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Picha PAP’s lobang

It took more than 15 years for opposition to picha PAP’s lobang myth over “heavy subsidies and loss” over HDB.

Even before I joined opposition politics, I already knew it’s a misrepresentation of facts with half truth to insist “HDB loses money” without mentioning how SLA gain money via land sales.

To understand the whole truth, we must start with the history of Land Acquisition Act.

WP didn’t want to take up the issue along with the Asset Enhancement nonsensical narrative which was undermined by the decaying of 99 lease hold and the issue of public housing sold under the misconception of full legal ownership etc.

The whole HDB issues are complex but not difficult to dissect. But WP wasn’t interested because “Singaporeans are happy with it what!”

I was disappointed but I continue to build on the alternative HDB narrative after I joined NSP….right from scratch of Land Acquisition Act to debunking Asset Enhancement myth by pointing out the imminent problems of lease decay.

But, most people just ignore.

PAP is so good in financial gymnastics in fooling Singaporeans into how good PAP gov has treated them in giving them “market subsidies” and how much HDB (alone) lost in building flats for them without mentioning how much SLA has earned from them. Imagine, they have done that since 1980s when they decided to deviate from Dr Goh KS version of Democratic socialism, by including market land cost to pricing of Public Housing HDB!
Well, it was from the same era whereby high ministerial salaries were born as well.

Well, it took 40 years for Singaporeans to come to full realization of this “HDB subsidies and losses” is just a left pocket out, right pocket in scheme.

 

Goh Meng Seng

 

 

yyy
READER COMMENTS BELOW

31 Responses to “Picha PAP’s lobang”

  • Stupid Singaporeans Vote PAP:

    Can’t blame cheaters if takers are stupid, right?

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  • NotMyProblem:

    The lopang was there long ago. PAP was trying to camouflage it with lies.

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  • Flickshit:

    The whole HDB issues are complex but not difficult to dissect. But WP wasn’t interested because “Singaporeans are happy with it what!” >>

    WP don’t have the gut or good professional party member to handle this issue.
    Most of the MP (WP) are just like children handling minor issues and don’t have the knowledge and skills to handle real big issue.

    Even those who wish to join them (professional) are not easy to join WP unless you want to start as ” Volunteer” helping around to carry WP flag or arrange tables and chairs in the meeting session. treating you like a small boy and all must se the “LTK” face.

    Unless, you are referring to WP by a in-party member and they will accept you like as a member.

    There are many good issues that WP should take up in parliament, but it seems that they bark at the wrong tree at the wrong time.

    For me, it just wasting time.

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  • SINGAROAR:

    It is blind trust in the PAP that has resulted in us being taken for a ride for decades. The generations during LKY should have protested vehemently against the inhuman treatment of the Opposition. He chased Opposition out of the country or jailed them, making the State a one party rule. GCT ,the second PM’s legacy is the $3m salary for ministers. He legalized the payment. This is the point that the PAP became self serving, making us their customers but using taxpayers’ monies. Greed to hold onto power for their high salaries became paramount. The public housing scheme that Dr.GKS and Lim Kim San worked to provide affordable housing was tweaked to include cost of land.This made it unaffordable and the PAP’s solution was to allow the use of retirement funds. As cash from earnings remained with us, we began to borrow more to buy expensive TVs computers etc. We were spending monies that we did not have. We became and remain a credit society.Most of us cannot stop working in our old age. The PAP have got us by our throat using the Public Housing scheme. This is the reason 85% of the population live in Public Housing , going against the 1/3 amount in other countries.Singaporeans bought into the resale values of the HDB and continued to vote for the PAP.HDB was used as a political tool in the elections.Hougang and Potong Pasir constituencies suffered as no upgrading works were done for decades. Singaporeans afraid that the value of their flats will be reduced continued to vote in the PAP. They have used Public Housing to remove wealth from us to sustain their power.

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  • Guru:

    WOW! Truth told as it is. Most Singaporeans are oblivious to the fact that PAP gov make more money than subsidizing their flats.
    NOT SURE WHEN WILL SINGAPOREANS WAKE UP!

