Tag: resale

HDB Flat Buyers Still Living In Denial – HDB Still Owner Of Most Expensive Concrete Pigeon Holes
Ah Kow: I heard from kopi tiam talking about our HDB not really belong to us. How come like that?

Ahmad: Not possible leh. Must belong to me because every month my CPF OA become kosong to pay for my 3-room bird cage.

Arumugam: I don’t believe you guys also same as the 70% PAP supporters still believe in our home ownership crap. Let me tell you – this is a SCAM! But it’s the people who voted for this scam.

Ah Kow: Wa lau eh, say until so serious wait you get letter from PAP Aunty Sue then you know.

Arumugam: Aiyah, when I state facts, why should I be afraid? There is more evidence but before I show you this, let me show you some proof I saw on the internet a few months ago. (Turning on his laptop) he pointed to a legal document.

Ah Kow and Ahmad almost fell off their chairs in disbelief.

Ah Kow: But if everyone think we are the real owner, that means it must be true.

Arumugam: Long time ago before policemen wore shorts, people believed the world was flat. Not everyone like you so ignorant but I don’t blame you. PAP’s propaganda machine damn powerful, can turn black into white, night into day. Look at another document here – the ‘owner’ is just the lessee.

Ahmad: I think Arumugam is right, see this document here (below), also state the word lessees. Sia, I think we all kena con big time.

Arumugam: Singaporeans really living in denial but they cannot admit the truth because it would mean they have been blur like sotongs. Few adults will admit they have been fooled by their government.

Ah Kow: I also don’t want to believe this, sia.

Arumugam: When I rented out a room last year, guess what? I must inform the real landlord, HDB ,and submit all the particulars of my tenant. If you really own a property, such as a condo, there’s no need to inform anyone because you are not a fake landlord, like HDB ‘owners’.

Ah Kow: Hmm… ya hor, I feel dam sian but I understand better now. No wonder because HDB is the real landlord it can decide to suka suka change HDB rules. Knn I better sell my HDB tomorrow, don’t want to kena scam.

Ahmad: Bro, after selling, where you stay? Set up tent at the beach or sleep at void decks?

More images @ link

Arumugam: Seriously, PAP has been screwing up citizens and profiting from us because that is the only way it can make money – in Singapore. At the stroke of a pen, “lessees” = “owners” just like CPF belongs to us but the rules are rewritten by PAP almost every year..

Ahmad: But isit big deal if lessee is not owner?

Arumugam: It is a very big deal because if all HDB ‘owners’ are correctly classified as ‘lessees’, then our home ownership rate will fall from 90.3 % to the lowest in the world.

Arumugam: Actually today I want to tell you guys that HDB already confirmed Singaporeans are not the owners on its website which it stated “Your can sublet your whole flat” or “You can sublet your spare bedroom(s)”.link

Ah Kow: Sublet and rent not the same meh?

Arumugam: HDB did not use “sublet” without knowing the definition. Merriam-Webster dictionary defines “sublet” as:
- : to allow someone to use (an apartment, house, etc., that you are renting) for a period of time in return for payment
- : to use (an apartment, house, etc., that is rented by someone) in return for payment
Ahmad: That mean for 50 years everyone kena con by PAP?

Arumugam: People want to believe they are owners, especially when prices keep going up and they feel richer on paper. So they keep voting for PAP. People want to con themselves with the help of PAP. This own self con own self game has been played for too long and PAP will lose face big time if foreign media discover what has been going on. Now you look at the next page to confirm we are HDB’s tenants and our tenants are correctly classified as “subtenants” by HDB. If we are really “owners” as stated, HDB should not have stated our “tenants” as “subtenants”.

link

Ah Kow: Sia, I think Aru is right. HDB say our tenants are “subtenants” mean we are “tenants” of HDB. Knn I want to go Hong Lim Green and hold protest rally like Roy.

Ahmad: Bro, be careful OK. Roy HLP protest rally kena shut down by civil servants who play politics. You don’t forget you only got ITE cert, who want to listen to you. Ha ha.

Arumugam: Singapore is so unique to have scored another first in the world: property ‘owners’ are not allowed to mortgage their property. But we can’t always blame PAP for scamming us because we have the most educated morons voting for this own-government-scam-own-citizens system. Just have to live with HDB being the real owner of the most expensive concrete pigeon hole in the sky. (sigh)

Source: https://likedatosocanmeh.wordpress.com
January 11, 2016
Toa Payoh Flat Fetches $955,000

A 5-room HDB resale flat in Toa Payoh recently changed hands for $955,000 a figure that is comparable to the high resale flat prices at The Pinnacle@Duxton, reported My Paper.

The sale also stood out as it happened near the Ghost Month, which is usually a quiet period for the property market.

Measuring 124 sqm, the 14-year-old flat is located at Block 154 in Toa Payoh Lorong 2, between the 22nd and 24th storeys, showed HDB data.

In July 2007, a 5-room resale flat on the 28th storey of the same block was sold for $650,000, a new record for resale flat prices within the area at that time.

