The HDB/CPF Scam – How the PAP perpetrated the biggest swindle in modern times

[kopiOuncle]

I am appalled by your utter stupidity.
You make assumptions with no basis. For eg, are you not aware than most sinkees reaching the prime of their career are replaced by foreigners. That is the end of their decent paying jobs. Their second career pays pittance in comparison. Like that, how to pay off HDB mortgage? So, don't bullshit, okay.
Another eg. ...save for retirement ...if that is even possible ...if it is possible, then sinkees won't have a problem of insufficient funds for retirement ....PAP won't raise minimum sum ....it is because most of sinkee's cpf is taken by HDB that the problem of insufficient savings arise.

We not stupid ...we should toss the PAP out and sycophants like you should be sent to ISIS for 'treatment'.

your appalling response is truly appalling
tell me how many singaporeans who reach their prime of their career are replaced by foreigners
give me the figures
I tell you nobody is replaced by foreigners
the company renovate, relocate, down-size and upgrade
some casualties are inevitable...so your assumption is bloody false...haha calling yourself stupid

if you reach 40 and you have not paid up your HDB mortgage loan, you are a failure
those whom I know , ordinary singaporeans, have already finished paying their loan'
happily sitting on their million golden egg ready to hatch
earning dividends and enjoying the good life - thanks to the hdb/cpf coupling brilliance..
your assumption is again making you looking damned stooped...haha..you shoot yourself again...

some got second career - which pays well with cpf
the extra money is all savings....unless you are an idiot who don't want to work
or fuck around doing nothing but scanning sammyboys for fun and entertainment
those with second career are doing well and some even better than their first - all pure cash and solid
those who do not make it are failures - and there is nobody but themselves to complain....so you make yourself looking so stupid indeed

for those uncles and aunties who do not want to work at all
they are enjoying their monthly payout by the benevolent and wealthy cpfb
every month got money to spend plus their untouched cash in the bank
how wonderful - making at least five travels a year round the world
one grandauntie told me she can afford a five times Alaskan cruise..with all her savings and cpf monthly cash payouts

again you are wrong...many PIONEERS are having a good life!!!!
the assumption that Singaporeans are suffering is totally rubbish!!

just open your eyes and look around .....again your assumption that I am stupid indeed a reflection of your utterly appalling stupidity

tiok boh tiok ???

 

[Papsmearer]

Enough people can afford them. That's why Duxton HDB apartments can continue to sell at $1M, you pedophile.

I repeat: The problem is with sinkies wanting to buy HDB cheap, and then resell them for a hefty profit on the resale market.

To achieve this object, sinkies, especially opposition supporters, lie brazenly that HDB prices for first-timers are too way.

People cannot afford them, but they don't have a choice. there was a report some years back that 33,000 HDB flats are in mortgage default. That is a 8% rate of default. Very high.

http://singaporemind.blogspot.ca/2008/11/33000-default-on-hdb-loan.html

In 2006, only 2733 HDB flats were constructed, in 2007 that number was 5,063, and in 2008 only 3,154 flats were build. How can such small numbers be build when there were huge influx of FTs turned PRs/citizens that needed housing and for the local domestic demand. Some reports indicated the govt. gave out 20,000 new citizenships a year and over 30,000 new SPRs. That is over 50,000 FTs on the market looking for housing competing with the local singaporeans. The shortage of housing units in an environment of rapidly increasing population resulted in a huge pent up demand. Who wants to pay $600K or more for a flat if they can get a new one for $300K or less. the problem was that they weren't building any new ones. FTs allowed in, with good jobs stolen from singapore brought their speculation mentality with them and increased the prices in the hopes of speculating on capital gains. Local singaporeans were just victims of all these confluence of events and had no choice but to pay the high prices. To say they can afford to or wanted to is erroneous, given the default rate and lack of options to them.

Even after buying a flat for $600,000 or more. Its almost impossible to speculate on it. You have to satisfy the 5 year MOP for new flats and even resale flats now have between a 3-5 years MOP. that is not speculating. Speculators make money on turning over as many properties as they can in a short a period of time as possible. The question always remains after you sell your flat, where will you live? If you profited from a sale, the chances are that the next flat you move into will be more higher priced and wipe out most of your capital gains.

