Mah Bow Tan finally acknowledged that the rising HDB resale flat prices have “raised fresh concerns”
January 29th, 2010 | 
Author: Written by Our Correspondent
After months of denial, National Development Minister Mah Bow Tan has finally acknowledged that “the rising HDB resale flat prices have raised fresh concerns.”
The prices of resale flats has increased by 8.2 per cent in 2009 when Singapore was still mired by depression, contributed largely by a limited supply of new flats and rising demand fueled by the relentless influx of foreigners.
Latest figures released by the HDB showed that cash upfront paid by buyers for resale flats, known as cash-over-valuation or COV, doubled to $24,000 in the fourth quarter from the previous quarter.
Despite rising frustration, resentment and anger on the ground over the increase prices of public housing in Singapore, Mr Mah and other HDB officials continue to insist that they are “affordable” to ordinary Singaporeans.
Mr Mah even chided first time home buyers for being “choosy” and said that “the onus is on Singaporeans to play their part by buying a home within their means.”
Quoting the affordability benchmark of 30 per cent used frequently by HDB to show that HDB flats remain affordable to ordinary Singaporeans, Mr Mah said a family with a monthly income of $3,000 can buy a flat worth up to $250,000 and spend only 30 per cent of their income every month on the mortgage.
“Similarly, a family with a monthly income of $4,000 can afford to buy a new flat worth up to $333,000 without spending more than 30 per cent a month on the mortgage. This means they can comfortably buy any of the flats offered in the latest BTO projects this month,” he added.
However, Mr Mah fails to take into account the bank interest rates and inflation over the years which will lead eventually to the family spending more than 30 per cent of their monthly income on the mortgage.
Furthermore, after depleting their entire CPF for these over-priced 99-year leasehold HDB flats, they will have little or no savings left for their retirement.
Though he admitted eventually he was “caught off guard” by the continued increase in prices, he failed to acknowledge the severity of the problem.
Singaporeans who are still harboring hope that Mr Mah will bring down the prices of HDB flats are going to be disappointed.
Echoing the stance of Prime Minister Lee Hsien Loong, Mr Mah said the Government should not ‘interfere in the resale market’ and should let it ’set its own price’.
Instead, HDB will review its rules and policies to ’see if there’re any rules that are encouraging or allowing people to speculate on HDB flats’.
The outcome of the review will be released in a few months’ time and by then the prices will have increased even more at the present rate it is going.
Mr Mah reiterated that the HDB is monitoring demand carefully and is planning to roll out 7,000 new flats in the first half of this year, and about 12,000 for 2010.
“If there is even stronger demand than that, of course HDB will built even more,” he said.
As the flats will take about 3 to 4 years to be completely, they are unlikely to meet the immediate demand now.
In fact, they should be built well before between the years 2006 – 2008 to prepare for the expected increase in demand due to the rising number of foreigners coming to work and live in Singapore.
For some inexplicable reasons, only slightly more than 11,000 new flats were built during these three years or about 4,000 a year:
[Source: HDB Financial Report 2008/2009]
In 2008 alone, there were over 90,000 PRs and 20,000 new citizens. In two recent sale exercises of BTO and balance flats, they were more than 10 times over-subscribed, an indication of the severity of the housing shortage on the ground.
Fortunately for Mr Mah, he will not be taken to task as no MPs including the two opposition MPs will dare to voice this out and question him in Parliament.
Related articles:
>> PM Lee: Govt does not have control over prices of resale flats”
>> COVs of resale flats shooting through the roof
>> HDB resale price index hit record high in 2009
>> Singaporean wants PRs to live in rented flats instead of buying resale flats
>> Singaporeans wants PRs to be banned from selling HDB flats at a profit
>> Shanmugam: Singaporeans likely culprits for driving up HDB flat prices
>> Mah Bow Tan: HDB flats remain affordable
>> Means testing for PRs to buy resale flats
>> Immigration and public housing: should the govt or people plan ahead?
>> Grace Fu: hard to predict demand for housing
>> Indonesian PR bought 4-room flat at $653,000
>> Mah Bow Tan asks home buyers to be realistic
>> PAP MP blames young couples who cannot get a flat for not planning ahead
>> Home affordability: HDB versus the public
>> Demand vs supply: so many applicants, so few flats
>> Number of applicants exceed number of flats
>> HDB to increase supply of flats
>> Mah: don’t compare with prices in the past
>> ERA: 40 per cent of HDB flat buyers are PRs
Posted in Editorial
Geez…whatever happened to “It’s still Affordable”?
Oh I forgot…it’s election year…it will be “It’s still affordable” after they get the 66.6%.
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Too late! The lives of many Singapore citizens have been ruined by the disastrous outcomes of the govt polices. Lack of foreight/planning or plain greed (blinded by their million dollar salaries) or both?
