$90, 000 affordable for someone who earns $1200/mth??! I m so so shock to hear this coming from MP’s mouth! It so so demonstrate he has no empathy and have absolutely no idea the life of a commoner!

I m so so shock. BTW, where to find a $90k 2 bedroom? your new hdb studio for old folks is already $70k to $130k. Do you really know your products, Mr Mah??
Stop living in lah lah land.

So, we are expecting more to be able to rent?

I think he mean less would be enable to rent.

His style was to get people to buy.

Besides, tightening of criteria would imply fewer would get to rent since the criteria become more difficult to satisy.

He has VERY “powderful” English.

He could make it sound good when in fact, he is actually doing the opposite.

3000 to 4500 new flats? Are these the same number of flats which he claimed is going to appear in the market last year?

Also, would this supply be sufficient?

Where are the newly build flats?

The latest project in Yishun would only show us the flats after 5 years. Where is he building these 3000-4500 new flats in one year?

The way he talks, he sounded as if he is a wizard.

Just one wave with his band, and the flats would just appear like that…

Let us learn to see through the schemes of this ASSH*le.

He ALWAYS sound as if he is giving you some goodie but I assure you, judging from his track record, he ALWAYS END UP TAKING more rights from you than what he gives apparently.

The next best part is, he only do the above when election is near.

The other times, he just snigger, or shoot you down.

He is a true ASSH*le.

The reason why he is making people downgrade is because

1. HDB gets back the arrears in HDB loan payment.

2. HDB improves its statistics

3. HDB charges those poor household again for a new loan

4. HDB charges those poor household for buying for a new (smaller) flat.

5.HDB charges the poor family the HDB levy since these families are taking up their second or 3rd new flat.

So many ways to make money, why wouldn’t HDB do that?

Then, one questions if HDB had seriously learnt why these families end up in a bigger flat than they can afford in the same way.

Afterall, HDB build the flats, sells the flat, lend you monies to buy the flat, why can’t it be blame for selling you a flat that is unaffordable by you.

From the way he described, he was basically saying that he is going to restrict people who can afford the flats, from renting the HDB flats.

One wonders why he has not done it before.

If he has, what has he proposed in this budget.

You’re right, nothing!

Powderful right?

$ wasted after hougang upgraded lifts.

Regarding the flat demolitions, the Senior Minister of State explained that HDB regularly reviews its land use, and that her Ministry “can’t tell seven years in advance” of redevelopment plans – “not even seven months”.

ELITEs cant tell even 7months ahead???

think commoners also can become the so called “ELITEs”

aiyoyo

To score polical points for his master, this guy is the one who super inflated the price of all hdb flats and making the citizens suffer. VOTE HIM OUT !!!! Do we singaporeans have to suffer becos of him???

I assure you, even if Singapore is as closed an economy as Malaysia, he would have said the same thing, finding reasons from some sources.

he just abhor welfare.

The PM just remarked that the JCS benefits Singaporeans 2 ways:

1. reducing their wage cost and
2. making them attractive for companies to attract Singapore.

Let’s not talk about point 2, since I suspect there wouldn’t be many bosses who are on a hiring spree currently, on the whole proposition from him as a whole, I have one question to pose to him:

why didn’t you implement it earlier when you have the excess budget monies from the current electoral cycle?

Curious right?

Bank loans does not stick to 3.75%. It grows every year. That is when average incomers who need to take up bankloans instead of HDB loans due to its two time policy, goes bankrupt. Most has had their flat repossessed. Hence, many started to go back to basic by applying rental flats. The difficulties in getting rental flats due to it’s other policy add up to many with no roof.

http://prmia.org/pdf/Case_Studies/Orange_County.pdf

Question is (for those of you who thinks it is in the right direction):

How come he didn’t do it earlier? He is just a political animal trying to score points. He doesn’t care about people.

If you take a look at the people in Toa Payoh park at midnight, you will see a number of old people sleeping there.

He doesn’t look around. Feedback has been given through so many medium and only now he acts.

Honestly, the changes he proposed, don’t think a genius to figure out. It is fairly self evident but we don’t see such speed from him. Makes you wonder what he does in the office.

He is one of those fat cat minister.

Also, some of the “projects” that he mentioned in parliament, were underway for some time already. So, the new projects that he is proposing to improve the living environment in view of the current crisis are a lot fewer than what he suggested. Goes to show again he has no ideas.

Take a guess why nobody likes him.

1998 recession

2001 recession

2003-2004 recession

2008 recession.

about 4 years just to be conservative.

Just my thoughts

Assuming zero interest rate:

90,000/1200 = 75 times.

That is 6.25 years.

That guy needs to work continuously for 6 years.

And this guy is a poor guy with supposedly support from govt.

Just imagine for an ordinary family!

Also 5% of 90000 is 4500.

for a family who lives on 1200 a month, I let you guess how long it takes the guy to save up 4500.

his take home pay is 80% of 1200 which is 960.

Say, he has a family of 4 and he saves 10% a month, which is 96 dollars a month.

864 a month for a family of 4.

How is he going to live like this for 6 years plus?

