New VERS scheme for aging HDB

[Kusje]

wah...rich people got so many avenues to huat

 

i peasant storeman only know how to slog to earn money so as to put food on the table and pay for my hdb flat

 

 

Sifu, don't sweat...

 

Yours is the whole hdb block?

[Pocy]

If HDB flats are owned, then why canât the precinct be fenced off with access control similar to private properties?

Private99 has strata cert and a share of undivided common area of the condo ........ can go enbloc on its own HUAT!!

 

HDB you have a 99 lease for your unit built-in area only ...... how to fence up. Can only wait for carrot SERS and future VERS. This one funded by tax payers ...... song boh

[Wt_know]

hdb is public housing

public housing is supposely for living and family

then some genius say asset enhancement no $1M no talk

then sinkies siao siao pay $1M for resale

hdb price inflated to sky exhausted cpf drastically

now being told after 99 yrs the $1M equal $0

you are leesee got no strata title whatsoever

jit dong jeng !

Edited August 30, 2018 by Wt_know

[Lethalstrike]

hdb is public housing

public housing is supposely for living and family

then some genius say asset enhancement no $1M no talk

then sinkies siao siao pay $1M for resale

hdb price inflated to sky exhausted cpf drastically

now being told after 99 yrs the $1M equal $0

you are leesee got no strata title whatsoever

jit dong jeng !

 

Prata flip until cannot flip liao! 

 

 

Edited August 30, 2018 by Lethalstrike

[Meanmachine]

Towards the end of d day, It's ERECTION time liao, NATO only, thy are good at telling people we will get these and that, dangling carrots and sticks, by then they will sings another tunes, NO more PM, MND also change hands liao

 

I don't really care if VERS happens or not, its another 20 yrs down the road,some of us may not see light at the end of the sh*t hole . . .

[Yoongf]

Govt sell 99yr leasehold is to ensure that “ 3 generation later” govt got assets to play with.

 

I already cant figure out my own retirement planning, let alone my kids generation. Yet govt is forcing current generation to factor in savings for 3 generations later.

 

Might as well follow JTC method. Offer BTO with 20-30yr lease. Substantially lower cost, and lesser interest paid for lease yr 31-99.

[DACH]

Prata flip until cannot flip liao!

Especially that Prata which flipped to that asset enhancement trap. People pawned themselves to overpay a lease eventually return to the government in which they kena that "lethal striked" reality of losing money. Edited August 30, 2018 by DACH

[Throttle2]

I guess this sums the situation up

 

442AEF2C-CB9F-41C5-A4A1-D08046CC0556.jpeg

Lucky i only buy Rolex

[Lethalstrike]

Govt sell 99yr leasehold is to ensure that â 3 generation laterâ govt got assets to play with.

 

I already cant figure out my own retirement planning, let alone my kids generation. Yet govt is forcing current generation to factor in savings for 3 generations later.

 

Might as well follow JTC method. Offer BTO with 20-30yr lease. Substantially lower cost, and lesser interest paid for lease yr 31-99.

Isn't that akin to robbing the reserves for future generations?

 

It's also rightly said that a lot now can't even imagine if they can retire comfortably or not. If PAP got the balls to set the policy of HDB housing right for future generations, it's inevitable that they have to sacrifice an entire generation of HDB owners. Thing is, do they have the balls to walk the talk as they always claim to be, and sacrifice their votes in the process?

 

They are stuck in between a rock and a cold hard place honestly. But what we are seeing today is all of their own doing and past policies.

Especially that Prata which flipped to that asset enhancement trap. People pawned themselves to overpay a lease eventually return to the government in which they kena that "lethal striked" reality of losing money. ð

Yes, imagine those young couples who went for resale rather than BTO or Condo.Really kanna pawned big time. Edited August 31, 2018 by Lethalstrike

[Vratenza]

I kind of expected this to come from him.... That is sad... Lol

 

 

 

 

Those who buy a 50-year-old Housing Board flat today can very likely expect prices to continue to appreciate over the next 10 years, Minister for Transport Khaw Boon Wan said at a dialogue with young people yesterday.

 

Mr Khaw debunked claims that HDB flats are not assets just because the lease is for a limited 99-year period.

 

He was speaking to more than 200 young people from Sembawang GRC on topics such as housing, healthcare and cost of living, which were raised at the National Day Rally last month.

 

 

"If you buy a 70-year-old flat, there is still appreciation potential especially because this government is prepared to continue to invest in it through Home Improvement Programme (HIP) II and the Voluntary Early Redevelopment Scheme (Vers)," Mr Khaw said.

 

These are among new schemes announced by Prime Minister Lee Hsien Loong in his National Day Rally speech last month to help older flats retain their value for a longer period of time.

 

Mr Lee said that HIP will be expanded to cover more HDB flats, and each flat can expect to be upgraded twice during its 99-year lease, under the new HIP II scheme. The second round of upgrading will take place when the flats are about 60 to 70 years old. Vers gives owners of older HDB flats a chance to vote for the Government to buy back their flats before their leases run out.