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From “It’s still affordable” to “raised fresh concerns”…..
big jump…
elections is coming…
Now KBW even best… wanna raise medisave contribution… We will have either lesser money to pay for hdb or contribution more to cpf (hence less take home)…
no horse run!
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Sign of MBT raised concern of being voted out in his Tampines GRC next GE.
All done too little too late.
Many voters already decided and people are numb about any comments coming from MBT. MBT is finished.
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That is the reason why you should NEVER trust all these promises PAP makes. Its all window dressing only for GE.
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HO HO HO, typical of a Goverment in crisis management going through the Kubler-ross grief cycle.. starting with denial, denial, anger with voters (choosy, Singaporean guilty of price rises etc etc), now bargaining with “raised fresh concerns”…..etc
Just watch the next stage of this grief cycle is depression, testing and acceptance of failure and consequences etc etc. Only last week spoke of need to increase migration and this week will do with lesser foreign labour.
HA HA HA…this how the Kluber-ross grief cycle works
http://changingminds.org/disciplines/change_management/kubler_ross/kubler_ross.htm
Election is coming, they know they are going for a landslide – BURIED UNDER THE RUBBLE OF DISENFRANCHISED VOTERS’ BOTTLED-UP ANGER.
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Reading the news, I get the impression that all the PAP ministers parrot each other – especially when the PM or MM say something, everyone else follows.
this is group-think. Or nobody is really thinking. are we paying them millions and they cannot think independently? Why are the PAP encouraging its ministers to question openly?? we are living in the internet world where thinking and new ideas is the new norm.
My fear for the PAP is that it has sunken into a complacent mold where not just everyone wears white, but everyone thinks alike. Dangerous. If this trend continuous, I have to rethink who I should cast my vote for.
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Look forward to the first $1 million HDB flat after PAP gets its “mandate”. They will change tune and tell you it is “asset appreciation”. Using 50% of monthly salary to service the home loan for 40 years will also be deemed “affordable”.
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Maybe MBT trying to win back some votes..
We want to see more action.. not just these kind of words..
Suddenly these days, the ministers got a lot of things to say in papers and news.. -_-
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I think TR may want to do an article compiling the beautiful changes that they made after getting getting the 66.6% in 2006.
Sinagporeans can be forgetful, I think theres a need to set some “gentle reminders”.
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the price of the hdb new flat is linked to the prices of the resale price.
they will not keep it down because both prices determine land prices, which govt own.
Don’t count on MBT on lowering that price.
Don’t be fooled by how govt uses subsidy to help you.
The rate of approval of subsidy is not fast.
By then, the cov would have raised the nearby housing by a large amount and the subsidy become irrelevant.
This subsidy is a tool for PAP to decide who to give and how many and for them to show to other people, that they are solving the problem.
It is all a show and these pigs are lousy actors.
They are only interested in giving lips service.
They are such lousy actors and we cannot even export their “show” overseas to make some monies.
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Affordability has always been a red herring because it is subjective. It’s like saying “people who are staying in HDB can afford them.” Circular logic. What is worrying is the rising number who CANNOT afford to stay in HDB!
Still, I’m staying away not because I cannot “afford”. But because HDB is no longer safe. It offers no security for our hard earn money. It’s not just affordability that Mr Mah has to address. It’s the security of the people CPF and hard earn cash that’s invested in HDB.
By letting a large bubble form in the HDB market, Mah is setting up many new and young owners for financial ruin.
Based on HDB’s price index from 1997-1999, prices of HDB crashed by almost 30% within 2 years following the Asia Financial crisis and the mass exodus of Hong Kongers and other PRs. The peak index then was 140+ pts and was formed during boom time. Prices stagnant at around a 100pts for almost 13 years before building back up into the current bubble.
The current peak is 160+ pts and is formed during a global recession. There’s no fundamental basis except artificial increase of demand (mass import of people) and artificial suppression of supply by HDB.
Take the worse case scenario and the bubble bursts and 1998 repeats itself. Even for people who can “afford” it, how many can withstand the loss of 30% value on their new property?
Will HDB or the government step in to help?
From history, we know they wouldn’t. HDB didn’t do anything in 1999 and we’ll probably be treated like the Lehman minibonds investors. “You all went in with your eyes opened!”
A 30% drop is significant because that’ll bring the flat value below the loan amount for most people who borrowed 80-90%. This means that they cannot sell the flat without having to fork out hard cash to repay the overpriced loans and they’ll have to continue servicing this bloated loan with interest for many many years until another bubble thats big enough forms!
Mah’s “solution” of building many BTO at the last minute is also flawed. It’s creating a secondary bubble that’ll burst spectacularly in HDB’s face should the main bubble burst.
Young couples, under the Staggered payment scheme” will pay only 5% downpayment for a BTO flat. The other 5% will only be paid upon taking over of keys.
So for the tens of thousands of BTO owners, they would only have $20-$40K invested in a 3-6yrs project. Should the main bubble burst during the construction phase and prices of nearby resale or private properties takes a 30% dive, what would these couples do?
