PAP propping up prices of older resale HDB flats before GE2019

In 2013, PAP drastically reduced the amount of CPF usage for HDB flats with less than 60 years’ lease.

The reason: Too much CPF has been used to finance housing.

Prices have collapsed and transactions reduced to a trickle.

Retirees who had counted on PAP’s asset enhancement scheme to fund their golden  years are all nursing 5- to 6-digit realized/unrealized losses.  Many Singaporeans have now realized that PAP ministers – including all PMs – had lied.

Understandably, PAP has instructed “HDB to relax rules on CPF use for purchase of older flats; will take effect in May“.

Singaporeans should be wary of PAP’s attempt to prop up HDB flat prices to win votes as prices will not be sustainable post election.

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

Sponsored Content

25 Responses to “PAP propping up prices of older resale HDB flats before GE2019”

  • Lee Hsiah Laan:

    Last I checked, 40-yrs old 4 & 5 rms flats in AMK are still asking for half a million dollars or more (almost 500k for 4rms & 600k+ for 5-rms). You can say that these people are :

    1. Either still in their slumberland, thinking that their flats still worth that much of value or still believe that pap’s change of rule will help prop up the prices;

    2. Or they’ve woken up to realise that the pap has lied and thus are thinking of quickly getting rid of aging flats at a higher price before they gradually depreciate in value.

    Since the pap has already admitted that the govt will be the owners of our flats when 99yrs lease is up, who would still want to buy resale flats, what more with sellers still asking for high prices?

    Any relax rules of cpf usage or any upgrading plans for our aging flats still does not change the fact that our flats are worth nothing after 99 yrs!

    They can fool all the people some of the time, and some of the people all the time, but they cannot fool all the people all the time.

    To the smarter singaporeans. if the pap still think that we’re fools whom they can continue to fool for our votes, tell them we know who are the lying fools and send them packing in the coming GE.

    GD Star Rating
    loading...
  • oxygen:

    PROPING UP OLD HDB RESALE VALUE by relaxing on CPF funding route serves ONLY ONE EFFECTIVE OUTCOME – that is prolonging Ah Kongs party’s own political longevity, hegemony and power domination of further wealth accumulation in time extension.

    IT IS A PONZI SCHEME OF ADDING MORE CPF FUEL TO FIRE OF FAILED PUBLIC HOUSING SCAM OF ASSET ENHANCEMENT POLITICS IN FAKE WEALTH FABRICATION.

    RIDICULOUS.

    If the contrary is true, why haven’t their scholars thought of it earlier???

    GD Star Rating
    loading...
  • oxygen:

    IF AH BENG USES HIS CPF to bail out Ah Sengs old resale flat nobody wants, WHO IS COMING NEXT to bail out AH BENG next??

    When the economy turns sour, even foreign PRs unload and flee at steep discount to market, the old resale flat Ah Beng bought might sink faster and underwater. Bankrupt, Ah Beng might sleep on the void deck, kopitiam, under the bridge or outside sheltered MRT stations.

    NOT ENOUGH SPACE FOR SO MANY AH BENGS!!

    GD Star Rating
    loading...
  • Python 5:

    its rinse and repeat all over again.

    release more CPF to prop up falling aging HDB prices.

    restrict more CPF to avoid aging HDB prices going sky-high out of control.

    GD Star Rating
    loading...
  • 40 years lease Remaining:

    Ah Heng said HDB flats with 40 years lease remaining still has value. That everybody knows. What he didn’t mention was flats with less than 40 years lease remaining – is he implying these flats have no value ?

    GD Star Rating
    loading...
  • LIONS:

    pls be reminded that it was LAWRENCE WONG who single-handedly whack down the resale HDB prcies.
    so,VOTE HIM OUT !