Points to consider. Just because people are buying expensive flats does not mean they are rich. many are barely scraping to buy it and many default on the mortgages. Also, they may not have had a choice as the price was driven to that level and that no new flats were available.

 

[JohnTan]

People cannot afford them, but they don't have a choice. there was a report some years back that 33,000 HDB flats are in mortgage default. That is a 8% rate of default. Very high.

http://singaporemind.blogspot.ca/2008/11/33000-default-on-hdb-loan.html

In 2006, only 2733 HDB flats were constructed, in 2007 that number was 5,063, and in 2008 only 3,154 flats were build. How can such small numbers be build when there were huge influx of FTs turned PRs/citizens that needed housing and for the local domestic demand. Some reports indicated the govt. gave out 20,000 new citizenships a year and over 30,000 new SPRs. That is over 50,000 FTs on the market looking for housing competing with the local singaporeans. The shortage of housing units in an environment of rapidly increasing population resulted in a huge pent up demand. Who wants to pay $600K or more for a flat if they can get a new one for $300K or less. the problem was that they weren't building any new ones. FTs allowed in, with good jobs stolen from singapore brought their speculation mentality with them and increased the prices in the hopes of speculating on capital gains. Local singaporeans were just victims of all these confluence of events and had no choice but to pay the high prices. To say they can afford to or wanted to is erroneous, given the default rate and lack of options to them.

Even after buying a flat for $600,000 or more. Its almost impossible to speculate on it. You have to satisfy the 5 year MOP for new flats and even resale flats now have between a 3-5 years MOP. that is not speculating. Speculators make money on turning over as many properties as they can in a short a period of time as possible. The question always remains after you sell your flat, where will you live? If you profited from a sale, the chances are that the next flat you move into will be more higher priced and wipe out most of your capital gains.

Points to consider. Just because people are buying expensive flats does not mean they are rich. many are barely scraping to buy it and many default on the mortgages. Also, they may not have had a choice as the price was driven to that level and that no new flats were available.

If people find resale HDB overpriced, they can choose to rent and not buy. Given enough pressure, sellers have to lower their prices in order to sell. It's free market forces. PAP does not dictate to you what price to buy or sell your HDB flat.

It is possible to profit from resale flats. A number of my peers have done so. So have I. After selling our apartments for over $750k, we could opt to move from a central location to a less popular location. The difference in resale flat prices could be as much as $200k. If the sinkie seller managed his finances properly, having an extra $200k could make his retirement a lot more comfortable.

There are also sinkies who rented out their flats for $2000 a month. Some are lucky to have found tenants wiling to pay that sort of money for 4-5 years, which would meant the sinkie landlord would have collected $120,000 in rental over 5 years, around 1/3 of his BTO price. BTO prices work out to be about an average of $$300 a month in rent for 99 years - $356k for BTO flat. That is pretty cheap as compared to what sinkies expect their own tenants to pay; close to $2k a month.

There's enough evidence to show that sinkies are whining about HDB flats not because it is unaffordable, but that they just want to maximize their own profit by buying HDB flats cheap and tend selling them high. It's all about their own personal gain. For the defaulters, there could be a lot of reasons why they defaulted, ranging from poor financial planning to sudden loss of job.

 

[Papsmearer]

If people find resale HDB overpriced, they can choose to rent and not buy.

There are also sinkies who rented out their flats for $2000 a month. Some are lucky to have found tenants wiling to pay that sort of money for 4-5 years, which would meant the sinkie landlord would have collected $120,000 in rental over 5 years, ordable, but that they just want to maximize their own profit .

Nice try. all your points are are just plain stupid. Most people cannot qualify to rent a flat from HDB. They cannot have a household income over $1500. And the number of rental HDB flats are small anyway. SO, this route of trying to rent from HDB is not possible. If they rent from an existing flat dweller, you just said it, they have to pay $2000 or more and the money goes into the pocket of the landlord. And because this $2000 rental comes out of net income and not CPF, its more financially restrictive than a buying a HDB flat whose monthly mortgage payments come out of CPF. And $2000 is cheap, there are many flats asking for more then that in rental. Therefore, renting is not possible or palatable.

