Do not be jealous of permanent residents who made a profit on HDB flats

Many Singaporeans are unhappy that many permanent residents made a profit when they sell their HDB flats to return to their countries.

There permanent residents were allowed to buy the resale HDB flats at the market price from the original owners, who were Singaporeans.

During the past two decades, property prices in Singapore had gone up by a lot. The permanent residents benefited from this increase.

We should not overlook the fact that many Singaporeans also benefited from the increase in prices of HDB flats during the same period.

This increase in property prices is not confined to Singapore. In many countries, the property prices also increased.

The permanent residents who worked in Singapore and many years and pocketed a large profit on their HDB flats would have to pay a higher price to buy a property in their home country, compared to the price many years earlier.

They might have made a better deal from the HDB flats, which probably increased more than property prices in other countries, but this difference might not be very much.

It was the purchasing power of the permanent residents that helped to boost the prices of HDB flats, but the higher prices did benefit the Singaporeans owners who had bought the HDB flats as well.

The higher prices of HDB flats do pose a problem to young people who find them to be too expensive. They should blame the PAP government for failing to keep the prices under control. They should not blame the permanent residents for buying the flats to live in.

I hope that my view helps to keep this matter in a proper perspective.

 

Tan Kin Lian

 

 

 

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19 Responses to “Do not be jealous of permanent residents who made a profit on HDB flats”

  • Are You Sure ?:

    Our 5 Room flat can sell at least S$500K which can buy a big bungalow in Malaysia. What about countries like India, Bangladesh, Myanmar etc..? Convert Sin Dollars into their own currency and they have a big fortune.

    There was a case of a Bangladeshi worker who went home to start a shipping company. Singapore is indeed a land of opportunities for these 3rd world workers. But our Singaporeans are poor compared to them in terms of purchasing power. WTF

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  • Harder Truths:

    Are $G citizens now called demeaning words like ‘jealous’ because they stand up for their rights in their own country? Foreigners are not allowed to proposer at the expense of locals – this is common sense. This includes jobs, property and other services $G locals have a birthright to.

    These FT now live like kings after returning to their own countries. No other country treats their own citizens so badly as this tiny island.

    Perhaps it would be good if you look up the word ‘ignorant’.

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  • pea brained tan kin lian:

    what a cock brain this tan kin lian.

    alien male PRs not a single day wasted NSF NSR. they gain from HDB at the expense of local born males who have wasted years in NSF NSR.

    it is absolutely wrong that PRs can HDB. very wrong since HDB is supposed to be public rentals for citizens.

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  • Bapak:

    Those who voted for PAP deserve to be screwed, period.

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  • When sporeans think, sg sinks:

    Mr Tan, where got same? The profit that PRs made compared to the locals made is very different. Singaporeans made $100k profit in sg is still $100k. PRs’ Sing $100k is many many times more when they use it back home.

    When PRs balek kampong, they can buy atas and big houses or even land.

    On the other hand, singaporeans who made a profit after selling the PRs their HDB flats still need to buy another apartment or house to live in, IN SG!

    Sell high buy high. Sold a HDB and buy another HDB, probably no more money left from the profit already. It’s from one pigeon hole to another. Is it even an upgrade compared to the PRs?

    Or if they were to buy private property which are much much more expensive, probably they’ll have to pay instalments and cannot retire early.

    Maybe only a small no. of singaporeans did make huge profit and benefit from high resale price if they own more than 1 property or when they choose to live with their offspring. But overall, majority do not benefit at all and worse we’re creating serious problem for our future generations.

    Of coz the main culprit is the pap G but you also cannot blame singaporeans for being angry with the PRs because they’re the pap’s tools.

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  • Cognizant:

    I served NS for 90 SGD. gov told me to buy HDB from resale cos I am single but I need a 5 rooms flat so that I can rent out to have better life style.
    Instead of helping Singaporeans, HDB allows all immigrants to buy new flats and rent out their extra rooms.
    At the end, I can only have a 2 room FLAT. Fark by PAP.!! CCB.