Continue to hold on and wait for an overpriced BTO flat? Or forfeit their deposits and grab a resale at firesale price?
What will Mr Mah do then? Impose draconian penalties (a sure PR disaster), lower the BTO prices to below market rates to entice couples to stay on? Or simply halt construction?
My views above may be farfetched and possibly very flawed, but my fears as a young person trying to start a family is very real.
HDB is now a toxic investment. I’m going to stay with my in-laws until I die, or the HDB bubble burst.
If Mah is worth even a quarter of his salary, he’ll do well to make sure that the bubble hisses slowly and shrink instead of bursting in everyone’s faces.
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They have absolute control and power – totally unchecked by a token meek incapacitated opposition – AND GIVEN THIS MONOPOLY OF POWER TO DO WHATEVER THEY THINK AND LIKE YET THEY FAILED SPECTACULARLY for the PHEONOMENAL SALARIES they were paid.
DO SINGAPOREANS WANT THEM AROUND ANYMORE???
I think NOT for the sake of our children and for this ocuntry’s future.
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As i stated my last few commemt:
Fire Fighting have stated in the PAP goverment, as long we raise our problem, the PAP’s will tryprovide you a fire fighting solution. Never trust them as they will re-draw their strategy once they win the ELECTION. Never forget what they did to us in 2006 election. All the promises did not deliver to us at all…..
VOTE OUT PAP!!! VOTE OUT MBT!!!
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Does PAP Neee a Stronger Opposition? on Fri, 29th Jan 2010 9:10 am
Yes, groupthink is exactly “caterpillar mentality” at work. Birds ( aka foreigners) will fly in from everywhere and have us (aka Singaporeans) for dinner.
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The old man said that the main point was that flat prices were rising and that is more important that assest values go up rather than affordability and we are daft if we did not understand this. Well this is quite contrary to what lau Mah has to say now
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Mr. Mah continual treatment of the electorate as people of the era of forties and fifties, where people are lowly or mildly educated and great supporter of the PAP, he is a little nostalgic. He is living in borrowed time.
The current crop of electorate are smarter, succinct and informed with the bulk of these folks studied in tertiary and savvy in the use of new media, there’s no way this jerk can smoke them. However this jerk and his master have and will destroy the future of the young who are going to inherit the future of this country. If he is not done for then I think the citizens have failed miserably. The future for young will be bleak.
The young must regain their future and the way is to ensure opposition representation in parliament is strong irregardless who is governing Singapore. Dare to be different, dare to oppose those jerk who stand in your path to a better future. Show them that your are not dumb like your unquestioning predecessor by undoing them. You can do it and you have the power.
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what happened to my cheese fondue?
what happened to my golden era?
what happened to the promises that PAP will change from within?
When I look out of my cube in my company, I could see that 35% of the specialist/executive/officer jobs are filled so call FT. And these are the roles that any SG citizens can and would filled. Talks of FT are here to fill roles that SG citizens are not qualified to take on or refused to take on are just urban legends.
We need change. Be mindful that we are the 33.3%, if all of us manage to convince 2 others from the 66.6% to join us, we will be able to engineer that change. Can all of us here commit to do so? I am!
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Notice this bootlicker Tan waiting for answer from old fart. If old fart says not okay then this Tan will agree that there is no problem . If old fart make no noise, this Tan will insist that hDB is “affordable” !!!
Bloody fucking bootlicker that typical of PAP gahmen.
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HDB is affordable. It is you sg people who is stupid. Why? I earn one million a year, what is 250k or 350k. I can just pay of in one year. If you continue to stay stupid, don’t complaint that hdb is expensive. If you want hdb to lower it’s price. The citizen of singapore can make the change, that is when you vote. IF NOT ALL SG PEOPLE OUR THERE, KEEP YOUR MOUTH SHUT.
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In order to kick out Tan, everyone must play their part to vote out the entire PAP because the old fart and his cronies will find excuses to put Tan back as ministers to exploit and fool the citizens again with nonsense. Isn’t Tan lost in 1984 election ? Who the fuck put him there again ? Think again, it is either the PAP die or we die.
The whole ruling party is ruling with lies and deceit that Singaporeans should not tolerate their nonsense anymore. Singaporeans must bring their dignity and pride.
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If he has no solutions to problems, it will be wiser to just quiet.
You don’t have to be a scholar or a student with straight “A”s to know that “the rising HDB resale flat prices have raised fresh concerns.”
We are paying him millions so he can tell us that “the rising HDB resale flat prices have raised fresh concerns.”???
MPs have been protected from Global Competition for too long. They really need some “spurs in their hide” to “work harder and think harder to succeed” so that they can be “cheaper, faster and better”.
I want FTs for MPs. These people have been snatching jobs from “lesser mortal” Singaporeans. I would like the MPs to have a taste of their own medicine. Period.