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  • In money we trust:

    The amount of money subsidies to foreigners are a lot. It is an issue we must discuss. It is right to subsidy those new citizens, the many Malaysian, Chinese and Indians who become Singaporeans and let them earn big time. Many Singaporeans do not own HBD flats and cannot earn money from selling HDB. Is it fair for foreigners become citizen to earn money? Is it fair that Single cannot buy big flats and foreigners become citizen can earn big time? No flats mean marriage prospect also low and low chance of having children, wait till 35 have flats mean low marriage prospect and no chance to earn big time like foreigners become citizen.

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  • chang mali chang:

    What is wrong with making more money.
    What is wrong to recruit more FTs to replace young lazy and daft singaporeans who spend their parents’ money to go to overseas to study when their results are lousy.
    So do not complain.
    Go and become Food Grabbers.
    At least make yourselves useful.
    It is good to have more FTs to come to Singapore.
    You lazy young punks,go ask money from your mother and daft father who anyhow voted.
    I love FTs.
    Come,come,the more the better.

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  • Temusik Patriot:

    Chiam raised this ISSUE and was challanged to built…see how they twist…go learn to swim in a pool of SAND…while they bask on sand & WATER classic Con You CON!!!

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  • No knightsInShinningArmour:

    Thats why they invented the POFMA..
    to shut any hard truths from seeing daylight.

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  • In money we trust:

    Sorry some error- should be
    It is not right to subsidy those new citizens, the many Malaysian, Chinese and Indians who become Singaporeans and let them earn big time.

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  • Emergency door.:

    No cure ready.just wait for light goes out!

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  • Trust only myself:

    Can’t blame the liars when unthinking Singaporeans are the majority…….

    Not going to change any time soon as unthinking Singaporeans already decided for their future generations to pay millions for their own flats.
    They believe not their problem, their children and grandchildren’s problem……

    At least two decades ago smart people already know the answer when HDB prices go up and up and then liars’ pay also go up and up……

    Never forget that one can easily find a re-sale 3-rm flat in the mid-seventies selling for less than $10k.
    The ratio of selling price vs annual income was so low but thanks to the liars, everything changed.

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  • xoxo:

    Whilst not a few here stood firmly for american democracy vs what they call CCP ,we dont see the same firmness of these pro-american chauvinists stand up for truth & justice.
    Democracy stands for morality vs the deemed immoralities of commies as insisted by some.
    This i agree.
    So,who will speak out for truth here?

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  • Diver:

    Ky only good for during his time.after that everyone que buy 4D.

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  • MarBowling:

    This PAPIGS Mother of all PONZI Housing Farking “LOBANG” scheme of THINGY is very very very very DIFFICULT to “PICHA” one UNLESS at least 20% of those 62.14% DAFTS wake up from their SLUMBERLAND cum pricey HDB Flats to do the NEEDFUL: SHOW THEIR RUDE EXTENDED MIDDLE FINGER TO MAI HUM AND HIS GANG IN THE NEXT GE, PERIOD!

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  • C’est la vie:

    ******
    The rich and powerful continues, and their gened generations, perpetuate this, … obviously !!!

    Whilst, not too far away, … the shackled, silenced and subjugated, who just singaporelarly, … happen to be deaf, dumb and in denial, … perpetuate this too, obviously !!!

    And there you have, the almost perfect and ideal sg, … obviously !!!
    ***
    ******

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  • I fail ownself check ownself:

    Dr. Goh Keng Swee, Singapore’s mastermind designer as well as the venerable old guards, dissented from Ahgong’s insistence to implement CEO salary scales for ministers and top echelon public servants starting in the late 80s, when they had already built up Singapore into a successful cosmopolitan city state. Of course, the old guards were phased out in quick time during this period by PM Ahgong to make way for his Singapore Incorporated ambitions with his family on top of it all. Thus has our republican basis been gradually “disassembled” from bona fide parliamentarian representation of the people for the people – there is no rigorous debate of ideas and public policies in Parliament, and sheeples are left to wonder and to despair as these policies are enacted upon them.

    The imperative separation of judiciary and legislative arms from the governing executive has been diminished with the Emperor’s personally endorsed appointees to those bodies. The Incorporated state is ruled from the Emperor Dowager’s confines and the military oligarchy it has established, which in many cases has evidently not succeeded in embellishing the institutions they were charged with – several decades in SAF does not quite prepare an individual to assume top spot in national civic organizations and commercial profit-oriented corporations. Ahgong’s political mutant – the CEO politician – has become the entrenched weakness of this country of hardworking, decent and aspiring original citizens.

