Singapore is 2nd most expensive city To buy A home In 2018 – for the 2nd year running

In the Global Living Report 2018 released by global estate agent firm CBRE, Singapore has been named the 2nd most expensive city in the world to buy a home for the 2nd year running.

Middle-income Singaporeans find themselves increasingly priced out of the property market and their next generation face even higher hurdles. All this has come about because of a greedy government hell bent on extracting maximum profits from the sale of land.

A supporter of Peoples Voice, Alvin, just reported that around Queenstown MRT station, the land which previously had HDB flats on it is now being built up with private condominiums. So much for Lee Hsien Loong and the PAP’s claim that the Government needs to take back HDB flats after 99 years so that the land can be used for new HDB flats!

This decaying lease problem with the HDB flats is like an albatross around the necks of many Singaporeans. And also the Singapore economy. The PAP has no solution except to kick the can down the road. We await to see what further band-aid solutions they offer Singaporeans in May through tinkering with the CPF. We are sure that any proposed solution by them will only make the situation worse.

We are confident that our proposal, which we shall release in the coming months, will arrest the rapid decline in value of older HDB flats, and will be the most attractive and workable proposal.

The PAP Ministers are the highest paid in the world. This problem was their creation and yet they are only able to offer dud solutions! And they have the temerity to proclaim to Singaporeans that they are the best and most able and that Singapore will collapse without them!

 

Lim Tean

 

 

Sponsored Content

11 Responses to “Singapore is 2nd most expensive city To buy A home In 2018 – for the 2nd year running”

  • Another good news from PAP:

    Another good piece of news from PAP. I support 10m populatiom, old HDB demolished and build condos. FTs buy HDB flats and rent them to locals. Locals no job no money so they rent from FTs. I will continue to support PAP until I see all locals MATI. PAP will continue to win the election because of greedy 70% supporters.

    GD Star Rating
    loading...
  • Another good news from PAP:

    Lest I forget, I support GST increase to 9% or even 12%. I also support salary increase for all ministers because they work very hard for the people. Consultation fees at polyclinics should be revised to $20 from $12 after subsidy. I alawys feel bad about he low fees and once a doctor ever told me that each patient 5 mins allowed consultation. Medications should also be increased too cheap for too long. Many patients should employ FTs more from India, Blangadesh, China, Phillipine, Mynmar, Vietnam, Indonesia etc. It is high time CPF contribution by workers be increased to 28% from present 17%, compulsory medishield Life premium be increased too, can’t afford deduct from bank account without your consent OR go to Jewel @ CHangi for free stay and meals. Company contribution down to ZERO % from 20% so that they will not think of employing FTs. The list goes on and on. I am one of the 70% PAP supporters, I tell you ah dun play play.

    GD Star Rating
    loading...
  • HarderTruths:

    We do not buy anything. We literally give money to the government for a place to rent that have zero value.

    Does not matter if it is a HDB or condo with a 99 year or 999 year lease – once the structure is condemned there is nothing left to sell.

    The land reverts to the government. And the process continues….

    GD Star Rating
    loading...
  • UniQ:

    Little Singaporeans knows that :

    A flat that cost $300,000 with a typical loan of $ 250,000. The repayment is 30 years. The interest plus capital loan amount could sums up to $350,000. Adding the accrued interest from the $ used to purchased the flat from CPF of about $120,000. A typical Singaporean couple is looking at a pubic housing cost of , the total amount for the flat could be in the region of $520,000 excluding all the other fees that the PAP is collecting.

    Now if one sell the flat below $520,000, its going to be a HUGE lost when you include grant interest, levy, agent commissions, fees, etc of nothing lower than $50,000 !?!? You think how many Singaporeans are going to suffer at an older age when the PAP has NO solution for a HIGH priced Public leased housing and a declining asset ? and these is going to affect the 99 years private properties too !!

    (The above is a very rough and very conservative computation. The actual number may be a lot greater. If the asset falls below the $520,000 mark , a lot of Singaporeans will loose their pants off.

    How on earth Singaporeans is going to trust a gahmen that has the least interest to look after the people that voted them in and pays their Salaries ??

    With the latest interview transcript from Simon Lim, I am glad that PAP is very disconnected from the Singaporeans they are duty bound to serve (cause I cannot read a single hint of serving but a large part of an authoritarian over little people).

    I couldn’t be more happier :)

    GD Star Rating
    loading...
  • Migrated:

    HK is like SG, small country with big population but their housing has 150 years lease and next generation can top up the lease by paying money.

    GD Star Rating
    loading...
  • LIONS:

    frankly,i am not against RISING HOME PRICES IN THE PRIVATE SECTOR,it ouight to be the case due to scarcity of LAND here.

    but to ALLOW NON-sgs like PERMANENT PRs/FTs who reject offers of SINGAPORE CITIZENSHIPS to buy our HDB to gain from SPECULATION N RENTAL INCOME is simply IRRESPONSIBLE OF THE GAHMEN.

