HDB CEO hints at overpriced flats (shorter leases), retirees may have to eat grass soon

I refer to “HDB chief suggests buyers should pay less for resale flats with shorter leases“.

At the IPS forum, HDB CEO Dr Cheong has again confirmed HDB flat prices are unable to defy gravity.

Cheong’s message contradicts what HDB lessees have been told by PAP ministers and 3 PMs for decades.

Former Colombo Plan scholar Dr Cheong told the 500 participants that “The price you pay (for your resale HDB flat) should (be) commensurate with the lease”.  Since current HDB prices have still not taken this into account, the continued decline in prices is to be expected.

Although Cheong was only stating the obvious, I believe more Singaporeans will soon wake up to our “asset enhancement” nightmare.

Since millions of retirees are counting on our HDB flats to fund our golden years, it appears that our retirement plans have been screwed by PAP.

After trusting PAP for decades, does PAP now expect Singaporean retirees to eat grass as HDB flat prices continue to decline?

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

Sponsored Content

19 Responses to “HDB CEO hints at overpriced flats (shorter leases), retirees may have to eat grass soon”

  • l'ingenieur:

    Why are SGs uncapable of deciding for anything other than the PAP?

    GD Star Rating
    a WordPress rating system
  • N.Jungne:

    Pitch Tents in Istana to do good together, can or not?

    GD Star Rating
    a WordPress rating system
  • You Die Your Own Business:

    The PAP patchwork policies are now broken.
    Previous rhetorics of hdb home is an asset is now demolished with a stroke of a few good-for-nothing self-entitled loose tongues.

    LKY and Woody Goh definitely did not expect this when they dreamt up the asset enhancement scheme. There should be no turning back when this policy was first drafted as every other schemes are crafted to support this.
    The Dishonorable son, expected to kick the pail anytime, has renegaded on his duty that the old man and the country bestowed him.

    Now many older sinkies are less able to downsize and living off the remaining funds for retirement. The hdb 30yrs short lease schemes for the aged has now failed. Poor sinkies are now trapped by their foolish blind trust on PAP.
    Many more are expected to pick trashes in the future, while other fortunate ones will work till their death. Social problems are expected to escalate further.
    The greedy PAP government has failed the trusting dafts badly.

    It is now left with oppositions to pick up the mess of turning things around and forming a new government. Solving these problems will make great election manifestos for the oppositions.
    The asset enhancement scheme is not undoable, but more demand is needed to strike a balance and modulate the growth. There are already many examples to learn from from other parts of the world. It is PAP greedy mindset and many other policy failures that compounded to bring down this country. The current batch of ministars, fattened with easily millions, do not have the experience and grit to lead Singapore anymore.

    GD Star Rating
    a WordPress rating system
  • Lee Bow Tan Malboro:

    No one owes you a living guys.
    You voted. You deserve it.
    Own it. Own what you reaped for what you sowed.

    Singaporeans study a lot.
    Even top in maths and science but zero top Tech company in the world built by native born singaporean.

    Why?
    Cos education is by memorization and regurgitation.
    They NEVER CREATE NEW KNOWLEDGE.

    Knowledge is created by the west.

    And their students never top in maths and science.

    With all the education, Singaporeans need to hear from the horse mouth to believe their flat is depreciating, even though a primary 5 student can also understand Depreciation.

    I would explain this stupidity as due to Psychology. A person Believing shit can be eaten will eat shit. Whatever and ever that you believe in is regarded as the Truth in your mind. The truth notwithstanding.

    IQ is always below the EQ.

    Their EQ is weak and trust blindly.
    Their psychology is by brainwashing.

    They would even live in denial that they live in a police state.

    With the regulations possibly coming up to deal with social media, they dun even know what’s gonna happen to their lives.

    Sad. Education. Toilet paper.

    GD Star Rating
    a WordPress rating system
  • opposition dude:

    You know how this will work going by how PAP does things.

    Your overpriced BTO at Queenstown will have a 49 year lease and it will cost half to three quarters of what HDB is asking for now.

    This shorter lease will not solve the problem, only worsen it. You shorten the lease then the flat’s appreciation price is only going to be even shorter before the owner has to sell to reap the profits. By the time the second owner takes over how many more years will it appreciate before it starts dropping since the lease period is now even shorter?

    GD Star Rating
    a WordPress rating system
  • rukidding:

    If you trust those Pimps and prostitutes ( P.a.p. ) so easily,…..then I am afraid you will definitely be “screwed hard” !

    Don’t blame anyone else,…cos you “voted” for it !

    GD Star Rating
    a WordPress rating system
  • Tom Lee:

    Exactly, the 70% voted to eat grass as well!

    GD Star Rating
    a WordPress rating system
  • Python 5:

    That Bt Merah flat sold at $288k, down 15% of asking price.

    from here on, go watch subsequent HDB resale transactions (mature estates-30-40yrs old). see which direction the prices go to.

