Allow private property owner to buy HDB flats

The current government policy allows an eligible person to buy a HDB flat and after occupying the flat for five years, to buy a private property.
The HDB owner can rent out the private property to enjoy a rental income while continuing to live in the HDB flat. He is allowed to own a HDB flat and a private property at the same time.

However, an owner of a private property does not have any opportunity to own an HDB flat.

I suggest that the government policy be revised to rate the private property owner fairly and put him in the same footing as the HDB owner.

a) Allow Singapore-born citizens aged 55 or older who have never owned a HDB, to apply for new HDB BTO or buy resale HDB without giving up their private property, which they must have lived in for at least 10 years.

b) Upon receiving their keys, they must move in immediately to occupy their BTO/Resale HDB flat. Their private property can then be rented out for passive income in retirement
If this new policy is implemented, our public housing estates will be more vibrant and dynamic, where people of different income and social strata interact and integrate in their neighborhood

Private home owners have worked hard and contributed to nation building by paying income taxes higher than the average citizens. They should be offered equal opportunity in their retirement to choose to live in public housing.

This will give them the option of staying and spending in Singapore, instead of uprooting to live in neighboring countries where the lower cost of living allows them to stretch their dwindling dollars.

 

John Lim

 

 

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34 Responses to “Allow private property owner to buy HDB flats”

  • Kurt:

    Talking abt yourself huh?

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  • Hank:

    I absolutely disagree. In fact, not only do I think that private property owners should not be allowed to own HDB flats. HDB flat owners should not be allowed to own private property too. You either have one or the other, not both. Do not contribute to rising HDB prices. If you can afford a private property, you should not have anything to do with HDB.

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  • Everything oso want:

    Dun worry…now GE coming, everything oso can!
    Akan datang.

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  • John Lim:

    Why all the conditions? Just have the same conditions as the HDB
    owner. The only difference between a HDB and a private property owner is in timing. If you buy a private property first, you are penalised. Why????

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  • oxygen:

    BAD IDEA. PUBLIC HOUSING SPECULATION CANNOT and must NOT be the cornerstone pillar of any economy because of these reasons

    - it is unproductive of economic wealth fabrication
    - it will price new BTOs way beyond the reach of newly-formed family units
    - it is gambling on a mountain of debt, much worst than casino which does not accept debt-funded bets unless you are a VIP high rollers.
    - asset enhancement politics provide the ideal platform for PAPpys to extract capital (savings) and the retirement funds (CPF) of peasants with enormous damaging adverse impact on peasants retirement adequacy provision.
    - the HDB property value must decay with time as most within each block would contain mostly struggling peasants unable to upgrade reducing public housing blocks to urban ghettos
    - the HDB does not grow in size for each tenant, pretentiously called “owner” to add to productive benefit unlike landed bungalow which could be expanded or expanded skywards with multiple storey additions.
    - adding foreign influx to boost public housing demand is stupid – the pace of foreign influx is REVOLUTIONARY of immediate instant impact but economy to provide for jobs is evolutionary (taking time to grow these opportunity), we saw serious mismatch of the two dynamics resulting in shortfall in transport and healthcare shortages and runaway costs of living pressures undermining the economy.

    IT HAS TO BE ECONOMY IN THE DRIVING SEAT OF DETERMINING POPULATION SIZE AND ITS SUSTAINABILITY, NEVER THE OTHER WAY AROUND.

    LEE-jiapore has found itself in a deep hole of failed population recycling economics – IT MUST NOT DIG ITSELF HARDER AND DEEPER OF NO ESCAPE TO SURVIVAL from here.

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  • Pay Auntil Pok:

    I fully agree with John. I really don’t know which idiot came up with the present policy and really can’t understand the rationale behind the idea.

    HDB owners are allowed to buy pte property without having to sell their HDB flat but pte owners can’t buy a HDB if they wanna keep their pte property. Why liddat? Why so unfair? Why the discrimination? Why are there always different rules for one same situation? Why does this gahmen of ours always trying to cause a divide between people? VTO!

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  • OLD MAN:

    My stance is GOVT should not allow PRs to buy HDB flats at all under any circumstances. Public housing is meant for Singaporeans only not if or but. We do not look after their housing issues to ensure they work comfortable in Singapore They can rent from the market but never purchase one.