    Indeed,why shud govt interfere in PRIVATE HOUSING at all?
    it is private enterprise,ISNT IT?

    BUT the govt REFUSE TO OBSERVE ITS BASIC ROLE OF KEEPING PUBLIC HOUSING AFFORDABLE and that is totally wrong!

    if private home prices increases,so be it.
    the govt can collect more revenue from such well-to-do buyers,both locals and foreigners.
    let the RICH SGS N FOREIGNERS COMPETE FOR PRIVATE HOUSING FOR ALL WE CARE BUT PUBLIC HOUSING MUST BE MORE REGULATED THAN WHAT IT IS NOW?

    THE GOVT INTERVENE IN THE WRONG MARKETS; where it ought to do something to control prices like in public housing,the govt omits its duty?

    TIME TO AUDIT THE GOVT.
    WILL AGO DO THE JOB?
    HELL NO!
    SO WHO WILL THE THE JOB THEN?

    I guess sgs like DR CHEE,LIM TEAN,BRAD ,DR ANG,DR TCB,PROF PAUL AND SOME OTHERS.

    ONE CAN NEVER CHECK ONESELF HONESTLY; humans are bias by nature to protect own interests,somehow or other?

    NOW IS THE TIME TO CHECK N BALANCE THE GOVT OR SGS WILL GET SCREWED TILL THEY REALLY DROP DEAD…AND WHO CARES???

    GD Star Rating
    loading...
  • HDB and CPF should not mix:

    It is not only expensive most Singaporeans have their retirement money (CPF) tied up in their over-priced flats, depreciating flats. It will be worth ZERO at the end of the 99-year lease despite HIP1 and HIP2.

    BTW, I found a brochure published by HDB in 2010on the Lease Buyback Scheme (LBS). It clearly states that the (fair) market value of an HDB flat is tied to the REMAINING LEASE. This means that as the flat gets older its value goes down.

    An (unsustainable) property bubble covered up the steady depreciation of HDB flats. (Price more than DOUBLED over the last 15 years when wages were stagnant.) This is not sustainable because at the price of new flats is so high it would take an entire working life of 30 years to fully pay for it. And when the flat is fully paid for the CPF account of the owner is depleted (below the CPF Minimum Sum). The owner would not have enough money to live on so he/she will most likely have to sell his/her HDB flat. But if the flat is 30 years old its value is much reduced and there will be few buyers because CPF cannot be used for old flats.

    MND is coming up with a scheme to allow the use of CPF funds for old flats. There are basically 2 problems with this scheme. First, resale flats even those over 20 years old, are over-priced. Some are selling at the about the same price as new flats from HDB of the same size in the same estate. This is ludicrous. Second, those who use their CPF money to buy an old flat will likely be “stuck”. Who will take them out later so they can get their CPF money out of their flat before it becomes worthless (ZERO) when lease ends.

    Using CPF money for a depreciating asset like and HDB is a big mistake.

    GD Star Rating
    loading...
  • Another good news from PAP:

    Local should look outside Singapore. This country is no longer yours’ although you maybe born here. Because of good life people have becone very complacent in everything. They depend on the government and off course the government squeeze and pinch their buttocks. The GST and 10m population is coming true. FTs are only interested in making money and nothing else. A china man has been a Singaporean for last 20yrs but the whole family members are all PRs. Can’t you guys see the problem? HDB flat go up they see and say goodbye to you! I personally think that locals are very stupid and naive. Let China develop Johore, Sinagpore will become a dead toad. Now the East Klang Kuantan rail is settled, China and many others will not use Sg ports, not forgetting Malacca sea port develop by China, Singapore GDP will also become worst worst. Stop dreaming, get out if you have the chance. I was out 30 yrs ago. HDB flat will become useless when the lease is maturing, I KNOW alot of people still dreaming and dun believe what’s happening. Keep dreaming! I belong to 70% supporters. Kra canal will eventually be built and cut thru from maynmar to SC Sea, so TUAS will become a graveyard!

    GD Star Rating
    loading...
  • oxygen:

    RESIDENTIAL PROPERTY MARKET IS A BUBBLE worst than Australia, the economic reality does not support it. A lot of speculative DEBT-FINANCED money flowed into it, LULLED BY A FALSE SENSE OF BRICK-AND-MORTAR SECURITY AND EASY AFFORDABILITY OF CHEAP INTEREST FINANCING.

    Phew! The economic fundamental globally is deteriorating outside the US which is also fading as well. Central banks are low of ammunition in its arsenal to counter deteriorating conditions. Energy prices is lurking upward, strong hint of looming inflation and return to higher interest rate. Global economy is running on cheap financing for 10 yrs post GFC but still can’t find its own self-sustaining momentum. Interest rate might shift up despite weak economy – NIGHTMARE SCENARIO FOR PROPERTY SPECULATION – rising mortgage and unemployment with no income.

