Tharman: Singapore Home Prices Need To Cool Further

[Matrix0405]

Minister T and K have been 'predicting' cool since 4 years ago. Looks like finally they are getting it right. 4 yrs ago, ahgong said kar kar buy, many ppl kpkb why he singing a different tune? Now we know who is giving the hard truth.

[Evillusion]

 

HDB houses 80% of the singapore population.

If what u say is going to happen, the singapore economy will tank overnight.

Essentially easily tens of billions dollars (which btw are people's own dollars) will disappear overnight.

 

Next better solution please.

Your solution will only have worked if it was set up in 1960s.

And yes like jamesc, it will only have the effect of making slum towns.

tens of billions that will be in cpf which does not account to my individual and family economics. Luckily many hdb dwellers pays using the cpf monies so any losses wont be felt until comes the drawdown date. If the private property sinks then that will be a worrisome scenario!

[Jamesc]

 

Not lower income ceiling lar ... But instead Tier it ... Different or More Tiers ... Different Selection ...

 

No Minimum Occupancy Period ... Cos even if you sell back to HDB after 1 year to upgrade or downgrade ... Same Price ... No Profit, no enticement ...

 

Swee Boh ...

 

Haha very swee.

 

I vote for you to be housing minister.

 

I cannot wait to buy a bigger flat with your tier system.

 

[Gitanic]

 

 

walau left, right also kena poke, then we will have all the gay as minster liao, they prefer to be poked

they said it's a thankless job n it is true.

[Jamesc]

now that HDB prices are so high.

 

if you pull down the prices what will ppl like my youngest sis who paid 600+k for a 4-room flat?

 

you are not fair to them.

 

she is going to take a broomstick and poke Tharma's ashhole.

 

the best way is to significantly increase salaries so HDBs remain affordable.

 

but dont restructure the economy again or i poke his ashhole.

 

the economy changed too fast in recent yrs for many old men like me to cope.

 

There will always be winners and losers in every system.

 

Who ask your sis to pay so high?

 

Anyway ask her to take one for the team

 

If we implement the CYF system then she kids and all kids

 

will have affordable housing.

 

As for significantly increase salaries I completely agree

 

I have been asking my boss for this to solve the housing problem

 

but he keeps ignoring me.

 

I will vote for you to be Finance Minister to implement the higher salaries

 

the significantly salaries.

 

Edited November 3, 2014 by Jamesc

[The_Bear]

they said it's a thankless job n it is true.

 

thankless? The remuneration is not insignificant. Shouldn't the previous office holders be held responsible for the debacle they created? HDB prices are pegged to open market. Open market pegged to HDB vice versa. Infinite looping with CPF ensuring enough money to fund the spiral. How now?

[Jamesc]

The problem with this country is the people

 

that really knows how to run this country

 

are too busy here in MCF and don't have time

 

to be the Housing and Finance Ministers.

 

[Chowyunfatt]

now that HDB prices are so high.

 

if you pull down the prices what will ppl like my youngest sis who paid 600+k for a 4-room flat?

 

you are not fair to them.

 

she is going to take a broomstick and poke Tharma's ashhole.

 

the best way is to significantly increase salaries so HDBs remain affordable.

 

but dont restructure the economy again or i poke his ashhole.

 

the economy changed too fast in recent yrs for many old men like me to cope.

 

Lets say I paid $1M for a HDB ... And the Next Day like Stock Market, it crashes ...

 

If I bought to Speculate ... I would have made a huge lost ... It a Gamble ... Some Win ... Some Lose ...

 

If I bought to Stay ... I would have chosen a wrong timing to buy, just like the COE ... But I would still have a Roof over my Head ...

 

When one Speculates, there is no sure win formula ... But if one chooses to Speculate, do it at one's own Risk ... And with one's own money, not Subsidized Tax Payers Money ...

The problem with this country is the people

 

that really knows how to run this country

 

are too busy here in MCF and don't have time

 

to be the Housing and Finance Ministers.

 

 

Do I Have Your Vote? ...

 

[Evillusion]

now that HDB prices are so high.

 

if you pull down the prices what will ppl like my youngest sis who paid 600+k for a 4-room flat?

 

you are not fair to them.

 

she is going to take a broomstick and poke Tharma's ashhole.

 

the best way is to significantly increase salaries so HDBs remain affordable.

 

but dont restructure the economy again or i poke his ashhole.

 

the economy changed too fast in recent yrs for many old men like me to cope.

The ministers all complain our salary to high liao (but they themselved say their salary needs to be high)and you want salaries to be increased! Do that and we will lose our competitive edge.

Your sis bought what kind of hdb flats....600k for a 4 room flat is ex! Maybe the oni way i think to go is the gov giving subdidies for a SG citizen to buy a house. Maybe for each citizen to be given 50-75k each. So if a couple are Sg citizen they can get roughly around 150k of subsidy. PR wont get any....if 1 couple is one PR and 1 SGian oni the SGians will get.

For those who had bought earlier maybe the subsidy should be pegged to the yr they bought maybe starting from the yr 2007 as prices then were quite affordable.

[Icedbs]

 

If one choses to upgrade ... You can sell back to HDB your current existing flat & then apply for a bigger unit ... A HDB Flat cannot be Re-Sold to an Open Market other than HBD themselves, to kerb Speculations ...

 

 

This is a good idea, except that it will drive the income gap between rich and poor even larger

 

The less financial well to do will go with the HDB path. At the end, they don't make anything from their flat.

