Disappointing that PM Lee has not used the NDR to clarify whether we are owners or merely tenants of HDB flats

I would like to comment on Prime Minister Lee Hsien Loong’s National Day Rally. He had conveniently ignored and kept silent about the basic premise that HDB ‘owners’ are merely tenants and not owners.

The NDR is a golden opportunity to set the record clear before a population where 85% are HDB dwellers but he instead shied away. In doing so, he has cowardly ignored how unpleasant things might be and instead chose to kick the can further down the road.

To pacify the voters, he has instead come up with Home Improvement Programmes (HIPs) that play on the consolation and psyche of HDB dwellers to side-line their core concerns of HDB flat ownership issue once and for all.

To worsen the situation, if co-payment is the way forward for HIPs and CPF savings can be used, retirement savings among our citizens must take a further knock or many people will have to find additional cold hard cash on top of their already tough daily living expenses to suffice.

I liken the HIP in my following example:

Mr Tan keeps a mistress named Mary. Mary has always demanded that Mr Tan divorces his wife and marries her. Instead, Mr Tan promises Mary to bring her for some plastic surgery and numerous holidays in a few years’ time. What is ignored is the premise remains that Mary will always be a kept mistress and will never be a legally married woman.

I hope that the voters can join the dots and understand things better now. The level of PM Lee’s arguments and his lack of courage to address the core issues is unbelievable.

Frightening. Very frightening indeed.

 

* Facebook post by Simon Lim.

 

 

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21 Responses to “Disappointing that PM Lee has not used the NDR to clarify whether we are owners or merely tenants of HDB flats”

  • Patch ups:

    It is evident that Malaysia boleh has gripped PAP in fear of same fate in next GE. Citizens have been kpkb on the same issues but nothing has been done, worst their best fart worm or plp insidiously resonded to the media that the citizen voice is nothing but noises of the enviroment. What he didnt say was the environment stinks with the stench of fart worms who r abusing the Constitution to be plps instead of the directed mission. But now Malaysia boleh becomes a possibility that SIN samua boleh. So citizens wise up. Give them absolute power you lose all ground of seeking your rights to know n demand like your cpf n your negotiating er like hdb. Only with multiparty parliament could the citizens pressurise the ruling party to remain conscious of their oath of serving the citizenry interests n benefits not the party or self gratification n glorification n worse demeaning Singaporeans as dafts n usurp their freedom of speech, freedom of dissension n critically opposing their policy. Their salary n policy of rampant import to disadvantage SIN citizens of theirvjobs n education. The propaganda od no need to get a degree is ddamagingt nation building n their real agenda is to cover up the lack of admission places due to their urgent flooding the island with g foreign children giving them free education n promise of citizenship as part of their scheme to get grateful new young citizens to drown out the citizens e.
    So eans, wise up u get all these new patch ups is not suddenly the Biws r becoming human. You get them becos they r fful of the same fate as Najib. So keep on the pressure if you want your once nice island back. Their new generation already shown they are notging but arrogant scum n as ESW warned they r very very ry meliocre with deadly infection of greed otherwise nfi of anything else.

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  • Hdb dwellers are mistresses:

    HaHaHa, 85% Singaporeans are ‘mistresses’. So like mistresss, they ‘howlian’ driving their Mercs, BMW, Audi and go spas, carry expensive bags and speculate on condos. Soon these mistresses will wake up but too late. No wonder, lately. no more see these ‘howlian’ people around. Good. Good. Guess, all stay at home watching channel 8. LHL, keep it up! You deserve your pay. P/s Tekan these ‘howlian’ mistresses further.

    Simon Lim:

    I liken the HIP in my following example:

    Mr Tan keeps a mistress named Mary. Mary has always demanded that Mr Tan divorces his wife and marries her. Instead, Mr Tan promises Mary to bring her for some plastic surgery and numerous holidays in a few years’ time. What is ignored is the premise remains that Mary will always be a kept mistress and will never be a legally married woman.

    I hope that the voters can join the dots and understand things better now. The level of PM Lee’s arguments and his lack of courage to address the core issues is unbelievable.

    Frightening. Very frightening indeed.

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  • Boh Kia See:

    There is nothing new in the Clown’s speech. this HIP is another term of Asset Enhancement, remember?

    All these Asset Enhancement has a co-payment element in it. But if you don’t own the place, why are you paying to have it improved? You need to get the basic principles right before developing further “enhancements”.

    This bunch of people have no great ideas or ideals of bringing the country forward. They are hinging on the dead man to canvas for them. How pathetic can it be.

    So the next election, won’t have “With you for You ” rubbish but “Merdeka!” and the dead man will be shown on screen spouting forth. It is very sad indeed–unable to gain capital on his own he is trying to pinch the dead man’s capital as his own. The the dead will have to continue to campaign because the son, that natural aristocrat is useless.

