Artificially inflated property prices leaves high priced property owners in the lurch?
August 31st, 2010 | 
Author: After reaping all the dollars from the CPF accounts through the artificially inflated prices that were deliberately pushed by Mah’s HDB and URA policies – he has left all those high priced property owners in the lurch.
When property prices begin to slide with his sudden belatedly U-Turn policy, the banks will be calling on those high priced property owners to make-up the difference between real market values and their mortgaged loans.
This matter was discussed as early as October 2009 in some of the forums and blogs, and the superior Minister from the Pro Alien Party was adamant that he did not need any correction.
Again, without any apology another U-Turn is made surreptiously under the guise of wisdom to take “early corrective actions” now – when it is already too late.
Will this government of the Pro Alien Party assist the “high priced home owners” who committed to their purchases over the last 3 to 4 years, and keep the banks from hounding these mortgagees ?
All these problems of housing shortages, over priced land sales that affect housing costs, are the handiwork of another self-acclaimed talent from the Pro Alien Party.
From the Ministry of Communications – Minister Mah left Singaporeans with the dubious assurances that telephone call charges by the minute will be LOWER and FAIRER for households.
From the Ministry of Transport – Minister Mah left Singaporeans to bear the high road taxes of 400 percent increase beginning from 1982, and gave the false assurances that Road Tax will be LOWERED to a level before the increase when ERP system is extensively installed.
Have we seen any further reduction in road tax when ERP is charged in both direction of travel during two daily peak period – going to work and returning home, and on all major expressways as well as secondary main roads; that include an inner and outer business district zones.
Now we have heard him claim that there is no bubble, and no housing shortage – that Singaporeans are to be blamed for not owning a home as we are simply too choosy.
Singaporeans should give him one clear choice to confirm his dubious career at the upcoming election.
Posted in Letters
MBT = Rich Clown
One of the Highest paid Clown in the World. Hard to believe it occurs in a 1ST WORLD country! Truely UNIQUE!
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1st world for them….
All other worlds for us…as the quote goes…”Fire is the test of gold, adversity of real human beings”.
And we have these “i-diots” sacrificing the infinite for the finite…and for what…to show others how “immortal” or how “rich” they are…for what, can bring to hell is it in the next world??
A person’s life is not worth living if one is always living for finite gains at the infinite cost of the many or allowing manipulation for selfish gains or to do thought controlled or make others live at the behest of personal irrational selfish and not sustainable agendas…
Haiz…
http://www.youtube.com/watch?v=H-u0uhTGGfc&feature=related
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with all these artificial inflatation of the hdb pricings, isn’t this make any different from cheating the citizens money?
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Mah is a pure breed liar. He must be so good at flip-flopping that PAP likes him to spin tales to keep Singaporeans under spell.
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Well, a Good lesson for all that are /will be (suffering) from this “sudden” policy…thats for being too “Kiasu” and “trusting”.
Continue to “Praise” and “support” your Idol.
This is what ” most Bootlickers and Kiki Ku kiki “type voters deserves.
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YEAH go fly kite Mah. But thanks for the new measures. I like it. please continue to impose more so that we go into recession. you deserve the million dollars pay cheque. you deserve to have multiple properties locally and overseas. pls continue to limit income tax for those earning more that 300k. love you Mah.
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I want to meet him in the meet (tekan) the people sessions and spit on his monkey face and watch my saliva flow down his forehead.
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atobe
good reference of his previous ‘DUBIOUS’ work.
this guy was a fromer SJI top student,a christian school.
so,how come he keep screwing up the poor citizens?
was he not taught correctly to be more compassionate and less greedy?
he seems to thrive only by ‘MAKING OTHER CITIZENS PAY’ his dues.
disappointing.So much for christian education.
sorry,don’t mean to say christians are bad.
just tht it irks me to see a christian school top student becoming an unconcerend money-ripping minister!
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Lets pray to God and our forefathers to remove all these clowns from Singapore they are betraying Singapore, just a branch of traitors
Our forefathers plant the tree for their children, grand children, grand grand children …for us to eat…
Now these traitors invite foreigners to share the fruits with us…and sing that we must welcome them….let us pray to our forefathers to haunt them down…We must also do our part..