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this ass hole is telling Singaporeans that he is going to review policies if there are elements that encourage speculation.
The fact is:
MBT is the one that designed those policies which have effectively (empirically proven) to over excessively push up flat prices and the related new flat prices.
the 10% downpayment rule and allow PR to buy HDB flat is an example.
A thief shouting thief.
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Singstat statistics for employment, unemployment, PPI and >>>Central Government Operations expenditure<<< should be out today.
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Singstat statistics for employment, unemployment, PPI and Central Government Operations expenditure(!!) should be out today.
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No matter what, just vote MBT out!!!
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Prices are all about supply & demand. The govt increases the demand by opening the flood gates for foreigners but never have the foresight to increase the supply of new flats, of cos the prices will go up. Can we blame this on the the Minister in-charge of ‘forecasting’?
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Ah… they are singing a different tune already.
So people of Singapore, who says your vote do not count to anything?
Now that his turf is threatened by other parties planning to contest there, he sings a different tune.
Make sure you do your part to ensure that you vote wisely.
5 decades of results in the ruling party has shown you what they can and cannot do. Vote wisely. Do not repeat the same mistake.
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mah , you have failed to perform your duty as mp as you did not plan for the building of more hdb units to cater for the excess demand generated from the foreign talents policy. is this your way of making more money for the government by burdening both the local and foreign Pr at one go.
please realise that there is no other way for you to pull back come election except defeat for your party in your constituency.
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MIW are changing their statements every other day . This show their are confused and worried . They are no more un-touchable . We need to exercise our power during election day . We don’t have a choice anymore . They have screwed up in the HBD prices , FTs polices , lost BILLIONS etc … no more change for them . Freak election is coming soon .
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higher property price => higher GDP
higher GDP => somebody is going to have more bonus
it’s only that simple
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Well, for a single Singaporean like me in early 40 can’t even afford to buy a 3-room resale flat. I don’t even have cash to pay on COV. I m a single parent! My son is only 4 years old and I will be jobless soon. How to afford to buy a resale flat where the price keeps going up? I have to pay hefty sum for room rental.
As PM said “No one is left behind”. I think we are a bunch of single parent who are really left behind by our government.
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After the old man said that if he doesn’t prove his worth, he deserves to lose. Now he is pressing the panic button and tries to recoop the lost grounds. Well, time is running out for him, the ground he is trodding is not so sweet after all!!By the look of him, everyone will know he is having sleepless nights from now till the polling day!!
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When a person is earning Millions a year every year, something changes inside them. They don’t understand the financial struggles of the commoner anymore. What the PAP should do is to reduce their obscene millions-of-dollars salary to something more humble. Then they can really understand and serve the people. Right now they are ruling the people. Talking down to us singaporeans.
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inexplicable? i think it is explicable…this really smells like a coordinated and deliberate effort by Shorty Mabok Tan (probably under the instructions of the old tea bag and his effeminate son) to artificially and intentionally drive the prices of HDB up without appearing as if “they did it” but instead blame it on market forces, sudden spike in demand etc
What a load of bullshit these overpaid conmen continue to spout……how about providing us with some real answers rather than stating the obvious? and this asshole gets paid millions of dollars???? I think its becoming painfully obvious to everybody who is the one that isnt getting the spurs stuck in his hide!! Anyway that stupid guys days are numbered!
I am ecstatic that Mr Chiam See Tong is going to contest for Bishan, I finally get to vote (last time i voted was in 1988!!) and i want to assure my fellow singaporeans that i will not let you down, I will show up on voting day and show how “Daft” I am!!!
I would like to see that Old impotent goat bring on the military!! Yeah i can just see how that would scare investors and send those FTs scurrying out of this country. So i say bring it on! Your threats are as limp as the useless tiny piece of flesh between your legs!
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it is obvious the policies are not working, or rather, there are none right now to stop the escalation of prices. We are paying moeny to feed MBT with the hope that he can come out with policies to pre-empt situations but most of the time, he is just waiting for things to happen before acting. when he was transport minister, he came out with ridiculous policies. I am not banking on him to make things better for SINGAPOREANS. The sentiments of young singaporeans will show in the next coming elections no doubt. We represent the future of the nation, unlike those overpaid ministers who are giving brainless comments in parliament. I guess we really need a change
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Who should we believe? The 87 year-old MM Lee or the 51 year-old Law Minister Shanmugam?
MM Lee: “…property prices have gone up because foreigners with permanent residence are buying into the market.”
Law Minister Shanmugam said that foreigners are not responsible for driving up HDB prices: “You say maybe foreigners are paying these high valuations. I think if you check, you’ll find that the majority are Singaporeans.”
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The PAP doesn’t need to acknowledge problems NOR face problems and definitely there isn’t a need for accountability.
They have 66% in majority votes. The people of singapore loves them. The aunties the uncles we all talk to who says Who can take over PAP? They all will vote for PAP again n again.