    Down Under, it crashed more than 10% in Melbourne and Sydney in 2018 – same forecast in 2019 or worst from economists.Lee-jiapore won’t be immune.

    March condo launch saw sale of 40% and below for bigger launches from developers but at what discount price and unknown withdrawals later?

    A crashed property market now will take at least another decade to recovery if any. DEMOGRAPHIC ADVERSITY WAITS FOR ALL. Migration influx failed to stop OZ property market burst. Jobless market in LEE-jiapore won’t attract migration influx.

    PAPpys is crazy thinking the 70% daft elect them to lord and rule peasants. They forget that it is a duty to serve which their screwed-up CPF/Housing nexus screwed up more than 90% of voters.

    UniQ: How on earth Singaporeans is going to trust a gahmen that has the least interest to look after the people that voted them in and pays their Salaries ??

    With the latest interview transcript from Simon Lim, I am glad that PAP is very disconnected from the Singaporeans they are duty bound to serve (cause I cannot read a single hint of serving but a large part of an authoritarian over little people).

    GD Star Rating
    loading...
  • Dudheads for exhorbitant dudes:

    Q1: How many enlightened buddhists does it take to change a light bulb?
    A: None, they are lights in themselves.

    Q2: How many “not very very mediocre” pappies does it take to privatise electricity to the people?

    A: As many of ‘em as our CPF can fork out; as long as our private accounts haven’t black out.

    GD Star Rating
    loading...
  • oxygen:

    GLOBALLY THE MILLENNIAL ARE LIVING IN A FICTION OF WEALTH BUBBLE, Lee-jiapore is sitting right near the very top of crazy bet on property.

    Opinion: There’s no safe place to hide from the consequences of the biggest bubble yet

    https://www.marketwatch.com/story/theres-no-safe-place-to-hide-from-the-consequences-of-the-biggest-bubble-yet-2019-04-15

    The real party will peak at the very moment of bubble burst. PAPpynomics is abetting and aggravating that.

    HDB and CPF should not mix: MND is coming up with a scheme to allow the use of CPF funds for old flats. There are basically 2 problems with this scheme. First, resale flats even those over 20 years old, are over-priced. Some are selling at the about the same price as new flats from HDB of the same size in the same estate. This is ludicrous. Second, those who use their CPF money to buy an old flat will likely be “stuck”. Who will take them out later so they can get their CPF money out of their flat before it becomes worthless (ZERO) when lease ends.

    Using CPF money for a depreciating asset like and HDB is a big mistake.

    GD Star Rating
    loading...
Member Services
Self-SupportMembers Login
Sponsored Advertisement

Search On TR Emeritus
Sponsored Advertisement

Most Recent Comments
  • generate REAL annual report: //Many Singaporeans are angry with this because the life expectancy in Singapore is only...
  • Vincent: This case and many similar others reported just shows 2 main issues. 1) The whole machinery of Town Council,...
  • Bottomless pool: All the interest will go into a bottomless pool. The government is so caring that it must make sure...
  • N.Jungne: You dunno meh, these are PAP’s moskitos.
  • Singaporean Kong Come: They dare not use the correct n clear words. After sellin your HDB Flat, money go back to your...
  • hard-to-reach structures: aiyoh. there are thousands of potential places (nooks and corners) that can breed...
  • everything is to be mechanised: //In S’pore, I still see Insurance Agents still trying to sell their stuff at...
  • oxygen: @ TruBlue NON-ARRESTABLE OFFENCE MEANS NO POLICE OR LAW RECORD OF OFFENDING BEHAVIOR, it also means IT DOES...
  • NotMyProblem: desmon quack: desmond kuek,the SMRT BOO-BOO KING is now divisional vice-chairman of global wealth...
  • NotMyProblem: something is missing : the more they try the more boring the NDP had gotten. its just a...
  • patriot of TUMASIK: Liars-Cheats and Murderers …all LEEgally INC into your Life of which you PAY & PAY till...
  • Satan arising: “What can you do, thought Winston, against the lunatic who is more intelligent than yourself; who...
  • Python 5: Amk GRC?? they voted for PAP very very overwhelmingly. what’s there to complain?
  • Python 5: the unaccounted AUM are Ho Ching’s salary and personal financial assets. Harder Truths: Reason...
  • Python 5: pay billions and more billions increasingly for more and more PAP govt blatant and brazen corruption,...
  • A Crisis of Ethics: “There are men regarded today as brilliant economists, who deprecate saving and recommend...
Announcements
Advertisements
Advertisements
Visitors Statistic
Latest Statistic