Try using proxy to hide your IP stay alive dont get caught too early..
http://www.safeip.info
http://www.shownoip.com
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My sentiments are exactly the same.
Too many U-Turns.
With too many casualties.
I could not understand one bit when Mah laid the blame on property-bubbling effect on market sentiments….that may be the case in the rest of the world…Even than aggressive greedy bankers caused it.Which simply means the supply and demand alone cannot bring about the property bubble.There are other invisible hands—the availability of easy funds from greedy bankers as in the case of US.
But in Sinkie HDB and by that extension Mah controls 80% of our housing and property bubble…. a sneeze from him will send shivers in our property market.It’s that simple.
Now,with these new measures the damage is greater to owners caught in between Mah’s U Turns.What Mah had simply done is by an extension of 5 years from 1 yr is a postponement of 3 to 4 years of people intending to buy or sell their resale HDB flats….a management by crisis for the coming election.
Why does Mah need to resort to retrospective U turns when there are other better options available for him?
For example the valuation of resale HDB thingy..we all know there is nothing private about it since HDB controls each & every valuation.Suppose if Mah put his foot down and draws a line…that no HDB resale flat would be valued more than HDB ’s list of it’s worth…Tell me which banker would want to finance more than the HDB qualified valuation for any resale flat?…..and the COV to circumvent it?…now this is a mirage.Sure we hear of idiots paying a 100k more in cash but let’s be frank how many resale HDB buyers are there with 100k cash in hand?
….and even if every resale HDB buyers do pay $100k as COV than is it not a healthy sign that banks are not made victims of people’s folly?
Hence Mah has tons of other measures to cool the property market without retrospective U Turns…But Mah would not.Why?
Because it goes against PAP agenda of asset enhancement–read HDB prices going up and up & CPF being used to suck up every cents Sinkies puts in CPF for financing HDB flats.Simply,PAP creates an illusion of your savings into CPF which ultimately is sucked into HDB exorbitantly valued pigeon hole.
The PAP wants Sinkies to live in a make belief world that they give you a home(HDB) that doubles it’s value every 10 years and that you savings in CPF which is secured finance it….that is bull that causes the property bubble in Sinkieland.
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I believe MBT has finally do something right which should have been done early last year. The cooling will has some desired outcome but banks will not be stupid enough to bring valuation down without taking into account a flood of bad debts to write off. Singapore has very limited land and over the years property still is the best in term of investment returns than gold and shares. Rich and well to do people will still invest in properties in Singapore and only big political change will cause property price to fall very quickly and also a prolong recession in USA. Money supply is still very cheap and inflation will continue to support property buying opportunity. Now the price of any property will still grow but more slowly for a few quarters but do not expect price to drop anytime soon. When compared to HK, Singapore properties are still cheaper by a lot.
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wonders if the only way he can keep his constituency is to GRC gerrymander Tampines into Tanjong Pagar…
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Too little too late from the millionster. Next, look out for the trumpeting of “subsidies have increased” on all those new flats that weren’t needed 10 months ago but ooh, look, demand has only just shot up! So they’re needed now!
As for “Will this government of the Pro Alien Party assist the “high priced home owners” who committed to their purchases over the last 3 to 4 years, and keep the banks from hounding these mortgagees ?”, well, even the millionster’s compensation package doesn’t stretch to cover under water peak price buyers. You die, your business.
And to keep the mood flowing in the right direction, read this nice analysis:
http://furrybrowndog.wordpress.com/2010/07/08/are-extravagant-ministerial-salaries-screwing-singaporeans/
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All the audience attending to Rally 2010 were PAP elites.Regardless of race or religion they came out from the same womb of Mrs.Lee which bore from several hundred men.
Vote the PAP regime out !!!
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it they want us to give up our cars, then they shd really built a world class public transportation system
why shd passenger who are both paying for the use of public transportation get different treatments when using them, if u board ur train fm 1st stn, u get to sit but if u get onboard after few stn u probably hv to stand, few more stn down the rail u probably hv to squeeze, see the point, at the end of the journey all hv to squeeze their way out
and they compare our transport system to other countries, did other countries hv ERP, high import car taxes, discourage its ppl fm owning own transport if they can afford to?
clueless and short sightedness is real reason for our transport woes
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GoldenBoy:
August 31, 2010 at 5:05 pm
actually i dont mind taking up his job
only have to grow thicker skin
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Who dare to ask in Parliament how many more major U-turns to come and when?