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  • No Dafts or Dogs Allowed:

    @ John Lim

    This Govt. only look up not down. If you own HDB and got ‘money’, no problem. If you own private property, no money, your problem. But take comfort that those ‘howlian’ HDB owners who buy private property now find their HDB depreciating to zero. They must also keep their fingers crossed their FT tenants do not go back.

    John Lim:
    Why all the conditions? Just have the same conditions as the HDB
    owner. The only difference between a HDB and a private property owner is in timing. If you buy a private property first, you are penalised. Why????

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  • LIONS:

    Sgs are constantly obstructing one another somehow?
    Question shud be WHY NON-sgs are allowed to OWN HDB while living in private condos or other private housing while renting out their HDB?

    I seek refinement to the author’s suggestion.
    Retirees looking to sell their private properties shud be allowed to buy HDB,pending the SALE OF THEIR PRIVATE HOMES in due course.
    Else,paying rentals while awaiting for the right to buy a HDB in order to cut COST OF LIVING may add burden financially.
    Many older former PMEs were FORCED TO BUY PRIVATE PROPERTY becos of LOW CAPPING OF SALARY BACK THEN.
    TO DISALLOW THESE SGS from buying a HDB immediately upon sale or a wi dow period is unfair.

    This is my sincere opinion n observation.

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  • No no to both:

    John Lim:
    Why all the conditions? Just have the same conditions as the HDB
    owner. The only difference between a HDB and a private property owner is in timing. If you buy a private property first, you are penalised. Why????

    So dont allow both!

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  • HarderTruths:

    Public Housing has zero value – we are just giving that money away for flats already slated for the scrap.

    This joker wants the price of public housing to go further up so the rest of us have to pay more and therefore will also lose more?

    Ownself f*ck ownself

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  • Singapore Fooled Again N Again:

    Fully agree your stand on not allowing PRs to buy resale HDB flats as they single-handedly caused resale prices to go up at least 50% in the last 10 to 15 years

    OLD MAN:
    My stance is GOVT should not allow PRs to buy HDB flats at all under any circumstances. Public housing is meant for Singaporeans only not if or but. We do not look after their housing issues to ensure they work comfortable in Singapore They can rent from the market but never purchase one.

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  • opposition dude:

    Funny rules on property “ownership” for we all know that ZERO percent of Singapoeans own their HDBs anyway. Always remember the 99 year lease and not PAP’s own definition of ownership hor!

    We do have an interesting situation right now though. Older than 40 years HDB flats are all across the country in estates like Ang Mo Kio, Bedok and Clementi in addition to smaller ones like Holland Village and Marine Parade. No need to tell you how many of these blocks are above 40 lah, you can have a reasonably good guess liao.

    Even if the rule was changed and private property people were allowed to buy HDB it would not solve the problem of the plunging flats’ values because these private property people would not want to buy a depreciating asset in the first place.

    Just put yourself in their shoes lah. If you live in private property and want to buy a HDB you either want to rent out that HDB or sell it when its price appreciates. If you choose to rent can you guarantee that you will have a tenant for the flat’s remaining lease every month and can you also expect whatever amount of rental you are charging to be paid to you every month?

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  • patriot of TUMASIK:

    As I see it…HDB is supposed to be AFFORDABLE homes…the Price had shot through the roof and the private sector rose in TANDEM

    let the HDB Crash to a level where everyone eligible can afford including PRs & newbie citizens to Live happily without worry & “SPECULATION”…and the Private HOMES will fall in TANDEM for those wannabees and keeping up with Joneses…

    and we can all sing Dick’s MaterPiece “Home… ‘truly’ where my heart is”

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  • No Dafts or Dogs Allowed:

    That’s why some choice HDB flats sell for over a million. High percentages are from those cash rich en-blockers and private property owners (sell/downgrade). Imagine what will happen if private can buy HDB.

    HarderTruths:
    Public Housing has zero value – we are just giving that money away for flats already slated for the scrap.

    This joker wants the price of public housing to go further up so the rest of us have to pay more and therefore will also lose more?

    Ownself f*ck ownself

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  • Change We Must:

    Dont have to change any rules. Simply solution, just buy HDB first then buy private after five years. But if you are rich enough , dont need to consider HDB after all it is a public housing with many restrictions.