Then, 4500 / 96 = 4 years approximately.

So, he has to work for 4 years to save the downpayment.

Then he has to work the same way to pay off the loan of the home which is about 6 years.

We are assuming he is receiving the same amount for all the 10 years.

What kind of job would that be? Can that kind of job lasts 10 years in modern Singapore. They would probably ship it out of Singapore to China soon, meaning, he would probably have to spend some time, looking for another job and possibly a pay cut. Who is paying rent/loan payment at that time?

If his pay increases, then he wouldn’t receive that benefit from HDB and HDB doesn’t have to pay the benefit.

So, you see, HDB manages to look good with its generous scheme and not having to pay much out of its pocket?

Sound familar… I thought Durai (NKF) managed to do the same thing.

Or he just copied HDB’s schemes.

Very sly right?

Great comment!

However, he also mentioned that there are many household with arrears of 2 years ++.

The 2 facts are not consistent.

I wonder how the HDB computes the average debt-servicing ratio since the debt servicing ratio of those household in arrears is more than 100%.

I think it is partly due to the short planning cycle of less than 7 months. (wink wink) (since even HP printers in their competitive market, plans over 3 years) or because HDB, like the MOF, accepts wrong estimate values?

This govt, builds flats for the last 30 years, yet doesn’t know how the land is going to be used over the next 8 months,

it cannot keep a terrorist in its prison cells,

it cannot keep its budget numbers accurate and reflective of the actual situation,

it cannot assure those people who work consistently and contribute to its pension fund a fair retirement,

it loses billions of dollars in foreign acquisitions when its investment philosophy is supposedly conservative, by taking large stakes in some banks, and

creating a budget and drawing down reserves for a job saving plan that has no KPI for job creation with the possibility of drawing down the reserves some more.

All this happen in 1 year ++.

This is what I would call an incapable government.

My definition of affordable in the context of HDB ownership scheme is that a household should be able to fully pay up his mortgage in 10 years with a monthly instalment equivalent to 20% of his income. if we get misled by the rubber band formula of stretching the repayment of loans from 10 to 15 or 30 years, everything that is unaffordable will become affordable. better still, stretch the repayment to two generations, 60 years, then a 3 rm flat will be affordable even if sold at $500k to one earning $2000 pm.

i am still waiting for some parliamentarians to ask HDB on the additional $200k added to the price of flats at Pinnacles. Is it a good thing for the buyers or is the grotesque profit made from them a good thing.

1) does not suffer from any major illnesses during his/her life

2) is able to work till the very last day of his/her life,

3) does not suffer any downtime from being retrenched

I don’t see how a $90,000 flat is affordable to someone earning $1200 a month.

Ask your MP?

Is there any additional (eg. other than gst rebates which is given to all) relief, rebates or interest free loan or other monetary help I can apply for or get if I am unemployed and

1. more than 6 months
2. degree holder
3. 3 room flat with dependents
4. no income of any forms.

please advise.

a radical suggestion to resolve this “greed and potentially corrupt issue” is to change the nature of an agent’s service to merely one of…. administration/consultative with REGULAR INCOME at most, a small and fix token for each transaction irrespective of the size and types of homes( no more percentage base income)

the job of the new property consultant( no more acting as an in between agent for buyer and seller) is to provide professional guidance and to facilitate the buying and selling of properties AFTER buyers and sellers have met(through a common and open portal) and agreed on a price REGULATED BY THE AUTHORITIES.

by “authorities” i mean the banks, valuers and state must determine a fair and stable price that is NOT AFFECTED BY SUPPLY AND DEMAND OF THE MARKET.

this is to rid corruption in the industry, unnecessarily benefiting mostly the savvy rich who can potentially reap millions from the market at the expense of innocent home owners and “vultures agents ” who feed on a frenzy market to become overnight millionaires etc.

we can discourage the above scenerio if the property market is severely regulated so no one can be rich from the buying and selling of homes. this can only be achieve if there is a political will by to authorities to assign a constant and fair value to each home and its value has to be reevaluated as a WHOLE ( if it moves that is) depending on the economic situation.

property portals for buyers and sellers to meet can be managed by enterprising people. the agent’s role is thus reduced to one of administrative, consultative ( NOT a procurer of property) between buyers and sellers. negotiation will be minimized as prices are regulated by the banks so there is no need for agent’s mediation or price manipulation etc.

Does this means for HDB reviews its land use in a cycle less than 7 months?

Is this credible?

This senior minister of state is full of shit.

She is also one of the jokers who commented that HDB will nolonger be inexpensive.

Keeping her longer would be adding fuel to cost raising engine of the PAP.

Let’s focus to get her out like the way hong chin is made to leave.

On another note, the number of class c– ministers we have in this govt is incredible. They rival George W bush’s non talent.

This is one of the most shitting highlights of the parliamentary debates.

HDB plans flats in a cycle of less than 7 months? Can you believe that? for things that were meant to be used for 99 years?

This minister of state ought to be sacked.

She thinks it is alright to waste people’s monies and did she tell us what hdb is pulling the flats for? To construct another casinos?

This govt has no morals.