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HDB is not a bank

In the recent Budget debate in parliament, some points were raised by MPs with regards to those who face financial difficulties due to various reasons, how would HDB helps them through this difficult time.

On the aspect of “poor“ who cannot pay their mortgage, the Minister of State of Ministry of National Development said that they could sell off their HDB flats and rent. He also opined that HDB is not a bank and it could not help in financing their flats.

First of all, I wonder if HDB could really provide a rental flat for any Singaporean caught in such a situation. HDB has rented out flats for foreign workers via intermediary but if you want to rent any flats from HDB, either you have to wait very long or that you will have to pay much higher price by renting though this intermediary company.

Secondly, such problem could have been avoided if PAP ministers have stopped boasting and encouraging low income earners to buy HDB flats! PAP Ministers have been boasting about those family household with $1000 income could buy an HDB flat and PAP government is reluctant to rent out flats basically because they want to maintain a high “HDB ownership” for Singaporeans, regardless of the realistic challenges that some of the low income household might face.

Low income earners are mostly from the vulnerable group of people. In Singapore, we do not have minimum wage and naturally, exploitations of such vulnerable group do exist. On top of that, they are vulnerable to job insecurity and most of the time, ended up with odd jobs or basically face steep competition from the influx of cheap foreign labour.

In my opinion, they should not be encouraged or subtly coerced into committing their unstable income to buy HDB flats. They would be better off renting HDB flats instead. The government could in fact help them out more directly if they are living in rental flats.Asking them to sell off their flat when the economy is bad (as this is when they lose their job) will actually make them lose more money. They might even face difficulties in selling off their flat during economic downturn!

Thus, the problem lies RIGHT AT THE INSTANCE when PAP Ministers insist that these people with low household income of $1000 could afford to buy HDB flat and the HDB policy tends to coerce or encourage them to do so during good times, without understanding their vulnerabilities during economic down turn.
In short, PAP Ministers have in fact, unwittingly created this mess of encouraging the vulnerable group to buy HDB whereby putting them in facing a tremendous risk of forced closure later. They should stop doing that, just for their own ego.

I seriously hope that HDB will have enough rental flats to help this group of low income earners else, HDB may have to reverse its flawed policy options by buying back from these low income earners at reasonable prices and then rent it out to them instead. This would be the only practical thing to do now.

 

Goh Meng Seng

 

 

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READER COMMENTS BELOW

22 Responses to “HDB is not a bank”

  • NotMyProblem:

    HDB was supposed to provide affordable housing to Singaporeans, but now it is for the PAP to drain your CPF dry!!

    Not only that, HDB is for foreigners to launder their dirty money. That’s the reason why foreigners find it so easy to buy HDB flats. Whereas Singaporeans have to meet all kinds of criteria and wait for years for their BTOs. And the PAP blames Singaporeans for not getting married and have babies!

    Next GE is coming soon, wake up and vote wisely!!

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  • opposition dude:

    Problem with the PAP is that they never build enough flats which is why BTOs are always oversubscribed. They don’t have that many spare flats nor blocks sitting around to rent either and that compounds the problem. Making those who are renting buy a flat just makes a good headline and gives the impression that these people are better off so that they don’t have to rent anymore.

    But this is actually a no win situation for the poor since as Meng Seng mentions that they do not earn that much in the first place. When your income isn’t stable even renting will be a problem when you can’t pay the rent every month on top of having to feed your family and paying the bills.

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  • Harder Truths:

    GMS – you saw their mafia tactics when 5% did not want to be killed by vaxx. That was kucing kurap. They will never let go their ‘buy or die’ HDB policy. This is how they make money under the table. Anyone who thinks they will change this is on drugs.

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  • illiterate pap voters:

    Low income earners are mostly from the vulnerable group of people. In Singapore, we do not have minimum wage and naturally, exploitations of such vulnerable group do exist. On top of that, they are vulnerable to job insecurity and most of the time, ended up with odd jobs or basically face steep competition from the influx of cheap foreign labour.

    Unfortunately, the poorer the cotton sheep is, the more they vote pap.

    1, the poorer are for sure those without an Overseas U degree. so they blindly vote pap.

    2, the poorest for sure are those without much education. so they blindly vote pap.

    3, the poor are for sure the somewhat educated, those with local U degrees, with A levels, with O levels, with PSLE. so they mostly kpkb about pap and continue to vote pap.

    In the end, who are the truly vulnerable in Singapore?