Singaporeans love to be screwed up the ass. After being screwed by PAP, singaporeans learn to say thank u to the people who screw up their ass, PAP and foreigners. After saying Thank you to the people who screw their ass, Singaporeans must PAY these PAP and foreigners. After PAYING these people, Singaporeans must learn to not be so choosy on who screws their ass. Long Live PAP because Singaporeans are COWARDS who loves to get screwed!!!
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When i saw his face on the news on tv last night, i almost smashed my tv console. Luckily, i didn’t do it as it was not my tv’s fault. Really can’t stand his face these days.
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Just fellow MM’s words…vote MBT out to lower the price
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I suggest all ministers & MPs (especially the one leading our HDB board) must stay in HDB to understand our predicament.
How can someone who does not stay in HDB formulate & execute policies that are for the “goodness” of a country’s general populace? Most likely, these policies will not be wholesomely think through.
Be pro-active instead of sitting at your ivory tower waiting for fire to burn the backside. Even worse will be pretending nothing happen when sparks of fire seen. Mediocre quality.
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Don’t be surprised that in order to keep HDB flats “affordable”, they may propose to raise the loan tenure from 30 years to 50 years. By doing so, they will tell you that only 20% of your salary is used to service the mortgage loan, it is very affordable.
Couple with the proposal from KBW to raise the contribution to the Medisave account which will likely at the expense of the Ordinary account, resulting in less money available from the Ordinary account to service the mortgage loan. All the more why they should raise the loan tenure.
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A fresh concern to him? Holy damned!!! This problem has been the talk-of-town for months to years and it is still fresh to him? Either he is sleeping on the job or given a huge dose of incompetencny due to underpaid as what LKY said before.
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I would like to discuss on the subject raised by “Millions dollar Ministers” on our ministers being not able to understand the financial struggles of the commoner.
They can claim all they want about being able to understand and empathize the problems on the ground, the staid fact remains that they have already priced themselves beyond the moral foothold to represent.
The right to representation stems from identity and common experience. It is not necessary for them to be in abject or relative poverty in order to represent, however, it is of absolute necessity for them to have the basis for making the appropriate connection. for example, though extreme, if we see a minister donating half his fortune to a cause and is actively involved in pursuing the cause, public perception will change overnight. This is not rocket science, this is management of the intricacies of human perception and emotion, what we now call public relations.
Insights are of paramount importance. sadly, they have not been able to correctly identify the insights, and come up with policies to address them. all marketeers know the significance of capturing consumer insights and create a product or service centering around the captured insights. this is what apple did for their iphones.
With the right product, coupled with well planned and executed sales, marketing, promotions push, even a dictator can last for a long time.
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While MBT is responsible for the high property price, the main culprit is PM Lee who starts the aggressive immigration policy !
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Don’t u just love it when they can in a space of weeks, u-turn, take back their words, change their stance, say what they like treating us like idiots without nary a rebuke or consequence?
They do what they like as they like say what they like when they like even when cold hard evidence points otherwise. And when it all falls apart, they just issue a statement and walk away from it unscathed, scott free.
This is how swiss standard ministers who command the highest salaries in the world behave and operate.
And their citizens us, only bang balls and try with futile hope to get their attention to real world issues.
if only we knew we were wasting our time……..
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The Millionaire MahBoTan is trying to redirect the blame to Speculators/Rules Abusers for his incompetence, lies.
Simple fact is: HDB prices are inflated beyond the means of average Singaporeans. Period. Market subsidies, discount etc are but ways to entice people into buying their PONZI SCHEME.
MahBoTan is panicking because he’s getting all the attention right now. He didn’t use the word ‘Affordable’ in the speech, he said: “Well within the means”.
Singapore must vote HIM out to show that WE ARE SERIOUS.
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Enough is Enough…
Just Vote them out!
Enough of the PAP Gov’t…we WANT A TRUELY SINGAPORE GOV’T!!!
For our own and kids future.
Punish them thru your votes!
Opposition please form an ad-hoc alliance…please target all wards and GRCs…please keep your critical plans / strategic directions hidden insofar as much as possible…
Engage with logic, rationality, Vision and PASSION…watch out for the usual dirty tricks prior to the election where the incumbents will use the rules they bend over the years to hijack the election direction heading for all of us singaporeans who voted against PAP.
Please. Enough is enough. Tolerating their self serving greedy nonsense i can understand but these decade policies of killing off the middle income class/lower income class singaporeans is beyond my endurance…it has cross the line from being greedy to doing real evil!
Enough is enough!
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yeah, TL.
ALL the pigs are responsible.
productivity fell from 1995 onwards and goh cock talking was the PM.