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  • John Richards:

    I do not blame the foreigners nor am I envious of their prosperity. I blame our greedy multi-millionaire Ministers and their cronies.

    When you finish NS or graduate, if you’re lucky, you get a good paying job. If not, you end up taking a job you’ve not trained for at much lower salary than expected.

    When you reach the age of between 35 and 40, you get pushed out of your job by a foreigner from a third world country. You get to start a second career as a delivery man, cleaner, security guard or maybe even a Grab driver. Great prospects await the intrepid Singaporean. Oh wow!

    Then when you get even older, you can collect cardboard boxes, tin cans, empty bottles and old newspapers. There’s an endless supply for gainful employment. Plus good exercise to keep you fit so you won’t face those hugely subsidised hospital bills in the future.

    You see folks, the PAP has planned your entire career path for you. Be grateful. Would any other Govt think so far ahead for its citizens?

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  • TruBlu:

    Jealous?

    Who is jealous?
    Sgs are more disgusted with the policies than jealous if anybody.

    But why shyd nob-sgs be ALLOWED TO BUT HDBs which are built on ACQUIRED LAND OF COMMON SGS in the first place?
    Worse,WHY SHUD THEY BE ALLOWED TO RENT THEIR HDBs while STAYING IN CONDOS???

    SO IS THE GOVT HELPING THE ALIENS TO SCREW SGS FRIM ALL FRONTS STARTING FROM GAINFUL JOBS???

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  • Pls think critically, Mr Tan:

    Singaporeans kia cheng hu, so they fault others, not PAP.
    They still vote for PAP even if they themselves, their parent or child get displaced by foreigners in jobs.
    I am 70% sure, maybe more that Priscilla Poh votes for PAP, come what may.
    In office politics, you fault your colleagues not your bosses, otherwise you get sacked.
    You are happy because your landed property and other property investment have increased many folds.
    You will be happier as I am sure PAP will accede to CDL boss’ suggestions to help the property companies here. Tan Chuan Jin, a future PAP puppet EP, may head MND any time soon.
    Lawrence Wong made a big boo boo – an honest comment on zero value HDB flat in a matter of time.
    Please think critically, Mr Tan.
    If property prices go up, the young would not be able to afford to own a HDB flat. Maybe they can rent one from PRs. You will surely agree with that, maybe we should thank the PRs.
    Even if PAP gives out more subsidies, they still have to borrow up to their eyeballs to buy a small HDB flat.
    They have to work until they die, thanks to PAP their official retirement has been extended in line with CPF withdrawal age, if there is any CPF left there after paying for HDB loan, this and that. That is what PAP wants, a busy mind looking for the next meal, maybe the next school fee for your little daughter will not have the time to go to Hong Lim Park (not Botanic Gardens like the rich and tourists), least of all like the HongKongers.
    If you get displaced, then train and retrain (skillsfuture money is free for you, but please dont try to get out that few hundred $ in cash like those hundreds of thousands in the $42 million skillsfuture cheating scam)to get the next job, a good job but lower pay. Please pay your kids primary school fees. If they are in secondary school, they are old enough to work part time to get some money, there is no law against underaged working part time in Singapore.
    Sorry, I digress too much, back to properties.
    When property prices go up, food prices go up too.
    Food prices of many hawker centre have gone up from $3.50 a plate to $4. Some stalls will advertise $2.50/$3.50 a plate, but you may end up “upgrading” to a $4.50/$6.00 plate. It is in the news!
    But the ordinary folks will have problem upgrading their dwelling.
    Can a 2-room flat owner upgrade to a 3-room flat? Maybe Tharman will say yes … if the poor Singaporean goes for upgrading job course to get increase his pay from $1000 to $2000.
    Sorry, it is $2000 a month, not a day, as PAP Ministers of State, and House Speaker earn. No offence if you are still a buddy of Marine Parade GRC MP.
    Dont believe what PAP, SPH, MC say that 80% Singaporeans own their flats. HDB owns all the HDB flats. Even if one’s flat price increases by 30%,…