    They are the 39% mostly well off and with one or more cars in the garage who are collaterally harmed by the pap voters.

    When someone writes about the vulnerable, we check if they are talking about 61% cotton sheep or 39% OPPO. this is important because 61% asks for it so they are, in a true sense, no vulnerable.

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  • Rent OK lah:

    For this group of low income ,better to let them have cheap rental unit.
    Less stress for them.

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  • Stupid Singaporeans Vote PAP:

    HDB is not a bank? It is a branch of the main bank – PAP Bank.

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  • theforgottongeneration:

    HDB started out as a good concept to lift Singaporeans/SG out of being a fledging developing country. But it has since been corrupted by the 2G/3G/4G PAP as a political tool against Singaporeans.

    Take the boisterous announcements that HDB resale (and private housing) prices have been increasing since 3Q-2021. Analyzing the HDB resales posting on HBD site itself shows that the price increase can largely be attributed to sale of 2007 flats into the market. But with a supposedly MOP of 5 years, how can HDB allow so many 2007 flats to resold in 2021 (when 2007 + 5 = 2022 earliest)???This is a sure sign that there are many (foreigner?) speculative buyers of HDB, selling at the earlier date and then bye-bye.

    And sure, newer built flats have more value than older flats, but the 2007 flats have a seemingly quantum price jump over, say, the earlier 2003-5 flats. Who determine the “market” resale prices, now that HDB doesn’t do evaluation pricing? The property agents? How convenient, hor. Property coys collectively jack up the prices, HBD happily report the prices, PAP claims HDB flats increased in values – typically you scratch my back, I scratch yours, hor. Who says the property coys not in cahoots with HDB/PAP? Oh, must be Ownself Check Ownself says No Corruption, hor.

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  • Smart Nation:

    If the person cannot afford to pay the monthly mortgage to HDB, how would he be able to rent a place? When a person passes a certain age, it is difficult to find employment, more so with FT competition. No job, no money, no home. Those who have committed themselves to expensive condos and BTOs, better hope they do not lose their jobs or they have other sources of income.

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  • PAP the Corrosive, Abrasive.:

    Store of Value – these are the PRECISE WORDS spewed out from Lawless Wong’s uncontrolled BIG sweet mouth.

    And if he’s honest enough to care to EXPLAIN the full meaning AND implications applicable to this statement from him, I believe 1000s of SGpns will WORSHIP him at his feet with flowers AND incense, perhaps some may clean his smelly balls.

    Is Store of Value better than a Bank?

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  • C’est la vie:

    ******
    Just like, … “CPF is not your money” !!!

    And way back yonder, when the nation of naive and not so bright were “told” to share in the prosperity and advancement of Sg, by “owning” your own home, … they forgot to tell you, that it’s a lease you’re buying and you’ll have to pay for the land costs too !!!

    C’mon, why would this government, this voted in government, by the majority, … want to help and assist the not so fortunate and those facing difficulties.

    “Sg is not and has no plans of being a welfare state”, … will be their response.

    And certainly, HDB is no bank and neither does it represent “affordable public housing” !!!

    Take it on the chin people. This is Sg, … it is what it is !!!
    ***
    ******

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  • Harder Truths:

    …Thus, the problem lies RIGHT AT THE INSTANCE when PAP Ministers insist that these people with low household income of $1000 could afford to buy HDB flat and the HDB policy tends to coerce or encourage them to do so during good times, without understanding their vulnerabilities during economic down turn…

    No – the problem is that $heeple keep voting Regime. Consider that most $heeple live below the break-even level and still continue to do dumb things. This is just karma coming back to them. This is not difficult to understand. They are doomed by their own choices.

    “The definition of insanity is repeating the same action over and over again and expecting different results”

    Albert Einstein

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  • PAP the Corrosive brand:

    C’est la vie:
    ******
    Just like, … “CPF is not your money” !!!

    And way back yonder, when the nation of naive and not so bright were “told” to share in the prosperity and advancement of Sg, by “owning” your own home, … they forgot to tell you, that it’s a lease you’re buying and you’ll have to pay for the land costs too !!!

    C’mon, why would this government, this voted in government, by the majority, … want to help and assist the not so fortunate and those facing difficulties.

    “Sg is not and has no plans of being a welfare state”, … will be their response.

    And certainly, HDB is no bank and neither does it represent “affordable public housing” !!!

