You believe HDB suffers a deficit of $2 billion ?

[Tiu Kwang Yew]

this one best reply, yeah hor, how come no sackin, must be a joke oredi....

Any massive pay-cut? retrench? resignation of senior management?

This afternoon, I was at one of the HDB office. The staffs there still joking and sharing their photos!

 

[jacobsgoh]

HDB can report what they want.

Why not get independant auditors to find out why the deficit?

Just because more people in the streets start complaining about unaffordable HDB beehives, the deficit must come ?

Or because of the 200 blocks of HDB flats cannot rectify the lift landing, so those affected will give in and live in inconvenience out of compassion?

When most people agree with Ms Sylvia Lim that lift not stopping at every floor was a fraud, HDB panicked and now starts to stonewall about money losing.
Lift rectification is not the problem of residents,why talk about 30k per household ???

We have a golden goose(temasick) behind the HDB, why why why the deficit?

The FT policy to boost HDB price dont work ????

A joke?

I think the true answer lies at the poll stattions, as soon as we vote out PAP, we therefore will find out many truths !

Its most unfair to let HDB go on losing money, somebody/company should take over the burden.

 

[kaipoh]

conclusif evidence dat hdb iz ...

2 fat ...
overstaffed ...
inefficient ...
staffs r overpaid ...
useless leaders ...
...

useless policies...
unless building programes...
over inflated account systems...
only telling lie to the public of losing 2 Bil is true!
boomz you.

 

[kaipoh]

Accountability!!!!
Sack Mah Boh Tan

Yes agreed!!! OUTSOURCE!!! SELL THE ENTIRE hdb TO PRC INVESTMENT ARM LIKE WATER AND ELECTRICITY.

 

[Watchman]

If HDB does not report loss of $2B, how can they justify the ever increasing prices to fleece you. I will only believe if they open their account books. Then we will be able to see if they lose $2B or make $200B.

Maybe HDB is another arm of Temasek use to cover the books of Temasek Holdings.
Monitor the tops who have left the last few years .

 

[Watchman]

This afternoon, I was at one of the HDB office. The staffs there still joking and sharing their photos!

After when they attend to you they appear very serious and then keep letting you wait, when your turn they always refer to another department and convince you that it's the procedure .

Instead of helping, they always taichi . That's the result of top heavy government agencies .

 

[Watchman]

If HDB does not report loss of $2B, how can they justify the ever increasing prices to fleece you. I will only believe if they open their account books. Then we will be able to see if they lose $2B or make $200B.

Farking HDB can only exploit private contractor companies and making them take the heat until they go bust because of cash flow problem and stupid governmental policies and then take them to court to fine them .

So on one hand you have HDB making contractors like creditors but are actually debtors; torturing them then you get the law of Singapore Kangaroo courts to prosecute them because of late delivery ,tight working constraints like budgets, labour costs escalation and countless of other stupid excuses they can nick-pick .

Just think of the stupid stuff you done in ARMY last time . You will know what I mean !

 

[Maverick01]

yes i believe got $2billion deficit.................McDonald Monopoly money.

 

[alvin36]

Saw the news tis morning. Talk to a friend too. We both just cannot believe how the $2B deficit comes about. This is bullshit for hdb!! Seriously, we need 3rd party auditors.
!&!!

3rd party ? independent ???

dun waste time and $$$ lah... all KA-KI-NENG (own people).. wayang wayang only

 

[po2wq]

mayb hdb oso got buy lehman bonds! ...

 

[RK85]

I also believe 100% HDB lost money.
My house nearby coffeshop also deficit $2 million every year. They sell heavily subsidised kopi at only 70 cts where the kopi market price at Starbak & Kopibean is $4.

 

[LonewolfAlfa]

does this mean hdb indirectly subsidised my kopi and kueh peng?

 

[PakLaoPeh]

i think not that's why they are refunding our cpfs in trickles instead of one big lump sum.:oIo:

dialects are one of the roots.

just like ur bible. does anyone add or take away something?

Quote:
Originally Posted by Omniplus
http://www.asiaone.com/News/The%2BNe...29-176642.html

Is this how temple thief fished money out?

By Lediati Tan

WHEN donations to the temple fell by 20 per cent in the past two months, he initially thought it was linked to the recession.

But Mr Liew Weng Kwong, 58, the chairman of a market committee that looks after the temple, now believes someone may have been helping himself to the money inside the donation box using a crudely-made device.

The makeshift Tua Pek Kong temple at Block 724, Ang Mo Kio Avenue 6 is about 10m from the market and stall holders help to look after it.

Mr Liew said he and three other stall holders, who are also committee members, discovered the device when they opened up the donation box located beneath the altar on October 10.

It was made out of a 30cm metal wire with a small, folded piece of cardboard attached to one end. Double-sided sticky tape was stuck on one side of the cardboard.

Mr Liew believes the device was used to fish money out of the donation box, which has seven locks.

$2 stuck to it

He said there was a $2 note stuck to the piece of cardboard and a bag of coins.

Mr Liew said he and the other stall holders tested the device by using it to pick money out of the box and found it could be done easily.

He feels the thief could have accidentally dropped the device into the box while trying to take money out.

When Mr Liew opened the donation box, he said there was $295 inside, but claimed it was the smallest amount collected since they started looking after the temple in February.

The box is emptied twice a month. Before October 10, this was done on September 26.

