the rich get richer thru “legal means” & the poor, nvm the poors…

Really???? This is outrageous !! What has Singaland become?

They will not change rules just to suit you poor people. If they did, they may need to change a hundred and one rules!

Most important thing is they can get 50% walkovers, 66% mandate and 98% seats everytime, whatever the rules or the economy.

Of course the one in 7 who had problems with their mortgage loans are not the 66%. So it is Ok.

And to pity the opposition, they change the rules to give more NCMPs to them! This they can, not other rules!

//This means that the average number of flats surrendered per annum has increased from 72 (2002 to 2006) to 318 (2005 to March 2009).

This is an increase of about 342 per cent, or about one flat a day now.//

It would be useful to have these additional,background info:

1.Income of flat owners who surrendered their flats.
2.Size of flats surrendered.
3.Are the owners of the surrendered flat first time HDB owners, or have they sold their first flat and are now surrendering their 2nd (or subsequent) flats.

//After all, as long as HDB flats appreciate at an average annual rate of more than the HDB concessionary loan rate of 2.6 per cent, every HDB flat may eventually be worth more than the outstanding loan and arrears, particularly when the current 13-year property bear market turns around.//

Sub-prime crisis was the result of quite similar assumption.

//I would like to suggest that the HDB temporarily freeze asking those in arrears to surrender their flats.//

It’s a humane thing to do. But gotta find a way help them, they can’t dig themselve out of the hole they are in.

Thank you for this article. My personal view is that yes HDB fails to provide affordable housing to Singaporeans at the moment. Yes, HDB is definitely profit-driven. Below are the costs of my estate when it was built in 1977.

• 3-room flat SGD10,000
• 4-room flat SGD20,000
• 5-room flat SGD30,000

At that time, the consensus among Singaporeans is that they were used to living in attic houses, kampongs than flats. HDB flats were a new concept. Demand for HDB flats were low, however the lives of Singaporeans did become better, good job to HDB. I sympathize with people who surrender their flats to HDB, the worries and agony they go through.

I personally see only 1 good advantage drawn from current expensive housing pricing and i.e. it forces Singaporeans to work harder which you can’t say its bad for the country. However, its definitely not an organization that provides affordable housing at the moment

aiyoyo

read today Straits Times,

in india, Tata build the low cost housing (283~465 sq ft)

price from s$11,895 (390000rupees) to 67000 rupees.

“if completed within 3years, the project is expected to have a return on

investment of 30%~40%.”

not sure how much hdb earn from commoners?

aiyoyo

It looks like whatever America does, Singapore follows:
American Idol – Singapore Idol,
Don’t Forget The Lyrics – Now Singapore version too.
Who Wants to be a Millionaire – Also follow
Now looks like US Foreclosures are now hitting Singapore home turf too!
With high cost of HDB BTO / Resale Flats prevailing now…………the worry with more job losses and with impending pays cuts coupled with the CPF min. sum to reach $120,000/- in 2013…………………..it rather frightening to be owning such basic roof over one’s head these days!
But what will the end results be O$P$……………..

I think many business failures may have resulted in such situation of flats being re-possessed………….Entrepreneurship “BOH TAN LOOI” these days!

A Public Housing Scheme gone hay-wire becoming a ‘Profit-from-a-House Scheme’.

Sad.

The policy of ‘Asset Enhancement’ should not apply to the roofs over our heads.

Nature of asset as an investment should fulfill the criteria of being able to liquidate.

To all Singaporeans, try liquidate all your roofs and what will happen?

Thank you Mr Leong.

I hope some MPs bring this up.

The poor gets poorer – HDB from a cost plus basis to market price basis – why is it that HDB needs to profit from the people –

Can’t it just allow the profit to go to the citizens in the resale market?

I am just wondering if our elites have considered whether the low birth rate could be due to their ridiculous HDB pricing?

If the roof over my head can be taken away anytime I lose my job, why should I let my children suffer a life of misery? It is a no brainer again.

“Good manangement is what making PAP thick.”

Thick what? Also, please also dont talk cock here. Just give us detailed cost breakdown for building HDB flats. Then we talk. Period.

A married couple once told me that they rather rent HDB flat then to buy.
I was puzzled as to why rent when you can buy one and own it……….
The couple told me in today’s scenario owning a HDB is like “Having Debts Buildup”……insufficient CPF and not having a steady job . Well I must congratulate them for living within their means!

A few years before the death of Minister for National Development Mr Teh C W, Chiam S T was engaged in a lively debate with MM Lee in parliament over the subject that the HDB was making profits selling flats to citizens. Back then HDB flats were really cheap when compared with private apartments. HDB flats are no longer cheap. It is now priced at “affordable prices” so that owners cannot reap too much profits by re-selling their flats in the open market.

For many years PAP ministers were very proud when they mentioned about asset enhancement of HDB flats. I think the asset enhancement policy has backfired when HDB prices are raised too rapidly, resulting in the present problems of owners failing to service their mortgage loans. Now, even the government is giving subsidy to first time buyers of HDB flats. Why? HDB flats are priced too high.

I have just applied for one….Tell me about it…..

It used to be easy….getting a roof over your head….but now its so …so very difficult…and expensive……and to maintain….the mortage for another 30 years…man….

I have not, had a deep thought into HDB’s prices & policies but I am sure they are making profits from selling new flats…..plus

We need to go further into what happens when the 99 year lease ends..(most people don’t think about it), how and what happens to the next generation who happen to be living in the same flat……..
what happens if the building structure is 70 years old…..and unsound….
I know they compensate with new flats but at what price…..like the HDB flats at Dover,….

A serious study must be done

and the 10% reduction in value for forclosed flats, might be to subsidise their cost of liquidation and to get a new onwer. It is a last resort to retake the homes of people….done perhaps after a few years ..min 2…of non-payment by the occupiers.
I know they provide assistance by providing a rental flat for families who have lost their flats.

I know many…many people have lost their homes…but under what circumstances must be carefully studied…….

when my dad got a rental 1 room flat in 1993..the entire block was almost empty….now its so full….something is going wrong with such an increase….
(my dad divorced, and he got the cheapest alternative)

HDB is making some smart moves now, i find, because of the recent , studio apts and 2 room flats offered….

The influx of immigrants with money to dump into property to make sure their entire family gets a PR is also pushing prices….another area of study….

Singapore is no longer a society ruled by human heart but greed. Please vote wisely in the next election whether you want such greed to exist forever.

Really startling and eye-opening information disclosed in this article. I wonder if the authorities to highlight this for discussion in Parliament. I am not confident if this will ever be brought up at all.