Eugene Lim, Key Executive Officer at ERA Realty, said the unit enjoys an excellent location.

Situated just across the road from Toa Payoh Town Centre, the flat is near the Toa Payoh MRT station, with an underpass directly linking to it, he said.

Since it is on a high floor, the unit is not blocked by any surrounding flats, offering unobstructed views, noted Lim.

If the owner is facing the right direction, he can even see the MacRitchie Reservoir, he added.

However, he believes the deal is unlikely to become a trend as it is more of an exception than the norm.

Source: https://sg.finance.yahoo.com

September 16, 2015
Problems With Increasing Housing Grants

I disagree with the calls to increase the Higher-Tier Central Provident Fund Housing Grant for young couples who wish to buy a resale flat in mature estates so as to live close to their parents (“Buy resale flat near parents? Financial help is key: Experts”; last Tuesday).

There are problems with increasing the grant.

First, it could lead to a mentality among the younger generation that living close to their parents is an entitlement, and if they cannot live near them, then that is an excuse to not look after them.

Second, raising the grant would lead to an increase in property prices in mature estates, and could trigger a vicious circle where the Government constantly has to raise the grant for young couples as the property prices in mature estates keep rising.

A better idea would be to give the seniors incentives – not limited to monetary ones – to move out of mature estates to live near their married children in new estates.

When elderly couples move out of mature estates, it increases the supply of resale flats available in these estates, thus lowering the asking price of these units and making it more affordable for young couples who wish to live there.

Ultimately, young couples should not be encouraged to buy a flat in a mature estate where decades of the lease have already expired.

Singapore will face a major challenge in future when there are too many couples outliving their property lease because they bought a property with a shorter remaining lease.

Chan Yeow Chuan

Source: www.straitstimes.com

June 30, 2015
Analysts: Higher Income Ceiling Will Have Minimal Impact On Property Market

A higher income ceiling for Build-to-Order (BTO) flats and executive condominiums (ECs) is likely to have minimal impact on the HDB resale and private property market, according to market watchers.

National Development Minister Khaw Boon Wan had said in a radio interview on Tuesday (Jun 23) that changes to the income ceiling are likely to be made known in August. The income ceiling was last raised in 2011 by S$2,000 for both types of housing.

Market watchers Channel NewsAsia spoke to said they expect the income ceiling for BTO flats and ECs to be raised by a similar amount later this year.

The Government’s plans to increase the income ceiling for the purchase of BTO flats and ECs will divert some demand from the HDB resale and private property markets. Currently, households earning a gross income of more than S$10,000 cannot apply for new HDB flats, while those earning more than S$12,000 cannot buy ECs.

However, market watchers said the impact is likely to be minimal, as HDB resale flats and private homes have their merits. Compared to BTO flats, there is a shorter waiting time for HDB resale homes which are mostly located in mature estates.

One of the largest property firms in Singapore has described the move as timely, as more Singaporeans are settling down much later, and may be earning above the current limit when they apply for a BTO flat.

The demand for new HDB flats has also cooled off compared to three years ago, said PropNex Realty’s CEO Ismail Gafoor. “Three years ago, the subscription rate was about four to five times and there was a long pent-up demand.”

He added: “Today, the subscription rate is about 1.5 to two, which means most of the demand has been absorbed, and with this greater supply, opening up to a higher increment of the income ceiling is the right thing to do.”

However, another analyst is surprised at the plans to raise the income ceiling, especially at a time where prices of HDB resale flats and private homes are falling.

Colliers International’s director of research and advisory, Chia Siew Chuin, said: “We would expect the Government to raise the income ceiling over time to keep up with wages. However, perhaps certain conditions must exist first to justify the raising of the income ceiling.”

“But as of now, I would say that the market is relatively more stable compared to before, and in fact prices are slowly, gradually moderating,” Ms Chia added.

Speaking to reporters on Tuesday, Mr Khaw had said that he has received “some” requests from Singaporeans who exceeded the income limit, to apply for new HDB flats. Analysts added that public housing, as they are subsidised by the Government, should be reserved for those who really need it.

As for the two-room Flexi scheme – a result of combining the studio apartment and two-room flat schemes – Mr Ismail said the plan signals a move towards more customisation for home buyers in Singapore, in which it is flexible and caters to needs of individuals based on their age and how much they want to pay for each unit.

Source: www.channelnewsasia.com

June 25, 2015
Financial Support Key To Urge Singaporean Couples To Buy Resale Flats Near Parents

Financial support is the main way to help people who want to get a resale Housing Board flat near their parents, said experts.

This could mean giving a higher resale grant, or allowing more buyers to qualify for it.

As part of efforts to encourage extended families to live close together, the Government is studying whether such resale buyers can get more help, National Development Minister Khaw Boon Wan said last Friday.

Currently, there is the Higher-Tier CPF Housing Grant for first-timers who are buying a resale flat with, or close to, parents or married children.

Source: www.straitstimes.com

June 23, 2015