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I don’t feel like being a Singaporean anymore! With Sky rocket high price on HDB resale flat. I don’t even have my own roof over my head with my son. How does a jobless person like me to pay COV for $20K? I hope to get a new flat under single scheme but I am not allow to do so because I don’t have a neuclear family. Me & my son are not consider a neuclear family. I am not young anymore, how am I able to pay the housing loan till another 30 years? If I owe the TC conservancy charge will I be the next one to take to the Court for oweing them few hundred dollars? Talking about HDB flats, just look at our surrounding, it’s getting dirtier and dirtier. Everyday I passby the area where I stay, you can see soiled sanitary pad thrown out of the window, used blade, tissue paper and many other things lying on the ground. Just wonder myself why now Singaporeans become like these? Aren’t we are being taught from young to keep the place clean & green? Now where I go, I see rubbish here and there and we are paying extorbitant amount to the town council every month. I hate to live in Singapore now but I can’t afford to go overseas. Sigh………
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To TR: It will be good to write an article to verify pap media claim of HDB flat affordability…
Reading between the lines.. what is define as “non-mature estates” and which international affordability benchwork is use for comparison ??
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“On average, first-time households used 21 per cent and 25 per cent of their monthly income to service their loans on new and resale HDB flats respectively in non-mature estates. These figures are well below the international affordability benchmark of 30 per cent.” (Straits Times, 31 Aug 2009)
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TR should consider to start a poll to whether Mah should resign from his post. He seems to be an liability to the PAP. MM already feels he is not up to mark.
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heard from a friend that he took a 105K+ hdb loan some 11 years back to buy a 4rm flat and recently counterchecking with the board about the loan balance to-date, still 105K after paying for 11 years of interest????
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Last night I spoke to one of my neighbour who just sold his 4 room flat in the east for $383,000.00 and his COV is $43,000.00.
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As usual this so-called million-ollar salaried minister is uttering rubbish and assumed that he knew all the answers.
Whom to blame? Well, in my opinion it is cos we unwittingly voted the PAP into power and worst of all is we bought into this lie that a one-party rule is suited for Singapore.
The truth is for all to see, chew, whine and crow about. From CPF, HDB ….. it is all lacking transparency and I do wonder why Singaporeans have to put up with this crooked politics.
Singaporeans ought to deny these state of affairs and the only possible way to change is to have a multi-party system.
It is all a big drama as they need to stay in power and they would stoop low, lie and futurize and delude us so as to gain electoral votes.
Hence, vote and vote for changes and forget about the promises made or the change in policies.
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we has use more sea space for land to expand more surface area , hope there is no earth quake . Hope god is blessing us with no disaster , after so much bad deed been done in our land .
if we kana like haitian , we definitely need donation liao. Better put my saving oversea
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They will of course want to wait.
Wait, until the prices go SKY-HIGH
Then, they release flats for sale. They make MORE MONEY!!!
This is why HDB is happy with high prices!
If people cannot buy flat to get married, the HDB LAUGHS.
If people burdened with HDB loans can’t have kids, the HDB LAUGHS.
If people have no house, no one willing to defend Singapore, HDB laughs.
Mah Bow Tan deserves the death penalty more than anyone in Singapore.
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If they build enough new flats, it will cause ur flat “asset” to stay in constant value…. cannot achieve PAP aim of “asset” “rise n rise in value”….
Any person can only owe 1 flat at a time. If my flat rise in value.. other flats also rise in value…. so how does this attain rise in value for me ?? Sell my house i stay where ?? another expensive flat ? *as blur as it gets…..
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The data Mr Mah used is monthly repayment rate, which are inclusive of interest rates, using the HDB loan rates, which currently is higher then market variable and fixed rate.
TR should get their facts right first.
2ndly, flats are not overpriced, they are underpriced. The pinnacle going for 500-600k will be easily 1mil when it goes into resale. that is why the people buying there will refuse to let it go.
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As a Public Housing Minister and earning millions of dollars, he claim to be unable to control the HDB prices. It show that he is just a useless horse and we should lock him up in the Zoo.
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Also include replacements flat for many SERS En-Bloc cases!
So the quota for first time buyers are actually lower than it looks in TR’s other Forum on this subject.
Perhaps TR can revisit that one with an update to include deduction of SERS Eb-Bloc units??? As it it certainly give us all and even clearer picture of the darn “dance” game MBT has been and is playing. Of course he maybe constrained by his PM, FinM, SM and MM bosses in the Finance and land allocation arenas.
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It may be just me but i sense that the election is near.
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If speculation can be curbed, why not done beforehand? so many donkey years already.
If to curb = ability to control, why was it said price hikes others to blame?
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MM has come out to threaten the electorate that if MBT gets the boot at election time, all our home(flat) values will go down the tube.
Really?
That sounds like a serious threat not to vote for the opposition.
Maybe MM should realise we are all grown up now and can THINK for ourselves.
We should show him and the PAP that we can demonstrate our democratic right to vote. MBT will become history and life will go on.
And you can be sure when MBT loses his seat, the government will find him a nice chairmanship . After all as we know, Ministers dont fade away.They get given cushy jobs.Nuffin changes.
