Failed CPF scheme cannot be revamped, property bubble will burst

Phillip Ang

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17 Responses to “Failed CPF scheme cannot be revamped, property bubble will burst”

  • PC Ong:

    Why must revamp CPF? Nothing wrong with it. Just because govt allow us use all our CPF for housing don’t mean we should. This is about individual discipline, don’t blame the govt. The writer also forget to say 50% of the RA balance can be met by pledging property, which means most Singaporeans will have no problem meeting the RA. As for HDB flats with less than 60 years lease, these are harder to sell and must have discount, but price never collapse, only slight discount.

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  • Retirement funds disfigured:

    We recall PAP founding chairman Dr. Toh Chin Chye whose committee it was that designed Singapore’s national flag and selected the Majulah Singapura: Dr.Toh had warned his colleagues in the early 80′s that the CPF management board must guarantee the citizen’s retirement at 55; and that public health care costs should not be derived from the people’s savings.

    Whilst the founding fathers were present up to the mid 80′s, HDB flat prices never included the humongous market prices of the land on which the block is constructed, like today. It was a sound government – in tandem with the people and working for the cause of the common man.

    There was no crony capitalist practices then because ministers were not corporate executives altogether in one, and the workers’ CPF had not become a capital base for the state’s sovereign wealth funds (opaque administration of CPF accounting).

    Last year saw a record high in the number of economically challenged elderly folks killing themselves. Manifestly, a fantasy bubble has bursted – all that glitters is not gold to all Singaporeans.

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  • opposition dude:

    And the HDB problem will only get worse come the 2020s when all those flats built in the 80s turn 40. If you are old enough to remember quite a number of blocks were built in the 80s in the various estates. Now just imagine what would happen when those blocks turn 40 and there aren’t too many buyers? You can already see the effect in Toa Payoh and Queenstown already.

    Sure HIP2 and VERS are coming to save those flats but please do not forget, the lease is still at 99 years. What is the PAP doing for flats aged between 40 and 60 today? Just let the value drop for 2 decades whilst waiting for HIP2 ah? By then how much value dropped already?

    It will be a very interesting time for elections held after 2025!

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  • Bapak:

    Revamp our administration before all others (including CPF) can be revamped. To do that, first we have to revamp the stupid minds of the Sinkies70. This is the gist of our problem. When the foundation is not solid forget about going further. M’sians have awaken & kicked out the corrupted G but stupid Sinkies are still in deep slumber, glorifying & supporting blindly the vampires. Sinkies are the most hopeless & gutless people on the www.

    All employers must ask Singaporean applicants one simple question – do you support PAP. If yes, this guy is hopless, don’t employ him. This guy is the kiasi, kiasu, kiabo & worse of all kiachenghu type. He will has no gut, no brain to plan for your company to bring it forward. When come to real competition he is the first to run & hide behind skirt. This country is done for with such citizens.

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  • Messenger from 2023:

    opposition dude:
    January 12, 2019 at 12:19 am (Quote)
    “And the HDB problem will only get worse come the 2020s when all those flats built in the 80s turn 40. If you are old enough to remember quite a number of blocks were built in the 80s in the various estates.”

    You’re right about the getting worse from here on in, great foresight. But you ain’t ‘seen’ nothin’ yet, dude.

    For, if you recall, the 80s marked the start of ramping up HDB flat construction but the use of the ore-fab(rication) method to achieve the target numbers.

    If readers think they’ve seen the worst of HDB-china-type tofu construction with regular & constant reports of flats experiencing tile pop-ups, shower screen disintegration, etc, they are going to be in for a shock when these 80s-built prefab blocks (of BCA-LEGO stack’em-ups) start ‘coming of age’ and turn forty.

    And we’re not just talking about your usual water seepage through the seams where unit adjoins unit. We are talking about seeing the real possibility of whole levels of units sliding off one another and come crashing/crushing down like, well, the proverbial house of cards!

    Remember, the tectonic plates underneath the Pacific Ring of Fire have been shifting and these movements have become more pronounced and with moreover frequency in recent years, approaching ever nearer the Malay peninsula with each successive rumble, that it’s only a matter of time before what we see happening in Szechuan & elsewhere on our tv screens COME TO A HOUSING BLOCK NEAR OR NEXT TO YOU!

    And the multitude of condominium & other high-rises built during the construction frenzy of the last two decades will not be spared either, having been erected by the likes of China Construction, a typical ‘tofu-maker’ In then building industry which have transferred their ‘extraordinarily superior’ construction methods lock, stock, barrel – along with their farmers-turned-civil engineers – to the local context.