You have not answered where these people who have rented they flats out are living. Firstly, they can rent it out without HDB permission, which means they are renting it out illegally. Secondly, they have to live somewhere else if the rent out their flat. where would this be and how much would it costs them? If they are living in a private property, then they are not supposed to own a HDB flat. they have to sell their HDB flat within 6 months of owning the private property. Therefore, these landlords you speak off are breaking the law again.

 

[Papsmearer]

It is possible to profit from resale flats. A number of my peers have done so. So have I. After selling our apartments for over $750k, we could opt to move from a central location to a less popular location. The difference in resale flat prices could be as much as $200k. If the sinkie seller managed his finances properly, having an extra $200k could make his retirement a lot more comfortable.

.

The days of making this kind of money are over. In your example, people who made $200K from a $750K sale are people who bought their flats in the 70s, 80s, etc when the prices were $150K or less. These are people in the late 40s to 60s. In the current generation, its impossible for them to make this kind of money. A new flat in a new estate is between $250K to $400K. Add another $50K in renos. For them to sell it for $750K will require many decades of appreciation. Those that paid more like $700K and above will have to sell for over $1 million. For the newer generation who paid 300% more for their flats then their parents did, your scenario does not apply to them.

 

[JohnTan]

Nice try. all your points are are just plain stupid. Most people cannot qualify to rent a flat from HDB. They cannot have a household income over $1500. And the number of rental HDB flats are small anyway. SO, this route of trying to rent from HDB is not possible. If they rent from an existing flat dweller, you just said it, they have to pay $2000 or more and the money goes into the pocket of the landlord. And because this $2000 rental comes out of net income and not CPF, its more financially restrictive than a buying a HDB flat whose monthly mortgage payments come out of CPF. And $2000 is cheap, there are many flats asking for more then that in rental. Therefore, renting is not possible or palatable.

You have not answered where these people who have rented they flats out are living. Firstly, they can rent it out without HDB permission, which means they are renting it out illegally. Secondly, they have to live somewhere else if the rent out their flat. where would this be and how much would it costs them? If they are living in a private property, then they are not supposed to own a HDB flat. they have to sell their HDB flat within 6 months of owning the private property. Therefore, these landlords you speak off are breaking the law again.

Sinkie citizens who first buy HDB flats are allowed to buy private property after the MOP. This is one of the benefits of being a citizen. SPRs are not given this privilege.
http://www.hdb.gov.sg/fi10/fi10325p.nsf/w/PrivatePtyOverview?OpenDocument

The days of making this kind of money are over. In your example, people who made $200K from a $750K sale are people who bought their flats in the 70s, 80s, etc when the prices were $150K or less. These are people in the late 40s to 60s. In the current generation, its impossible for them to make this kind of money.

It ain't over yet. There is a significant price differential between apartments in central areas like Bukit Merah, Queenstown and Toa Payoh, as compared to fringe places like Jurong West, Sembawang, Woodlands, Punggol and Simei. 10-15 years ago, sinkies were already complaining that property prices were too darn high. But yet if they had bought, they would have been laughing their way to the bank. It is the same now.

If you feel otherwise, feel free to wait till the 'property bubble' bursts, and then capitalize on it to make your fortune.

 

[frenchbriefs]

Sinkie citizens who first buy HDB flats are allowed to buy private property after the MOP. This is one of the benefits of being a citizen. SPRs are not given this privilege.
http://www.hdb.gov.sg/fi10/fi10325p.nsf/w/PrivatePtyOverview?OpenDocument



It ain't over yet. There is a significant price differential between apartments in central areas like Bukit Merah, Queenstown and Toa Payoh, as compared to fringe places like Jurong West, Sembawang, Woodlands, Punggol and Simei. 10-15 years ago, sinkies were already complaining that property prices were too darn high. But yet if they had bought, they would have been laughing their way to the bank. It is the same now.