    GD Star Rating
    loading...
  • To pseudo-pap cronies:

    “Unthinking respect for authority is the greatest enemy of truth…Try not to become a man of success, but rather try to become a man of value (to humanity).”
    - Albert Einstein

    GD Star Rating
    loading...
  • Perspective:

    Singaporeans didn’t realize they were living in a bubble created by the PAP. The Asset Enhancement Bubble has burst. How did it happen? Who burst it and why?

    GD Star Rating
    loading...
  • Go Read SDP Policy Papers:

    Using CPF to maintain market value of HDB and stability of property is more sensible than using it for tikum tikum foreign investment gambling.
    Supporting local property market with policy tweaks is a support of local economy, injecting and circulating capital into it.

    GD Star Rating
    loading...
  • Perspective:

    Snake oil and koyok may bring temporary or psychological relief, but they will not treat a serious health condition.

    GD Star Rating
    loading...
  • Food for thought:

    PAP says property prices will rise with GDP growth.
    In land scarce Singapore, with huge import of foreigners, population grows to 6.9 million or more in 2030, 10 million in 2050, 15 million in 2065 to grow the economy, property prices will rise.
    PAP will scheme to “give” something to the owners of HDB flats, like enbloc, vers, lease extension, reverse mortgage, whatever they can hatch later, so that the people will continue to vote them into power.
    Otherwise the whole pyramid scheme will collapse.
    Very sad for the proverbial frogs enjoying the slowly heating water, dying from overcrowding, overheating, when the smarter frogs having amass enough wealth hop out of the bowl for greener pasture.

    GD Star Rating
    loading...
  • Elementary school:

    Singaporeans are products of the rote learning education system. Recent changes will take effect after one generation, 15 years time.

    GD Star Rating
    loading...
  • PAP is just doing its job:

    If there are not enough people to buy the old flats, stop building new flats, import even more foreigners (to create housing demand) and convert them to PRs and Singaporeans to buy resale flats.
    Mah Bow Tan did that, an excellent job as MND Minister, and won praise from late LKY who also adored the late MND Minister Teh Cheong Wan who committed suicide because of corruption investigation. Mah now a multi millionaire many times over is definitely smarter than him.
    PAP will come up with innovative scheme, like VERS and what nought; change the laws and policy … a 3 room flat not on VERS, the government will buy back at $300,000, and 3 room flat will have a floor price of $300,000. And HDB will sell a new 3 room flat for $200,000 after a subsidy of $500,000. Who will not be happy? A new 3 room condo is at least $1,500,000.
    Just vote for PAP.
    Give me my flat, subsidies, grants, goodies (I dont care about GST increase, I dont care about Singaporeans, my friends, my relatives being displaced by foreigners, as long as I have a job and a flat) and I vote for you – this is the mentality of Singaporeans – PAP understand human nature very well.

    GD Star Rating
    loading...
  • Python 5:

    Oxygen,

    its letting more CPF retirement funds artificially prop up the depreciating HDB market.

    well, let those who believe in the PAP pour all their savings, CPF, bank loans into whatever million dollar HDB flat they like.

    like playing musical chairs while passing a hot potato around.

    GD Star Rating
    loading...
  • Python 5:

    let these PAP voters/sellers dream that their 40years old flats can fetch 500-600k.

    let those PAP voters/buyers deplete all their CPF, savings, bank loans to buy these 40years old flats at 500-600k.

    Lee Hsiah Laan:
    Last I checked, 40-yrs old 4 & 5 rms flats in AMK are still asking for half a million dollars or more (almost 500k for 4rms & 600k+ for 5-rms). You can say that these people are :

    GD Star Rating
    loading...
  • no more options left, vto:

    the 2 biggest topics for alternative parties to pound on coming GE.
    CPF & HDB..
    the lies and betrayals-how sgs got tricked hook line and sinker”!
    someone should write a book on this!
    im just waiting for the big bang!- for everything to get exposed!
    will be international news for sure.

