership types at all, In fact, these kinds of fucktards who write this article, is dangerous because they give wrong info.

This fucktard says in a leasehold condo owner owns 1/100 share of the land if the property had 100 units. Not true. They don't own the land whatsoever. The land is owned by the lessee. The entity that leased the land to them for 99 years. What they own is the 4 walls in which their unit is located. They own 1/100 of the building structure. Not the land. Yes, they can be en bloc because all the owners own the building, and if they decide to sell the entire building to a developer, they can do it.

 

[k1976]

https://fortune.com/2023/10/18/bank-of-america-brian-moynihan-consumers-beginning-slow-spending/

AMDK CEO say consumer will feel the pain de woh?

 

[blackmondy]

Everything from Piss And Poop is a leegalized scam. Period.

 

[Eisenhut]

First thing first. What is the scam? How do you identify it?

Background - Once upon a time when the HDB started building flats and into the early to mid 80s, the HDB rule was that if you bought the flat from them, and you don't want it anymore, you must sell it back to them at the same price you paid. This eliminated any speculation and kept the price of the flat low. Correspondingly at the same time, the PAP realized that CPF deposits were rapidly increasing, and at some point down the road, must be repaid to the plan holders. In fact, if you look at the list of most indebted govts in the world, Singapore is high on the list because most of this debt is owed to CPF, since the govt borrows heavily from CPF.

SO the hakka jew Old Fart had to rack his brains. The question is "How can the govt avoid paying back as much of the CPF as possible to the peasants, and how can they keep as much of it for themselves to squander on Stomachsick Holdings and GIC?"

Some brilliant scholar suggested to decouple the flats from HDB and let them be traded like private properties. Eg, getting loans from banks, etc. This enabled them to artificially raise the price of the HDB flats, to eventually the sky high levels you see today. At the same time, they knew that sinkies would not be able to afford the new flats, so they allowed the use of CPF both for the down payment and more importantly for monthly payments of the housing loan. Which jackass would encourage their citizens to use their retirement money for money rent payments? Apparently the PAP. This is killing 2 birds with one stone. On the one hand, they can raise the price of HDB flats and earn more money. And on the other hand, they can make the peasants deplete their CPF to pay for the flats, and hence have less money to pay back to the peasant at retirement.

How to defeat this scam?

The most proven way I have seen is to simply treat all your CPF as current account. In other words, treat it like your normal every day account. Every month, your contributions go in from your employer and yourself, and your housing loan goes out. If you want to use it for term life insurance, also can. You can also use it to pay for your education or your children and siblings education. Do what u can to deplete it, so that it matches your monthly contribution. Don't forget, all these expenses, in any rational thinking country would be treated as current or household expenses. So, at the end of the day, the main object is to use up all your monthly CPF or more.

How do you then get a pension and retirement income?

A class mate of mind had the foresight to buy into an insurance product went she started working. Every month, she contributed to it. Even when times were hard financially for her, she would still pay it monthly. After 35 years, she collected a lump sum from it. She said it was close to $1 million. And its free from any restrictions, like minimum sum or what ever shit. She could have chosen to collect a monthly sum until the day she died. Or collect a monthly sum up to a certain age. There are many insurance companies that sell such products. They have many names for them, eg, annuity, life variable annuity, etc. and the variations are wide. But the end result is that you get a significant lump sum or monthly payment when you are retirement age. In her case, her insurance product turned out to be much more profitable then the CPF OA if she had left the money in there.

In civilized countries without so many gongkias, monthly expenses like rent is paid with after tax dollars, not with retirement funds. So in the Singapore case, you have to reverse that. This is how you play and beat the game. Does it take discipline, yes. You have to make that monthly payment to the insurance company. But It works.

PAP partially close that loop hole liao with Special Account and Medisave. These remain locked up

 

[k1976]

This article you quoted from icompareloan.com is a lancheow article. Whoever wrote it knows shit about the property ownership types at all, In fact, these kinds of fucktards who write this article, is dangerous because they give wrong info.

This fucktard says in a leasehold condo owner owns 1/100 share of the land if the property had 100 units. Not true. They don't own the land whatsoever. The land is owned by the lessee. The entity that leased the land to them for 99 years. What they own is the 4 walls in which their unit is located. They own 1/100 of the building structure. Not the land. Yes, they can be en bloc because all the owners own the building, and if they decide to sell the entire building to a developer, they can do it.