GCT promised low cost affordable public housing when he was PM. He said he wanted every citizen to have roof or shelter over his head. And after he retired, the low cost affordable public housing has now become premium under LHL and MBT.

New flats in Punggol and Sengkang asking from $450,000++ to $600,000++ and DPSS are even higher. AMK Peak DPSS is asking for $1.2M. But the worst of recessions and prices still this high. When happens if the economy recovers, are we talking about millions?

I mean Singapore is trying to make the island like Japan, people no longer can afford public housing and has to live with parents or rent a room. But again, if public housing is god damn expensive, why would our pay be of that standard?

I am not sure if the strategy is to exhaust our CPF so that we withdraw nothing when we are retiring.

You got to be kidding.
With our booming economy these few years, coupled with silly home seekers who are willing to pay atonishing price for both HDB and private housing without considering the affordability in the long run. What makes you thnk that HDB wouldn’t want to have a share in this lucrative pie? Or should i say, when will our gahmen ever miss out on profitable business to squeeze from Singaporeans?

Hi guys, I am from a new organization call SNS which is squeeze N Squeeze….my company policy is to milk all stakeholders dry,one way or another, and then throw them away when the time comes….anybody will to be my stakeholder?

23) IMS
//AMK Peak DPSS is asking for $1.2M. //

Which block is that please?

I believe the HDB has an unwritten policy when it comes to its leasees, in short it means “squeeze as much money out of them as possible”. I say this because I’m a victim of HDB upgrading. how did I come to this conclusion?

I’m a second time upgrader, first time when my flat was upgraded, I was a single leasee and when I married I brought a bigger flat which was subsequently upgraded. as a second upgrader, the HDB said I was not entitled to full subsidy. but what about the spouse who is a first time upgrader and is a co-owner? according to HDB, we are considered one entity and automatically she becomes a second upgrader and therefore not entitled to full subsidy. they claim its policy.

well if that’s the logic they use to make policy, then I can use the same argument and say that since my wife is first time upgrader and we are one entity then its also logical to consider me as first upgrader since we are both 50/50 owners of the flat.

HDB refused to accept this and for obvious reasons, simply put it’s their policy to extract maximum returns from their leasees. to hell with being a public housing authority with a mission to provide affordable housing, their bottom line seems to be “let’s make as much money as possible by screwing the flat owners or leasees who have no choice but to “buy” flats from us”.

so to those unfortunate ones who had to foreclose on their flat, you can forget about the 10%. The HDB is only another profit oriented organisation who only looks at the bottomline.

///When the HDB sends a notice of Compulsory Acquisition to flat owners, they are only given one month to vacate their flats, .///

Is Compulsory Acquisition the last stage of many stages when arrears occurs?
What are the other stages, and how long the total period of all the stages. That would be an accurate timeframe of the notice to vacate,

21) David on May 30th, 2009 9.26 pm Singapore is no longer a society ruled by human heart but greed. Please vote wisely in the next election whether you want such greed to exist forever.

If they refuse to reduce the HDB pricing by 50%, just vote them out, simple as that. First, they keep trumpeting out loud that the HDB flats are being heavily subsidized by the govt, instead the pricing keeps rising every year. And when more and more citizens quiried about the building cost, then MBT finally confessed that the pricings are actually pegged according to market value. See! now you know how much they’ve lied to the people of singapore. If these MIW are allowed to go on with their greed, then singaporeans be prepared to live in hell to you and your children.

#23 IMS
//New flats in Punggol and Sengkang asking from $450,000++ to $600,000++ //

Try these, they are much cheaper:
4 room flats in SengKang:
322A Anchorvale Dr Model A2 $327,000.00
314D Anchorvale Link Premium Apartment $325,000.00
295A Compassvale Cres Model A $310,000.00
201B Compassvale Dr Model A $315,000.00
403C Fernvale Lane Premium Apartment $360,000.00
406A Fernvale Rd Premium Apartment $335,000.00
406B Fernvale Rd Premium Apartment $330,000.00
157C Rivervale Cres Premium Apartment $320,000.00
158A Rivervale Cres Premium Apartment $338,000.00
158D Rivervale Cres Premium Apartment $280,000.00
146 Rivervale Dr Model A 1 $308,000.00
196 Rivervale Dr Model A $286,000.00
324D Sengkang East Way Model A $318,000.00

5 room flats in SengKang:
319A Anchorvale Dr Improved $404,000.00
322C Anchorvale Dr Improved $370,000.00
314A Anchorvale Link Premium Apartment $419,000.00
314B Anchorvale Link Premium Apartment $385,000.00
201A Compassvale Dr Improved $393,000.00
206C Compassvale Lane Improved $360,000.00
257A Compassvale Rd Improved $410,000.00
258A Compassvale Rd Improved $415,000.00
258D Compassvale Rd Improved $409,800.00
262D Compassvale St Improved $419,000.00
291A Compassvale St Improved $370,000.00
298D Compassvale St Premium Apartment $360,000.00

7) Ghim Moh resident
///in 1977. HDB flats were a new concept. Demand for HDB flats were low, ///

By 1977 HDB flats were no longer a new concept. The first HDB was built in 1960

1977 was a period of super peak demand for HDB flats in all it’s building programmes ever.

hi KopitiamApek,

its very gracious of you to list the price of HDB flats in that oder. but as far as a home is concerned, its “location, location, location”. unless 1 works from home, travelling costs will have to be factored into a person’s income. on that, how many dun know its another “what goes up, goes further up” cost…

my hair turning whiter each day…

I believe what has made the HDB public housing more & more expensive is the fact that the land market price must have been factored in the flat prices. This has to be the case as otherwise why has HDB so far refused to reveal the actual breakdown cost for HDB facts and the public has no clue as to how much is HDB overcharging for a typical HDB flat.

I suppose by not revealing the actual cost breakdown, this will enable the Govt to continue telling us that HDB flats are greatly subsidised especially if the subsidy is not a true subsidy if based on the actual market value of the land when in actual fact the land may have cost the Govt next to nothing.

The fact the HDB has resorted lately to building upmarket Design & Build housing projects has proven that HDB has strayed from the original goal of providing affordable public housing to one of achieving maximum profit, no different from the role of private developers.

So if any of our Ministers still insist that our HDB flat is greatly subsidised, then can our Ministers kindly reveal us the true cost before insisting this is so. Otherwise it is just another subsidy on paper only.

32) Alan Wong on May 31st, 2009 6.24 am I believe what has made the HDB

“So if any of our Ministers still insist that our HDB flat is greatly subsidised, then can our Ministers kindly reveal us the true cost before insisting this is so. Otherwise it is just another subsidy on paper only.”