    Heavens bless Sinkingpore and you & your loved ones, especially if you happen to live in one of those post-70s-built high rises, amithaba-amen-allahuakbar!

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  • Perspective:

    @Messenger of 2003

    The frequency and intensity of earthquakes in and around the Ring of Fire is worrisome. Already without earthquakes we have blocks of concretes falling off flats; what more if you have a big tremor. Are our HDB flats and condos built to withstand earthquakes? The contour of SG’s northern coast seems to fit into MY’s southern coast (JB) like parts of a jig-saw. Did an earthquake split the land apart or was it separated after the ice-age? Will SG become Atlantis 2 if the Big One hits us?

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  • pap S$m liars:

    asset enhancement of HDB is a lie similar to INDIAN is malay.

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  • oxygen:

    @ PC Ong

    OI OI OI, your rectum sphincter is smarter than your desiccated coconut. Any moron knows that the CPF/HDB nexus is a scam construct in which and by which process the private assets (cash & CPF retirement savings) of the peasants are transferred into the profit/revenue account of the State.

    PC Ong: Why must revamp CPF? Nothing wrong with it. Just because govt allow us use all our CPF for housing don’t mean we should. This is about individual discipline, don’t blame the govt. The writer also forget to say 50% of the RA balance can be met by pledging property, which means most Singaporeans will have no problem meeting the RA. As for HDB flats with less than 60 years lease, these are harder to sell and must have discount, but price never collapse, only slight discount.

    What did peasants got in return? PAPpys already told all in Parliament, no less (not denied in there) that CPF is not your money, so what the fiack is the RA balance pretends to be? Peasants don’t own the accommodation nor the land on which that sits on BUT PAID FOR IT with their cash, bank mortgage (and if inadequate of supply) their retirement CPF to supplement of this extraction. It is only a lease in property law, the ownership stills belongs to the seller (HDB). At the end of the 99-yr lease, the land (paid for by the peasants) will be sold again to future generations. That is to say, an asset land paid for by a peasant can be “sold” by the State to different owners without a title deed to substantiate and evidence a change of that LAND ownership of a sell-buy transaction having been completed by due legal process???

    The asset enhancement politics is a sly deception of transferring wealth from the peasants to the rich – any economist worth his or her salt can easily illuminates this. Only the rich with multiple properties can profit from property speculation, the poor sell one unit at higher price have to then purchase the next one at even higher prices – A MOVING FEAST OF A MIRAGE OF WEALTH untouchable unless one can camp on Changi beach or sleep in bus-stops.

    NO COUNTRY IN THE WORLD stupidly spent so much resources in accommodation relying on future retirement spending needs CONSUMED now. It is like burning the candle at both end – its life is obviously shortened. IT IS FIACKING DUMB ECONOMICS – that is why no other country in the world copied our so-called marvel public housing model (read a rotten scam of stupid economics).

    This country is left stuck – no productive domestic economic sector & housing is least productive entrapment.

    YOU IDIOT!!!

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  • Red Dot:

    Never under estimate the use of financial engineering tools and the use of re-framing to get the public to accept, even be grateful. I can think of those in white can develop further e,g. (1) ex-gratia grant to buy a new flat (2) priority rights to a new flat (3) full HDB/NTUC buy-back of balance lease with 7 to 10% discount rate applied to get net present value. A large part held back by HDB/NTUC to pay for rent, insurance etc (4) NTUC sets up new coop to finance flats with less than 30 years lease (5) policy reversal couched as enhancement of SERS to all 3 room and smaller flats. 4 rooms will get it several years later. Bigger flats – forget it, You are “rich” enough.

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  • Rabble-rouser:

