PAP Government made three fundamental errors

1) It allowed the use of CPF (retirement) money on HDB flats which are basically depreciating assets because of the 99-year lease.

2) It told Singapore earlier that the price of HDB flats would never go down. As a result, there was a property bubble when flats in the resale market were selling at a higher price than new flats despite their lower remaining lease. Lawrence Wong told the truth that at end of the lease the HDB flats will be worth zero despite of HIP1 and HIP2.

3) HDB flats were inflated through an unsustainable property bubble screwing young Singaporeans and “draining” the retirement (CPF) savings of Singaporeans.

Billions and billions of value when the price of HDB flats collapses.

To make matters worse CPF money will be allowed to be used on older falts. This will take out CPF money stuck in HDB flats with somebody else’s CPF. Doesn’t this make HDB a Ponzi scheme? Who will “take out” the fool who used his CPF money to buy older flats? The Government? Sure using VERS at a price based on the remaining lease which will be very low.

 

*Comment first appeared on TRE.

 

 

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24 Responses to “PAP Government made three fundamental errors”

  • Cheesepie MIW:

    Central Ponzi Fund

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  • LIONS:

    3 fundamental wrongs ONLY?
    You are too kind,my fren.

    In so many ways,sgs get $crewed,you forget to mention a more damning wrong which is HEALTHCARE COSTS.
    PERHAPS,you are still young and/or healthy.
    There are older n elderly sgs who pay for their own medicare n there are younger unemployed who are sick too?

    WHAT IS REALly wrong here is YOUNGER EDUCATED SGS preferring to be BOCHUP N SELF-CENTRED N THIS ALLOWS THE PAP TO DIVIDE N RULE.

    WHAT IS WRONG HERE IS NOT THE WRONGS THE GAHMEN DO TO US,WHAT IS WRONG HERE is MAJORITU OF SGS ONLY COWPEH WHEN THEY GET HURY THEMSELVES.

    NONCHALANCE IS NOT A VIRTUE.
    THINK WIDE,THINK FOR THE COMMON GOOD.

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  • UniQ:

    Please contribute those Pig Jokers that will be taken down by the people this GE due to their brainlessness, non performance (Chiak Liao Bee – Take Pay only) and major screwups ?

    I go first :)

    - L Wong that declare HDB 99 leasehold where everyone thought that
    they owns a home.

    -

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  • KNN:

    True. You forgot to mention 1 thing — govt took advantage of the BS and bubble to charge huge land component into HDB prices. Now there are “subsidised” BTOs costing over $600K depending on locations.

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  • N.Jungne:

    VERS is a Mirage in the air

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  • NotMyProblem:

    The only fundamental error is PAP IS GREEDY, that it!!

    If land cost was not added to the sale of HDB flats, it would still be affordable, CPF could be sufficient.

    Maybe there is another error, not fundamental but illogical, is PAP’s Ministers, CEOs are paid obscenely high. They don’t even deserve that. Again it is mainly due to greed. Greed is limitless, and it never enough!!

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  • RDB:

    CPF has been made by a govt lacking sense and sensibility because they have been resoundingly returned since 1959. And late leekaryew even bragged about how great they are. A govt that does not look beyond immediate political concerns for itself, excludes:

    1. The financial well being of both our nation as well as all working class citizens who are not wealthy or well connected to the govt and it agencies etc.

    2. That said, it is then a govt that concerns more for itself for well being financially wealth not only as parliamentarians. But all other organs of the state they have henchmen involved in them too. Also, when they then began to pay themselves and those connected ones unashamely too well, then that’s how it’s moral comes into question. Just because they get high support into the 65 t0 70% at GEs, does bot absolves their moral decadence. And they even lecture us all about their govt prowess that brought our country from a 3rd to a 1st world economy. See, how they always remind us all how great successful and great they are since 1959. In short, they have been bragging in self praises with little restrain. Boast is the clearest form of deviant pride. As praises must come from others and definitely not from self. Self praise is international disgrace, especially for a govt. They don’t even know it and that prove they are morally decadent or not.