Fat chance of them telling us. Else how to carry on the wayang?

On a separate issue:
Tharman finally tells us that Temasek actually made $114 billion from 2003 to 2008. Wow, this means it made $114 billion from just having $71 billion on hand in 2003. And then it lost over $50 billion, a large part due to its local Singapore holdings falling in share value due to the recession. A big smoke screen, comparing apples with oranges. 2003 was a trough or close to it for stock markets? How much of the $114 billion made was due to the appreciation of share value of local Singapore holdings with the stock market recovery and subsequent bull market run? Although tharman said that the figures he provided have already discounted government cash injections, we are still clueless as to how accounting was done for sales of our power stations which made Temasek billions at zero cost. Temasek made annual returns of 15% over these years, and yet we were getting miserable returns of 2.5% – 4% on our CPF, due to Tharman’s previous “explanantion” about the fungibility of government funds, blah blah.

The price of the last perk for being a S’porean (HDB flat) has long gone through the roof, so to speak. It does not make sense to price new subsidised flats at that kind of price, literally bonding you to a life long slavery to pay off the loan. It also does not make sense to value 30 yr old flats at current valuation prices because the lease is already one third gone. So, for new and resale flat buyers alike, it basically gives you no choice but a 3/4 life time debt. By then what CPF retirement funds do you have left. So what is the differrence between a S’porean and a foreigner? HDB really need to work on their pricing model, not everyone is paid like a civil servant.

I afraid to say the best safeguard is Always Live And Spend Within your Mean

Say what you want, but nothing will change. For the better, that is.

Anyway release a bit of steam here lah, also good.

When the state has lost billion of dollars thru Ho Ching, we can expect the poor to become poorer because pap will mobilise everything possible to recoup the billions losses.

Uniquely Singapore….

36) HK Tan

Wise words

32) mice is nice

it is for apple to apple comparison
sengkang vs sengkang

///“location, location, location”. ///

here are some right inside town

New Mkt Rd Standard $288,000.00
Rowell Rd Model A $250,000.00
Tg Pagar Plaza Improved $285,000.00
Tg Pagar Plaza Improved $298,000.00
Upp Cross St Improved 1 $308,000.00

Well, with all the schemes on prolonging your CPF withdrawal and
converting it to an annuity that can be drawn after 62, most people
will just use thier CPF to keep up the prices of HDB flats or private
property.

As for those who cannot keep up, they can always buy smaller 2-rm
flats being built for the purpose, so that HDB will always be “affordable”.

Notice how the trend goes? Back in the 80’s, more and more big flats
are built beause the people want them, and it was reasonably priced
because the people want them.

As the nation “progress” , more and more people are imported and space becomes an issue. I fail to see what progress it has been for the people of Singapore. While GDP improves and we move up the ranks, has life in general becaome better for the majority?

Now, people still want bigger flats, but can they afford them? What did they get instead? A move towards 6.5 million people in Singapore? what can that do to the man-on-the-street. Does it improve his life?

Then again, who gives 2 hoots about the man-on-the-street, or for that matter, the man on the MRT. He is probably the one who voted the government in the first place. SO perhaps, thats what Singaporeans want. What do I know except that I would love Singapore to be less crowded, especailly with people who have no stake or vested interest here.

this govt is useless…

HDB… is to serve the public…. its housing needs… it is a PUBLIC service…

gahmen wanna make money… or don’t wanna let the owners make the profit.. .. whichever way they wanna makan your nasi….

“great job”…??… by what standards.. ??..

initially when the HDB started out .. moving the folks away from the kampongs..into simple, clean, affordable housing.. maybe that was a good job.. I can acknowledge that… …. in doing so.. there is a flip side.. it allowed the govt to have access to much more land, it pooled large nos of people into estates where public transport can be better utilised (better profits for the operators), this also includes roads and every other infrastructure..

I am sure the HDB makes a killing from the sale of HDB flats.. the profits are supposed to go into the public coffers where they are to be used for the benefit of the people.. BUT.. who knows..??… DO YOU..??.. we TRUST that is what happens… like we TRUST the charities and ALL those trustworthy organisations.. just because SOMEONE says that thay are CLEAN.. CAPABLE…

HDB… PUBLIC SERVICE…its a JOKE… THEY are failing by incredible margins… the minister should be brought to account…

Well this is the outcome of the incredulous & fallacious policy instigated by GCT and LHK under their reign to so call “increase the stakeholdership of Sporeans” by markedly increasing the land costs of public housing, thus exponentially drove up the selling prices of HDB flats.

It was a no-u-turn policy that now see the anomaly situation of hdb prices matching up or even higher than condo prices in some locations. And can we still call this “public housing” in its true sense ? And where did all the increased HDB prices went to ? To fund the failed investments of TH & GIC ?

34) sgcynic – “Temasek made annual returns of 15% over these years, and yet we were getting miserable returns of 2.5% – 4% on our CPF, due to Tharman’s previous “explanantion” about the fungibility of government funds, blah blah”

I think you’ve made a very good and valid point. Same train of thought, it would appear to be reasonable and logical for our CPF to also enjoy the same annualised return of more than 10% due to the “clever tactical approach” of our TG & GIC investors. Opp parties should question govt on this.

7)

Deception in dictionary means when people hide the truth, especially to get an advantage. Look like HDB is using deception to make huge profits which causes Singaporeans to work like slaves instead of affordable housing. HDB flat was about 20k in1979 and today it’s about 200k. That’s 10 times! That’s 10 units! Yes multiple by 10! I’m wondering how will many Singaporeans feel when government sell them flat which they profit of 900% or more and call it affortable housing? Correct me if i’m wrong.

44) kangeroo
///hdb prices matching up or even higher than condo prices in some locations. ///

where are these locations please?

#47 –

Apek, dun you ever keep up with property prices? Anyway, check out the condo vs hdb prices around marine parade or queensway.

Dear TOC,

///is HDB profiteering from flat owners’ misery?
…. only 90 per cent of the flat’s valuation is used to offset the loan arrears.
It is hard enough to lose one’s home. Why does the HDB still want to make a profit of 10 per cent of the valuation?////

I believe you need to send another reminder here on staying on course on the topic.
This ship here orininally sailing to Straits of Malacca is now being navigated somewhere in Antartica.