    Take it on the chin people. This is Sg, … it is what it is !!!
    ***
    ******

    OH. You reminded me, stg tt has always remained in my raw memory – the Woodie promised SGpns to have a share in the prosperity, wealth of SG via listings or privatization of profitable ‘Govt’ entities, like PSA, CAAS et al after his mood was so bloody buoyant when Singtel was successfully listed in which it’s share lots of 200 shares were given to citizens.

    Where is this promise? Since this was not fulfilled I would say the bloody PAP has so much master so well the art of telling lies to citizens (to win votes, basically, and extend to remain in power perpetually over a society of sheeps) – apt or not?

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  • xoxo:

    HDB has deviated from its original purpose.
    The PRICING OF HDB FLAT$ is beyond just irrational exuberance,it is out-if-the-world!!!

    From just thousands ,it is now pegged at hundreds of thousands ,closing towards A MILLION BUCK$ even for PRIMARY MARKET,direct from HDB?
    IS THIS RIGHT?
    IS THE PRICING CARRIED OUT WITH INTEGRITY?
    HDB MUST REMAIN AS public housing for SINGAPOREANS,first and foremost.
    WHY SHUD NON-sgs be availed to PURCHASE OF HDB so many years ago,way before SINGLE SGS COULD BE ALLOWED TO BUY when HDB PRICES HAVE,ALREADY GONE SKY-HIGH N MANY ORs /FTs have benefitted from buying HDB to RENT OUT OR EVEN RE-SELL AT A HEFTY PTOFITS.

    I say HDB PURCHASE POLICY HAS HAD DISADVANTAGED OUR OWN CITIZENS FAR TOO LONG.
    WHO HELPED FORMULATE THOSE ANTI-sgs policies?
    Many Malaysian-chinese PRs working in our govt agencies were responsible,i dare say!

    Daft policies which got passed are still disadvantaging our own citizens.

    Frankly,i expected a smart HENG SWEE KEAT to do better than the senseless grant of $600 to our most deserving n needy sgs when FOREIGNERS N WELL-TO-DO sgs were granted more from the $100 Billion taken from sgs’ own reserves.

    A trained finance civil servant ,MAS MD ,NO LESS,hatched such a lousy policy.
    Lucky,he stepped down as PM-aspirant.

    He shud go and humbly take a few BASIC LESSONS ON MORAL ECONOMICS from PROF LIM CHONG YAH?

    WHAT ABOUT THE DESIGNATED 4G THREESOME?
    They cant be any better!

    Pls PUT THARMAN ON THE JOB!

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  • PM Lee talking cock:

    Straits Time: Defining Ukraine war as battle between democracies and autocracies makes things more difficult: PM Lee

    “We all have a problem in Ukraine. I think if we talk about sovereignty, independence, and territorial integrity, a lot of countries can come along,” he added.

    Singapore, for one, has stood up for the principles of sovereignty and territorial integrity every time the subject has come up in the United Nations, he said.”

    PM Lee is still playing “fast-and-loose” with the facts. He is still in denial about the real cause of the Ukraine war. It is about security, not sovereignty and territorial integrity.

    The cause of the Ukraine war is NATO expansion. Period. Russia had to take drastic military action to stop Ukraine from becoming a NATO member because this would allow the US to place its nuclear missiles in the country threatening Russia. Ukraine should not increase its security (by becoming a NATO member) and make Russia less secure.

    PM Lee also does mention the Minsk Agreements between Russia and Ukraine which Ukraine refused to implement. The Agreement required Ukraine to stay neutral and out of NATO. If the Agreements were implemented by Ukraine there will be no war.

    Singapore should not have sided with the US in the Ukraine war because the US is The troublemaker in Ukraine. The US is using the Ukrainians as “cannon fodder” to confront Russia.

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  • PAP Better Get Lost:

    We local born Singapore, Single but want to own a HDB.
    HDB told us, you are Single, NOT ELIGIBLE.
    Must buy from Open Market.
    Changs made, you can own a 2 room flat.
    Yet, look at the SIZE of 2 RM flat!!
    Small space for SEX! ? You see any PAP and its related stay in 2 ROOM flat.
    Singaporean, we dont serve SAF for FREE, get back our RIGHTS.! We cannot allow PAP to plant all those NON sense immigrants to TOP post but write us OFF!! Enough BS from PAP!!

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  • MarBowling:

    Totally agree! HDB is NOT A BANK!