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  • DeCoupling Kills ABSD:

    POFMA prevents truth from surfacing.
    How many China-covid-lockdown refugees buying up property in Sinkiestan in the last one year?
    How many more will come?
    Double ABSD.
    Ban Decoupling.
    Decoupling makes a mockery of ABSD.
    Instead of temporary banning foreigners from buying property in sinkieland, papigs ban some own citizens from buying HDB for 15 months.
    Whose interest does papigs represent?
    Do we need so many foreigners to come and play our Property Pyramid Game?
    Are we heading for 10 million target?

    Is this what you want for your grandchildren?
    Squeezing into pigeon-holes in the sky?

    No knightsInShinningArmour:
    Thats why they invented the POFMA..
    to shut any hard truths from seeing daylight.

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  • Tracey Ching:

    Another shit had hit Temasek! Optus in Australia, a subsidiary of Singtel, had suffered a hack whereby millions of its customers’s data were breached. Critics of Optus have described Singapore’s management style of substantial outsourcing is equal to potential breaches of data. Just as, sinkapor’s open legs immigration policy is equal to potential communicable diseases and open fraud and scam.

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  • Temusik Patriot:

    TC,…Aussie n Neh are 2 hunting ground of the Jinx where losses are incurred by the Billions…why NOT our poorer ASEAN neighbours??? Loas,Cambodia,Burma & Riau Islands…WHY??? Ah Neh & Aussies are easier to LEEgaly Corrpt

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  • Singaporean R Free Rider:

    Hahahahaha….EU are stupid, being used as canon fodder like oppie supporters.

    Americunts rally its EU allies stand up for justice and fight Russia by not using Russia oil.

    EU leaders stupidly follow Americunt and now Americunt sell oil at 4 times the price to EU… hahahahahaha…

    EU fumes as US, Norway energy profits put solidarity to the test
    https://www.euractiv.com/section/politics/news/eu-fumes-as-us-norway-energy-profits-put-solidarity-to-the-test/

    Gen. Jack Keane: US’ $66 billion investment in Ukraine is well worth it
    https://bit.ly/3Chs5uZ

    Americunt: You Die Our Profit…your death is highly profitable.

    In God We Tru$t ??? Really hahahaha…. Christians/CCP come in to debate.

    Tru$t God ? Tru$t XJP ? MONEY TALK BULLSH1T WALK…hahaha

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  • I'm a $elf-Entitled Pappyhoseh:

    “If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.” (Doc’s never out of touch!)

    John Maynard Keynes

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  • Land costs:

    The land costs should not be included in the costings as it will go back to HDB/Government.
    HDB pricing should be reduced by half to make it affordable for Citizen and improve the quality of life here.
    Make it only the Citizen can buy HDB flats .

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  • SINGAROAR:

    @Land costs
    Public Housing should be pegged to the salaries of those eligible.There should be no land costs and building costs added. HDB is selling apartments “disguised” as Public Housing. The pricing ensures that citizens will not be able to afford these apartments and have to use their retirement funds. HDB then charges you interest at 2.6% and depletes the retirement fund.The PAP have put a noose around the necks of 85% of citizens. A large percentage of these citizens would have voted for the PAP.

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  • leeconyou:

    u never own a hdb flat u lease it from hdb for 99 yrs just like car u lease it for 10 years too.

    as a 99 year lease, it was a greatest singapore ponzi scheme that make u pay for the flat 100 years upfront!

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  • Western Sheep:

    So inhuman. Ukrainians are cannon fodder for US war against Russia.

    American politicians and soldiers sit back and relax. They don’t even lose $66 billion. Their oil sale to Europe makes more money.

    Singaporean R Free Rider: Gen. Jack Keane: US’ $66 billion investment in Ukraine is well worth it
    https://bit.ly/3Chs5uZ

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  • theforgottongeneration:

    Interesting just last week, MND minister announced they are initiating cooling measures on the resale flats, targeting only 3% rise in prices.