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  • Mindblowing:

    Few days ago on news…new bto flats ..4room in whampoa balestier area going at $523k bef subsidies…
    Who in their right minds would go for it…
    Only the usual dafts and the rich new citizens who get citizenship to park their illgotten gains in Our country..the gov welcomes these ppl with open arms..

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  • rukidding:

    One leg on two boats ????

    Hoping to “exploit” the system and make “side income” ???

    Hmmm,..typical Cynical and PC Ong type !

    Only know how to “milk” and “cheat” !

    Maybe you should like PeeM Lee have a look at your backside first ?

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  • greenery slaughtered to build:

    //I absolutely disagree. In fact, not only do I think that private property owners should not be allowed to own HDB flats. HDB flat owners should not be allowed to own private property too.//

    very good one. so that excessive money will not be diverted (hence inflated price and rent seeking and creating a upward spiral effect on the cost of living) onto something as basic as a roof. it cannot be a case where a decent person (or household) working hard throughout their lives and having to finance something as basic as a roof with a significant proportion of their income (especially those on lower wage) where the land cost may be arbitrarily set high relative to the low construction cost especially when economic scale is concerned when talking about public housing in which a few blocks may be tendered out at one go).

    the problem with sinkie land is that too much $$$$ is concentrated in real estate with much land & greenery slaughtered to build houses with white idiots acting like ‘landlords’ (did not some idiot preach about one party operating on ownself-check-ownself auto drive) doing ‘rent-seeking’ in the form of all sorts of taxes (direct or indirect).

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  • Fair Comment:

    It is good for those with Private property and with excess money and getting old to retire in a HDB resale flat and rent out their private property. Better for the old to have their hard earned money better protected invested in property than in the stock exchange.

    Only a small number (few hundred) who own private property and retired want to move to a resale HDB flat and would be unlikely to affect the property market.

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  • No Dafts or Dogs Allowed:

    Bingo! Your last sentence, “if you are rich enough” hits home.
    The problem is 70% of Singaporeans are pseudo-rich. Looks good on the surface through borrowings and debts.
    A financial meltdown which is coming in the next few years will catch them ‘swimming naked’ much less upgrade to private homes.
    Those buying private now are mostly the recent en-blokers looking for replacement homes.
    So you’re right to say “don’t need to consider HDB, after all it is still public housing with many restrictions.”
    .

    Change We Must:
    Dont have to change any rules. Simply solution, just buy HDB first then buy private after five years. But if you are rich enough , dont need to consider HDB after all it is a public housing with many restrictions.

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  • No Dafts or Dogs Allowed:

    So what about those landed private property owners? Are they also eligible to buy HDB?

    Fair Comment: It is good for those with Private property and with excess money and getting old to retire in a HDB resale flat and rent out their private property.

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  • No Dafts or Dogs Allowed:

    Real idiots are those staying HDB investing in private homes for a monthly rental income, while serving its’ mortgages. Can’t blame anyone when daft Sinkies own-self fiack own-self and their fellow sinkies by driving up the prices.

    greenery slaughtered to build: the problem with sinkie land is that too much $$$$ is concentrated in real estate with much land & greenery slaughtered to build houses with white idiots acting like ‘landlords’ (did not some idiot preach about one party operating on ownself-check-ownself auto drive) doing ‘rent-seeking’ in the form of all sorts of taxes (direct or indirect).

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  • oxygen:

    @ Fair Comment

    IT IS A FAIR COMMENT but you are off-target of outcome. How can it be “better protected investing in property, presumably a HDB resale unit, when it is a lease expiring to zero? What if the retiree gone to TERN SUA before the balance of the lease of say 50 years is used up?

    As for investing in stock exchange – DEFINITELY NO SANE MIND would invest in a stock exchange listed stocks which Bloomberg article read yesterday has this headline read – the incredibly shrinking Singapore Stock Exchange. If you google it, U get some insight as to the causes BUT THE FUNDAMENTAL ILLS is that new listings are of low quality investment opportunities and existing ones are either fleeing or decaying.

    Maybe better you rent HDB and rent out your private condo and use the advantageous gap of income stream to live a carefree spending retirement enjoyment.