 

The private properties will however be booming. Since some people can't get HDB from open market, they will turn to private causing the private market to increase further.

 

If you consider 80% of people are in HDB and 20% in private, a lot of those HDB folks will financially be stuck in the rut but the private folks will get richer than ever.

 

Big wealth disparity between rich and poor is also not a good thing.

 

 

[Evillusion]

The problem with this country is the people

 

that really knows how to run this country

 

are too busy here in MCF and don't have time

 

to be the Housing and Finance Ministers.

 

hahaha....many here would just love to drive and enjoy our cars!

[Gitanic]

 

thankless? The remuneration is not insignificant. Shouldn't the previous office holders be held responsible for the debacle they created? HDB prices are pegged to open market. Open market pegged to HDB vice versa. Infinite looping with CPF ensuring enough money to fund the spiral. How now?

the pressure they face is disproportionate compared to private sector.

 

thus cant say whether their salaries are justifiable.

 

it is rather subjective.

 

these prices are more of current govt's mismanagement.

[Duckduck]

The problem with this country is the people

 

that really knows how to run this country

 

are too busy here in MCF and don't have time

 

to be the Housing and Finance Ministers.

 

 

true but that also means more pple shld b involved in politics... coz no pt complaining abt policies if we dont want any part in forming them...

[Lala81]

the pressure they face is disproportionate compared to private sector.

 

thus cant say whether their salaries are justifiable.

 

it is rather subjective.

 

these prices are more of current govt's mismanagement.

 

The flow of easy money in the last 7-8 yrs has flooded into all stable economies. Especially small ones like our own.

The pte housing prices has risen quite significantly due to this.

 

The HDB BTO prices should have been held firm then. But unfortunately they did the double whammy mistake of drastically reducing BTO supply (for new citizens/PR + own local demand) + pegging BTO pricing to market valuation for a few years.

 

Now interest rates are still low, only when this increases significantly, will there be more major downward pressure on prices. The PC oversupply issue should also come into play in next 2 yrs and beyond.

[Voodooman]

 

...

Go read what i said lah. Did I ever say that?

I just said that they've made a bad mistake in allowing it to being marked to market. But it's not a mistake that they can just erase off the record.

 

So you agree about what? Public housing should stay public in what way? Having an artificial limit on HDB RESALE prices?

 

If BTO prices ever become exorbitantly expensive, don't worry. The generation of buyers will vote No to PAP.

 

I did in 2011 when i was pissed off with MBT.

 

But is the situation same as it was in 2008-2011? No.

 

Frankly my opinion is that if we were as frugal as most of our parents, and saved at THEIR savings rate, most people will be able to well afford their HDB and even more. It's just that we spend a lot of money on frills.

 

 

Well at least we are on the same page on marking to market but I do think that so long as HDB is allowed to be rented out perpetually (after 5 years MOP) and the rich can continue to buy/hold them despite holdings multiple private properties (and staying in their private properties), valuation will continue to rise and with rising valuation, everyone will use it to make monies instead of seeing it as a primary residence, which is its intent. If you are not staying in your HDB, you should sell. That will ease resale price and stop the hoarding.

 

The mindset that HDB is for primary occupation of owners and his/her family has to be reinforced, otherwise there is nothing public about our public housing scheme.

[Lala81]

Well at least we are on the same page on marking to market but I do think that so long as HDB is allowed to be rented out perpetually (after 5 years MOP) and the rich can continue to buy/hold them despite holdings multiple private properties (and staying in their private properties), valuation will continue to rise and with rising valuation, everyone will use it to make monies instead of seeing it as a primary residence, which is its intent. If you are not staying in your HDB, you should sell. That will ease resale price and stop the hoarding.

 

The mindset that HDB is for primary occupation of owners and his/her family has to be reinforced, otherwise there is nothing public about our public housing scheme.

 

Well that part i'm neutral on. I think there maybe some benefit to removing this "loophole". Though i also want to exploit this later on... though i will stay on in my HDB.

 

Frankly even though some of my friends could have bought a HDB (resale/BTO) like me and then buy a condo later. Hardly any of them did. And we are all middle class folks working in govt/pte sectors. None of us are tremendously successful like T2/Porker or what.

I'm the only one of my close friends living in a HDB.

The people holding a HDB then buying another Pte property in future will reduce quite a lot. From my personal limited experience from all my peers and my wife's peers.

Edited November 3, 2014 by Lala81

[Coltplussport]

 

Well that part i'm neutral on. I think there maybe some benefit to removing this "loophole". Though i also want to exploit this later on... though i will stay on in my HDB.

 

Frankly even though some of my friends could have bought a HDB (resale/BTO) like me and then buy a condo later. Hardly any of them did. And we are all middle class folks working in govt/pte sectors. None of us are tremendously successful like T2/Porker or what.

I'm the only one of my close friends living in a HDB.

The people holding a HDB then buying another Pte property in future will reduce quite a lot. From my personal limited experience from all my peers and my wife's peers.

 

 

Talking about the rich staying in private homes and rent out their HDB(or the other way round), I am also neutral. On 1 side, why are the rich profiting from good rental income subsidised by the government. But on the other side, if there is not enough rental flats available, not many PRs or any FTs can afford private properties rental.

[The_Bear]

the pressure they face is disproportionate compared to private sector.

 

thus cant say whether their salaries are justifiable.

 

it is rather subjective.

 

these prices are more of current govt's mismanagement.

 

Definitely. When was the last time you saw a senior public office holder got sacked because of incompetence?