New VERS scheme for aging HDB

[kdash]

i old oredy lar......my unit is 22 yrs old and no loans to service liao. We all will reach that point where our flats are drawing down in numbers......one thing though i bought my unit rather 'cheap' as compared to the current price of new flats.

bro... you old but we still young ma... anyway got to think for our kids too...

[No_worries]

I am not sure if I am thinking correct, the day may finally come when they decide to tender out land for private and public housing /commercial base on 50 years tenure like what they do in Hong Kong.

[Evillusion]

the post office side.

he is no different like many of us here on social media. Jumping into the backwagon.

 

if not a concrete plan than a promise his party would return us our hdb unit if voted.

its a good thing also bringing up this lease issue. Lets hope the younger gen would think twice before buying that property with sky-high price but half the lease.

[kdash]

On the other hand, the place is getting noisy and crowded and no longer the old laid back place.

 

Plus there's no lift (and also no plans/possibility to build one) so those living on the 4th floor might have trouble climbing up - this is a big problem since many there are very old. There's one fellow living on level 2 or 3 in one of the blocks who is wheelchair bound and he is effectively imprisoned there lor.

that is true. i remember it was mentioned it was not economical to build lifts for 4 storey...

eat pop corn?

 

think about everyday while you and wife, aspiring adults working to pay off your house loan with daily depreciating value.

 

Not asking to make profit but at least after spending whole life to pay off a unit called home it can be pass down to next generation (1 to 1) replacement.

 

your child will need to continue your cycle again if they stay put.

 

 

the best part they said every year 9the august this is my "home"..this is my "land"...ð¤ your must protect.

for the record, i am not advocating to sit and eat popcorn... we should try to do something about our situation if possible...

[Evillusion]

the difference is for a 12yr old hdb with 87yr remaining bought at the 500k, base on inflation 2% per annum, has a good chance to appreciate by 20% in 10yr, even by then, there is still a good 77yr remaining on the lease

 

the car on the other hand will depreciate to min parf rebate in the 10th yr and likely go to the scrapyard for $200 scrap metal

 

 

 

thats inflation at work

and thats the biggest difference between a tenant and a owner

the owner gets to enjoy capital appreciation at the end of the day

the tenant gets nothing

i can also say the owners is actually the citizens of Singapore.....not the gov of the day..tio bor. Currently the owner is the Gov of Singapore so it is only right that whatever yield the land gives is actually set by the gov and the land cost has a major part to play in inflation which is felt most by the common people.

bro... you old but we still young ma... anyway got to think for our kids too...

tell them to study hard and if can try other pastures. Grass not only green in SG........

[kdash]

i can also say the owners is actually the citizens of Singapore.....not the gov of the day..tio bor. Currently the owner is the Gov of Singapore so it is only right that whatever yield the land gives is actually set by the gov and the land cost has a major part to play in inflation which is felt most by the common people.

tell them to study hard and if can try other pastures. Grass not only green in SG........ððð

i will leave it to them to decide when the time comes

[pegasi]

i trust that our govt do not give empty promises

give them some time to work out the specifics

after all, the first hdb to reach 70yr age still got another 18yr from now

still a long way to go

 

i once asked a friend with the rising public transport fee, does she calculate the amount of mrt/bus fares that she incur per month

 

her answer - 'what for, this is already the cheapest and best value for the money'

 

 

I disagree. 

 

Pappies created this big ponzi scheme knowingly. 

 

They just realised that people are getting smarter and there is no way to masquerade it any further. 

 

So 1st have to come out to "clarify" that SERS is not a guarantee.  With this alot of those holding the bucket will be disenchanted and "hopeless"  So what is to stop them from voting against PAP in the next GE? 

 

Then comes the VERS which I see as selling false "hope". Those currently holding the bucket suddenly see a glimmer of hope. Whether it result in any significant recovery of the investment put into the ponzi scheme is another matter. This VERS "hope" will see PAP retaining these group of voters in the next GE as any disruption to the incumbent will mean all "hope" is lost. 

 

[Evillusion]

i will leave it to them to decide when the time comes

[13177]

try oni.....dont give back the pink ic even if its good overseas. We should do what the many PR are doing here........nothing beats a place where our parents shed blood for.

I believe many sporean stay in overseas for almost entire of their life, and never plan to come back to sg permanently but they still holding on the pink ic/sg passport.

[Ysc3]

When the flat is 70 year old, the remaining lease is 29 years. If the voting for VERS failed, by then if owner wants to sell the flat in the open market, dont think there will be any buyers or flat worth much.

 

lucky I won't be stuck in this predicament ... coz by the time my flat is 70 years old, most probably I wont be around liow ...  

but my son better start saving soon ....

