Minister Lawrence Wong’s latest hogwash: HDB flat a depreciating asset = a ‘good store of asset value’

MND Minister Lawrence Wong has offered even more hogwash in an attempt to explain Lau Goh’s asset enhancement (AE) scam, .

Wong recently caused panic among hundreds of thousands of HDB lessees when he stated the obvious: HDB flats are depreciating assets worth $kosong at the end of their 99-year lease.

Image from TOC article by Chris Kuan.

Out of the blue a few days ago, Wong decided to insult HDB lessees and also contradicted himself by claiming that “HDB flats (are) a good store of asset value“.

Wong has many thinking citizens scratching their heads and asking WTF was he trying to say.

A home is supposed to be …. a home but Wong doesn’t seem to think so. He believes that a HDB flat should also double up as a “retirement nest egg”. Hmm … will MOT Minister Hara Kiri soon insist that private vehicles are also a good store of asset value?

Instead of reforming the failed CPF Ponzi scheme, Wong would rather retirees sell their homes and move into unfamiliar surroundings away from family members, relatives and friends. To Wong, a former civil servant who has earned millions in tax dollars, social issues are … no issue.

Question for Wong:
Will you ask your parents to move into a 2-room HDB bird cage after they have slogged a lifetime because of our failed CPF scheme?

No society is perfect but downgrading/selling our homes at retirement should be an exception, ie monetisation of citizens’ homes should not be the norm.

Wong has also continued to mislead the public when he illustrated his “good store of asset value” with this ideal scenario:
– 30-year-old couple
– combined income $5000
– $75,000 maximum grant to buy resale flat
– Resale flat 10 years old
– Downgrade to 2-room flat with shorter lease
– Retire at 65 with a remaining 55-year flat lease

But in the real world, how many 10-year old flats are available? How many couples have been given the maximum $75,000 grant?

According to official statistics, there are about 350,000** HDB flats which are 30 years or older. In 10 years’ time, 218,000 flats will be added to this pool of old flats. (** Some discrepancies which I will highlight in another post.)

Question for Wong:
Should couples buying a resale flat in 2027 not be able to select from any of the 30 years or older 568,000 resale flats because they need to plan for retirement? What is the CPF scheme for? Not for retirement but to support real estate prices?

Wong mentioned the Silver Housing Bonus of $20,000 but intentionally left out downgrading costs such as removal costs, agent commissions, stamp duty, minor renovation, furnishing (old ones cannot fit into smaller flat), etc. What about paying back up to $55,000 resale levy highlighted by Leong Sze Hian?

Singaporeans are no longer living in an age when information was controlled by PAP. Wong shouldn’t assume otherwise or he will be make an ass of himself.

A depreciating asset = a good store of value? What will Minister Wong be saying next?

 

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

 

 

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25 Responses to “Minister Lawrence Wong’s latest hogwash: HDB flat a depreciating asset = a ‘good store of asset value’”

  • Uncle lim:

    In a one party state, PAP has found all ways and means to scam citizens so they can enjoy their millions.

    Take for example a driver who renews his COE: he loses the PARF value of his car as LTA forfeits it and thus the Govt gets free money.

    But why must forfeit the PARF?

    Likewise when after 99 years your HDB flat is ZERO value.The law is the law.

    PAP will try to throw smoke screen on this issue. ALL HDB owners better tackle this issue NOW before it is too late.

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  • 西李爸爸:

    All I know of this arrogant and incompetent minister, LowLan Wong, is leading us to a dead-end situation. This is another dirty tactic to control our lives, from cradle to graveyard.

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  • Sinkies Deserve It:

    This hogwash works! It is a message for the 70% daft sheeps who will clap and vote these PAPigs into power again. If you were a PAPig, won’t you smile with glee and laugh all the way to the bank. You skinned these sheeps and they will still thank you.

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  • Old Moon:

    HDB, CPF, “asset enhancement”, upgrading, retirement funding etc, are all inter-related. It is a conundrum that has no easy solution. It will be the UNDOING of the PAP government. It has to solve it without causing major economic and social dislocation. Or continues to hand out cherries and kick the can down the road.
    Cherries are handed out to buy votes, the moment the supply of cherries is stopped the votes will stop too. Serve the PAP right!

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  • N.Jungne:

    In 10 yrs time, it will not be Laulan Wong’s problem. He is just playing “musical chair”, waiting for another PAPer General.

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  • Amos humiliate L*L and PAP:

    L*L made HDB the “mother-aoo-scam” after he became PM. Price of public housing more than doubled. To make matters wrose his pro-alien policies depressed wages whiel he and his wife are paid millions eah year. That is why I was so happy when L*L and PAP were humiliated by Amos in a US court. Their credibility (and legitimacy) are gone. Going forward anytime they talk about free speech, democracy, meritocracy, 1st world country, etc. they would just be confirming that they are just a bunch of hypocrites.

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  • zika:

    If there is such a thing as a Personal Housing Fund, it should be separated from CPF. Conflating housing and retirement issues in one fund is just messed up.

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  • 1234:

    Actaully hor,we buy house to

    Stay or we buy house to live in??

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  • New Egg Yoke:

    SssssssssNake ! Beware of this blatant Ssssnake shedding more skin to Sssslither away.

