HDB has failed in its key duty

It was reported that the lease buyback has now been extended to include 5-room (and bigger) HDB flats. Despite being among the world’s top retirement funds savers, we need to ask ourselves why we Singaporeans need to sell our HDB leases back to the government.

When discussing this issue, we need to go back to the basic question of why elderly flat owners need to sell back their remaining lease to HDB. They do not do so for fun, but are forced to because they do not have enough money and/ or CPF savings to see them through in retirement. They are forced by circumstances and this is the honest, simple, and ugly truth!

The simple answer is that HDB has failed in its key duty.

As far as buying public flats from HDB is concerned, Singaporeans have been paying too much for their lease decay flats and using too much of their CPF savings for their flats purchase. It is high time that we need to seriously pause and reflect on the current practice.

Instead of being faithfully mindful of its social responsibility of building and selling truly affordably priced flats to Singaporeans, they have chosen to price flats at an exorbitantly high cost to Singaporeans, fattening its own wallets over the years. As a consequence Singaporeans shoulder heavy housing loans over many years by depleting their CPF savings which are meant for their retirement.

If left unchecked and in the face of a very greedy and incompetent government, we are very likely to end up asset rich and cash poor. Singaporeans, especially younger Singaporeans, you have been warned.

 

Simon Lim

 

 

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24 Responses to “HDB has failed in its key duty”

  • patriot of TUMASIK:

    It all started with an evil man name Lie Con You…and he was sent off with Pomp fit for an Emperor after The OWL he worshipped hoot him back to his Master

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  • NotMyProblem:

    Physically, we are rebuilding our housing and infrastructure for the next fifty years. HDB is working on programmes – expanded HIP, HIP II and VERS – to upgrade and renew HDB flats and housing estates. This will ensure that HDB flats continue to be quality homes and a good store of value for retirement. Singaporeans can look forward to living in vibrant and warm neighbourhoods,… “; PM Lee’s 2019 New Year Message.

    If Singaporeans still believe in this BS, we are gone for sure!!

    Don’t forget after 99 years, HDB flat value = zero!!

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  • Tom Lee:

    I really would like to see how HDB will implement the lease buy back scheme alongside VERS for a single HDB block.

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  • oxygen:

    PAPpypolitics ASSET ENHANCEMENT POLITICS is a process by and in which the CAPITAL (cash & CPF) of peasants is DIVERTED into the income/revenue/profit account of the State.

    It is also a means of transferring wealth from the poor to the rich because only the rich has multiple properties to profit from their active trading in inflated real estate bubbles- UNSUPPORTABLE by economic fundamentals illusted in @ Simon Lim’s writing above.

    Asset enhancement politics is trying to keep the economy afloat by lifting artificially asset valuation financed out of cash – failing that added the prop of CPF and debt binge to bolster in support.

    When the economy sours of debt implosion unsustainable, all will be hurt from peasants to the dumbfarked gullible property speculators who lives in the self-delusion that property gambling relying on buy-property-vote-PAPpy is a sure win formula. YOU ALMOST THINK THEY ARE AS STUPID AS CASINO REGULARS WHO CONVINCED THEMSELVES THAT EVERYONE PLAYING IN THE CASINO WILL WIN MONEY.

    The insane global binge on debt is about to implode soon. And what will happen to Sinkies I shudder to think?

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  • que sera sera:

    Whatever will be will be lah …

    4 room HDB in Tiong Bahru already crossed $1,000,000 … congrats to these lucky owners.

    Btw – always loved Tiong Bahru.

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  • Angry rooster:

    With this lease buyback scheme, many will apply to shorten lease. So how to be asset rich? And children of these owners will have nothing to inherit. Nowadays, see many seniors/unemployed youngsters hanging around coffee-shops and hawker centres. Rich arh????

    Simon Lim:
    If left unchecked and in the face of a very greedy and incompetent government, we are very likely to end up asset rich and cash poor. Singaporeans, especially younger Singaporeans, you have been warned.

