Liberalise CPF to buy HDB flats

The liberalisation of CPF to enable elderly people to buy older flats that was recently announced in Parliament by Lawrence Wong. In my opinion, this is a most irresponsible and despicable policy. It is suicidal to say the least.

To begin with, old people do not have many more economically productive years left in them. When their CPF savings are used to buy an already old flat, they deplete their retirement funds much further to buy a depreciating asset.

With this purchase of an old and lease-decaying flat with not many years ahead, what will end up of them? They will have grossly inadequate CPF retirement funds, an old flat that they cannot monetised in the context of health problems. Then what? It is not hard to envisage the dire consequences one after another being played out.
I ask loudly if this new policy is designed to help our elderly people own flat with a peace of mind or to help HDB sell their old flats and make used of old people as suckers? I would not be surprised if plenty of our elderly people end up in desperate straits going forward.

 

Simon Lim

 

 

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17 Responses to “Liberalise CPF to buy HDB flats”

  • oxygen:

    STUPID POLICY OF ADDING FUEL to fire of failed HDB/CPF nexus – FAKE WEALTH FABRICATION.

    Ridiculous.

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  • only fooling ourselves:

    its was always their masterplan ..to keep at least a portion of the population daft and poor…at the end of the day they have a never ending pool of slaves plus the slaves’ cpfs for the j*n* to ‘gamble’ with at GIC
    We sgs are nothing more than their ATMs.

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  • NotMyProblem:

    If you believe the Pioneer and Merdeka Generation thingy you will believe liberalising CPF for purchase of HDB is good for the elderly people.

    This liberalising policy only put the seniors into deeper shit that’s all!!

    I like to ask, why the elderly need to purchase flat now? Where are they sleeping now, in parks or under bridges? If they are sleeping in parks and under bridges, do they have CPF in the first place?

    Isn’t the government supposed to help these people out instead of eyeing for their money in the CPF. What was those “honour the contribution made by the seniors blah, blah, blah…”, talk only???

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  • Cannot blame only PAP:

    When our future or rather 70% future PM said there is value in old resale flat, CPF Board will do anything to toe the PAP line.
    Afterall who appoints CPF CEO, Board Members? Even Our Executive President Indian-Malay Halimah was anointed by LHL PAP.
    70% agree – PAP will do anything to win votes and retain power.
    Who cares if these flats become worthless or returned to HDB … it is going to happen 30 years later, maybe later if you own a newer flat. Just play the musical chairs right.
    PAP MPs own freehold properties which thay can pass on to their children, grandchildren. Look at 38 Oxley’s and the estate of late Lim Kim San (HDB’s supremo … adored by late LKY).

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  • N.Jungne:

    HIP2 and VERS were also not heard of. Must have conjured into the air like mirage.

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  • Stupid Fellow!!:

    Not sure if Lawrence Wong has a brain,
    and if he does, that it works. The guy
    is Totally out of his depth as a minister!

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  • patriot of TUMASIK:

    Evil following through even though the Creator of an ILLUSION & Evil is dead…

    As I saw it during the SIT forerunner of HDB period…affordable homes were available to all who needs it from single room to five room at a reasonable rate for rent…

    What is STOPPING the HDB from having more one room or two-room flats for rental after the elderly or PG – MG generation sold their HOMES to live a comfortable or civilise life with money to spare from their sale…

    At that age and in dire need HomeProud and Ownership is no longer the criterion for them…SURVIVAL is…

    Instead, the SHIT of no rental for 10 years after the sale, is a Penalty for selling and most likely making a ‘tidy sum’ in the eyes of the officials to survive for their final years…

    but their EVIL eyes inherited from one whose eyes is so Evil even Satan shun away from it says OTHERWISE…

    The ILLUSION must go on for the world to see and the elderly can die like flies for all they CARE!!!

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  • 70% still trust pap?:

    more than 20 years ago, pm gct said pap would enhance your hdb flats, people rushed in to buy, as big as possible.
    fast forward, last year lhl said 20 years, very old flat would go for vers.
    now future pap pm hsk said old flats have value.
    the trade off is import more foreigners to create demand, increase gst. of course, get people to buy old flat by giving grants, subsidies, some upfront cash to old people to entice them to buy, with all kinds of conditions, the bottom line own the flat and live there until you die and the flat reverts to hdb eventually whether there is still remaining lease or not.
    do you want that?
    you may still have your job now, soon you would follow the fate of the unemployed singaporeans, involuntry early retirees, retrained but lower paid re-employed.
    this problem already started happening a decade ago and is growing bigger and bigger by the day masked by the training and retraining propaganda … foreighners create jobs for singaporeans, better paying jobs …

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  • LIONS:

    Precisely,why need to PAY SKY-ROCKET PRICES for simple housing in the first place?
    Barring imputed *LAND COSTS*,WHAT EXACTLY IS THE BUILDING N CONSTRUCTION COSTS PER UNIT OF HDB FLAT in truth?
    I am sure AGO can do an ACCURATE ASSESSMENT?