    @ Messenger from 2023:
    Ha-ha-ha-ha! I supposed you’re the resistance hero sent over from the future to warn the present in the classic Sci-Fi movie, TERMINATOR.
    But seriously, the magnetic poles eg North & South Poles are shifting. The North Pole is creating a new Ice-Age in the Northern Hemisphere with increasing polar vortex & excessive snowfalls. Antarctica, on the other hand, is experiencing shifting winds which is causing rising temperatures – Australia (the biggest Southern Hemisphere land mass) to extreme heatwaves & drought conditions while Pacific islands to be inundated with rising ocean levels as ice melts in the Southern Ocean.
    The shift also comes with increasing Geotechnical Instability & extreme weather – earthquakes, tsunamis from displaced water mass, volcanic eruptions, resulting in ash spill creating reduced sunlight & air pollution, excessive rainfalls resulting in landslides & massive flooding, etc.
    And S’pore are still building tall concrete structures; invading the last few acres of natural reserves (Tengah Forest Town, Crosstown MRT line running through MacRitchie Natural Reserves) for urban progress, likelihood of an underground city with extensive ground tunneling & excavations, etc. But does anyone know that there is a global shortage of sand resources. The stone chips are also in short supply. Solid brick have been replaced by hollow core bricks.
    The HDB lease decay is a poor depressing factor for the value of older, well-constructed HDB flats which were rather well-built using genuine local construction materials (good sand sourced from now-closed Tampines quarry, aggregates materials from Choa Chu Kang (Little Quilin), bricks from old Brickworks in Bukit Merah/Alexandra (site of ABC Market) or from Choa Chu Kang. Instead of questionable imports & alternatives or stretching out space through using fillers like newspapers & cardboards to save on construction costs, etc in present day new construction.
    Nobody complained about Tiong Bahru SIT flats built in the 1950s using Samsui women as construction workers & local artisans.
    New construction is actually more inferior to the older structures, LOL!

    Messenger from 2023: Remember, the tectonic plates underneath the Pacific Ring of Fire have been shifting and these movements have become more pronounced and with moreover frequency in recent years, approaching ever nearer the Malay peninsula with each successive rumble, that it’s only a matter of time before what we see happening in Szechuan & elsewhere on our tv screens COME TO A HOUSING BLOCK NEAR OR NEXT TO YOU!

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  • Oxy misses:

    Phillip , oxy has been shouting that for 10 years. Lately rather on the quiet side.

    We are still patiently waiting

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  • HOme improvements:

    Hdb home improvement program costs over $13k for two toilets , if not mistaken. Home owner pays a fraction of that using their own cpf.
    Is the main cost paid to contractors funded using the money inside the cpf bank ?
    In other words, is the balance funded by the rest of the cpf members who may not have done HIP EG. I. NEW FLATS , condo or private estates?
    If so, how much from cpf bank has been spent?

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  • LIONS:

    A property market meltdown is going to affect the more ordinary sgs than rich citizens n alien$.

    Hope that this will not happen.

    Many ordinary sgs are already much impoverished by the various ANTI-CITIZENS PAP POLUCIE$.

    The PIG$ ONLY CARE about their OWN BANK ACCOUNT$.

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  • Rabble-rouser:

    @ HOme improvements:
    According to a relative who had HIP finished on his flat. HIP only benefit S’pore citizens. PR or those with foreigner spouse might pay more costs for HIP if I’m not mistaken. About 90% of HIP cost are subsidised by HDB, balanced can be paid using CPF or cash a long time after HIP completed. My relative haven’t been asked to pay yet – his flat HIP finished last year. The cost payment is a matter between HDB & the HIP contractor. Believe that the monies come out of HDB conservancy account – the sinking fund account. Lots of monies sitting in the sinking fund accounts. New flat owners subsidised old flat owners for HIP because they, too, must contribute to sinking fund. CPF monies not involved in HIP except paying for non-subsidized portion of HIP (if flat lessee opt for it) but it is a small amount.
    From your comments, you sound either a foreigner (PR); a newbie HDB dweller or a private property owner.
    If flat lessee goes to Reno contractor outside. 2 toilets would cost about $20k at the least. Renovation costs have escalated these few years. Sand is very expensive outside but HDB have supply source & economies of scale. Also construction wages & workers levy very “siong” but HIP work – foreign workers given tight schedule- must finished by project time line. Believe HIP contractor costed these cost to make reasonable profit. Outside Renovation contractor cannot do @ HIP prices.
    Hope this helps! Anyone who can advise better, please do.

    HOme improvements:
    Hdb home improvement program costs over $13k for two toilets , if not mistaken. Home owner pays a fraction of that using their own cpf.
    Is the main cost paid to contractors funded using the money inside the cpf bank ?
    In other words, is the balance funded by the rest of the cpf members who may not have done HIP EG. I. NEW FLATS , condo or private estates?
    If so, how much from cpf bank has been spent?

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  • Wrong Cunt Sing:

    When a leader Sue’s his own sibling and relative.
    The writing is on the walls , if only you have the Wisdom to see it.

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  • Wrong cunt sing:

    Many will only worry about it if their garment tells them to worry about it.

    Its 53years of psychological conditioning.

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  • rukidding:

    World greatest conman.

    You lease a place…pays monthly maintenance…and also endup paying for an upgrading of the property that essentially does not belong to you ?

    And 70% apparently are happy to be “screwed” ???

    Sillyporeans indeed !

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