    GD Star Rating
    loading...
  • oxygen:

    DO THE RIGHT THINGS – return the leasehold land back to Ah Sengs who paid for it with his cash savings and CPF – the lease therein must be greater than 99 years to give it some residual value.

    it can’t be surrendering the lease back to ZERO VALUE and overnight HDB sold the land to private property developer for hundreds of million.

    AT MINIMUM THAT WOULD BE UNJUST ENRICHMENT BY HDB AT THE EXPENSE OF AH SENGS AT COMMON LAW, SURELY.

    We also can’t recklessly legalize “theft” by stealthy cunning means of what is really private property paid for by Ah Sengs.

    GD Star Rating
    loading...
  • KNN:

    Legally (by the book) end of lease is zero dollars.

    But after 50 yrs of PAP cock & bull story abt asset enhancement and HDB is good for retirement asset, zero dollars is unethical & immoral.

    And for including land cost & charging property tax when we don’t have legal ownership of the land, zero dollars is daylight robbery.

    GD Star Rating
    loading...
  • oxygen:

    @ PAP is just doing its job

    MATE, YOUR MASTERPIECE OF POLITICAL MAST*RBATION below – if that is your conviction of utopia reality world – supply no orgasm for anyone else, except maybe yourself.

    PAP is just doing its job: If there are not enough people to buy the old flats, stop building new flats, import even more foreigners (to create housing demand) and convert them to PRs and Singaporeans to buy resale flats.
    Mah Bow Tan did that, an excellent job as MND Minister, and won praise from late LKY who also adored the late MND Minister Teh Cheong Wan who committed suicide because of corruption investigation. Mah now a multi millionaire many times over is definitely smarter than him.
    PAP will come up with innovative scheme, like VERS and what nought; change the laws and policy … a 3 room flat not on VERS, the government will buy back at $300,000, and 3 room flat will have a floor price of $300,000. And HDB will sell a new 3 room flat for $200,000 after a subsidy of $500,000. Who will not be happy? A new 3 room condo is at least $1,500,000.
    Just vote for PAP.
    Give me my flat, subsidies, grants, goodies (I dont care about GST increase, I dont care about Singaporeans, my friends, my relatives being displaced by foreigners, as long as I have a job and a flat) and I vote for you – this is the mentality of Singaporeans – PAP understand human nature very well.

    GD Star Rating
    loading...
  • Python 5:

    cannot be that way… its ppl signed the lease of 99 years for that xxx amount. legally fixed on paper. at most pro-rate the value lor.

    you sell at 40 years old….so the remaining value is 59/99 of original price (using straight line depreciation.) But now ppl try to factor in the appreciation value of the so-called asset enhancement scheme…..

    they trying to hoodwink ppl that the flat can be worth 500-600k or even more at 98.9years of the lease.

    oxygen:
    DO THE RIGHT THINGS – return the leasehold land back to Ah Sengs who paid for it with his cash savings and CPF – the lease therein must be greater than 99 years to give it some residual value.

    it can’t be surrendering the lease back to ZERO VALUE and overnight HDB sold the land to private property developer for hundreds of million.

    GD Star Rating
    loading...
  • oxygen:

    @ KNN

    BY THE COLLECTIVE SILENCE IN CONCERT FOR OVER 5 DECADES of such deceptions, PAPpypolitics and PAPpynomics have compromised irredeemable their credibility and public trust of this mob.

    SO SAD THAT IT HAS COME TO THIS.

    KNN: Legally (by the book) end of lease is zero dollars.

    But after 50 yrs of PAP cock & bull story abt asset enhancement and HDB is good for retirement asset, zero dollars is unethical & immoral.

    And for including land cost & charging property tax when we don’t have legal ownership of the land, zero dollars is daylight robbery.

    CPF AND HDB ARE THE FUNCTIONING HEART AND SOUL INSTITUTIONS AND CORE SUBSTANCE OF NATIONAL IDENTITY, THE VERY PILLARS OF NATIONAL UNITY AND UNDYING PATRIOTISM – PAPpys are caught short selling IN SELF-SEEKING OF THEIR OWN POLITICAL OBJECTIVES AND AGENDA taking the entire lot of peasantry for a mob of stupid gullible fools which 70% really are.