Mr Liew said "a few hundred dollars" may have been lost as the temple should have received more donations over the Mid-Autumn Festival at the beginning of this month.

He didn't want to give a specific figure.

Celebrations and decorations

He added that apart from donating to charity, the money is used to pay for Tua Pek Kong's birthday celebrations and to buy decorations for the market for special events such as Chinese New Year and National Day.

The stall holders did not make a police report as they did not have much proof except for the device.

But a day after they discovered the device, they spent $500 to install two CCTV cameras at the temple.

Some stall holders told The New Paper that the Tua Pek Kong temple is at least 30 years old, and was moved from within the market to outside after the market underwent refurbishment about two years ago.

finally, how the temple thief bob sim kheng hwee aka leetahbar, steals the money from donation box is revealed!!!

 

[BlueCat]

they are the only public developer in singapore,whatever they said must discount about 40-60%.
after left pocket out,right pocket in ....SLA also belong to government.
maybe the carparks will increase and more upgrading in the pipeline,so to recoup some of the losses.

 

[kakowi]

I also believe 100% HDB lost money.
My house nearby coffeshop also deficit $2 million every year. They sell heavily subsidised kopi at only 70 cts where the kopi market price at Starbak & Kopibean is $4.

My, they actually lose $3.30 per cup of coffee.

Assume they sell 1,000 cups a day. That means that they are operating at a loss of $3,300 per day. That means a loss of $1.2M.

However that is not fully correct.

Their sole-proprietor inject funds into the coffee shop at 0.25%. The actual borrowing rate is 24%. This means a gain of 23.75% in interest saved. The sole-proprietor injected $10M. Thus the coffee-shop earns a profit of $2.3M.

Overall the sole-proprietor earn ($2.3M - $1.2M) = $1.1M per year in profits.

So RK85, your house coffeeshop actually makes money.

You must know that running a coffeeshop is very different from running HDB. The two has no parallel.

 

[longbow]

Large chuck of this loss is coming from "account for foreseeable loss" which is market value of flats in the area minus what they sold the flat to you for. Note the huge increase 2008 to 2009. Part of that is due to more flats sold but part of that is due to prices of property in the surrounding area.


Provision for foreseeable loss/unrealised loss for properties under development/for sale:

2008/2009 2007/2008
1,236,944,000 783,757,000


I wonder how they come up with this loss figure. Lets say they sell you a new flat in Sengkang for $200K. A resale unit there goes for $350K. HDB then say they lost $150K per flat because they are selling below market value.

But my question is how they measure market value (from an investor's point of view)? Did they factor in that the new flat cannot be sold or rented out for 5 years!! At a rental rate of $1.8K per month that is a loss of $108K. Did they factor this when comparing with market value. You need to compare free market to free market.

Then you have the vesting period of 5 years. There is a cost to not being able to sell you flat. Even if market prices are $150K more than your new flat, if you sell before 5 years, HDB probably gives you back your initial investment money. Will HDB pay you back the "gain" in the market value of your flat? I do not think so.

Then if HDB takes into account private condo prices, do they factor in parking? Most condos come with 1 reserved parking space. If you PV $90/month for 30 years, how much is that parking space worth? $40K perhaps?

So how do they compare with market value to calculate this discount on the flat.

 

[Zombie]

........ from "account for foreseeable loss" which is market value of flats in the area minus what they sold the flat to you for.

This figure is not market value - price sold (ie comparing what they sell in open market vs what they sell you)

It is ongoing development cost - future selling price (ie cumulative cost of development-still-in-construction vs the future price you already committed or most likely will pay)

Development cost > future selling price = expected loss, and the shortfall will be taken into the accounts.

But how they worked out the development cost????

 

[RK85]

That's exactly the point. So u believe HDB lost money?

My, they actually lose $3.30 per cup of coffee.

Assume they sell 1,000 cups a day. That means that they are operating at a loss of $3,300 per day. That means a loss of $1.2M.

However that is not fully correct.

Their sole-proprietor inject funds into the coffee shop at 0.25%. The actual borrowing rate is 24%. This means a gain of 23.75% in interest saved. The sole-proprietor injected $10M. Thus the coffee-shop earns a profit of $2.3M.

Overall the sole-proprietor earn ($2.3M - $1.2M) = $1.1M per year in profits.

So RK85, your house coffeeshop actually makes money.

You must know that running a coffeeshop is very different from running HDB. The two has no parallel.

 

[kakowi]

That's exactly the point. So u believe HDB lost money?

Of course I believe. Since the Government says so, it must be true.

None of you seem to understand how much the Government cared for us.

 

[kakowi]

This figure is not market value - price sold (ie comparing what they sell in open market vs what they sell you)

It is ongoing development cost - future selling price (ie cumulative cost of development-still-in-construction vs the future price you already committed or most likely will pay)

Development cost > future selling price = expected loss, and the shortfall will be taken into the accounts.

But how they worked out the development cost????

I catch no ball.

This was what I thought:

Selling price of flat:.................................... $xxx,xxx

less:
cost of land:..................... $xxx,xxx
cost of construction:.......... $xxx,xxx
administrative costs:.......... $xxx,xxx
................................................................$xxx,xxx
...............................................................($2,000,000,000)

But apparently it is not like that

You are saying there is a projection of future price into the computation of current profit/loss

How can future price be matched against current cost?