48) kangeroo
///Apek, dun you ever keep up with property prices? Anyway, check out the condo vs hdb prices around marine parade ///

Here you go.
Private Condos:
MANDARIN GARDEN CONDO SIGLAP ROAD Condominium 1 870,000
BAYSHORE PARK BAYSHORE ROAD Condominium 1 1,150,000
11 AMBER ROAD AMBER ROAD Apartment 1 2,300,000
BAYSHORE PARK BAYSHORE ROAD Condominium 1 745,000
MANDARIN GARDEN CONDO SIGLAP ROAD Condominium 1 720,000
ST PATRICK~S LOFT ST. PATRICK’S ROAD Apartment 1 778,180
AMBER PARK AMBER GARDENS Condominium 1 1,300,000
THE SEA VIEW AMBER ROAD Condominium 1 1,729,350
ST PATRICK~S LOFT ST. PATRICK’S ROAD Apartment 1 910,000
THE SEA VIEW AMBER ROAD Condominium 1 2,610,000
BAYSHORE PARK BAYSHORE ROAD Condominium 1 820,000
THE PALLADIUM BROOKE ROAD Apartment 1 668,300
THE MAKENA MEYER ROAD Condominium 1 2,208,000
AMBER TOWERS AMBER ROAD Apartment 1 1,650,000
AMBER ROAD AMBER ROAD Apartment 1 1,570,800

HDB
Marine Cres $680,000.00
Marine Ter $610,000.00
Marine Ter $510,000.00

My flat was fully paid some years back as my late father had bought it many years ago due to resettlement .

But my concern is where my descendents will stay when the flat reach 99 years?

Wonder if I can return my flat to HDB and in return they allow me to go back to my old kampong to built a small hut , live a simple life,do some poultry ,grow some vegetables and have a place to sleep.That piece of land where my old house was is still not put in good use since 1984.Given a chance,I can like my grandpa ,produces vege and fruits ,chicken n ducks etc to supply locally at a very reasonable price.,so making living here more affordable.,thus reducing the agony of having to stay in expensive flats.,resulting in more happy singaporeans etc…

and
50)Kopitiam Apek
If you are kind enough,also recommend the price list of the cheapest ,reasonable affordable 3 room flat here .Affordable to the majority working singaporean or a would be homeless man like me.,and not to those who can afford to hang around the kopitiam everyday.

51) agongkia
///My flat was fully paid some years back as my late father had bought it many years ago due to resettlement .But my concern is where my descendents will stay when the flat reach 99 years?///

Your father worked hard to leave this flat for you. He started with a hut, as you said. He has with his lifelong effort elevated the quality of life of his decendant. You may want to consider doing likewise, There are quite a few decades to go before it happens.Just worrying where your descendents will stay when the flat reach 99 years is not too productive.

52) agongkia

You mentioned your dad left you a flat. Now you are homeless?

54)Kopitiamapek
“There are quite a few decades to go before it happen”
I like to see far ahead,so I have my concern for our future generation.

I said” would be homeless”, not homeless.A person may have a flat but can be made homeless for many reason,but I am not here to discuss it.You must have heard how it can happen at your kopitiam trip.

TOC is concern about profiteering and not on how a person can be made homeless.,so i ensure the ship to Malacca is not going to Antartica.

As I see you as someone who” knows “so much on properties here and is eager to see whether you can help to recommend your list of 3 room available and affordable flat to those who may be interested or who may need help.Perhaps you only have the list for 4-5 room ,condo and exec.flat.
If you do not have the list for 3 room at this time ,I would understand,You are not obligated to provide.
I thank you for the time with me.

55) agongkia

TOC is concern about profiteering wrt “only 90 per cent of the flat’s valuation is used to offset the loan arrears”

” how a person can be made homeless” was brought up in your post

///I like to see far ahead,so I have my concern for our future generation.///
I repeat: Your father worked hard to leave this flat for you. He started with a hut, as you said. He has with his lifelong effort elevated the quality of life of his decendant. You may want to consider doing likewise,

///As I see you as someone who” knows “so much on properties here ///
uncalled for jibe

go to ura and hdb websites
all caveat prices are available there

#33) Alan Wong
‘Otherwise it is just another subsidy on paper only.’
………………………………………………….

You are right. LKY also admitted in parliament many years ago that the government took land from landowners at peanut prices to build HDB flats. 3-room flats at Toa Payoh were sold at $7,800 during the 70s. Now they can be re-sold at about $250,000. PAP is wiser now. Why let the people benefit from cheaper flats when the government can keep the profits. As a result HDB flats are now priced much higher than the construction cost. People can be easily controlled when they don’t have too much surplus money.

This is the reason why the election deposit is raised. Without surplus money there will be less contests in GE especially for the GRCs.

wherever MBT goes life can never be easy. he is a talent still secure a seat after losing to CST

Correct me if i am wrong.

I thought that HDB, a Singapore Public Housing concern, cannot reposses the flats in any circumstance.

The mission of HBD is to ensure that Singaporean families have a roof over their head, to afford shelter to the children, the most vulnerable members of the family in times of hardship, e.g. when the sole breadwiner lose his/her job.

?

All this while i have this “mission” impression of the HDB…

Will someone enlighten on some of the existing or updated regulations, thank you.

There are no beggar in Singapore and there shall be no homeless citizen.

If Singaporean ever become homeless, roof will be provided.

NO ONE WILL BE LEFT BEHIND, BE IT EDUCATION, SHELTER OR MEDICAL TREATMENT. WE HAVE HEARD THIS PROMISE MADE MANY, MANY TIMES OVER MANY, MANY YEARS.

SO, BE ASSURE THE LEADERS WILL NEVER LET SINGAPOREANS DOWN !!!

59) radlife66
///The mission of HBD is to ensure that Singaporean families have a roof over their head///

That should be the right thing to do,
Which is the reason I poed these question in my earlier post, which I hope the author of the good article can reply.

///4) KopitiamApek

It would be useful to have these additional,background info:

1.Income of flat owners who surrendered their flats.
2.Size of flats surrendered.
3.Are the owners of the surrendered flat first time HDB owners, or have they sold their first flat and are now surrendering their 2nd (or subsequent) flats.///

During the period in the not too distant past, many HDB flat owners upgraded to bigger flats, sold their old flats, and made a bundle. More followed and made money as well. The famed “bigger fool theory” at work, that there is always a bigger fool out there to buy at a higher price that you paid for. But just the the bubble tea biz bubble, and like all bubbles, they burst. When it happened, many in the hope to also cash in on this gain, got stuck between the devil and the deep blue sea when they already committed to an new flat and found that the old flat was not worth that much any more, not enough to finance the new bigger flat.
Q3 above is to have an idea how many of those in arrears fall into that category.

59) radlife66 on May 31st, 2009 6.14 pm

I thought that HDB, a Singapore Public Housing concern, cannot reposses the flats in any circumstance.