    Oxygen, and Rabble Rouser..any comments???

    GD Star Rating
    a WordPress rating system
  • Ong PC:

    HDB CEO is just being prudent. The fact is, even with the declining lease, HDB flats will not fall much in value. This is because even when the lease expires, our govt can’t afford to kick people onto the streets. They will be rehoused in new HDB flats with new 99-year leases. Yes, it will not be free but at that time we will only be required to pay a token amount.

    GD Star Rating
    a WordPress rating system
  • LIONS:

    “Chase that rainbow”?$#@*%???!!!

    Maybe it is Chase that LAME-BOR?
    PAP screws the poor n enrich the rich like themselves.

    Swiss standard of living?
    More like SICK STANDARD of living

    GD Star Rating
    a WordPress rating system
  • Python 5:

    the asset bubble now is being deflated. by a loose tongue. (Lawrence Wong).
    pray the bubble deflation is suddenly being pricked by a pin.
    becomes an explosion.

    how about prices lost 70% of their values in say, just 70 days?

    Tom Lee:
    Exactly, the 70% voted to eat grass as well!

    GD Star Rating
    a WordPress rating system
  • PC Ong is not Ong PC:

    As late as 2011 pap was still faking news HDB is asset.

    70% sheep believed pap FAKE news to their own detriment.

    Hope the 2017 wake up call, HDB value goes to zero at end of lease, is enough to wake up 70% sheep.

    GD Star Rating
    a WordPress rating system
  • Taleban:

    Ong PC

    ” They will be rehoused in new HDB flats with new 99-year leases. Yes, it will not be free but at that time we will only be required to pay a token amount.”

    token amount?????
    Dream on……

    GD Star Rating
    a WordPress rating system
  • Ferrari Saw:

    Taleban:
    Ong PC

    ” They will be rehoused in new HDB flats with new 99-year leases. Yes, it will not be free but at that time we will only be required to pay a token amount.”

    token amount?????
    Dream on……

    FACT OF THE WORLD :
    EVERY CENT GARMENT SPENDS ON YOU CUMS FROM YOU.

    Many zombies believe a new 99 year will be given to them for free are like so stupid, they are walking evidence of the failure of the education system that looks good only on toilet paper.

    EVERY CENT WILL BE DUG OUT FROM YOU.

    GD Star Rating
    a WordPress rating system
  • HDB the biggest scam in town:

    In the early 1980s LKY made a comment that private property prices were too high. The market crashed.

    But after LHL made HDB the biggest scam in town the only thing you hear from PAP is that HDB flats are “affordable and subsidized”. PAP cannot let the property market crash again because it needs to continue to raise the price of new HDB flats to “drain”the CPF accounts of Singaporeans.

    GD Star Rating
    a WordPress rating system
  • Kick Them All Out:

    Taleban:
    Ong PC

    ” They will be rehoused in new HDB flats with new 99-year leases. Yes, it will not be free but at that time we will only be required to pay a token amount.”

    token amount?????
    Dream on……

    Not when PAP continues to government. They took the easy route out of the problems they created, and let dafts took the hit from their failed policies.
    The only way to resolve this is to vote in a new government , make policy adjustments, to rebuild confidence in the market.

    GD Star Rating
    a WordPress rating system
  • Rabble-rouser:

    The PAP is playing a dangerous game of POLITICAL SURVIVAL in their political scheme of things. They, the least of all people, should be aware of the Classical Conditioning patterns & schemes [scams?] they had engaged & imposed on the people. The PAP Classical Conditioning patterns were:
    1. ASSET ENHANCEMENT POLICY
    The PAP have long depended on PAP Dwellers (near 80% of voters) voting for the PAP to allow them the political mandate. The Asset Enhancement Policy [enacted by then-PM Goh Chok Tong] had brought them out from the much feared political wilderness after they had lost 4 seats to the Opposition [3 to SDP; 1 to WP] in the 1991 GE. It was a political setback of unimaginable proportion then. The then-PM GCT unleashed his Asset Enhancement Policy of HDB Main Upgrading Program, which was followed by HDB’s version of Selective En-Bloc (SERS) program of upgrading old flats replaced with new ones. This created the stimulus [Asset value enhancement] & the classical response [of HDB Dwellers voting PAP]. In the next election, then-PM GCT took back virtually all the seats except for Potong Pasir.
    Now MND Minister Lawrence Wong & now, HDB CEO Cheong Koon Hean have released the genie out of the lamp (bursting the Asset Enhancement ‘Scam’) regarding the fallacies of Asset Enhancement vs the price dropoff/reality of lease runout effect. In turn, they had triggered:
    * The HDB resale market for aged HDB flats had gone cold;
    * shattered the downgrading process for retirees monetizing for their retirement spending had gone up in smoke;
    * the stranding of the short-term lease flats ie. the new 2-rm Flexi flat market – whose going to buy when they can’t sell their existing flat?
    2. DEATH OF THE SINGAPORE DREAM
    Another classical conditioning pattern [of STIMULUS-RESPONSE] was the “Study hard, get good grades, go to a good school, get a good degree, get a good job.” That dream was effectively already over! – way back in the early 2000s but yet S’poreans were still dreaming the dream that no longer existed in reality today.
    The problem is that Classical Conditioning over a long period of time & initial success is very difficult to shake off. Like a puppy whose used to obtain food at the ring of a bell, the puppy begins to salivate when a bell is rung! Yet since the 2000s, all that study & good grade effort translate to nothing but a stint driving Uber/Grab (now only Grab). Apparently the stimulus is still there but the response is not!
    How long will the Young Generation go on before they realized they have been scammed? One took as long as 8 years before writing down his lamentations!

