This is possible due to our generous subsidy system. All new flats come with a generous market subsidy.
Mah Bow Tan, insisting that HDB flats are affordable.
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As long as any GLC department is not making $$$ then just place Mah into that position sure will have many $$$ rolling in..
In Year 2007, HDB telling Sillyporean HDB is subsidising heavily on HDB where 4Rm HDB flats is only 120K to 240K per flat, in year 2010, 4rms HDB is 270 to 410 range and they are still telling Sillyporean they are losing heavily in Subsidising.
This really surprise me a lot.
Furthermore Sillyporean own HDB cannot own private after 2010, then Foreign investor will be laughing loudly, we leave the good things for investors rest the Sillyporean.
When he was the Transport minister, the COE sore to rocket high at 60K , now when he is the Developement Minister, the HDB sore to rocket high again and cause anxiety in price outbreak. He will be telling others then he did coem out with shimmering policy after that… Yeah most sillyporean younger generation are getting educated and their pay is getting more but did he forecast the saturation in inital point pay and 10 years down the road pay, will not differs much. In another pictures is to push sillyporean to the max capability but another side is to cause Sillyporean to a downturn.
Hope the government consider this point. Though the government says that our asset value has increased, but with the property price keep on rising, whether it is buying a new flat or upgrading, in actual fact, most of us are just increasing of debt, paying more interest and having a bigger loan to pay.
Making us always “in debt” to the government/bank.
The ultimate winners:-”minister pay also increase in “value” and those who have multiply houses or leaving Singapore (including foreigners) who can afford to sell their houses without any impact will be laughing to the bank.
We Poor Singaporean you has to accept whatever is left on the table (or floor)
Enhance our HDB value? What value? It is just on paper? We are still poor, no cash in hand after HDB put in so much policy to stop Singaporean from getting their hands on the cash profit from selling their own HDB? Reason: we are not savvy enough to handle our own money or invest our money somewhere else, our money will be gone by the time we retire, we will not have house over our head… so on. Are we going to live like that for the rest of our life? No cash? Hope the PAP realise, we are not silly people, average people like me with minimal secondary education know where to invest our cash, we are also not silly to sell our house and live on street with family in tow. Give us our full profit in cash, we want to do something with it, then that way it is enhance value of our investment.
The People are saying the housing is expensive and HE is saying it is affordable….. what is this man ?
MR MBT,
You insisted that flats are affordable?? With your salary and millions of cash in his bank, he can even buy the whole block of HDB. but for us..??
Example: A 27yr old man earning a gross of $2000. His wife is a foreigner on Long term pass and has no income. After CPF deduction, his take home is merely $1600. In his CPF contribution of $400 + $200(from employer) is only $600. Lets say this man is only allowed to buy a resale flat, bought a 3rm HDB at cost of $280,000 with a COV of $20,000. Total price is $300,000. His existing OA accounts amounts up to $30,000. His first time grant up to $20,000. After whatever deductions, he might need to loan up to $230,000 at 2.6% with a monthly installment of $921. Mr MBT, his monthly contribution is only $600, he had to TOP UP CASH OF $321. Dont forget his salary is only $1600 after take home. Apart from that, monthly water elect bills, conservancy charges. probably left only $900(excluding his other commitments).
MR MBT, did you see THIS PICTURE???? Dont use your $500,000 per monthly salary to view THIS PICTURE. USE A $2000 per monthly salary to VIEW THIS PICTURE.
Suggestions:
1. work out a HDB loan scale, catagorized borrower according to their pay scale, eg $2000 p/mth salary at 0.3% HDB interest rate.
2. maintain HDB interest rates, but increased grants up to $120,000 according to pay scale.
I hope MBT will consider this picture.