Read this Parliament Report:

http://www.parliament.gov.sg/parlweb/get_highlighted_content.jsp?docID=439122&hlLevel=Terms&links=HDB,REPOSSESS&hlWords=%20hdb%20repossess%20&hlTitle=&queryOption=1&ref=http://www.parliament.gov.sg:80/reports/public/hansard/title/20090206/20090206_S0003_T0006.html#1

” Second, the availability of HDB rental flats. My experience in the recent Meet-the-People Sessions is that more Singaporeans are having their flats compulsorily repossessed because of their personal financial difficulties. I am also seeing more residents who are having to voluntarily sell their flats to enable them to settle their debts. These ex-home owners will need to obtain alternative housing and often look to rent flats from the HDB after they have moved out of their old flats. However, there is currently a 13-month debarment period from the time of sale within which they will be ineligible to obtain a rental flat from the HDB. Does MND anticipate that the current supply of HDB rental flats will have to be increased to cope for greater demand? And would MND consider amending the HDB rental flat eligibility criteria and the debarment period for those who have to sell their flats because of financial difficulty?”

It is usually phased nicely as “returned” due to “problems meeting payments.

http://www.salary.sg/2009/1350-hdb-flats-returned-since-2005/

“agongkia”

Provided singapore will still be here by the time that 99 years lease is up….

our pap only know how to bleed our people over land but too afraid to stand up to outside bullies, just refer the msia railway station & indo’s ban on our sand deal for land reclaims

Valuation for HDB flats are higher so that HDB can sell new flats at higher value based on market value subsidy.

When it takes back the flats, they are taken back at real value which is 10% below value. Head, HDB wins. Tail, HDB also wins.

Is it true that any shopping complex or cinemas will come soon in fernvale area?

31) KopitiamApek on May 31st, 2009 1.12 am

“By 1977 HDB flats were no longer a new concept. The first HDB was built in 1960″

It’s a new concept because my parents and my grandparents were very uncertain at that time of whether to move out from their kampongs and live in HDB flats. What floor to choose, who their neighbours are. When you live in kampongs and had to change your way of life into living in flats, it’s definitely a new concept. You may ask your parents or grandparents were it a new concept to them at that time.

===========================================================

“1977 was a period of super peak demand for HDB flats in all it’s building programmes ever”

You need to show the facts regarding this point you have made. Super peak demand for HDB flats?

Super peak demand means rising prices according to economics 101. A simple scenario is to compare the increase in prices in 1977 and of now or in recent years.

31) KopitiamApek on May 31st, 2009 1.12 am

To add further, in the 70s, HDB build their flats first, then people go into the new flats, take a look at it and choose if they like it. If they don’t like it, they can move on to the next unit. Those were the times.

Now, Singaporeans pay for flats and start the mortgage payments when the flats is not even built. You see the difference? Its a smart move in terms of making more money but not in terms of making affordable housing for Singaporeans.

66) rachel
Hi Rachel,
From URA’s 2008 Master Plan, the site of the previous Seletar Market is earmarked for a neighbourhood centre. Whether any shopping complex or cinemas will come soon on that site depend really on how fast the flats take up rate in the area, when HDB will realease the site for tender and if private developers are keen in taking up such development.

Hope that helps.

66) rachel
Hi Rachel,

http://www.ura.gov.sg/mp08/map.jsf?goToRegion=SIN
http://www.map.gov.sg/StreetMap/

67) Ghim Moh resident

You are correct from your perspective. ie it is a ew concept for residences like yourself moving into flats from kampongs.

But where I am coming from is that HDB flats building prog started from 1960. The super peak at 1977 was not in terms of pricing level but was based on the numbers of flats built in each of HDB’s 5 years building programme, 1977 was in the 5 year programme whereby the most flats were built in the entire history of HDB.

Thanks for the info Apek.

so any guess if it is worth to buy an hdb in fernvale road ?
hope the price wont go down in future !

government wants us to die…

Why did HDB tear down Seletar market and leave the land empty for so many years? Why do our elites like to tear down places and leave it empty?

I remember the food prices in the market there used to be quite cheap. Plus the market was rebuilt after a fire and then shortly after they tore it down for the land to go waste.

Isn’t this a blatant waste of resources by our elites?

HDB prices are high to keep singaporeans asset rich and cash poor so they cannot migrate….die die must stay in singapore….same with car prices etc etc…

Singaporeans must all learn to spend within their means.

Try not to over borrow i.e. more than half of the HDB sales price. Try to also take a ten year loan if possible and pay off the loan asap so as not to be in debts for too long.

If the property you owned has a 30-40% price increase, try to sell the property and cash off the profit. Consider renting if possible as history has shown that SIngapore’s property prices once peaked will slide down inevitably e.g. 1997 and 2007.

Those who bought properties in the early 1990s all make at least 300-400% in profit if they cashed out now. A property I owned in 1992 was sold off for a 400% profit margin in 1997 and after that property prices was in a cocoon for 9 years before rebound in 2007.

Too many people are too sentimental when it comes to cashing off their property. They rather continue to owe the HDB money than cashing off and then buying back another one when prices slide without taking out any big loan.

Now I buy resale property without taking a cent of loan due to the fact that we buy a property base on how much we have in our CPF account. We feel safe and secure knowing that even if we are out of work we still have a roof over our head.

Of course, not all can do this especially the younger couples. Nevertheless, this should be the aim of the people here if we dont want to keep on paying mortgages at age 65. We should all aim to stay debt free at a younger age before we all reture comfortably.

It is so true that SIngaporeans all need comprehensive financial planning guidance and prudent spending habits.

How come cannot read any comments? Or there is no comments yet?

many of the younger generation of S’poreans will likely work all their life for a roof over their heads. wih not much more for starting a family let alone retire with a peace of mind with an ever increasing cost of living.

born into a lifelong (HDB) debt?

I guess the vast majority of Sporean are trying to go with the system.. understand the property cycles and make the best of it.. egs.. buy low sell high.. cash out… rent instead of buy.. look for the cycles.. etc etc etc.. this is a mindset of how to survive the relentless rise in our daily COST of living… pls note that this is not the same as rise in our STANDARD of living.. if we continue as we have.. even though YOU are doing OK.. ie ..pay bills .. little debt.. etc.. it will eventually catch up.. if not to YOU .. then it will catch up with the following generations..

this exercise in ASSet inflation only steals from our future wealth or the wealth of our children.. to give to the people who want it NOW… for whatever purpose they may offer ..eg.. “economic growth”.. “Asset rich”..

The sad truth is that should Singaporeans understand this situation and hence the required “medicine” to take.. they will most likely not have the guts to do it.. needless to say the political party will not offer it.. ..