    I can go on and on, but what’s the point. As it will make criticisms become stale.

    So please add on each of you with truth and conviction. Be not afraid, for if they do they legal actions against you, they must then do it to all who have criticized them factually. So, together we stand, as divided we fall.

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  • opposition dude:

    The problem with selling flats is that PAP did not foresee the implications decades later. Perhaps they thought they might not be in power by then but it also goes to show that Lee Kayu isn’t as smart as he thinks he is or however the newspaper wants to write it.

    Dwindling values are what will come around to bite PAP’s backside come the 2020s. This is because those flats built in the 80s will be 40 years by then. And there is no need to tell you Merdekas about the number of flats built in that decade when you guys were setting up your families islandwide. Estates like Jurong East/West, Bt Batok, Woodlands/Yishun, Tampines to name a few in addition to those in the northeast. I guess that alone could make up easily 10k flats.

    Sure, PAP announced HIP2 and VERS but if you can see the bigger picture past PAP’s smokescreen you will notice that NOTHING is mentioned about the flat’s lease, it still stays at 99 years.

    Sit down and think for a moment. A 40 year old flat which has not undergone HIP2 already has its value dropping. A HIP2 flat at 60 years won’t magically have its value rise to when it was younger than 40 years since the lease would be even shorter by then.

    Sure, the block looks newer after HIP2 with sheltered walkways and perhaps a BBQ pit but who will pay high prices for a flat with 39 years of lease left by then? Would you?

    Once again, the reason why 40 year old flats’ values are dropping is because of the lease. No one wants to be the idiot holding on to the flat as it gets closer to 99 years. With 59 years lease left the value is already heading south, do you think one with 39 years left will have much value after HIP2?

    Put it this way if you aren’t convinced. Would you pay a high price for a HIP2 flat with 39 years lease remaining?

    If so, why?

    If not, why?

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  • Why bother?:

    I dun understand why people still bother to write such article or any other issues that’s already damaged. Let the 70% supporters suffer thru PAP’s bashing and greed. As a reminder I hope SDP will stop giving solutions to solve PAP’s creadte problems. One day all will brust and we shall wait for the day and rejoice. Don’t be surprised that still alot of people out there support PAP and once again they will win the next election.

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  • Asd:

    You go polyclinic see see… so many old folk like shopping for medicine… lol…

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  • Keep fighting:

    Why bother?:
    I dun understand why people still bother to write such article or any other issues that’s already damaged. Let the 70% supporters suffer thru PAP’s bashing and greed. As a reminder I hope SDP will stop giving solutions to solve PAP’s creadte problems. One day all will brust and we shall wait for the day and rejoice. Don’t be surprised that still alot of people out there support PAP and once again they will win the next election.

    Do not lose hope. The result of GE2015 was a “fluke” due to the death of LKY. GE2019 is payback time.

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  • The People No Courage:

    Every policy can be reversed or changed by voting out pap.

    But the people have no courage .
    I worry if they can fight a war.

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  • Python 5:

    HIP 1 and 2 is like spraying paint an old car and trying to sell it as new.

    GE2019 will be based from the results of GE2011.
    GE2015 is gained from LKY’s death and the SG50 babies factors.

    war?? the 70% will expect the 30% to fight for them or alongside them.
    the 30% will run away and watch how the 70% fight and die for a useless cause.

    Keep fighting: Do not lose hope. The result of GE2015 was a “fluke” due to the death of LKY. GE2019 is payback time.

    The People No Courage: But the people have no courage .
    I worry if they can fight a war.

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  • Python 5:

    that burst you talk about….must be like Hyflux collapse but on a more huge scale that affects the whole nation several times over. like CPF and HDB. Hyflux is just a sampan. wait for the aircraft carrier fleet.

    a massive HDB-condo-property meltdown to entirely wipe out the prices to pre-1965 levels.
    US subprime/Dubai collapse/Greece-Icelandic meltdown.
    new BTOs become like China ghost cities.