    Their frequent moralising lectures on WP/Opposition voices and critics, and more recently the comical lecturing from Ah Lian on Ah Seng’s imagined lack of filial piety show up a FACILE HYPOCRITICAL FARTS OF FICTION.

    GD Star Rating
    loading...
  • oxygen:

    @ KNN

    RUTHLESS PAPpypolitics and PAPpynomics have torn their “psychological contract” with peasants.

    How could those aristocrats still be shamelessly collecting their paychecks
    in the stark contrast of these policy failures and chicanery in cover for so long over the decades confounds me.

    OPPRESSION CAN ONLY HIDE FAILINGS FOR SO LONG BEFORE ITS FULL UGLINESS IS EXPOSED BEYOND REDEMPTION.

    Chinese wisdom saying – never cover the fire with a piece of paper (the intended “fake news legislation” is one such legal paper), it will simply adds fuel to the fire.

    GD Star Rating
    loading...
  • TUCK WAN:

    Mean to say this is the right time sell sell before election ?

    GD Star Rating
    loading...
  • Kick Out Corrupt PAP:

    The PAP will be toppled soon. Hold on to your HDB assets, vote out the PAP government and regain what you invested.

    The solution is not that difficult but PAP cannot do it because they are greedy and they want to steal it using their own rules that they set.
    Keep them in government dafts will be impoverished for life.

    SDP already proposed a common sense approach to clear the PAP housing mess.
    Get a new team into government.

    GD Star Rating
    loading...
  • The Truths Will Set Dafts Free:

    Super HDB wealth creators , marboro and Woody are all still kicking and licking, it will be good for new government to tap into their experience on what is asset enhancement so that dafts can be wealthy again.

    Naturally new government should extract accountability from Looney and Lampar why an asset paid for with lifetime CPF saving from hardworking dafts can become zero value in such a short span, despite market is propped up with flooded demands from new imports.

    We would like to hear the real stories of these four master PAP stooges how a fantasy could turn into a nightmare for hardworking dafts and where all the money earned from selling expensive land to dafts have gone to.

    GD Star Rating
    loading...

Leave a Reply

 characters available

Member Services
Self-SupportMembers Login
Sponsored Advertisement

Search On TR Emeritus
Sponsored Advertisement

Most Recent Comments
  • NotMyProblem: @Lim Tean; Let’s face it, there are people who love to be slave. Slaves do not need to think....
  • DoYouWantTheTruth...: ..and nothing but the truth? Then I think in the future, there will be a lot of complaints and...
  • Bbc: Nus and police appear to be sexist for treating peeping criminals against women so lightly.
  • Bapak: Now we understand why so many youngsters have to consult IMH. They are so confused taking completely naked pix...
  • No Dafts or Dogs Allowed: The fire had already started long ago. Problem is 70% daft frogs are still sitting on it....
  • Flabbergasted: what happened to our champion of rights, san-mu-kan ? so quiet over this episode? say something lah,...
  • patriot of TUMASIK: Cry for Thatman: Sorry, I disagree (btw, I didn’t thumb you down, apparently someone...
  • Great Asia: Those people listed are all angmoh worshipping Bananas. They are just leftist or Rightist Bananas! All...
  • AristoCATs cant Handle d Truth: > SG ” is not ready for a minority PM” - It is Fake News - Just like...
  • Great Asia: Democracy, Equality, Justice, Peace & Progress.?!!!! Democracy = The Bible = Christianity = A...
  • patriot of TUMASIK: FAKE all the WAY…with Fake 1st World status leading The WAY!!! and FAKE is a four letter...
Announcements
Advertisements
Visitors Statistic
Latest Statistic
Advertisements