If you feel otherwise, feel free to wait till the 'property bubble' bursts, and then capitalize on it to make your fortune.

but if the "property bubble" bursts,many sinkies will feel terribly betrayed when they are told the vast sums of wealth they have invested turns out to be a ponzi and vanished into thin air,ur PAP will be irrevocably damaged and all the IBs will be out of a job.is that a fate u wish to happen?better keep the floodgates open and the SG50 goodies flowing,for when the musical chairs stops,the banks,the government,you and i will be left holding the biggest bag of noxious excrement ever in the history of finance circa 17th century!!!!!it will be the great depression in Singapore!!!!

 

[kopiOuncle]

how many times have we heard about the bubble burst bubble burst burst
and all those idiots have all missed the boat
and those who had missed the boat are whining now
accusing others of cheating, of robbing of their chances to ride
they were told to buy flats and apartments
they were told to invest in flats and apartments
many did with no regrets and many are just enjoying their fruits
those who believed the bubble burst syndrome had gone insane
they are still renting their flats with no real assets
they are the marginalized and impoverished groups
I suspect many of them are here kpkb
things have levelled up and the property market has slowly balanced out
bubble burst here and bubble burst there
I say bubble burst in your stupid head lah!!

you missed the chance to prosper
and you are regretting it
giving all sorts of reasons of cheating
dishonesty and scams
the only fool is yourself - missing the golden years
hAHA...bubble burst - burst inside your head lah!!!!!!!!

 

[frenchbriefs]

how many times have we heard about the bubble burst bubble burst burst
and all those idiots have all missed the boat
and those who had missed the boat are whining now
accusing others of cheating, of robbing of their chances to ride
they were told to buy flats and apartments
they were told to invest in flats and apartments
many did with no regrets and many are just enjoying their fruits
those who believed the bubble burst syndrome had gone insane
they are still renting their flats with no real assets
they are the marginalized and impoverished groups
I suspect many of them are here kpkb
things have levelled up and the property market has slowly balanced out
bubble burst here and bubble burst there
I say bubble burst in your stupid head lah!!

you missed the chance to prosper
and you are regretting it
giving all sorts of reasons of cheating
dishonesty and scams
the only fool is yourself - missing the golden years
hAHA...bubble burst - burst inside your head lah!!!!!!!!

the number of times u hear the word bubble burst bubble burst is proof that the stock markets work as it does and history always repeats itself.
there will always be cycles of boom and bust in the markets and there will always be bubbles and bursts.
things have levelled up and slowly balanced out,tell that to the china's investors
all you need is a tipping point,a change in sentiment,a single doubt in the economy and ur house of cards will tumble.
and we the vultures and the traders will be waiting in the chaos and madness to pick up the pieces and feast upon the bodies of your stinkin HDB corpses!!!!!

 

[kopiOuncle]

how can we a small little red dot compare ourselves to the giant china
come on lah

there is no need for a bubble burst here
all we need is just a little breeze
a sneeze..a little kiss from mers or sars
and the whole place will simply collapse...

so pray hard we are still inside the bubble hor

 

[JohnTan]

but if the "property bubble" bursts,many sinkies will feel terribly betrayed when they are told the vast sums of wealth they have invested turns out to be a ponzi and vanished into thin air,ur PAP will be irrevocably damaged and all the IBs will be out of a job.is that a fate u wish to happen?better keep the floodgates open and the SG50 goodies flowing,for when the musical chairs stops,the banks,the government,you and i will be left holding the biggest bag of noxious excrement ever in the history of finance circa 17th century!!!!!it will be the great depression in Singapore!!!!

Wealth today is not based on physical gold, but on a single word, 'confidence'.

Confidence in the economy and in the country's future is what gives a currency its true value. Countries with banana notes or low valued currency often are rife with corruption, mass printing of paper money and civil unrest. It is the same for other forms of wealth just as art work, property, securities. People are willing to pay a premium on those items because of confidence in future price appreciation or its ability to generate even more cash. People hoard gold when they have confidence in gold and less confidence in paper money.

Whichever form you choose to hoard your wealth in, its value can also disappear. A Van Gogh painting can become worthless if people get sick of modern/western art and prefer chinese calligraphy.