 

 

Mr Khaw, who was Minister for National Development from 2011 to 2015, added: "The significance of this is that we actually prop up the value of your old flat... As long as we are in government, this is what we will do."

 

POTENTIAL TO APPRECIATE

 

If you buy a 70-year-old flat, there is still appreciation potential especially because this government is prepared to continue to invest in it through HIP II and Vers.

 

TRANSPORT MINISTER KHAW BOON WAN

 

Related Story

Parliament: Extending leases of older HDB flats involves 'serious trade-offs and ramifications to consider', says Lawrence Wong

Related Story

Owners worry older HDB flats a depreciating asset

Related Story

What if I outlive the lease of my HDB flat?

Among questions raised was what the compensation terms would be like under Vers, since Mr Lee had said that they would be less generous than that for the Selective En bloc Redevelopment Scheme (Sers).

 

Sembawang grassroots leader Geraldine Yong, 22, asked how the valuation of the flat would be done when it came to Vers.

 

Mr Khaw pointed out that while a flat is an appreciating asset for as long as the economy continues to grow, at some stage it would begin to depreciate.

 

"When will that turning point be? Year 80? Year 70? Year 90? I don't know," he said. "There are no market statistics for it."

 

He also explained why flat prices are appreciating at a slower rate now, compared with the past.

 

"In your parents' and grandparents' generation, we were lucky because we were transforming from Third World to First World, so our economic growth was very strong... That's why you hear of your grandparents buying a flat for $30,000 to $35,000, and can now sell (it) for about $400,000. So, it's an asset that appreciated significantly.

 

"Your generation is less likely to enjoy that same sharp rate of growth because the economy is now growing at 2 to 3 per cent, which is very good for a matured economy...

 

"We can expect appreciation but not as fast as the one experienced by your parents and grandparents," Mr Khaw said.

 

Keeps claiming appreciating asset.... Election vote bait..... When asked for details, don't even know how to answer how VERS value is going to be derived.

 

I call out a useless broken record when I see one.

 

Edited September 3, 2018 by Vratenza

[Wt_know]

is it a "pyramid" ... who will catch the falling knife?

Edited September 3, 2018 by Wt_know

[Vratenza]

If the VERS valuation is based on market value of private 99yr freehold of similar age, then government is overpaying for these VERS flats. That is raiding the reserves.

 

If the VERS value is at a value equivalent to the remaining "rental value" of the flats, then the government is called out on their big fat lie that HDB flat is a guaranteed appreciating asset. 

 

Either way, I don't see anyone handling this issue to be in a comfortable position 20yrs down the road. 

 

The ruling party is just flogging a dead horse and kicking the can down the road. 

 

[Wt_know]

that's called bailout

 

If the VERS valuation is based on market value of private 99yr freehold of similar age, then government is overpaying for these VERS flats. That is raiding the reserves.

 

[Fcw75]

I kind of expected this to come from him.... That is sad... Lol

 

 

 

Keeps claiming appreciating asset.... Election vote bait..... When asked for details, don't even know how to answer how VERS value is going to be derived.

 

I call out a useless broken record when I see one.

His credibility already went down to all time low when he mentioned his $8 heart bypass.

[Lethalstrike]

I kind of expected this to come from him.... That is sad... Lol

 

 

 

Keeps claiming appreciating asset.... Election vote bait..... When asked for details, don't even know how to answer how VERS value is going to be derived.

 

I call out a useless broken record when I see one.

 

Its both an election vote bait and a knee jerk statement for some quick damage control, which is what VERS is all about isn't it? 

 

After Lawrence Wong's famous statement that all 99 yr lease HDB will depreciate, PM Lee got to come out on National Day Rally to announce VERS to calm the angry sentiments. 

[Fcw75]

Our 4G leaders...

[Wt_know]

Executive Condo got strata title bo? aka got % shares of the land ... means if enbloc ho say liao

any experts can explain / share your findings

arguing this point with colleague ... LOL

Edited September 3, 2018 by Wt_know

[Vratenza]

Although I owned an EC before, I have never been sure about it.

 

But based on what I read about EC scheme, the 99yr EC land is being released for bid by the government with some caveats attached such as only sell to Singaporeans at launch and for resale in the 5-10th years only Sg/SPR can buy and beyond 10yrs it becomes fully private with 89yrs lease left.

 

Thus the starting bid price is always lower than fully private 99yr old condo sites, which translate to lower launch price.

 

My understanding is that it  SHOULD be strata titled. I remembered reading some MC AGM reports with reference to strata-title while I own the EC under MOP of 5 years.

 

Executive Condo got strata title bo? aka got % shares of the land ... means if enbloc ho say liao

any experts can explain / share your findings

arguing this point with colleague ... LOL