    Why bother?: One day all will brust and we shall wait for the day and rejoice. Don’t be surprised that still alot of people out there support PAP and once again they will win the next election.

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  • Python 5:

    CPF and HDB are 2 main issues that have cracks expanding every day.
    80% will be affected by CPF and HDB.
    the FT problem will definitely compound and aggravate these 2 issues.

    But we have not come full blown yet. We have detected stage 1 cancer. the stage 10 will come!!!

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  • Python 5:

    Hyflux is the perfect example for this. look at those losses.
    584k, 100k, 200k, 300k. wiped out!!!.

    I purposely went to HL park on that protest day. see all those old folks shag faces. damn shiok!!! damn puas!!!

    one day, we will see the entire nation 70% go protest because all their CPF and property prices become hyflux.

    Why bother?: Let the 70% supporters suffer thru PAP’s bashing and greed.

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  • HDB Perpetual Enhanced Asset?:

    Q: What’s the difference between a conniver and a conman?

    A: ni(e)ver-man!

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  • MarBowling:

    Python 5:
    April 12, 2019 at 4:54 am (Quote)
    Hyflux is the perfect example for this. look at those losses.
    584k, 100k, 200k, 300k. wiped out!!!.
    I purposely went to HL park on that protest day. see all those old folks shag faces. damn shiok!!! damn puas!!!
    one day, we will see the entire nation 70% go protest because all their CPF and property prices become hyflux.

    Response: well said. Not that I am bad hearted, ok….. Only when this happen, then the 70% DAFTS will then WAKE UP and TAKE ACTION! Like the Chinese saying, DON’T SEE THE COFFIN, DON’T CRY! They better show the Middle Finger to Mai Hum and the PAPigs in the coming GE, otherwise it will be TOO LATE!

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  • TUCK WAN:

    Is it the SWISS standard of living promised by ‘Woody’. Bullshits !!!!!!

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  • Anonymous incognito:

    4) not giving Singaporeans titles to the apartments they own. Forever renting creates no sense of roots and indifference

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  • Simple Lah !:

    Just make sure there are none “PAP” Minister or that “PAP” Ministers must require the support of none “PAP” MPs to do things.

    Alamak ! so easy. Just vote correctly one time, problem solved !

    PAP Government made three fundamental errors

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  • Fair Comment:

    So this writer would rather see the owner unable to pay for his flat and HDB confiscate the flat when he default on installments? The writer does not understand the different priorities of the flat owners. Some, like me would like to pay in full with my retirement fund and be safe than in the streets sleeping under flyovers or in airport.

    I can rent out a room or the whole house and live with my siblings or friend so there is no loss in value of the flat but making the flat valuable renting out when I retire and not having an income.

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  • Swiss, Cabin , jialiaobi:

    I shall come back. Real or fake. In person or lodged in person. Hunger, Greed n Aggressiveness [HgA] or SWGCT Swiss bank or Swiss Standard Lee Plp harem or Fart worms Girilla Den., CabineCon or CJBJ.

    CPF HDB Gone with the wind, HgA Fat Wallet Swiss Bank, Negative investment, mamouth projects n Give away historic meet torrential oil water

    Vs

    Detoxification Najib, Marcos, Suharto Style, He Sen or Bao Gon verdict

    Choose and not mocked NS n Security as Cry Father cry mother over Woodlands Taiwan immigration will command koubei koubu, or Nepal guarding Cabin, CPF/HDB hurricane after Sept (Fake or PooAndPoo real con) not to kpkb after chioce! New citizens rem u eat the same shit this time after SINned.

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  • More Pain Needed:

    Keep fighting: Do not lose hope. The result of GE2015 was a “fluke” due to the death of LKY. GE2019 is payback time.

    Why should 2015 be a fluke? the dead man was paid obscenely to do the job, in fact, he asked to be paid obscenely without any shame, sinkies owe him nothing and should move on once the transaction is over.

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