Edited August 20, 2018 by Ysc3

[Victor68]

I always feel public housing is for Citizens and it should maintain affordability with no investment element. Government must maintain it livable and normal confort, no need for frills and upgrade. lifts are important and i support them. 

 

so this story of SERs and VERS dont make any sense to me. Don't play with people mind, just do your job please. Give the poor a break so that thry can focus on the bread and butters. 

[Evillusion]

Source: Facebook

PAP is still needed but with lesser majority. We just need to get that magical 33.3333333%

I believe many sporean stay in overseas for almost entire of their life, and never plan to come back to sg permanently but they still holding on the pink ic/sg passport.

lets hope it is that way. I know a few who stays in US but didnt ask about their ic......migrate doesnt mean have to give back ic. But those in Aussieland i wont dare say........ Edited August 20, 2018 by Eviilusion

[Ysc3]

i trust that our govt do not give empty promises

give them some time to work out the specifics

after all, the first hdb to reach 70yr age still got another 18yr from now

still a long way to go

 

i once asked a friend with the rising public transport fee, does she calculate the amount of mrt/bus fares that she incur per month

 

her answer - 'what for, this is already the cheapest and best value for the money'

 

personally, I have also never heard any asian foreigners say any bad about the way things are going on in SG ... in contrast they are all praises about our subsidies and public transport system among other things.

 

it will take someone who does not have a lot to appreciate the little things in life.

[Kusje]

that is true. i remember it was mentioned it was not economical to build lifts for 4 storey...

 

 

It's not the economics of it but the way the flats are designed. There's no place where the lift can go right up to the doorstep level - at least not without leveling the staircase and rebuilding it 

 

For economics - I think there has been some experimentation with pneumatic vacuum lifts which are low cost/maintenance.

[Kusje]

i trust that our govt do not give empty promises

give them some time to work out the specifics

after all, the first hdb to reach 70yr age still got another 18yr from now

still a long way to go

 

i once asked a friend with the rising public transport fee, does she calculate the amount of mrt/bus fares that she incur per month

 

her answer - 'what for, this is already the cheapest and best value for the money'

 

VERS, even in the most optimistic scenarios is already a prata flip on the previous "asset enhancement" policy.

 

So I'd take anything hsien loong says with a large bag of salt.

[Yewheng]

Someone posted in Facebook comment.

 

 

Hmm.. It makes sense.. Imagine this couple used their cpf savings to pay for hdb flat. When house reach 70yrs old, government sent letter to their house to ask this block residents to vote whether they want to go for Vers or not.

 

Majority of them voted yes. Then say they are given payout of say 30% of the value of the house (example). So they took the money, then come the shocking part is they also received another letter stating that they need to return cpf money that they had paid for the house plus interest.

 

So this time Cham Lao, at 1st they are not in debt at such old age. Now they are in big debt due to government ask they to pay back the cpf money. So how?

 

So this one, the cpf money people paid for the house government need to solve. If not it totally makes no sense to opt in for vers and then went into debt.

Edited August 20, 2018 by Yewheng

[pegasi]

there is no mystery

when you buy a lh99 property , whether pte or public, the term itself already tell you it is good for 99yr only

after 99yr, the land goes back to the state

likewise for a private lh99, if there is no enbloc taker, the property depreciate to zero value at 99th year and goes back to the state

 

only fh land does not go back to the state, that's why fh properties command a premium

 

the money put in to purchase a property, whether lh99 or fh, goes to the ownership of the house, you get the legal right to

1) occupy the house

2) sublet if you dont wish to stay there

3) enjoy capital appreciation 

 

the money you pay covers the land cost, building cost, profit margin, commission, advertising, legal, etc, there is no mystery

 

 

[Evillusion]

there is no mystery

when you buy a lh99 property , whether pte or public, the term itself already tell you it is good for 99yr only

after 99yr, the land goes back to the state

likewise for a private lh99, if there is no enbloc taker, the property depreciate to zero value at 99th year and goes back to the state

 

only fh land does not go back to the state, that's why fh properties command a premium

 

the money put in to purchase a property, whether lh99 or fh, goes to the ownership of the house, you get the legal right to

1) occupy the house

2) sublet if you dont wish to stay there

3) enjoy capital appreciation

 

the money you pay covers the land cost, building cost, profit margin, commission, advertising, legal, etc, there is no mystery

there are some freehold or 999 yrs land that has beent redeveloped as 99 yrs lease. Most are privately owned land.

And ya......all of us signed the lease with eyes wide opened but there are some that is blinded by the profit they can make in a few yrs time.

Edited August 20, 2018 by Eviilusion