Ultimately, all land belongs to GOV de woh

 

[Loofydralb]

First thing first. What is the scam? How do you identify it?

Background - Once upon a time when the HDB started building flats and into the early to mid 80s, the HDB rule was that if you bought the flat from them, and you don't want it anymore, you must sell it back to them at the same price you paid. This eliminated any speculation and kept the price of the flat low. Correspondingly at the same time, the PAP realized that CPF deposits were rapidly increasing, and at some point down the road, must be repaid to the plan holders. In fact, if you look at the list of most indebted govts in the world, Singapore is high on the list because most of this debt is owed to CPF, since the govt borrows heavily from CPF.

SO the hakka jew Old Fart had to rack his brains. The question is "How can the govt avoid paying back as much of the CPF as possible to the peasants, and how can they keep as much of it for themselves to squander on Stomachsick Holdings and GIC?"

Some brilliant scholar suggested to decouple the flats from HDB and let them be traded like private properties. Eg, getting loans from banks, etc. This enabled them to artificially raise the price of the HDB flats, to eventually the sky high levels you see today. At the same time, they knew that sinkies would not be able to afford the new flats, so they allowed the use of CPF both for the down payment and more importantly for monthly payments of the housing loan. Which jackass would encourage their citizens to use their retirement money for money rent payments? Apparently the PAP. This is killing 2 birds with one stone. On the one hand, they can raise the price of HDB flats and earn more money. And on the other hand, they can make the peasants deplete their CPF to pay for the flats, and hence have less money to pay back to the peasant at retirement.

How to defeat this scam?

The most proven way I have seen is to simply treat all your CPF as current account. In other words, treat it like your normal every day account. Every month, your contributions go in from your employer and yourself, and your housing loan goes out. If you want to use it for term life insurance, also can. You can also use it to pay for your education or your children and siblings education. Do what u can to deplete it, so that it matches your monthly contribution. Don't forget, all these expenses, in any rational thinking country would be treated as current or household expenses. So, at the end of the day, the main object is to use up all your monthly CPF or more.

How do you then get a pension and retirement income?

A class mate of mind had the foresight to buy into an insurance product went she started working. Every month, she contributed to it. Even when times were hard financially for her, she would still pay it monthly. After 35 years, she collected a lump sum from it. She said it was close to $1 million. And its free from any restrictions, like minimum sum or what ever shit. She could have chosen to collect a monthly sum until the day she died. Or collect a monthly sum up to a certain age. There are many insurance companies that sell such products. They have many names for them, eg, annuity, life variable annuity, etc. and the variations are wide. But the end result is that you get a significant lump sum or monthly payment when you are retirement age. In her case, her insurance product turned out to be much more profitable then the CPF OA if she had left the money in there.

In civilized countries without so many gongkias, monthly expenses like rent is paid with after tax dollars, not with retirement funds. So in the Singapore case, you have to reverse that. This is how you play and beat the game. Does it take discipline, yes. You have to make that monthly payment to the insurance company. But It works.

It is easier to look at CPF as a Ponzi scheme.
And all Ponzi schemes will collapse eventually.
That is why my repeated reminders for Singaporeans to migrate and take out yr CPF.
Do it fast because just like every Ponzi, whoever exits first is safe. There is no immunity to the economy wide collapse even if you're rich.
When PAP sees too much withdrawals and lesser and lesser money they hold, they will change the rules to prevent you from withdrawing it.
Don't say you not warned.

 

[ChinaCommunistSG]

What I know is government is short of cash to return cpf to us and so they start to sell very expensive hdb

 

[ChinaCommunistSG]

A bunch of near retiring aunties and uncles once told me that if younger people don’t pay for more GST and higher hdb, government will never be able to pay cpf to them

 

[ChinaCommunistSG]

Graceful talks about sustainability but she never talk about GST and hdb sustainability. All GST and hbd will up up up to the sky

 

[oliverlee]

They have turned the housing lease into another commodity that is traded like stocks and shares on the market. The idea was never to give you a comfortable roof over your head, but to monetise infrastruture. The lie came out of Woody's bid to engender a Swiss standard of living by artificially raising the value of public housing, and it has succeeded. Sinkies are asset and paper rich, but abysmally skint when it comes to real money.