    It’s an ORGANIZATION which is Helmed by a World Class Minister cum BANKSTER, a Holee Scheme of THINGY FIRST initiated by the Mother of all Banksters, Lee Kayu and to date under his DSon has PERFECTED THEIR VARIOUS SCHEMES OF THINGS TO MAKE ALL THE DWELLERS OF THOSE SO-CALLED “AFFORDABLE” HDB FLATS, THEIR “SLAVES” THE HOLEE MOMENT THEY SIGNED ON THE DOTTED LINES, PERIOD!

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  • Die liao Singapore:

    All SGpns Importantly MUST NOT forget AND NOTE in his heart – Lawrence WONG REMARIED and DESCRIBED SGpns ARE PRICE TAKERS.

    What does this Statement means?
    CRUCIALLY WHAT is Lawrence Wong mean TO IMPLY when he SAID this?

    THERE ARE CERTAINLY very very GRAVE IMPLICATIONS when a Minister (one can say almost chided) SGpns ARE PRICE GRUMBLERS.

    Translated INTO any interpretation – DO NOT EXPECT the PAP to be so gracious IN ADDRESSING SGpn concerns BY their generosity TO REDUCE PRICES to help SGpns – raising the GST in the midst of world wide STRONG INFLATION is ONE PAP Killer Application, AND Proof of PAP reality of application of SG are Price Takers.

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  • Asd:

    I think very boring diam diam say n say nothing change so say for what ar own self entertain own self ar

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  • Dr Fire:

    Truth

    Housing Development Board not Bank .

    singalean Are ATM / Bank

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  • theforgottongeneration:

    theforgottongeneration:

    Take the boisterous announcements that HDB resale (and private housing) prices have been increasing since 3Q-2021. Analyzing the HDB resales posting on HBD site itself shows that the price increase can largely be attributed to sale of 2007 flats into the market. But with a supposedly MOP of 5 years, how can HDB allow so many 2007 flats to resold in 2021 (when 2007 + 5 = 2022 earliest)???This is a sure sign that there are many (foreigner?) speculative buyers of HDB, selling at the earlier date and then bye-bye.

    Errata: should be 2017 flats, not 2007!!!!

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  • illiterate pap voters:

    WE are very serious.

    pricing public housing as if it is private housing will sooner and no later cause massive hardship since majority cotton sheep children cannot afford a true tertiary education outside pap system.

    what to do?

    NO need to commit suicide.

    Look across the causeway. Plan ahead. If can make S$, don’t spend in S$. Spend in ringgits. Immediately already 3 times advantage.

    With cost of goods 66.6% cheaper just across the causeway, and the 3 times monetary advantage, you can have a truly good early retirement.

    DO we mean don’t buy HDB?

    YES. At today’s prices, you simply cannot recover. Since the sq ft is so much smaller, you cannot get really good value out of renting out the whole flat.

    THEN, what to do?

    Try to get a full time job in Singapore to earn S$. Buy that home in Johor. Spend, as far as you can, in ringgits. Over a working life of 30+ years, sure as confirmed can retire early and nicely.

    SO easy meh?

    hahaha.

    NOT so easy. BUT success prefers the planners. If you fail to plan, then, you are for sure not going to make it. If you plan, even if you don’t succeed 100%, you don’t fail 100%.

    REMEMBER. Unless you can ownself pay ownself S$m per annum every year, you are more than 100% sure going to be in trouble in pap island if you have a pap U degree and move into the age 40 category. THIS is a certainty.

    DON’T let it happen. Earn S$ but spend only ringgits. Don’t buy HDB in pap island. Buy that property in Johor.

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  • MarBowling:

    HDB is a Highly Delusory BANKSTER organization, OPERATING the Mother of ALL PONZI Schemes of THINGY, period! If the current prices of all the HDB flats are same or similar to that 30 to 40 years ago when the TENANTS could pay off the Mortgage Loans within 5 to 15 years unlike the CURRENT MORTGAGE PERIOD 20 to 25 years, the PAPigs wouldn’t be so ARROGANT, AUTHORITARIAN and DICTATORIAL, period!

    MOST IF NOT ALL CURRENT DWELLERS ARE BOH PIAN AND KUAI KUAI LISTEN TO MAI HUM. MACHAM THEIR NOSTRILS ARE TIED WITH A LOONG TERM MORTGAGE LOAN STRING/NOOSE WHEN MAI HUM PULL RIGHT ALL HAVE TO GO RIGHT, PULL BACKWARDS, ALL HAVE TO GO BACKWARDS!

    Hat off and salute Lee Kayu(and his DSon), the Brainchild of the HDB Scheme of THINGY!

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