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  • MarBowling:

    The MasterMind(MM) of this HDB Arsset Enhancement Scheme of Things is Lee Kayu and his protégée shortarse ex-Minister MarBok Tan. Lee Kayu is now currently 24/7/365 undergoing burning in hot fire as a form of paying his share of misdeeds that affect 80% of our total population. Next in the bonfire queue is Marbok Tan and Ex-seatwarmer Woody.

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  • Dont boast anymore:

    Not only HDB ..everything they touted as ‘great or a perfect scheme’ in our sg, has become a legalised scam and are crumbling down..including the PAPs!

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  • Messenger from 2023:

    Dear Simon:

    We ARE already cash-(very-)poor!!

    And will be asset-poorer real soon, as long as those Pimps And Prostitutes who Pee And Poo, Poo And Pee all day remain in the trade of governing a cuntree (instead of the filthiest brothel they rightly belong to and in).

    Good luck to your 2020 & beyond
    - if they’re still holding the (nation’s) lease, all thanks to the daft-getting-dafter Sinkeverpoorerians!

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  • Bapak:

    We are already in the state of asset rich and cash poor. One ASEAN country that is cash rich is Myanmar. They buy cars, properties and buildings by cash. Selling vaults is a good business there, cos they don’t trust their banks.

    Sinkies are frogs in the well, conditioned inside the pot don’t know the outside world, slowing being cooked like frogs porridge and they thought they had a good c(r)ook. They c(r)ook psycho them all to be food also don’t know.

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  • Asd:

    CPF failed thats why need HDB.. all crumble given time…

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  • oxygen:

    @Que sera sera

    SO YOUR SON AND DAUGHTER will pay $2,000,000 each for their 3-rm HDB flat in Tiong Bahru and earning $1,000 per month as dishwashers?

    que sera sera: Whatever will be will be lah …

    4 room HDB in Tiong Bahru already crossed $1,000,000 … congrats to these lucky owners.

    Btw – always loved Tiong Bahru

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  • Angry Rooster:

    Must’ve been bought by recent cash-rich enblokers. So beyond the reach of common folks like you. Eat your hearts out, bro. Que Sera Sera…..lol

    que sera sera:
    Whatever will be will be lah …

    4 room HDB in Tiong Bahru already crossed $1,000,000 … congrats to these lucky owners.

    Btw – always loved Tiong Bahru.

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  • oxygen:

    @ Tom Lee

    Who get the benefit if the tenant (pretentiously labelled HDB owner) gone to TERN SUA never to mortally return a few months after the VER post the lease buy-back?

    Tom Lee: I really would like to see how HDB will implement the lease buy back scheme alongside VERS for a single HDB block.

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  • oxygen:

    @ Simon Lim

    I AM AFRAID YOU COULD BE WRONG on this proposition.

    Simon Lim :If left unchecked and in the face of a very greedy and incompetent government, we are very likely to end up asset rich and cash poor. Singaporeans, especially younger Singaporeans, you have been warned.

    Don’t be surprised a lot end up mortgage-debt rich but cash poor because they paid too much for inflated housing bubble UNSUSTAINABLE.

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  • N.Jungne:

    Aiyoh Laulan is not in-charged lah, AhLong pulls HIP2 and VERS pulls out from his bag. Laulan fell off his chair, and said never heard of. From here we should all know, who is suka-suka takes charge

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  • Dr. Chan:

    @Simon Lim
    What do you mean by asset rich, cash poor?
    As far as HDB flat is concerned, you don’t own it. You are pre-paying rent plus tax/other charges and fees on your rent( doesn’t make sense) using your retirement money. Also paying for land you don’t own (doesn’t make sense either). But Singaporeans accept this (doesn’t make any sense). At the end, nothing for retirement, no money, no home. At death bed, nothing to show for, nothing to pass to your kids.

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  • LIONS:

    I stand by what i have always upheld.
    HDB SHUD BE FOR SGS’ ONLY.
    Why shud FTs be helped to buy HDB to PROFIT from it,from rentals n capital gains?