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  • Dear Mr Tan:

    You own a freehold landed property and other private properties while HDB “owners” are just leasee.
    If a 4 room HDB price goes up, what can the “owner” do?
    Downgrade to monetise into cash to supplement your living expenses?
    I dont think CPF will allow you to withdraw any cash from the downgrading?
    You can sell your private properties and still live happily in your landed property.
    You can pass down your property to your children. I am sure your children are very filial to you, Yes kids, sorry Yes adults, like PAP Ministers, public servants, AG and judges following laws and Constitutions.
    Dont bequeath to your children if they dissuade you from dishing out “good” advices at large, all advices are good, just like our schools, our jobs created by foreigners.
    Do you know HDB flat will have zero value upon lease expiry? It decays exponentially after the initial decades of sharp price appreciation (because PAP gives out substantial subsidies to new flats after jacking up the land price, cost price, market price, or whatever they call it).
    Many have to resort to lease sell back to fund their retirement. Their children will not inherit their flats, unlike your children.
    In fact, many would like to lease back to support their living expenses, like paying their children school fees, but the PAP Yes men say cannot.

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  • Bobo:

    Sell high and buy high. What profit is it?
    Sell a 4-room flat high and buy low for a 3-room flat. How long could that little profit last for two in exchange for a smaller squeezy shoe box and chaos estate. Singaporeans had sacrificed a lot instead of benefit from it.

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  • oxygen:

    THARMAN TOLD AN ASSEMBLED ELITE GATHERING IN NEW DELHI this observation, massive foreign influx is both stupid politics and stupid economics.

    HE IS OF COURSE RIGHT.

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  • trublu:

    @oxygen

    And,of course,you arw right to note that.
    Ceca is bullCRAPS.

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  • Citizens" Housing:

    Nothing to be jealous over. Should PRs even be allowed to buy HDB flats if these are “subsidized” public housing? Now that foreigners know these leasehold flats will depreciate with time to ZERO, they will stay far away. Those who bought their flats at sky high prices will be stuck with them when there are no buyers. Just hope the market value does not fall below mortgage valuation! Or worse, if they lose their jobs. HDB will have to keep the prices of BTOs high to sustain prices of newer flats from plummeting. But how high can prices go before citizens are priced out? The higher the price, the longer the mortgage period, the more your CPF will be drained out.

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  • Emperor wants your CPF:

    What could LKY’s ulterior motive be behind making “your HDB flat is a perpetually enhancing asset!(it will never go down in value)”

    Poor Lawrence the scapegoat at the end of the facetious pappy path to riches.

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  • stephentan:

    Tan kian lin is talking cock as usual. No need to vote for him.
    Useless fella!!
    If tkl stands forvekections between himself and pap, better void your votes.
    If it happens to be a 3 cornered fight between pap/tkl/PSP, just vote PSP.

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  • TUCK WAN:

    Let TKL speaks. Anyone Listerning ?
    He may want to bluffs himself. Guilty?
    Past mistakes?

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  • Dr. Chan:

    Get PR status in Bangladesh, Malaysia or Vietnam. Sell your HDB flat and buy a big piece of land and bungalow there. See if you can get use to their lifestyle.

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  • disaster waiting to happen:

    pap CPF no end trying to entice sheep to keep larger sums in RA.

    what pap CPF has always failed to state in the same paragraph is that interests earned in RA vest with the RA pool, not the RA account holder.

    since pap CPF allows half of RA to be withdrawn, the wiser move is to withdraw and keep the money in commercial bank. even at 0.01% interest, the interest earned vests with account holder. whereas in RA, every single cent vests with RA pool.

    if 70% sheep who talks like they live forever and so put in more the half the RA sum, then, if luck is that sheep dies at 64.9 years old, too bad, every single cent in the interest earned goes to RA pool, not to sheep estate.

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