    I suggest GOVT BUILDS RETIREMENT VILLAGES instead.
    Units in such village must be truly affordable with no stated lease.
    Elderly residents,starting fron age 65,say,can live in such units for as long as they are alive.
    No need for such units to be TRANSFERABLE N therefore,the pricing can be LOW.
    Upon deaths of elderly COUPLE or if single occupier dies,the STATE TAKES OVER *OWNERSHIP* N *RESELL* to a new *BUYER*.

    Such VILLAGES can be built with SELF-CONTAINING FACILITIES like medical / physio services,food operator,pharmacy,rest n recreation centres n even cottage industry to allow more able ones to earn some money while remaining ACTIVE.

    BEST IF CAN BE MARKED GST-FREE ZONES that come with TRULY DIGITISED WAY OF LIVING with each unit directly LINKED TO NURSING N/OR SECURITY.
    The more immobile ones can just PRESS A BUTTON FOR ASSISTANCE.
    NURSING CENTRE CAN EASILY CHECK ON THE ELDERLY ON A REGULAR BASIS N NO ONE IS LEFT DYING without other people knowing like how it is with many elderly HDB DWELLERS?

    There are ECONOMIES OF LARGE SCALE N ELDERLY CAN BENEFIT FROM COST SAVINGS.

    SUCH VILLAGES also FREE UP PUBLIC SPACES for younger,more DYNAMIC sgs n others like MRT,Malls,hospitals etc.
    This WILL HELP CUT DOWN ACCIDENTS etc

    Elderly can also make friends n have kinships.
    During weekends,relatives can pay a visit as a day-outing especially if we can build tbese VILLAGES on surrounding islands like CONEY,for instance.
    Link-bridges can endure efficient transportation to nearest hospitals like CONEY TO SENGKANG GENERAL HOSPITAL?

    IF THE GOVT CARES N WANT TO HELP SGS,THIS CAN BE EASILY IMPLEMENTED.

    BUT GREED IS AN OBSTACLE.
    OUR ISLANDS WILL BE CASH-COW$ FOR GOVT TO BUILD LUXURY HOMES TO SELL TO THE RICH N POWERFUL?

    WELL,SGS HAVE AN OPTION.

    VOTE FOR SGS WHO CARE!

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  • Why limit yourself?:

    ..to just HDB flats?

    Hell, they should liberalise the CPF to buy whatever that fack we want. Like overseas property so much affordable. Online shopping etc. Pay utilities, telcos etc.

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  • Perspective:

    Now that the truth is out, who would be fool enough to use their CPF to buy an old flat with depreciating value?

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  • Go Read SDP Policy Papers:

    Sinkies with real stakes should take a serious look into SDP proposals.

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  • oxygen:

    THE ONLY SOLUTION TO THIS QUAGMIRE is to cut out the HDB/CPF nexus immediately instead of adding on in pouring more fuel to fire.

    RETURN THE LAND PAID FOR BY AH SENGs as their rightful leasehold interests longer than 99-years, to give future expiring lease some residual value and validate that change of status in legal documentation holding HDB buyers as true owners.

    After all, the Ah Sengs have been paying for property tax, SO THAT EVIDENCED THAT IT IS THEIR LEGALLY RIGHTFUL LAND PROPERTY INTEREST leasing their dwelling from HDB as the presumed monopoly state developer.

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  • apek:

    PAP was successful because they made the heartlanders rich. It therefore follows that PAP will fail when PAP makes them poor.

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  • Python 5:

    oxygen,

    those 70% who are stupid, and shallow go and believe and follow lor.

    oxygen:
    STUPID POLICY OF ADDING FUEL to fire of failed HDB/CPF nexus – FAKE WEALTH FABRICATION.

    Ridiculous.

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  • Python 5:

    Stupid Fellow!!:
    Not sure if Lawrence Wong has a brain,
    and if he does, that it works. The guy
    is Totally out of his depth as a minister!

    Lawrence wong trying to un-do what he said about HDB flats becoming zero at end of lease. now they trying to convince ppl that HDB flats can still go up after 40-50years of age. election coming.

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  • Python 5:

    its not bold….its stupid….will come from the 70%. just wait and see.

    Perspective:
    Now that the truth is out, who would be fool enough to use their CPF to buy an old flat with depreciating value?

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