    Fair Comment: It is good for those with Private property and with excess money and getting old to retire in a HDB resale flat and rent out their private property. Better for the old to have their hard earned money better protected invested in property than in the stock exchange.

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  • Some thoughts:

    Limit the number of property ownership by a citizen to two only ie
    1) one HDB and one private property only.
    2) two private properties only.
    The property market casino must be effectively controlled.
    Pricings of public and private houses to be monitored and controlled.
    Limit the loans for purchase of private properties with a formula based on buyers’ capability.
    Focus on raising quality of life through education and the arts and sports and spiritual development.
    Remove anxieties on costs of houses and car ownership.
    Reduce kiasuism and kiasiism.
    Reduce defense costs and siege anxieties.
    Set up a Minstry of Happiness.

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  • Some thoughts:

    1) or 2)

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  • No Dafts or Dogs Allowed:

    Problem is Govt. is Gian Lui. No limit for those even if you can afford to buy the whole condominium estate. Those who knows who I am referring to, agree?

    Some thoughts:
    Limit the number of property ownership by a citizen to two only ie
    1) one HDB and one private property only.
    2) two private properties only.
    The property market casino must be effectively controlled.
    Pricings of public and private houses to be monitored and controlled.
    Limit the loans for purchase of private properties with a formula based on buyers’ capability.
    Focus on raising quality of life through education and the arts and sports and spiritual development.
    Remove anxieties on costs of houses and car ownership.
    Reduce kiasuism and kiasiism.
    Reduce defense costs and siege anxieties.
    Set up a Minstry of Happiness.

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  • Retiree:

    “Upon receiving their keys, they must move in immediately to occupy their BTO/Resale HDB flat. Their private property can then be rented out for passive income in retirement. “- this is a good suggestion !

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  • Dr Tan CB PSP > Dr Mahatir PH:

    John Lim – now that GE2019 is around the corner, the best method for you to make your case heard is to vote OPPOSITION.

    As soon as clown pap % drops to 51%, these clown pap Ljs and Cbs wake up and LISTEN to the ground and to whether your case truly makes sense or not.

    And don’t be foolish. At the moment, you are writing because clown pap is not listening to you. So stop voting clown pap to make them wake up and listen to you, for once. You are foolish to continue to vote clown pap and expect change to what you want. No way. Voting OPPOSITION is the only way for anyone who wants clown pap Ljs and Cbs to pay attention.

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  • No Dafts or Dogs Allowed:

    @ Retiree

    It is not easy to convince most Singaporeans that you ‘need money’ when you own a private property. The screw-up is that this Govt. allowed HDB owners to do it (own private) but not vice-versa. But karma is a b*t*h; that’s why now they’re KpKbing about their decaying HDB values. This is directed at those ‘howlian’ HDB owners who speculate in private properties causing housing price inflations and thus deprived their fellow Singaporeans a decent roof over their heads. So be of good cheer!

    Retiree:
    “Upon receiving their keys, they must move in immediately to occupy their BTO/Resale HDB flat. Their private property can then be rented out for passive income in retirement. “- this is a good suggestion !

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  • oxygen:

    @ Retiree

    CLEVER ARBITRAGING WILL MAKE SURE THIS DON’T WORK, the reason is simple. The smart retiree will SELL OFF their private property now for whatever money the traffic will bear, buy a BTO/Resale HDB AND THEN BUY A SECOND PRIVATE CONDO – BYPASSING THE PAPpys’ property cooling measure of a purchase/resale levy.

    Retiree: “Upon receiving their keys, they must move in immediately to occupy their BTO/Resale HDB flat. Their private property can then be rented out for passive income in retirement. “- this is a good suggestion !

    On a “lower” entry costs (compared to another person who is buying a second private condo with additional financial penalties for this lot under PAPpy property cooling measures), this retiree can then have another “bite at GCT’s cherry) by undercutting every other disadvantaged property speculator. The circus show can go on and on of unfair competition and lower risks property gambling.

    THE END RESULT MUST BE PAPpys property cooling measures rendered ineffectual.

    DO YOU THINK PAPpys will allow you to do that such to defeat and undermine their property cooling measures?