So all together..bye bye MBT.
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//alamakspore
proof that LKY is senile:
1. when you are old and self contradict, you are senile.
2. LKY is 86. he is old.
3. LKY claim that resale flat price cannot be controlled by the govt, so why should the fall be attributed to us voting against MBT.
4. All the more so, that it is MBT’s fault not to able to explain his housing policy to people, according to LKY.
5. Why should people of Singapore suffer because MBT failed to explain his policies? (actually, Singaporeans suffer because MBT failed to deliver)
6. Therefore, LKY self contradicts.
7. As LKY self contradicts and is old, he is senile.
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Lky is the only old senile politician in the world that command so much power and wealth.
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I miss early 1990s. I miss Ong Teng Cheong.
Mayb our GDP will be higher if the ministers get normal pay and more is spent to improve the lives of the needy so that they could work and contribute to economic growth too. Hai.
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MBT could just be a fall guy. I dont think he is capable of coming out with any sound policies. Muppet with strings.
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Firstly, Mah Bow Tan claims ignorance of property prices rising so sharply beyond the means of the average Singaporean. Now he claims ignorance of intense speculation in our HDB market. This is unbecoming of an elite minister who is paid top-of-the-world salary and yet expresses ignorance of what is happening when things go wrong.
The best thing for our property market is for ministers to shut up, because every time they talk, they frighten Singaporeans into rushing in to buy over-priced HDB flats because they keep frightening us about land running out and so our HDB flat prices would keep rising. The government must also dispel belief among Singaporeans and foreigners alike that the government would support the property market at all cost. This has led to intense speculation in our property markets, which is bad for the average Singaporean.
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The root cause of the current property bubble is Mah Bow Tan telling people that the government was going to open the flood gates to foreigners and increase our population to 6.5 million people. So how could minister Mah claim ignorance of the consequence?
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Any monkey any time any where. Change!
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How could minister Mah say HDB flat prices are affordable when the average Singapore has to take a 30-year mortgage just to have a roof over his head? In the past a 20-year mortgage would be considered too long.
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When is MBT going to admit that the enbloc policy is flawed?
Does enbloc drive up private property price?
Eventually HBD dwellers will find it difficult to upgrade to a condo. Then there will be more unhappiness.
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BAH
Yes, Ong Teng Cheong was probably the only one among the lot of PAP/ex-PAP leaders who dared to stand up and be counted. During his tenure of the elected Presidency, he had requested for facts and figures of pertaining to our reserves from the minister of finance (LHL) but was refused the privilege (and admission made by LHL in the Straits Times at a later stage, but with no direct mention of OTC in name). LHL made it clear that facts and figures would only be given (to the president) on a need to know basis, i.e. specific figures be given in reply to specific questions, and not everything in total.
Perhaps OTC sensed sometime amiss ?
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even my balls dropped, i will have courage to vote for pigs, monkeys and chicks. GRC is a freak. MP positions of millions $$$$ is freak too. So it is a freak election results, yes animals are freak and i vote for animals. Yes, we need cooling period to cool the freak feelings and we are animals like sheeps.
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One moment ” affordable ” and another moment ” raised fresh concern “. He is trying to hide here and there. Mr Mah, if you cant handle and control the prices,then please step down and resign from your post. You are making yourself a laughing stock by drawing millions of dollars and cant handle it. I repeat , please step down and resign .
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it’s amazing how fast the reactions are fr the establishment when the threat of opposition members standing in ur constituency arises in the next GE! keep up the pressure! there are other ‘lightening rod’ issues out there! pls see immigration, education, jobs!! set the agenda WP SDP SPP n nt the other way round.
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VOTE that MORON Mah Bow Tan OUT before he does further damage !!! MBT Pui Pui Pui !!!
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Why not we all just be squatters like what they do in South Africa? Haha. Since houses are so expensive and we can no longer afford them… why not we just sleep on the streets? Like this the Elitist might lower the flat prices to make it more affordable for us. We are dafts and sheep anyways. Sheep have to live on the big grassland!
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HDB should just revert back to the old days of providing normal HDB flats and forget about Design and Build project or other BTO projects.
They had the construction cost data across the board for all type of units.
By adding land cost + construction cost + loan from bank + advertisement + profit and attendance + misc,etc, they would know the total cost for all relevant unit.
Therefore, by selling this HDB units as per above assumption they could have control the resale market, assuming 10~15% premium above the selling price of HDB.
But by doing the abovementioned, existing HDB flats prices would come tumbling down and it make commoners like you and I asset poor and cash poor.
It all started after Dhanabalan took over the MND back in 1988 or about then. Except that this MBT inflated/blown it faster than Dhana.
Whichever way they choose, commoners like you and I are at the receiving end. Do we want our HDB prices to maintain / appreciate or do we want our asset to be devalued? Tough answer required from all of us for the betterment of future generation.
This will directly affect the private housing as they command a premium over HDB too.