So… I guess we leave to our children a legacy of ever increasing DEBT………..

………….. DOES ANYONE HAVE A BETTER PLAN ……….. ?????????? ………

Should we just give up fighting for a better life….

Should we give up fighting for our kids….

or do we just take the HEALTH minister’s approach to problems (which, if you havent noticed by now.. is.. its out of our hands.. we can’t stop it.. it is bound to happen) or maybe its just a penang approach … even before the fight get started..

50) KopitiamApek ,

Thanks for the elaborate footwork ! Sorry, correction, I should have mentioned comparison of HDB prices @ Marine Parade vs Condo prices elsewhere.

As from your tabulation, one can obviously see that with HDB prices hovering around $700K @ Marine Parade, one can certainly get a condo elsewhere for that same price, of coz sans the sea view, proximity to ECP/airport etc etc. Thus, the issue of allowing market forces to dictate the HDB prices should be re-examined. Do we aspire a situation whereby HDB prices are drummed up to a level beyond the reach of the newly weds ?

“During the period in the not too distant past, many HDB flat owners upgraded to bigger flats, sold their old flats, and made a bundle. More followed and made money as well.”

Please help to correct any conception, if need to. I thought for the same-no.-of-room titleship, flats are getting smaller while prices are going up.

The hit is on the new home young owners and not on those people buying in the 70s, 80s & 90s who happened to enjoy the distortion allowed by the good demand of housing because of increasing no. of people allowed into this free country and the controlled pace of both private and hdb properties being built.

Do you think that they are still practising this modus-operandi ? How did this 6-million population target come about ?

As for old flat upgraded to new flats, I thought I have seem flats being torned down way before the so-called 99-year lease period while ‘new better flats’ are being offered for relocation at ???? price.

Assuming that loopholes are now being nicely capped to prevent opportunistic buy-low-new-flat-and-sell-high-at-market-price, do you think it is quite high now to become pretty tough for new home buyers who could not turn back the clock to a period as described by you to really make a good bundle. Talking about marriage and having babies, how does all the above fit in.

74) Why was Seletar Market torn down?

Yes. It was a mistake to take the market down. A waste of resources. If it still remain standing today, Fernvale residents like Rachel would have enjoyed the facilties. And the hawker’s lives would not have to be uprooted and relocated (whereto I have no clue) There were some really nice food there.

72) rachel
///so any guess if it is worth to buy an hdb in fernvale road ?
hope the price wont go down in future !////

really crystal balling here to guess if its price will go up or down. hope you bought it at not too steep a price.

76) Gilbert Goh

Wise words Gilbert. A refreshing rational point of view.

80) kangeroo ,

///Thanks for the elaborate footwork ! ,///
Thank you for your kind words. I put in some numbers in the hope that pple here can have a more constructive and rational discussion, rather than shooting off emotive generalisation that feels great momentarily when we let off our frustration, and ending up no wiser than we started.

“Winter come and the wind blow colder,
some grow wiser but we just grow older” – Paul Willaims

/// I should have mentioned comparison of HDB prices @ Marine Parade vs Condo prices elsewhere.///
///one can certainly get a condo elsewhere for that same price, of coz sans the sea view, proximity to ECP/airport etc etc. ///

Yes you can get a decent condo at that price in another not too “choice” locale. But location is personal choice.

///As from your tabulation, one can obviously see that with HDB prices hovering around $700K @ Marine Parade, ///

The weakness in market valuation, the valuers value the flats based on on numerous factors but still primarily on what was last transacted price sold in the same/nearby block. So if a guy strike Toto, and but a 4 room flat at Fernvale at $999,000, guess what, Rachel @ Fernvale will be delighted because valuation will shoot up at Fernvale. And it does not reflect the average value of all the other units there, if assuming that was the only flat sold in the past many moons.

///Thus, the issue of allowing market forces to dictate the HDB prices should be re-examined. ///

Yes and no.

///Do we aspire a situation whereby HDB prices are drummed up to a level beyond the reach of the newly weds ?///

That’s is the sticky part, whether one prefers the price to be high or low really depend on whether you are existing onwre or a new entrant.

81)

///Do you think that they are still practising this modus-operandi ? ///

HDB’s pricing policy has evolved (or degenerated as some will see it) over the decades.
In the early years, its was purely based on flat type, irrespective of location.
Then zonal prcing was introduced, flat price vary depending on if it is located in urban, suburaban, or new town,
And finally market pricing.

With each policy change, a market distortion is created, a window of opportunity opens for some to make a good profit, and others to get burned.

You see the same phenomenom in COE pricing.

So unless the policy changes again, the opportunity for huge gains is now but a dream. But for those new entrance, it is a recurring nightmare.

To me the HDB is the biggest scam in Singapore. How can a 30-40k discount from the market prices be considered as a subsidy when they don’t even dare to tell the buyer what the building costs were?

It used to be that you wouldn’t lose money from buying a HDB flat if you were a first time buyer, but now even first timers can get burnt if they bought the flat at the wrong time from HDB. Prices can be undercut by the HDB even for flats in the same block when they are sold at different times. My neighbour paid 50k more than me for the same flat just because he had bought it when prices were high. Public housing in my view is definitely the biggest government scam in Singapore.

hmmm, i wonder how much HDB has “collected” from numerous balloting exercise since it was introduced.

strangely those conservative people never see it as a form of gambling.

Come July 1….CPF minimum sum will be $117,000/- and Medisave minimum sum to be $32,000/- Now assuming a HDB BTO and a Resale of Standard HDB for 4R & 5R is between $400,000 – $500,00/- range respectively. …………now where is the money coming?………you think money$$$ grows on trees? ……..
So where to live? some say in JB or Batam!

damn pathetic country spore is, just look at the damn world map, someone need to claim & lead msia & indo for betterment of mankind already

How to stand up for Singapore when everything is so high?

87) mice is nice /

///hmmm, i wonder how much HDB has “collected” from numerous balloting exercise since it was introduced.//////

In the early years of national development, housing the mass was a national priority, so I believe gahmen would have find ways to built them at low cost, and one way, as they have done, was to design the flats to cater to very basic needs. My guess is that in today’s context, With 85% housed in HDB, that is no longer a national priority for gahmen, so thus the flat prices we get now, albeit coming with some frills.