    PAPpys Asset Enhancement politics scam have screwed up the country and economy, do you think they will do that again (antagonizing peasants) and screwing themselves too together with this scheme of allowing retirees in private condo to buy HDB resale/BTO and keeping their private condo for rental income (itself nothing wrong but open the back door to all kinds of mischief from unscrupulous cunning exploiting the loophole explained above??.)

    RETIREES ARE SMART ENOUGH NOT TO KEEP THE OLD CONDO FOR RENTAL, but speculate in the condo market from an advantaged positions for many quick turnaround transactions to make faster and bigger profits (if the economy is good and property prices rise in tandem???)

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  • oxygen:

    @ Retiree

    PAPpy ASSET ENHANCEMENT POLITICS IS LIKE A STUPID MONKEY climbed up the tallest coconut tree of wealth delusions. PAPAYA tree, like wealth fabrication – I learnt long ago – does not grow to reach the clouds of fantasy, let alone to reach beyond the imaginative stratospheric blue sky. Like what Shakespeare told all – it is a tale told by an idiot, full of sounds and fury, signifying nothing.

    A lot of retirees, saved of those who luckily got en bloc out recently (NOT sorry for those who are heavenly ambitious and want more sky-reaching sums missing out) are stuck in their high-end pigeon hole to die there. They can’t buy public housing – not even in resale market and rent out their aging condo for rental income. PAPpys will never allow this cunning loophole to disrupt, undermine and fiack their “property cooling measures” to infertile and infantile ineffectual futility.

    The peasants can’t upgrade because nobody is taking over their LEASE (not ownership which forever owned by HDB) in the resale market with just 62 years left. No PR or new citizens coming in to buy this COFFIN/AMBULANCE STOCK waiting for burial funeral of a dead trap of over-inflated mortgage. They too are trapped with diminishing value of what is actually a liability not an asset and encapsulated in this is their retirement CPF provision.

    The asset enhancement scam is therefore like a stupid monkey with two d*cks ECONOMIC of wealth delusion – both cut off at inception – now reached the peak of the tallest coconut tree.

    IT CANNOT CLIMB DOWN FROM THERE WITHOUT exorbitant RISKS OF FALLING at least 80m in height to broken skeletons fo slowed death or sudden death.

    ASSET ENHANCEMENT POLITICS THOROUGHLY SCREWED UP THE COUNTRY AND ECONOMY. For those dumbfarked Sinkies still HORNY with all-things property had better wake up to the teaching of this ancient Chinese culture of persuasion.

    https://web.uri.edu/iaics/files/03-Ling-Chen.pdf

    IT IS MORE DANGEROUS OF FAILURE AND SELF-DESTRUCTION IN EGG STACKING – not much different from any emperor without clothes fond of beautiful women.

    Artificial beauties are FAKE of value and wealth.

    The only sustainable wealth is a multi-million dollar paycheck funded out of tax-payers – NEVER MIND ZERO PERFORMANCE OR ITS PERVERSE. That tap of wealth NEVER RUNS DRY until and unless THE ENTIRE peasantry is completely annihilated by economic misfortune of deaths from famine and hunger.

    Mao surrounded himself with beautiful women and great food when tens of millions of Chinese died from starvation in the Cultural Revolution of his construction, remember this.

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  • oxygen:

    PROPERTY GAMBLING IS WORST THAN CASINO BETTING for most – it is often financed out of a mountain of debt – AS IF DEBT IS COST-FREE OF INTEREST & FREE OF OBLIGATION to retire this liability in the future. It is stunning amazing to me of why so many Sinkies are OBSESSED with property and property speculation when even successful developers lost their pants and their unthinking “toy” too.

    Here is one Japanese billionaire – a property developer. He lost ONLY S$15.8 million on its St Regis condo bet – the biggest property loss for any property investor in Singapore.

    $15.8m loss in St Regis penthouse sale ‘small change’ for Japanese billionaire

    https://www.straitstimes.com/business/158m-loss-in-st-regis-penthouse-sale-small-change-for-japanese-billionaire

    After losing $15.8m on his St Regis penthouse in 2015, he again got screwed up in a New York property bet in 2017. Bought in 2008 for US$26 million -before the GFC when borrowing costs were sky high -, he listed it for US$29m to unload.