Who dare to ask MM?
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Dual ownership is a major and costly U-turn, isn’t it?
Allowing speculation on public housing has made a great joke of the Mission of the HDB, isn’t it?
What will be the next major U-turn?
We wait.
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please lor, you buy at such a high price, are you asking for the govt for help? are you sure or not.. that defies logic.
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actually he has done something right this time round but abit too late. fire already burnt the whole house… now come the fire engine. tell me who will want to see their property prices to go down now?
dont tell me they going to use this as an tactic to reason for election again? if u dont vote for me, your $750k choa chu kang HDB will be $350k?
unless all these are calculated moves? not good to venture there. will get sued….
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Can the price of a HDB flat drop below 50 K of it’s actual price, even with this U Turn in Policy, where are the stats derived from ??
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I have said this multiple times, Mah Bow Tan is our people’s main adversary, the scourge of the Nation. Every portfolio he has held is riddled with problems and has caused so much heartache and hardship for us Singaporeans. I implore all of you in Tampines, VOTE him OUT!
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And long before MBT was ruining HDB, he left a disastrous trail of ineptitude – NTUC, SBS, SPH. All this short arsed retard did at these outfits was to raise prices to make it ‘profitable’.
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actually this Mah clown, despite having so much money, has been totally humiliated publicly by his own ineptitude that money cannot buy back any more credibility. We should feel sorry that he has landed himself in such a sorry state – defensive, unaware, just plain stupid looking, all in the public’s glare.
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He should donate 80% of his minister pay to charity for all the mistakes the ppl are paying for including the mess in the cooling measures of the property market.
Both my wife and i are SG born and finally managed to book a flat recently after all the ups and downs (astronomical COVs, failed ballot attempts and etc). Having contributed to my NS and defending mi rice bowl from the relentless flood of foreigner (reported making up 36% of the population no wonder) in my youth, it is heartening that the flat would only be ready at best in 3 yrs time but was stated to complete in 2015. By tat time we would be late and mid thirties.
So pissed when he can mention “It helps if you have a house. The fact that you don’t have a house straight away doesn’t mean you cannot have babies.”. How to have babies in overcrowded 3 rm pigeon holes for both our family. Appeals to HDB to help us settle down sooner have been in vain (even though there are hundreds of flats available that would finished sooner in the recent SBF).
To them the only fairness and solution is through balloting – result from the ballot is the act of god. To me by the time the flat its ready it could have lost its purpose. Is this the “talent” tat is good in u turning/caught off/flip flopping or the talent that failed to estimate the cost of an event by 3 times, worthy of the million dollars salary?
Better, Betterer, Betterest luck to me. Vote for change. Sad =(
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SGDroid:
if mbt is so bad
how come he is still among the favorite
by the way he was voted in by the people
so what talking you
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Folks, read my comments here…
There is no U-Turn for this MBT liao…Cos now he is making hard times not just only for the poor, but also for the rich liao…He expects those who own private property to dispose it in 6 months’ time. C’mon, please reason this : 6 months’ is too short and too rushy to dispose it. Moreover when they bougth that time, they bought it at a high priced rate. So now if they are going to sell, it means they are going to loss a lot. So now not only the poor will throw rotten eggs at MBT, even the rich will do so soon…Cry father and cry mother too.
Mark my words! This MBT retribution is not faraway. Though its not soon, neither is it too faraway. It will happen, because of his mischief and evil deeds that has brought many hardships and damages to citizens, and the Unseen will not let him off so easily. He will have to pay what he sow!
VerySian predictions will sure come to pass.. I never goes wrong with my predictions ……
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To YOU TOOK THE WORDS OUT OF MY MOUTH ATOBE:
I am impressed and thoroughly agree on your explanation on our CPF going from the CPF Board to HDB Ministry. It makes so much sense now.
Well said. This whole fiasca is so big a deceit, so criminally injustice, so deprive of human rights and humanity, that the modern world we live in won’t believe it is real and happening in Singapore!
There is Hell on Earth, and it is right here on this fiery, burning Red Dot!