    As I previously highlighted, the rise in resale HDB prices from 3Q2011 till 2Q2022 seems to be inflated due to new flats that have not meet the MOP – 2017 flats for 2021 sales, and 2018 flats for 2022 sales. From my limited analysis using HDB own data, these contributed to a 10% rise in the prices. This provided the garmen the excuse to boast starting in 3Q2021 that the market have “recovered”.

    Will see in 3Q and 4Q of this year if trend continue. If the resale of 2017-2018 flats suddenly drops and with it a less increase in prices, then HDB/MND will claim the cooling measures are “successful”. But it also will beg the question – why it allows a burst of the newest flats which didn’t meet the MOP to be sold on the open market, which artificially inflated the market prices. Speculative buyers allowed? New citizens buy, quickly sell, then bye-bye SG?

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  • theforgottongeneration:

    Pappie Doggie and stupid Eastern troll repeats NONSENSE that the Ukrainians are cannon fodder for US. The real cannon fodder will be the on-going mobilized 300,000 Russians who must buy their own bullet vest, sleeping blanket, medical kit, etc. while given a rusty rifle and 1 month training. But can’t trust whatever eastern retards vomit since they are brainwashed to think even the Apollo moon landings were fake.

    BTW, little known fact is that during Russia’s occupation of Afghanistan 1979-1989, the main bulk of arms given to the mujahideen came from CHINA. The common perspective of US being the “main” supplier is due to the media’s focus on US high-tech weapons like Stinger missiles. Also at that time, western media had no access to China’s supply data, so can only focus on …. yup, US and other countries (to show that they are “reporting”!). In terms of quantity – rifles, ammo, mortars, MGs, conventional low-tech stuff, etc…. – bulk was from China. So how many Chinese troops or politicians died fighting there? Probably ZERO. Oh, according to the Eastern Donkey, Chinese use Afghans as cannon fodder then, hor?

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  • Western Sheep:

    You trying hard to follow your western master to split Russia-China close relationship?

    You got paid CIA $, or you just a brainwashed sheep doing it for free?

    theforgottongeneration: BTW, little known fact is that during Russia’s occupation of Afghanistan 1979-1989, the main bulk of arms given to the mujahideen came from CHINA. The common perspective of US being the “main” supplier is due to the media’s focus on US high-tech weapons like Stinger missiles. Also at that time, western media had no access to China’s supply data, so can only focus on …. yup, US and other countries (to show that they are “reporting”!). In terms of quantity – rifles, ammo, mortars, MGs, conventional low-tech stuff, etc…. – bulk was from China. So how many Chinese troops or politicians died fighting there? Probably ZERO. Oh, according to the Eastern Donkey, Chinese use Afghans as cannon fodder then, hor?

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  • theforgottongeneration:

    Looks like the Great HDB Wayang continues! Just analyzed the resale data for September. Recall I question if the sale of newest 2017-2018 HDB not meeting the MOP requirement are jacking up the resales prices, thereby enabling the various parties to arrogantly announced the resale market has “recovered”.

    Again using AMK 5-rm as indication, and recall ZERO Y2018 resales in AMK for August, which gives a convenient reference for comparison. Also recall previous analysis of 3Q2021, 4Q2021, 1Q2022 and 2Q2022 showed inclusive of 2017/2018 flats gave about 10% INCREASE to the resale market prices.

    Sept AMK, 5-Rm resales:
    1) Ten Y2018 units out of 24 units resold – 41.7% of resales !!!!!
    2) Overall impact over Aug sales – 14.1% INCREASE.
    3) 5 of the 10 units are the million$ cases.
    4) Comparison with older units (before 1990s), older flats price fluctuate within plus/minus 1-3%!!! (Compare with Aug about +1.5%. So much for HDB asset “increasing in value”, hor?
    5) Above trends seen in other estates but only AMK presented for continuation and reference for discussion.
    6) AMK chosen becos previous article (some months back) mentioned about AMK prices, so I have been using AMK as reference.

    ANY property agents or pappies MND doggies cares to explain the above observations? Again, why flats not meeting the MOP are allowed on resale? Any changes to the 5-year MOP? Or so many “hardship” cases, meh?

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  • HDB price too high:

    HDB price too high.
    Not much left for a decent retirements in future.

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