Misleading CPF Financial Guide

By now a lot of people may have seen this “Financial Guide” to one of the flat owners in AMK SERS project.

It is misleading to think that the “Extra” money this owner has to fork out is just “Cash” amount $187766 only as compared to his current outstanding loan amount of $258K.

The truth is, the Total Amount this owner “loses” is $115,766. This amount includes the resale levy, plus price differences between the replacement flat vs the current flat and stamp duties and conveyance charges, minus the SERS grant.


If we add the outstanding loan of $258000 to $115766, that will be $373766!

While this amount is cushion off by the original CPF ($74000) returned from the sales PLUS the Additional $186000 from his CPF, but it would mean that:

1) this owner will end up with ZERO money in CPF account for retirement (except Medisave)
2) he would have to get another loan for the short fall of $187000.

Although this new loan amount is smaller than his previous outstanding loan of $258000 (it is CPF which helps to lessen it), but we don’t know how old is the owner and we hope he could get the loan with his current salary.

Now, look at this matter from another perspective.

This whole SERS exercise has actually created the REAL LOSS of $115766 and this is paid off using the owner’s CPF which was meant for retirement.

These amount of losses have yet to take into account of relocation costs which will include renovation cost etc.

Can the PAP gov do better than this? Obviously yes.

In private property enblock sales, they don’t just take market price into consideration but also the POTENTIAL of the land available for redevelopment into consideration.

Old AMK HDB flats actually has big open air carpark which could be optimized during redevelopment. The current flats are 12 storey high and it could be redeveloped into over 36 storeys.

Thus, for a 4 room flat if around 1000sqft, $115K is just $120 per sqft, not considering the additional potential floor area that could be turned into new flats which can be more than 3 or 4 times!

The stingy PAP will result in many Singaporeans losing their CPF retirement funds for NO FAULT of theirs but the Greed of PAP Gov!


Goh Meng Seng




15 Responses to “Misleading CPF Financial Guide”

  • P Against People:

    “If we add the outstanding loan of $258000 to $115766, that will be $373766!”
    GMS’s counting is similar to this story.

    A kid buys a candy for $2. He gives the seller $10. The seller gives a five dollar to his mother and gets $8, which he gives to the kid. Now $5 plus $8 becomes $13 dollars, why the kid loses $11 for a $2 candy?

    GD Star Rating
  • xoxo:

    Its wrong to tax ordinary sgs by pushing basic HDB prices.
    If G can simply dish out a $100 Billion like splashing water,why burden ordinary sgs?

    GD Star Rating
  • MarBowling:

    This is part of the Mother of ALL PONZI SCHEMES OF THINGY. What’s wrong with collecting more money!

    GD Star Rating
  • Harder Truths:

    The ever-faithful Regime supporters of AMK are in trouble. I could not care less for them. They will get what they deserve.

    GD Star Rating
  • Asd:

    I think not stingy very generous to own povket

    GD Star Rating
  • Life made artificially difficu:

    Life has been and is being made artificially difficult for commoners.
    What else can be expected?

    GD Star Rating
  • illiterate pap voters:

    Harder Truths:
    The ever-faithful Regime supporters of AMK are in trouble. I could not care less for them. They will get what they deserve.

    Very well said, bro.

    cotton sheep problem is self caused. they get what they deserve.

    But as long as another 12% of them turn against pap in GE2024, then, things brighten up for one and all.

    At the rate pap is causing inflation, to get another 12% to turn against pap is not hard. after all, a 1% GST rise next year means a very large percentage rise for most cotton sheep.

    Coupled with rising prices today, as we speak, we don’t believe many cotton sheep has the resource to continue being blind.

    GD Star Rating
  • mrWie:

    It boils me down to two questions …

    (1) Do (our?) TMSK & GLC really make $$$$$$? OR …

    (2) Is this simply a sign of their THE-ROOT-OF-ALL-EVIL’s greeds?

    GD Star Rating
  • opposition dude:

    Even if you don’t add in all the hidden extras $187k is still a lot to pay. PAP has the thinking that we all have well over 200k in our CPF so using it all to pay off for a SERS flat is chicken feet. Obviously they were going by theory and theory alone so ask all these flat owners to pay for a new flat issue settled can go drink coffee liao.

    When noise is made over this quickly come out and say 4th quarter then will talk to these flat owners. Obviously got caught off guard since they didn’t expect so much noise to be made so give themselves a few months to sit down internally and talk about this issue.

    We shall see just what changes are made if any come the 4th quarter.

    GD Star Rating
  • C’est la vie:

    Betterer still, all citizens with no dependents should and must, … will, their assets and estate to this government.

    It most certainly ain’t what this aberration called “the government”, can do for you, but, rather, … what you must do for the government !!!

    Long live Sg, … long live the majority muppets and long live the pap !!!

    GD Star Rating
  • My CPF:

    I was successful in the BTO bid.
    I thought that with my present flat, I could sell it for $350,000 and transfer the amount to my new BTO flat which was about around that price.

    Was told that if I sell away the present unit. The money must return to CPF to top up both my wife and my retirement fund. Ending up having to take a loan of $200,000 which we are not eligible because of our age.

    GD Star Rating
  • Daylight ripoffs:

    Its scary isnt they control our monies.
    Still, they got those 61% dumbos ok…to bully us and rip us off..
    Good hardworking sgs have been reduced to like worker ants..
    Just after hatching work work work untill death comes a-knocking:(

    GD Star Rating
  • Trust only myself:

    Unthinking Singaporeans have no worry why worry for them…………they deserve to win or lose money with the SERS, their choice.

    GD Star Rating
  • Singaporeans R Free Riders:

    Goh Meng Seng, as usual, you are always rushing to gain attention and credit.

    Hahaha..What’s next after writing an article ?

    What is your next follow up action ?

    Town Hall meeting? No ? Hahaha.

    You cannot even win our great PAP MP Tin Pei Ling and you talk so much ?

    By the way, MP Tin Pei Ling had grown more mature and wise now. (no more foot stomping)

    You, on the other hand, have not grown a bit and are as silly as before rushing to gain attention and claiming credit.

    GD Star Rating
  • Harder Truths:

    illiterate pap voters: But as long as another 12% of them turn against pap in GE2024, then, things brighten up for one and all.

    Bro – I do not believe in $inkes having any common sense any more. Plus, I believe we are past the FT replacement stage where the conversion will offset any $inkie who MAY decide to vote oppo.

    No – $inkieland are done for. There is a financial tsunami on the way and $inkieland will not survive. We may see the end of the Regime after that but only after the locals are no more.

    GD Star Rating

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