    Non-sgs who own HDB shud sell the HDB to sgs only after tbey have bought a condo in Sg.

    The HDB,like other agencies,had been run by non-sgs especially at policy formualtion n these PRs formulate such policies for their own benefits as can be seen in HDB example?
    Can amy sg-minister deny?

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  • C’est la vie:

    ******
    Of course, it’ll bloody fail !!!

    So long as the SGov pegs the values of public housing along the lines of private, it’s doomed !!!

    Of course, the Govt have their reasons for driving up the prices and allowing you to dip into your CPF to fund it.

    HDB has always been the bait, to get at the real “catch”, your CPF !!!
    ***
    ******

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  • Don't blame god:

    “They do not do so for fun, but are forced to because they do not have enough money and/ or CPF savings to see them through in retirement. They are forced by circumstances and this is the honest, simple, and ugly truth!”

    Please don’t blame “circumstances”, or god. The real ugly hard truth is that they are the victims of machinations by their top servants.

    Imagine you are a wealthy hard working family but your servants all gang up to reduce your wealth. Your servants invest your money, give you 1%, and keep the rest for themselves. They demand and get huge salaries, many times more than you! They demand and get tips, for every thing that they “do for you”. Some more, they demand that your sons do guard duties to protect “the family.”

    Do you blame circumstances or blame your servants? Of course, you also blame those people in your family who employ those servants.

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  • HDB's karma debt:

    Ah Leong was once brought before a judge by a company to whom he owed some money.

    The creditor said to the judge: “This man owes me $5000 which is long overdue. I request your Excellency to order him to pay me immediately – without further delay!”

    “I do owe him money,” said Ah Leong, “and I intend to pay him. I’ll sell my assets if necessary, but it’ll take time.”

    “He is lying!” said the creditor. “He neither has car nor assets! Nothing of value for that matter… and I’m told his lousy job hardly pays his monthly mortgage.”

    “He knows I’m down, O Judge,” implored Ah Leong, “Ask him how he expects me to pay him immediately?”

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  • Sad:

    Sad situation when they are Cash Poor at retirement age.
    Policy Failure.

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  • Ah Leong:

    @ HDB’s karma debt

    Yew say simi leh?!

    Limpeh am a registered leegal loanshark – the very famous ‘Ah-Loong Leong’, not just here but JB and Batam also, yew never hurt of mi beefoh meh?? How can? – or “fin tech” (now in fection, more stylo mylo) so how can limpeh cun’t afford mortgage, it’s just limpeh like to play for time, delay payment oni niah mah, use money (to put out as higher interest-earning ah loong, sorry, financing loans to) grow money first!

    Many ppl owe mi 5k & above, limpeh tell yew, so dun suka suka say here in pubic place limpeh Ah Loong Leong owe Annie One annie money (except of cos mortgage lah, haha) or limpeh macam Ah Loong Big Brother Big, shoot yew, sorry, sue yew until no shortpanter underwear to wear, limpeh warm yew first, yew jaga ah, yew!

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  • First Come First Served:

    Blame yourself for being so stupid. It is like staying HDB, still want to drive Mercedes to howlian. One look people can know you’re stupid.

    Don't blame god:
    “They do not do so for fun, but are forced to because they do not have enough money and/ or CPF savings to see them through in retirement. They are forced by circumstances and this is the honest, simple, and ugly truth!”

    Please don’t blame “circumstances”, or god. The real ugly hard truth is that they are the victims of machinations by their top servants.

    Imagine you are a wealthy hard working family but your servants all gang up to reduce your wealth. Your servants invest your money, give you 1%, and keep the rest for themselves. They demand and get huge salaries, many times more than you! They demand and get tips, for every thing that they “do for you”. Some more, they demand that your sons do guard duties to protect “the family.”

    Do you blame circumstances or blame your servants? Of course, you also blame those people in your family who employ those servants.

    GD Star Rating
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