    I think the situation is coming down to either the PAP gets out or Singapore goes down–back to the future. There is no middle path.

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  • Malaysia boleh Singapore bodoh:

    PM discussed the cost of living but did not address wages (and jobs). The latter is the other side of the same coin.

    Cost of living would not be an issue if wages increase at least match rise in the cost of living or if one has a good paying job. Since he became PM Singaporeans have basically become worse off with depressed wages or loss of job to “cheap” (no CPF) foreigner while prices escalated sharply making Singapore the most expensive place to live in. Price of HDB flats more than doubled.

    PM ruled out lease extension for HDB flat or conversion to freehold. He stated that HDB flats would have to be returned t the end of the 99-year lease. He should have confirmed what Lawrence Wong said earlier – that at the end of the lease the market value of the flat will be ZERO. HIP 1 and HIP2 will not change this fact.

    “Splitting hair” between “owner” and “tenant” is not really. With a 99-year lease the buyer is basically still “renting” therefore a tenant. He/she is basically just paying the “rent” upfront for the 99 years. HDB owner who made money (or have a paper profit) on their flat should understand (and accept) that this is due to an (unsustainable) “property bubble”. Without the latter, the value of the flat goes down 1% a year. HDB flat is a depreciating asset.

    When PM talked about the new Merdeka Scheme (for those who missed out from Pioneer Generation Scheme) he showed a video clip of his father. This is totally unnecessary. LKY is dead and is now ashes. Going forward he is irrelevant to Singapore and Singaporeans. Moreover, the regime change in Malaysia showed that Dr M is a much better politician the LKY.

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  • Malaysia boleh Singapore bodoh:

    Straits Times: National Day Rally 2018: A novel solution that keeps HDB flat as both home and asset – Lee Shu Shyan

    Not true. HDB flats is a DEPRECIATING (and OVER-PRICED) asset because of the 99-year lease. At the end of the lease, its market value is ZERO. This is a fact. Only as an unsustainable “property bubble” caused the rise in price.

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  • Yoda:

    What’s there to clarify? It’s a lease. Look it up in the Oxford Dictionary! How on earth can you think you are the “owner”?

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  • Dr Chee sounds more Genuine!:

    Go to the SDP website and listen to SDP National Day Rally Speech (broadcasted on 18 Aug 18 via social media).

    Dr Chee talks more sense!

    It is up to the voters to compare notes and decide before the next GE!

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  • oxygen:

    I HAVE COMPELLING APPREHENSION THAT THE PUBLIC MIND THINKS that public housing ownership is a SHAM of TOTAL FAILURE on the verge of financial non-sustainability collapse.

    SLA is the owner. HDB buyers are lessee – in effect a liability debtor who is paying property tax and even resale levy on disposal of lease contract to another.

    If HDB buyers are owners, why must these fictional “owners” give the title to another for zero valuation. It either belongs to nobody at the time of lease expiry or it must have the option of the lessee surrendering to me his/her title deed in exchange for my 5 cents – even of token value.

    In contract law, any amount – be that billions or 1 cent is valuable consideration in evidence support of a valid transacted contract because nobody else can challenge thereafter of entitlement to that as a gift inheritance. It was sold for 1 cent, willing seller/willing buyer in a legal contract.

    But in HDB lease contract, the lessee is commanded to surrender value for nothing – that is or implied in parol evidence that the HDB lessee HAVE NEVER OWNED THE FLAT nor has protective responsibility for that flat from commencement of that lease – in effect the buyer is in a practical commercial reality only a tenant – never mind what narrative descript is presented, pretended to the media and its cultivation thereon of fiction.

    The problems for the lessee does NOT end there. Buying a liability of a lease with CPF is PRESENT CONSUMPTION of expected future cash flow of retirement savings means that without perpetual strong escalation of transacted price for HDB flats, the lessee is trapped in

    - rapidly diminishing realisable value once the lease runs past 40 years of age, wiping out the lessee’s equity and much of his/her CPF retirement savings of SHRINKED PURCHASING POWER – the time value of money must declines and decay with time expiry.

    - aging population means more supply of aged lease and falling declining demand, most won’t be able to encash out. Hence HDB is now offering to buy back lease of even 5-roomers, presumably on cheap deep discount leaving peasants with a retirement nest but no eggs inside to feed hunger.

    - Present Tense have admitted that future price appreciation will be slow – no thanks to our failed economy on the much slower growth trajectory than in the past, making liquidation of lease much more difficult even of diminishing value

    - Present Tense is silent on the reality that the 30-yr bull market for bond has turned negative. The credit cycle has reversed, interest rate will be higher, undercutting all asset values, MUCH WORST OVERINFLATED DEBT (lease).

    The sham is about to collapse on its own weight.

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  • Bapak:

    I don’t think is lack of courage instead is lack of solution. They have painted themselves into a corner don’t know how to get out.