Midnite
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What the hell LKY and his PAP yesmen talk about asset appreciation? Yes HDB may appreciate but we have to pay until we reach 60s. By then do we still have money in our CPF to retire? If property prices appreciate so does interest rates isn’t?? If we sell and cash out, where are we going to sleep? Furthermore now with ALL the medi this and that… do we still have money to retire? The govt is extremely wealthy and they do not want liability so they keep raising all kinds of rubbish contributions! Whatever money Temasek and GIC make, the ministers draw millions of dollars of salaries and they invest with our money. They reap the $ and we take the risk. Now inflation is about 5% and CPF pays only 2%. Singaporeans are really suckers, most of them. They still happily praise the govt and vote for them, thinking of stability and reliance on them. Now LKY is already showing us his nasty side by saying if we (Singaporeans) don’t work hard, he’ll import PRCs…
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If you guys remember, some months back, they said 95% of the first time applicants get a flat in their second try. I remember that number very well because I applied twice and my queue number was way off off off.
It will be interesting to know that % now.
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“Echoing the stance of Prime Minister Lee Hsien Loong, Mr Mah said the Government should not ‘interfere in the resale market’ and should let it ’set its own price’”
This is a stupid comment because government has been interfering with the resale flat price through the large import of foreigners and reducing the supply of new flat !!! If both PM Lee and MBT cannot understand basic economics theory on how demand and supply interfere the price level of the group, it really tell you their quality !!!!
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I vote MBT out.
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May be every new baby born of each copule gets a 10% discount in HDB flat price. Making 5 babies can buy the HDB flat at the price the couple can afford. WIN WIN situation ha..
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My parting remark to you: Native Singaporeans are being short-changed.
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The contradictions that we often see in PAP politics when we read the newspaper arises because the PAP ministers seem not to know what the other is doing. If you have to worry about your PERFORMANCE BONUS – which is a 7 months salary at stake – you are more focused to meet the profit goal of your own department, not the people’s interest.
Often times, we see LKY comin’ in to supposedly clean things up. His condescending remarks on native Singaporeans voters’ concerns for rising properties, transport, loss of jobs, overcrowding, employers preferences for non-obligated NS/reservists foreigners over Singaporean workers, among other things serves a strong purpose. What is he and his machinery trying to do?
PAP’s non-full disclosure and non-transparency behaviour is a tool they’ve employed on the Singaporeans for many years. LKY outbursts serves to DECORATE the CHAINS that he has binded Singaporeams with and you start thinking they are ornamental. When he sensed that people are being DECONDITIONED from his propaganda, LKY comes in to make the chains golden and make these chains seem valuable once again. And you don’t think they are chains yet again? What PAP is doing, all these years, is to decorate the prison so long and so beautifully that you have forgotten that it is a prison, you think it is your home.
Singaporeans have been conditioned to be politically apathetic for too long. They can’t see beyond their rice bowl and securing a house. You have become so accustomed to living in chains that freedom taste bitter.
Majulah Singapura!
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The last 2 years I have been debating whether I want to sink my roots here in Singapore and be treated like a third-class daft citizen in my own native country of birth. As we all know over many years of the government’s rule, they are the first-class citizens, the foreigners and PRs are the present day more valuable second-class citizens and where does that leave me? I have decided to migrate for better or worse as I know it takes courage to leave Singapore. But it takes even more courage to live in Singapore as a respected voter and citizen.
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Lee Kuan Yew said Singaporeans are stupid.
Since Lee Kuan Yew said Singaporeans are stupid,
therefore, Singaporeans must be stupid.
Isn’t Lee Kuan Yew a Singaporean?
In order for the thrust of this arguement to be valid, it must follow that LKY does not see himself as a Singaporean.
Now, we understand why Lee Kuan Yew said that the Singapore Pledge is merely an aspiration.
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In a matter of a few days, LKY comes in and says the contrary to what Mah Bow Tan and Shanmugam has been saying.
Do you know what’s happening?Is LKY that stupid to contradict his ministers? This is a mentor, my friends. They’re out to create a scenario. The plan is to build up the tension of the voters’ regarding their concern on having an affordable roof on their heads. Then, before elections, something sweet will be given to the voters on this matter to swing them over. After election, another list of money laudering policies will come out. More brazen then before. The employee CPF contribution will be increased to 22%. What are you going to say then? Chew your fingers? The more insecure the government makes the Singaporean, the more secure they are.
They can’t use the New Singapore Shares, Progress Package and ECS anymore. They are not stupid to overuse the same method.
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Lee Kuan Yew screwed up. No discussion.
Goh Chok Tong screwed up. No discussion.
NKF screwed up. No discussion.
Wong Kan Seng screwed up. No discussion.
Mah Bow Tan screwed up. No discussion.
Lee Hsien Loong screwed up. No discussion.
Singaporeans kana screwed. A lot of discussion.
Where have we gone wrong?
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