I have my wealth in various forms, including building up a strong network of business and political alliances. I also keep physically fit in case I need to use my fists for basic survival. I think I will survive. I hope you will too.

 

[escher]

When he dangle under lamp post with other scum and cockroaches PAPs and kangaroos and cronies from ends of piano wires no need to fear their tricks.
SEE THEM ALL DANGLE AND DANCE UNDER LAMP POSTS

AND WE ALL SINGING AND DANCING ON TABLE TOPS AND STREETS

STINKAPORE WILL BECOME SINGAPORE AGAIN





The cronies do not get peanuts or they will not be cronies

http://sonofadud.com/2015/06/25/sing...eally-getting/

Running Bitch Chua Sock Koong is not even an exceptional running bitch cum crony and she getting over 10 million a year.
What do the fucking PAPs pay their even more favourite cronies? Even morest than to bitch chua

How much do the fucking ministers pay themselves? More than they want to tell you.

ALL THAT FROM OUR FUCKING MONEY THAT THEY CREAM AND CUM THEMSELVES ON WHILE THEY GO LAUGHING ALL THE FUCKING WAY TO THEIR FUCKING BANKS
WHILE WE ALL STAND STUPIDLY IN FRONT OF A FUCKING FLAG TO MAKE OUR PLEDGES NOT KNOWING WE ALL HEAD DOWN DOWN AND ARSEHOLES UP HIGH HIGH TO BE
FUCKED AND TIEWED AND KANNED BY THEM ALL AND THEIR CRONIES

DANGLE A PAP WITH PIANO WIRE FROM ORCHARD ROAD LAMP POST
INCLUDE THEIR RUNNING DOGS AND CRONIES
NECKLACE THEM SO THEY CAN SEE LIGHT

DO THAT BEFORE THEY KILL US ALL

 

[yahoo55]

Another interesting article by Phillip Ang in his blog likedatosocanmeh, well worth reading.

PAP has refused to disclose the annual remuneration of Temasek directors and CEO, while the Norway's Government Pension Fund Global (GPFG) publishes all the remuneration details of its directors.

According to Phillip Ang, Temasek CEO Ho Ching's annual pay package is estimated to be at least $20 million, probably more.

https://likedatosocanmeh.wordpress....-more-temasek-must-disclose-ceos-pay-package/

$20 million or probably more, Temasek must disclose CEO’s pay package

March 22, 2015 by phillip ang


As stakeholders of Temasek Holdings, all citizens have the right to know not only the bonus of its CEO but the annual pay package of all its directors.

PAP is obligated to disclose the amount of reserves used to remunerate Temasek directors. Instead, PAP has privatised public funds and Temasek has no statutory obligation to disclose any information it prefers to conceal.

Last year, Temasek and the PMO refused to reply to my query on Temasek directors’ remuneration. Why? Is the remuneration so highly embarrassing if disclosed? After some research, I estimate Temasek CEO’s pay package to be at least $20 million. This is based on the following:

– In 2012, the compensation of DBS Group CEO Piyush Gupta hit a record of $9.33 million.
– In 2011, Keppel Corp CEO’s package totaled at least $11.6 million.

According to a post in 2010, Alex Au inferred from Temasek CEO-designate Charles Goodyear’s compensation at BHP and his highly educated guess was that Ho Ching was paid between $8 million and $24 million. That was more than a year after global stock markets had hit bottom in March 2009.

Based on Temasek’s portfolio increasing by $133 billion, group shareholder equity increasing $122 billion and Temasek operating on a commercial basis, Ho’s leadership role should earn her at least $20 million.

Recall the PAP rewarded its ministers with 19-month bonuses in 2008 (Link: https://likedatosocanmeh.wordpress....rded-theselves-with-20-month-bonuses-in-2008/) after global stock market had collapsed. Since Temasek operates on a commercial basis, its CEO bonus should be nothing less than PAP’s 19 months.