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  • Crazy Rich PAPpy:

    And like Mary, many ‘gongkia’ singaporeans also continue to trust a cheater and remain happy that they’ve been promised something.

    Though kind-hearted people have raised the alarm to warn the daft that they’ve trusted loonglee the man with fake promises, kind people ended up being called trouble-makers instead.

    Yes, frightening. Very frightening indeed when we have to live with so many gongkias like mistress Mary who kept trusting man loonglee.

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  • Copy n paste speech:

    Someone please go whisper in PM’s ear that the tears dont work anymore. So turn off the waterworks already!
    A Weak cry baby man!

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  • Plain as daylight.:

    Simon, you are simple-minded! Simple Simon! There is no need to clarify. HDB dwellers are long-term lessees – 99 years and after that, you lose it! Of course, it is possible to “extend” the lease for another 20 years or 30 years but for a FEE which can be taken from your CPF if you still have any funds left. Otherwise, take from your children’s CPF. If they also have nothing left,take a bank loan and if this is not possible, you can pay cash. If all of the above cannot be done, just vacate.

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  • NotMyProblem:

    What PM Lee did mentioned in the NDR were not frightening, because we know they were just lies. It was what he did not mentioned that is frightening.

    By now we should know his empty promises.

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  • opposition dude:

    You don’t need the worse than useless good for nothing of a PM to tell you that you are merely a tenant, the 99 year lease tells you so.

    And HIP2 is merely window dressing, it does not even address the fact that the lease would be closer to 99 years when it starts. What good is a fantastic looking HDB block with everything done up nicely if its value keeps dropping?

    Typical PAP, tell you what they want you to hear and not address the issue at hand. Well done goondu Loong, let’s see what silly trick you have up your sleeve next.

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  • We are all Doomed:

    opposition dude:
    You don’t need the worse than useless good for nothing of a PM to tell you that you are merely a tenant, the 99 year lease tells you so.

    And HIP2 is merely window dressing, it does not even address the fact that the lease would be closer to 99 years when it starts. What good is a fantastic looking HDB block with everything done up nicely if its value keeps dropping?

    You are absolutely correct. The value keeps dropping and yet we have to take out cold hard cash to to the HIP.

    Those in Commonwealth will know that they forked out thousand of dollar to do the upgrading and after a few years these flats are in the SERS program. See how the white ass failed to plan OR they plan to fail.

    Conclusion is that:
    a) They are real stupid or
    b) The 70% are real stupid or
    c) Both are real stupid.

    We pray that the 70% will wake up before WE ARE DOOM.

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  • HarderTruths:

    You really think he gives a sh*t about us?
    Another lie will be born to cover the prior lie.
    And so on … until you die.

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  • Tricks Of Perpetual Thieves:

    ….
    It’s not worth to discuss a lie, a showcase to hoodwink.
    It’s basically a self serving wayang meant for dafts.
    Move on, but just don’t forget the pain.

    Questions need to be asked instead on what the fake Malay has done so far to enhance transparency and accountability of reserves so far?
    Why dafts need to have and pay obscenely for a zombie president and minister mentor and many other chobolans?
    How much of reserves is left?
    How much is the new airport? Why dafts have to foot such infrastructure bill when government already reaped billions selling HDB land to dafts?
    What is the wife’s salary? Why is she there in the first place? How much of dafts reserves are lost?
    Why are sinkies paying for the land price if we are just renteers? Why did the state lied about us being owners? Why are we paying for the HDB up keep? Why aren’t sinkies given the share of the land wealth at end of lease? What happened to the asset enhancement, which supposedly is the land? Why should the government pocketed all the wealth? Where did all the money go to, if not into healthcare, social security or transport infrastructures such as SMRT??

    The list of unanswered questions is endless!

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  • SameOleSameOle:

    He looked thin and shaky..mayb not loong now?
    Must be the heavy conscience of not fulfiling his job properly ,is pricking him ? All the lopsided policies going awary . He and his cronies dont have any solutions to right their wrong judgements.
    A person’s heavy conscience can make one very ill. Truth.

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  • omnitaufoo:

    The PAP and the PM don’t deserve the mandate for another term! This is a real cope out government… worse than mediocre! Time to start dismantling this power crazy, money crazy political beast, beginning with the next election and the next and for as long as it takes!

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  • Almighty Will Set Things Right:

    SameOleSameOle:
    He looked thin and shaky..mayb not loong now?
    Must be the heavy conscience of not fulfiling his job properly ,is pricking him ? All the lopsided policies going awary . He and his cronies dont have any solutions to right their wrong judgements.
    A person’s heavy conscience can make one very ill. Truth.

    Heaven Will think of the old poor trash pickers on our streets.

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  • LIONS:

    He is a nation-destroyer.
    His reign is similar to gloom n doom for nation-building sgs.

    Why he thinks Sgs cannot do without him?

    Must be self-deceit.

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