    GD Star Rating
    a WordPress rating system
  • Wrong emphasis and focus:

    Public housing should have been handled and controlled in a more humane and non-business manner bearing in mind affordability as the main factor. Public housing should not have been allowed to be entangled and intertwined with the overall property market casino. Big mistake.
    As a result people are living in anxiety, leaving less time for other important purposes in life. This “property enhancement culture” developed and cultivated and subtly encouraged that has evolved has created a populace absorbed in a “bland undignified out-of-focus” existence. Housing including car issues made people become stiff and “soulless”. These are non-issues in many other countries where their people have more time to enjoy celebrate life.
    This emphasis on economics as if life especially is centered around these two big tickets aspect of life were poorly-planned, unimaginative, with a crude pgymy look at life and existence. The powers that be are apparently so money driven. That not the be all and end all of life.
    Wholesome living means a good education, good health, care for the weaker members of society, the opportunities to better oneself in one’s preferred interest, a caring and compassionate society, instead of flipping through the economic report pages on getting up every morning.
    The approach to life should be easy instead of troubling situations and intrusions.
    The overemphasis on economics and material results and misplaced meritocracy have made people stiff and uninteresting coping and grappling through life.
    Being materially rich does not guarantee happiness.
    A moderate self-sufficient healthy person could be a far happier person.
    A “slow sampan” has its advantages over that of a “dreamer” fast speedboat that is in constant danger of breaking up into pieces on impact at an unexpected unpredictable bad turn.
    Sure we need to sustain ourselves, but let’s do it minus the hoarders greed and mentality.

    GD Star Rating
    a WordPress rating system
  • rukidding:

    Hmmm,….PC Ong and Cynical both seems to be “highly brainwashed” and if I am not wrong,….both are “living at the expense” of others !

    It is people of such “shrewd character” that seems to be supporters of these Pimps and prostitutes ( P.a.p.)

    Hopeless indeed !

    GD Star Rating
    a WordPress rating system

Leave a Reply

 characters available


Loading...
Member Services
Members LoginSelf-ClassifiedsSelf-Support
Sponsored Advertisement
Search On TR Emeritus
Sponsored Advertisement



Most Recent Comments
  • never voted pap: someone told us in Aljunied coffee shop pap PA chairman very angry with pap IB CI for not able to...
  • never voted pap: we never trusted pap. never. when singtel tv braodcast Al Jazeera, we paid for the broadcast. we are...
  • LIONS: When they subsidise F1,got ask about salary or not?
  • PAP.Guarantee.Win.GE2020: Dear Oxygen, You claim to be doing well in OZ, so please go back OZ and stop instigating...
  • l'ingenieur: Chris Bong: A vote for PAP, means you are selling out your future and that of your children. This...
  • Haigen-diaz: PM Lee is still following the path of his father’s legacy but through an intense program of kakistocracy...
  • world shift to Authoritarian: The world is moving towards conservatism and authoritarianism. This is thanks to screw...
  • Ferrari Saw CB: Is SMRT stand for SMART? STUPID or smart?
  • Rabble-rouser: : I went to SIM Lim recently, a shock of my life, almost 90% are foreigners. Where have the locals...
  • Thor long: This how washing machine works.
  • 3 crabs: 3 crabs salary is very high, equivalent or higher than CEO salaries in small companies. A VP in a GLC may...
Announcement
Support TR Emeritus
Support TR Emeritus:
Other Amount:
Advertisement
Advertisement
TRE Classifieds
  • Intercontinental Hotels Group

    A global company with 9 hotel brands. With over 4,...
    [Read more]

  • Expedia.com brings the world closer to you

    Go ahead and explore the largest range of destinat...
    [Read more]

  • The HostelsClub

    The Hostels Club network provides travelers with t...
    [Read more]

  • iTrack GPS

    Rest easy and never worry about your car being s...
    [Read more]