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  • rukidding:

    I guess Mr Lawrence Wong , himself is now….”Living the good life” !

    Totally …”Out of Touch” with the ground !

    Can say…”Floating or dreaming” also !

    “Wild imaginations” indeed !

    As good as the same outcome of a “strong ejaculation” !

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  • Bapak:

    What he is trying to say is you all kena tipu good time.

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  • MarBowling:

    Don’t think and expect LW and Gang who are drawing $millions salaries bother to analyze the serious problems of the crap arse aka asset enhancement most HDB dwellers(80% of the total SinKapore population) will be facing years down the LOONG and winding road! They are more interested in further ENHANCING the existing arse aka asset enhancement scheme of things! To them better to kick the can down the Road….leave any problem to the next smart aleck!

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  • gave up:

    good ah good ah .. hdb become cheap cheap liao .. our children can buy very affordable hdb no need to borrow loan to buy .. good ah

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  • Green Bird:

    Actions and words publicly reveal a deep lack of experience and working knowledge in running a country as a senior Public Servant, otherwise will bring more shame to the whole nation. Trainees should start from the bottom of the level, and not heavily dependent on their support assistants. True commitment and conviction really matter to sit on any top job in public or private sectors.

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  • Ask his papa:

    Ask his father to down grade to 2 rms ok.
    Wks now is a millionaire with all the luxury cars and big houses.
    Made enough from the clever sickaporean and enjoy his hard work.
    What a different world all together.
    Best part is son now also earning from sickaporean and soon be rich too.

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  • PAP snake oil seller:

    It is now an established fact that we are not the owners of our flats,only tenants.When the flats reach 99 years they are worthless.We cannot even give it to our children unlike a free hold.

    The PAP and LEE KAYU have told us HALF TRUTHS all these years.The SWISS STANDARD of living,Singapore entering world cup in 2010,Singapore being the Boston of the east ALL LIES.

    What other LIES HAVE PAP TOLD US,maybe THERE IS NO MORE MONEY IN THE CPF,PAP PM LEE COME CLEAN.We are SICK OF YOUR LIES AND COUNTLESS MRT BREAK DOWNS.FUCK YOU PAP.

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  • Dont trust PAP:

    Lawrence Wong like Mah Bow Tan only wants their bungalows and private properties investments to appreciate in price.
    They reduce land sale so the oligopolistic private developers will bid aggressively for land and then sell units at big fat margin.
    The developers have been hogging land and units, and avoiding taxes and duties, keeping ther holdingg cost low, and aspiring Singaporeans become desperate to buy at whatever price the developers ask as prices will shoot up again.
    Wong recently reduced the duties and holding period, and this will encourage speculators and investors to buy not to mention desperate genuine buyers. Units sold in March was about 1,800.
    Their job is to ensure HDB sells flats at as high a price as possible to top up national coffer, so that Temasek and GIC could “borrow” more at cheap rate.
    Flat price drops to zero value upon lease maturity is none of their concerns.
    How could reale flat prices go down when prices of private properties and new flats are that high and expected to go up? They are all inter-linked, pegged to land price.
    Let Wong and his gang push up private property prices and new flats prices and push down resale prices, be it due to lease expiry or amortization, and we shall see the consequences.

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  • Elkay Whye:

    I swear to my dead wife,
    I do not think the 70% understand the lease expiry depreciation issue.

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  • Sigh....:

    This guy is short… on all the most important and necessary things

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  • lan:

    Karma
    Pls go visit together with barn owl plus visit that paKar who say cPEEf not people money plus extra night visit to the 70-bird-sense
    Chee bye DOG bless U

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  • PAP snake oil seller:

    Why did this DIM WIT BALLS CARRIER not tell LEE KAYU not to collect his mp allowance when LEE KAYU was doing FUCKALL sleeping at home and not attending parliament and not going going for meet the people session for over 2 years?

    These are the things that a mp should do not sleep at home and collect tax payers money.PAP ALWAYS GIVE ADVICE TO US LESS MORTALS BUT THEY NEVER FOLLOW THEIR OWN ADVICE.

    Now this DIM WIT Lawrence Wong telling us to down grade for retirement.Why should we when LEE KAYU enjoyed all the comforts of a mp but never lift a finger to do his job.

    PAP COME CLEAN,what is good for the gender is also good for the goose.If tax payers can foot the bill for a non performing mp they should also foot the bill for retirees.

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  • PAP snake oil seller:

    Read IN TOC Singapore that WOODLEIGN MRT was closed for several hours because someone had spilled balking flour of the station.

    What GOONDUs are managing our trains.If there is balking flour in a few stations our whole ASSMRT will be paralised.

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  • cw:

    This divorcee is not a nice person at all. he does not bother to help u at mps. just looking after his own interests.a vvvv toxic person. arrogant to the hilt.

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  • LIONS:

    actually,it is total bs to talk about SOCIAL RESPONSIBILITY when both govt n corporate are socially irresponsible ?

    sgs have their jobs n livelihoods taken away n at the end of the day may even become HOMELESS???

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  • Cpf no enough:

    2 persons found dead in the SG river. 2 persons in a span of 4days last week.
    Was it foul play or 2 poor souls who couldnt take it anymore?

    GD Star Rating
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