87) mice is nice

In the 60s, 70s and 80s, hundreds of thousand of flats were built to cater the the demand for population growth and resettlement of kampongs
With the low birth rate, the current stock of flats will start to fall vacant as the older generation passes on.
Today, most people live in flats with their parents, buy one for themselves when they get married, and when it is time for their own kids to buy their flats, chances are the kid’s grandparents’s flat will become vacant.
So it is not sustainable tokeep building at the rate of the early years. Gahmen learnt the hard way when tthey overbuilt Woodland, took more than 10 years to clear the excess stock, and then the rgahmen epeated the same mistake in SengKang and Punggol.
New families buying into the resale market will be the way to go.

58) shenshi ,

LHL is not interested somehow about the poors. so he left to his so called Ministers to ‘handle it’ and MBT is known for making millions for his ministry and also blue eye boy of LKY.

so you do the sums, guy!

that’s why MBT is buidling more rent ‘flat’ for you guys who have ’shits’ problems. i am dread for the day to come when thousands cant afford to just 3 rooms flat.

the way it goes, apparently they have no answers to all these issues.

sad…..

aiyoyo

flat prices so sky high, how commoners can take it?

sad story…

aiyoyo

“New families buying into the resale market will be the way to go.”

why leh, bcos of fewer facilities in newer estates ? smaller new flats ? mistake ? new flat prices got mistakes or not ?

even lower price wise, why people don’t want to go for new flats in newer estates and go for older resale flats ? if bozos do not listen to feeback, the same mistakes will be repeated ? or probably they can choose not to build further and make home hunters take whatever left around from their mistakes before building further.

hi KopitiamApek,

thanks for replying to my post. you mentioned grandchildren moving into the grandparents home. good idea, but when the blocks are old, they will need to move again, cos will be torn down?

on this topic of profiteering, even after factoring the rising costs of raw materials, land cost, frills, designer landscaping, differences in finishing, & all others which i am not privy of, its still hard to stomach & digest how the prices have gone up, up & away.

you are right about not being able to sustain the rate of building once most of the population have been housed. HDB should have ventured overseas to expand their “business” model more.

heh, you brought up a good point of HDB’s miscalculation that left many units empty after completion. that i believe most companies that have a long history has gone through some sort of learning curve. just like economic situation now forcing a stress test to make or break companies.

Glow #79:

“this exercise in ASSet inflation only steals from our future wealth or the wealth of our children.. to give to the people who want it NOW… for whatever purpose they may offer ..eg.. “economic growth”.. “Asset rich”..”

My uncles’ generation (80’s, early to mid 90’s) had it good for those who capitalise on the opportunities, but, sell, buy, sell…

My younger colleagues in their mid to late twenties now strangely cannot afford to purchase a brand new modest, 3 bed room, less than 100 sqm government public housing. Couple Uni grads. Got to buy from the resale market.

The wife and i managed to buy a new HDB flat at still “modest” price during yr 1999/2000. No intention to sell. Yes, Gilbert, the wifey and i are the sentimental types. It’s a beautiful home in a pleasant neighbourhood to raise the kids.

My personal view is that, looking at the big picture:

PAP government is running an elite-meritocratic policy. To the elite, the sky’s the limit. To the bulk of the middle class, they have to suppress the income so as to make Singapore an attractive export oriented economy. This current economic model needs this “suppression” doctrine.

Our CPF (social security) is used to pay for the purchase of the flats. By the time ones retire, there is not much money left for retirement. Now, they offer to “buy back” the retirees flat in return for a monthly stipend. So where is the asset enhancement that the PAP gov talk about? Looking at it, this is as good as rental.

One hope to leave something for ones children. A home use to be the best investment a man can do for his family. Work hard for a home and in time to come it is yours to leave to your children. A legacy.

Peasants don’t need legacy maybe.

Why is it common that Loan Sharks often target HDB Flats ? Paying high price of a resale HDB and going through the the turmoil of terror for some innocent investor/s, goes to say that something is not right somewhere down the line!. The faultline is Money Not Enough!

97) mice is nice ,

/// but when the blocks are old, they will need to move again, cos will be torn down?///
yes that is what SERS is about, but generally those built from 70s onward would not be obsolete too fast, it will have lease until 2069, that’s why they introduce upgrading so that you won’t get urban slums.

///on this topic of profiteering, even after factoring the rising costs of raw materials, land cost, frills, designer landscaping, differences in finishing, & all others which i am not privy of, its still hard to stomach & digest how the prices have gone up, up & away.///

yes the pricing criteria has changed since,
contruction cost statistics are available on building construction authority’s website

///. HDB should have ventured overseas to expand their “business” model more.///
they have. Its called Surbana International, spinoff from the HDB Corp.

////heh, you brought up a good point of HDB’s miscalculation that left many units empty after completion. that i believe most companies that have a long history has gone through some sort of learning curve. just like economic situation now forcing a stress test to make or break companies///

companies that have a long history has gone through some sort of learning curve
sadly some companies recycle their mistakes : )

Note GM has got some 100 years history

I have always maintained that HDB stop its repossession policies especially in the down times. When will they listen only at the ballot box! When they started to raise the prices, it caused people to over stretched themselves and some have yet to come out of their plight. It has failed in its housing policies over the last few years.

hi KopitiamApek,

thanks for your reply again. =)

HDB should venture into India or any developing countries to provide affordable housing, they can make profit there something. they have, but must be not very successful. heh….

sad hor, some people never learn from past mistake. i think some have been making mistakes till can carve in stone.

“die die never learn”
^.^

aiyoyo

news saying :

“Recession far from bottoming out, says PM Lee”

commoners how huh? with sky high flat prices…

aiyoyo

buy a tent & print “HDB” on each facing!! :P

very funny leh!……..in a recession, everything should be falling including HDB price / private homes……but hey! where got logic that HDB resale holding well compared to private………….who controls resale price ?
so looks like in real recession but artifical pricing?………….

I paid the price of a supercar, a 2009 Nissan GTR R35 for a 3 room HDB flat as a Flat LEASEHOLDER.

I have no money left and I am now taking bicyle instead of bus.

more expensive LPPL, worst is even smaller unit. The floor area of smallest 5room now is almost similar to 4 room in the past. Not only that, the floor area are inconsistent.. some 4 room 85sqm, some 92sqm, some 94sqm (got some 100sqm). Look at the freaking designs, on one hand claim sgp is small, but look at the way HDB is building, obvious wasting space.

I paid the price of a supercar, a 2009 Nissan GTR R35 for a 3 room HDB flat as a Flat LEASEHOLDER.

I agree….given opportunity in another country, I could be riding a GTR & staying at landed property ..for the same pay here

102) mice is nice

“those who fail to learn from the lessons of history are condemned to repeat them” some past US President said thes wise words

but think about it, they learnt nothing from Vietnam….

back to SG, maybe HDB is planning to repeat its mistake as many time as they can until they can do a perfect mistake ha ha

hi KopitiamApek,

now i get it, no wonder HDB building higher flats, jump down sure to die. HDB Hub top few floor also very high… :P

Why are we paying so much for X m3 of air bounded by Y m2 of concrete over Z no. of years?