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MBT is probably laughing his head off at the idiocy of SIngaporeans” stupidity. HDB is a political element of the incumbents’ modus operandi but who is there now to check, verify, account for whatever claims, projections or … made.
Why is this so? Again it is the one-party system that allows for such anomalies (or what one may be inclined to label).
For all I care whether it is a u-turn, right-turn or whatever turn – it is a political strategy and of course economics is not excluded.
Singaporeans need to wake up and simply not blindly imbibe but rather think, scrutinize and eschew linearity lah.
What is essential is almost nil – accountability, transparency and responsibility.
PS – If not for the internet Singaporeans are doomed cows lah, now, yes, still being sheep and bleating away.
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4 Holland Cl 16 to 20 73.00
Improved 1974 $500,000.00
A new record – a 3 room unit in Holland is selling at 500K!!!
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VerySian:
September 1, 2010 at 2:55 am
Those private pty owners, who OTP their resale flats, will probably just give up their 1K deposit and give up on the resale transactions.
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LittleDeafFrogs:
September 1, 2010 at 2:39 am
MBT’s claim of 3 years for BTO completion doesn’t include the paper work and tendering process for developers. The paper work and and tendering process for developers took 9mth-1year before they start the BTO construction!
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MBT shall be “PAP scapegoat” when election come. He had done too many sins already… time for him to go.
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The way Singaporeans are made to suffer by the very government they have elected is beyond belief.
After giving themselves the accolade of best brains in the world, they simply caused this big cockup. Even their release of 3000 flats will not do. It is just too late.
Don’t they have any cow sense in the first place?
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For those of you who think he is incompetent, you are wrong!
He is the top money spinning machine for the PAP. Just that he has to put up the smiling face to con the people into believing him that all the policies are for the good.
HDB prices sky rocketed is not ‘caught off guard’, but by design.
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Bunch of blackhearted evil people in the cabinet! So many people already behind cursing and swearing at them. Wish for their death soon! And also their families too…(No mercy shown to those who never shown mercy!)
Get rid of Pappies!
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LOL…I cant believe all you sore losers out there….just because youre not smart enough to benefit from this…doesnt mean its wrong..
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i am not surprise all this thing happened
when ministers compare their PAYCHECK with CEO who runs a company
MADOFF
ENRON CEO
WORLDCOM CEO
LESMAN BROTHER BANK CEO
AIG CEO
you can see the similarity between PAP ministers and those CEO above
and which country leaders compare their paycheck with company CEO?
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I wanna ask something. Mah was voted out when he stood for elections. The Pappies have shown great disrespect to the people by bringing him in using GRC. Not only have Pappies brought him in but given him such a critical portfolio and can also make him minister for national development. U Pappies implement policies using trial and error methods?
And u may want to split the gahmen into two sections. PSC and CSC. Public Service Commission and Corporate Service Commision. So at least there is some balance. Might help people better.
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yeah lah alot of BTO and ECs being pushed into the market. Another one of those election tactics? As usual must always use housing to garner votes. As usual la..
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aiya pls la the Singaporeans and PRs in condominiums must have gone to the ministers saying they also want to buy HDB for investment. So let them buy also la. But u have to sell off your private property ma. U cannot have best of all worlds.
Mah Mah Mah. Whatever u do, do it right right from the beginning.
I think Mah will do well in Corporate Service Commission.
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The recent measures are just to reduce shop term flipping and earn more stamp fees. I find them smoke bombs before GE.
PAP hasn’t tackled the 2 main drivers in property markets – 1. Foreign influx 2. Cheap money with low interest rate
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Just add this bunch to the disgrunted.
Between the devil and the deep blue sea.
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singapore’s population is divided by the haves and the have nots. the income gap has widen significantly over the last 4 years since the property craze started. i personally knew of several foreigners who easily made hundreds of thousands and even millions (your average joe’s lifetime earnings) just flipping properties. they take the money, say thank you to singapore, splurge on their ferraris, yatchs, build new mansions in their country, go on a round the world holidays. and at who’s expense??? now we are left high and dry working our axx off from sunrise to sunset to pay off mortgages. alternatively, queue and wait patiently for your turn to buy hdb flat.
all thanks to mbt and for allowing prices to skyrocket!
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