Annual pay/monthly salary – 13 months = bonus

Similar to PAP, Temasek has an even more complicated remuneration structure which basically reveals NOTHING. Stated under its ‘Remuneration Philosophy’:

1 “Our base salaries reflect market benchmarks” – There are no benchmarks in dollar terms.
2 “..volunteered up to 25% pay reductions” – Again there are no specifics. Perhaps the CEO took only a 5% pay cut? Then again, if the base pay was reduced from a stratospheric level, similar to our ministerial pay, wouldn’t that be still high?

Temasek’s complicated bonus payout (similar to PAP’s policies in housing, CPF, etc) comprises the following:

1 Annual Cash Bonuses
2 Rolling S$ total shareholder return (%)
3 Wealth Added (WA) Bonus Bank – medium term incentive
4 Co-ownership Grants – long-term incentive
5 Co-ownership Alignment in Practice
6 WA Incentives of key team

After so much disclosure on its remuneration philosophy, Temasek has still not stated how much of our reserves have been paid to all its 500 employees and directors. $500 million? $1 billion? What exactly is Temasek trying to conceal from the public by publishing totally irrelevant information?

Totally irrelevant information even includes the weight profile of its staff ! Would any investor require this sort of information from the fund manager?

Why is Temasek unable to disclose remuneration figures when Norway’s Government Pension Fund Global (GPFG) publishes all the remuneration details of its directors? (below)

When GPFG, which manages more than $1 trillion, can afford to be totally transparent, does it not raise suspicions that Temasek has been concealing what’s probably embarrassing information?

In Temasek Review 2014, Temasek claims to have delivered annualised returns of 15% for investments made after 2002 whereas investments made prior to March 2002 delivered an annualised 11% since 2002. Coincidentally, Ho Ching became a director in May 2002 and CEO in January 2004.

It appears the stage has been set to reward its CEO par excellence with a generous amount of our reserves. Temasek could clarify but of course it wouldn’t.

In Kenneth’s article, he highlighted the construction of Changi Airport Terminal 5, which if transferred to Temasek for a nominal sum, will subsequently reap a huge gain for Temasek. He also mentioned that should Temasek CEO receive even “1% of the value accretion from floating CAG, this could be worth up to $500 million at some point in the future”.

Through zero effort, unless outstretched arms to receive our family jewels count, should any bonus be accrued to Temasek CEO or any directors?

If my grandfather gives me a house be bought for $50,000 40 years ago and the house was recently valued at $5 million, I can boast of a 12.2% annualised return or a $4,950,000 profit which is of course untrue. Alternatively, I could be humble and admit I never made the money because it was actually ‘Ah Kong’ money.


Conclusion

Temasek manages our reserves and every citizen has a stake in them. The remuneration of Temasek CEO should not be kept secret.

PAP has been totally opaque where the transfer of national assets to Temasek is concerned. Temasek has also gone to great lengths to prevent public knowledge of its CEO’s remuneration.

The poor corporate governance and PAP’s opacity are a cause for concern.

Based on PAP’s history of obscenely rewarding itself with out-of-this-world salary and bonuses, Temasek CEO’s pay package is estimated to be at least $20 million, probably more.

Temasek’s disclosure of its CEO’s pay package should not be seen as a favour to citizens or the Singapore parliament will risk becoming a laughing stock.

 

[Papsmearer]

if you reach 40 and you have not paid up your HDB mortgage loan, you are a failure
those whom I know , ordinary singaporeans, have already finished paying their loan'
happily sitting on their million golden egg ready to hatch
earning dividends and enjoying the good life - thanks to the hdb/cpf coupling brilliance..
your assumption is again making you looking damned stooped...haha..you shoot yourself again...

This is why you are so stupid, you don't understand how it works. Many people also think like you, so let me educate you on your HDB flat.

The price of a HDB flat is not a straight ascending 45 degree line on a graph. Its a bell curve. Meaning that at the beginning, the price is what you pay for and slowly increases, and in some cases steeply increases until it reaches a peak. It then begins to decline until at year 99, the value is zero when it reverts to the HDB. Therefore, people are not sitting on a golden egg. At some point, when they need to sell during their retirement, it may be that they have missed their peak selling point by 10-20 years.