110) mice is nice on
///now i get it, no wonder HDB building higher flats, jump down sure to die. ///

that is a messy way to go. and the poor pple living in the block will be haunted forever by the gruesome sight forever plant in their memory.

It is definitely not a nice sight and very haunting for everbody that has to passby the spots where bodies landed. BUT IN THIS SICKLY SOCIETY, PEOPLE COPY THIS WAY TO END THEIR LIVE, JUST THAT THEY(THE deads) CAN HAUNT THE SICK SOCIETY.

HOW SICK CAN A SOCIETY BE ?

113) ah soh

No one wants to know the gruesome details of such terrible deaths, but they are gruesome. Jumping fromflats , onto path of trains,

and the latest news in bangkok, in closets (but that is a different story)

keke, i will bring this topic back from my off-topic rant… if HDB can be more socially responsible people won’t need to resort to ending their lives.

1. HDB got the financial clout
2. they are providing essential service to the lower strata of our society, therefore it is not right to increase the prices of new units without any clear explaination

if S’pore is to progress as a whole to an advanced country, why is HDB such a huge roadblock?
roof over the head not secure, so 1st world meh? uniquely S’pore?

115) mice is nice

I like to share what the acronym HDB stands for but it is not suitable for posting

huh iszit sell it to me lah but only problems is the bank loan
better off than staying in a one room hdb flat for $700 monthly

the hdb better think twice before they replying us the cock tear
letter..

不要老是爱把单身妈妈为国家生了个小孩说到是不守妇道之事
为国家添一个健康的宝宝还要被无理头的政府批评得一文不值。。
有帮个忙还没话说。。就连一个落脚的地方都没有更不用说婴儿花红。。
也不是说没找过MP商量。。我邻里的邻居大大小小都说MP最大才有POWER
现在大伙都不敢再跟我说去MP了因为大家已经输给我很多钱了那是他们猜输
以为MP 才有power ranger

都快三年了HDB不但无动于衷还不是那样一句 批评的话不但如此还答非所问。

读书少的你们就会说生的孩子会是个傻子。没有爸爸的你们还是要嫌那是个捏种
你们最善常的一句话家庭价值观就把我和我孩子变成半年的街边路氓。也不见得
读书多的就会为新加坡生育。。老人很重要吗为什么又不推荐老人生孩子呢

三年的时间我们把冤枉钱花在政府的一房式。 如果是这样的话为什么我们的人民
行动党不要强制性呼吁大家堕胎呢还没来得那么残忍嘛

Hi, 7) Ghim Moh resident

You posted on on May 30th, 2009 3.08 pm that the costs of your estate (Ghim Moh) when it was built in 1977 were:

• 3-room flat SGD10,000
• 4-room flat SGD20,000
• 5-room flat SGD30,000

Are these figures accurate? Where did you obtain the info? And the prices are cost prices then and not adjusted for inflation right?

Thank you.

True story (happened just yesterday).

Friend of mine had registered for a flat with his wife-to-be. Everything was done and settled and signed, the flat was to be their dream home after marriage.

Two days ago, she decided to leave him.

Now they’re looking at a 140k bill from HDB, plus penalties. Does this make sense to anyone? I mean all the legalese and mumbojumbo aside, is it ethical to expect someone to pay a hundred and forty thousand dollars for NOTHING. He won’t even get a tile from his new house. He can’t even just service the loan himself. He MUST forfeit the house and they MUST pay 140k, though she wanted to leave him, and not the other way round.

If the powers that be can explain this, I will never criticise the MIW again.

My dear Mr. Leong, I would like to add one more point to highlight the shot-coming or simply a serious flaw in the hdb’s valuation policy as well as short-changing on the lessee in hdb’s *compulsory acquisition* of flat when calculating the compensation value, as under “existing policy” hdb based on the valuation report produced by the approved valuer under the approved valuer list solely and discreetly decided by hdb to compensate the lessee when acquiring his flat.
 
In valuation industry, it is an “unwritten common understanding” among the “approved cum certified valuers” that the value of the hdb flat will be marked down substantially when the “production” of valuation report is being instructed by hdb officers for the “purpose” of compulsory acquisition! As if the valuer values the flat on the higher end it will appear that the valuer is short changing hdb which is a public housing authority directly under the charge of ministry of national development! In short, how dare you to “cheat” the “state”?
 
Last but not least, will different certified valuers produce the **same** valuation value when valuing the same property? Since, this is the case, which valuer’s valuation report should be adopted when compensating the lessee? Is it by drawing lot to see whether the lessee is lucky or unlucky to have his flat values higher or lower in relation to the appointment of relevant approved valuer? Is the lessee over or under compensated when different valuers have different opinions on the value of the property to be valued? In short, mnd and hdb should check out what is the true meaning of compulsory acquisition and compensation amount prior to adopting the valuer’s opinion!
 
As I emphasis again and again, the valuation report for a property is JUST the “opinion” of the certified valuer and nothing else! So, the mnd and hdb is adopting someone’s opinions to compensate the lessee, is it fair? Is it logical? Is it scientific?
 
In short the blind is leading the blind for so many “donkey” years? In view of the above, do you opine that hdb needs a total re-invention in order to remain relevant in this modern and scientific society? Oh, dear, to a larger extent the whole valuation industry!

I hope I am not offending anyone in this industry! Keep my fingers cross! Be objective with no prejudice!
 

Politicians Are Preaching,
Preaching About Policies,
Policies About Properties,
Public Assisted Properties!
People Are Perturbed,
Perturbed About Prices,
Perturbed About Practices,
Prudence Absent Practices.
People Are Peeved,
Peeved About Politicians,
Politicians Aren’t Preventing,
Preventing Arising Prices.
People Are Presuming,
Politicians Are Profiteering,
Profiteering Amidst Probings,
Profiteering Amidst Pain.
Probings Are Prevented,
Policies Assisted Prevention.
People Are Peeved,
Peeved About Prices, 
Prices And Prizes.
 
 

The fact that such rules exist prove that HDB is cannibalizing its customers that is Singaporeans.
The reason why it is doing that is because its bosses do not think that it is immoral to do so and actually benefited from it (for one, it covers the supposedly hole in HDB finances). This shows that its bosses such as Lui and MBT are immoral and heartless people.
The fact that their bosses that is LHL are allowing them to do that shows that LHL is incompetent and he needs the monies.
You can go figure out where that hole is.