    Japanese Billionaire Developer Selling Trump International Residence for $29.5M

    https://www.mansionglobal.com/articles/japanese-billionaire-developer-selling-trump-international-residence-for-29-5m-62970

    After holding it for 10 years and adding the interest financing costs, it must be another head spinning loss in US$ term.

    Here is his profile as a successful property developer.

    https://www.forbes.com/profile/katsumi-tada/

    As a SUCCESSFUL DEVELOPER, he lost pants in Singapore and his toy in New York as a INVESTOR/SPECULATOR.

    If a successful property developer AT A MACRO LEVEL can’t read the property market as a property speculator AT A MICRO LEVEL, what chances are there of a winning bet for DUMBFARKED SINKIES in property speculation whose scholarly endeavors might be in maths, science, astrosurfing or star signs fortune telling?

    NUTS!!!

    The lessons to learnt from Katsumi Tada is this – people who made their money ELSEWHERE can afford to lose money on property gambling – YES PURE GAMBLING WORST THAN CASINO -those who bet on property to make their wealth MOSTLY ENDED UP enriching their lending bankers or THEY GONE BANKRUPT buying at the top of insane-driven greed cycle.

    Any retiree thinking of making money from property speculation won’t live long enough to see their real (actually unreal) estate vaporize to losses LONG AFTER THEY GONE TO TERN SUA NEVER TO COME BACK. They see “rainbow” in the sky dream fantasy but forgotten that NOBODY ATTEND TO HIS OWN FUNERAL.

    STUPID SINKIES DESERVES TO BE CONNED BY THE ASSET ENHANCEMENT POLITICS SCAM – 70% are too stupid to even begin to discover they are stupid to impossibility.

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  • oxygen:

    @ Retiree

    MOST SUCCESSFUL DEVELOPERS – not all are though – NEVER tells their customers that it is FAR EASIER TO READ THE MACRO making big money in property development business and MUCH MORE HARDER TO READ THE MICRO hoping to make money out of property gambling (AFTER THE DEVELOPER HAS ALREADY CREAMED OFF available profits). It is the ONE AND SAME PROJECT developed by one business entity and sold to their gullible customers/buyers (actually fantasy dreamers). Like all investing – as opposed to a regular employment paycheck – it is ALL RISKS UNDERTAKING in which one or a few smart ones make huge amount of money as developers AND their customers are mostly 99% STUPID still looking for pocket change in the hat after the developers took nearly all of that (leaving a few crumbs to tempt the next lot of spectators. For without this endless supply of suckers seduced to this entrapment of rape, there won’t be any easy money to make forward.

    To my mind, the best time to buy property – if anyone is all horny about this casino betting – is to wait for the economy to crash when desperate developers bent over offering their a*ses at a steep discount to exit and save their banking account for another day. Property is a loaded bet of extended risk undertaking – NEVER LET THE DEVELOPER DICTATE TERMS of his asked price – but let him beg for your money when he is desperate for survival. Every condo block is eventually sold to buyers so LOCATION LOCATION AND LOCATION is fiacking BULLsh*t. People lost money in Sentosa Cove Tanjong Rhu waterfront property when every sucker buyers thought he/she bought a great value buy of his/her imagined heaven on earth castle-in-the-air.

    SUCCESSFUL DEVELOPERS NEVER TELLS THEIR CUSTOMERS the MACRO is easier to read and knit of beautiful conclusion (even if it is artificial beauties of their fabrication), the MICRO is far harder to read of precision and knit to successful outcome of a profitable bet (after the developer creamed off the profit space in a ZERO SUM GAME BET, mostly since property value is macro-economy driven).

    Like investing, WORST OF LOADED RISK BET like property, it is FAR MORE TEMPTING of an easier determination of a BUY DECISION and MUCH WORST of difficulty of a SELL DECISION simply because you sell higher for “imagined” profit, the next BUY DECISION is even more EXPENSIVE AND RISKY of a BIGGER LOADED BET involving a HIGHER RISKS chance of failure of buying at the top of the next cycle.

    The maths is simple. You DOUBLE your asset base from $1m TO $2m but it takes only a 50% fall from $2m, you wiped out all your gain and double your risks.

    WHICH IS MORE LIKELY OF HAPPENING OF RISK OUTCOME?

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