Example

Lets say its 1985, and you buy a larger flat for $150,000 in Ang Mo Kio. The price of your flat climbs slowly at first and then quite sharply due to the following:
- Sudden large population growths thru FT influx
- Greatly reduced HDB construction plans
- Demand far outstripping supply
- HDB inflated new flat pricing an effect on mature estates.

This causes the value of your 1985 flat to grow and maybe peak at $600,000 or more after you own it for 25 years. After this, things become a lot more murky. Due to the age of the flats, they are now not eligible for bank loans and as well for older flats, you cannot use CPF to buy it or service its mortgage payments. Right of the bat, that eliminates over 90% of prospective buyers (CPF estimates that 91% of people use their CPF for their housing loans). So, unless some one has $600K cash or whatever it is that you want to sell your golden egg for, it will not sell. In the end, you have to cut your price down until someone has the cash to buy it outright. So, you might have ended up having to sell it for only $250K-$300K, a far cry from the $600K plus that you were expecting to pat your nest egg with. Whoever buys its from you, if they keep the flat till the 99 years is up, will receive $0 from the HDB. What if you live in your flat most of your live and you sell it after occupying it for 40 years or more. And if the above scenario come true and you receive maybe $300K for your flat, you still have to repay the CPF amount that you used for it. Plus after paying for all the interest and mandatory upgrades on your flat, how much do you really have from the $150K you paid initially?

So, this golden nest egg you talk about is an illusion. In order for sinkies to profit from their flat they have to speculate on it. They have to guess the peak price that their flat is at and sell it, and move into another flat at a newer estate and repeat the cycle. This is craziness and a very unstable retirement policy. Read Leong Sze Hian's article for more insight.

http://einvesthub.btinvest.com.sg/m...pens-when-your-hdb-flat-becomes-34-years-old/

 

[mojito]

Papsmearer my boy, that is why i say you are very silly! Any time things don't look right, PRs will start to offload their million dollar pigeon hole and retire in abundance back in their home countries. Only one thing you need to get it right, that is buy low sell high. Fold early or fold later is up to your risk appetite. Sure win! So simple you dunno?

 

[ChoBohLan]

Papsmearer my boy, that is why i say you are very silly! Any time things don't look right, PRs will start to offload their million dollar pigeon hole and retire in abundance back in their home countries. Only one thing you need to get it right, that is buy low sell high. Fold early or fold later is up to your risk appetite. Sure win! So simple you dunno?

lan jiao lah, fold early or fold later so simple meh? Good for TCSS nia.

So simple everybody will be like me cho boh lan... every day keow kar yeo lam par.

You fold salah, your backside kana burn chow tar.

 

[ChoBohLan]

Another interesting article by Phillip Ang in his blog likedatosocanmeh, well worth reading.

PAP has refused to disclose the annual remuneration of Temasek directors and CEO, while the Norway's Government Pension Fund Global (GPFG) publishes all the remuneration details of its directors.

According to Phillip Ang, Temasek CEO Ho Ching's annual pay package is estimated to be at least $20 million, probably more.

Wah lau, estimated at least $20million. Pinkie salary less than 1/5 of that $20million.

No wonder our pinkie marry a husband.

 

[mojito]

lan jiao lah, fold early or fold later so simple meh? Good for TCSS nia.

So simple everybody will be like me cho boh lan... every day keow kar yeo lam par.

You fold salah, your backside kana burn chow tar.

Property prices can only go up. More people means less space and higher prices for real estate. So simple you dunno?

 

[Papsmearer]

Papsmearer my boy, that is why i say you are very silly! Any time things don't look right, PRs will start to offload their million dollar pigeon hole and retire in abundance back in their home countries. Only one thing you need to get it right, that is buy low sell high. Fold early or fold later is up to your risk appetite. Sure win! So simple you dunno?

when people start to offload their properties, the market goes down sharply. How much can PRs get for their units when the market is depressed by a selloff? Use your fucking brains if you have any.

 

[Papsmearer]

Wah lau, estimated at least $20million. Pinkie salary less than 1/5 of that $20million.

No wonder our pinkie marry a husband.

Oh please. GayLoong's inheritance from his mother and father is easily $500 million. What is $20 million? The interest and investment returns alone on his inheritance is already double what Whore Jinx earns.