New VERS scheme for aging HDB

[Kusje]

ooo so you own a flat there? haha... no la not looking to buy. just curious and want to expand my limited knowledge...

 

My MIL lives there so I can guarantee it isn't rented flats (except to the extent that all HDB flats are rented flats under a 99 year least).

 

Horrible place.

[Kyrios]

87 years or 87 months? car cannot stay in 24/7.

 

Just a random number I throw out..

 

most young couples ditch their new HDBs several years after MOP..so a flat left with roughly 90 years of lease is my example...

My MIL lives there so I can guarantee it isn't rented flats (except to the extent that all HDB flats are rented flats under a 99 year least).

 

Horrible place.

 

So time for you to score points...by..

 

fetching her to stay permanently with you...

 

[Hoseyboh]

After selling / en-block the 70 years old flat, those will are old and jobless can afford to buy another one ? How about cost of Reno, furniture etc ? Need to get new loan again, by that time, don’t even know any bank/HDB will approve the loan or not.

Yah lor, by the time my flat hits 70 years, I will be 80+ liao. Almost submerge inside coffin liao. No point getting a new house. Looks like I got to got JB nursing home liao...

[Jman888]

Just a random number I throw out..

 

most young couples ditch their new HDBs several years after MOP..so a flat left with roughly 90 years of lease is my example...

there are many flat sold for more than $1mil with 70 yrs left, buyer bought with eye wide open. I doubt they hope it will one day become freehold.

[Showster]

But if they had chosen to rent and not own, the "depreciation" is most certainly about 2K per month or 24K per year. And we still cannot say for sure what future rents will be (30 years later).

 

Owning is still many times better based on this.

 

Or do citizens expect to be housed for free? Or pay $200 rent per month?

 

Lets say someone pays 500K for a 4-5 bedroom HDB flat with a lease of 87 years lease remaining...which is not uncommon these days

 

this is abt 6K depreciation...per year

 

this is almost close to the depreciation for buying a brand new Elantra..

 

Thought properties supposed to be the better protectors of our wealth as compared to cars....?? Haiz..only in stinkapore..

 

[Kyrios]

there are many flat sold for more than $1mil with 70 yrs left, buyer bought with eye wide open. I doubt they hope it will one day become freehold.

 

My dear Sir, then that depreciation will be by simple simple terms without counting bank loans, 15K per year..

 

enough to buy 2 elantras or one new G30...

 

SG Housing now depreciates as badly as cars...

Edited August 20, 2018 by Kyrios

[kdash]

My MIL lives there so I can guarantee it isn't rented flats (except to the extent that all HDB flats are rented flats under a 99 year least).

 

Horrible place.

i see... any plans to sell off? location is quite decent la, near Tiong Bahru MRT...

[Evillusion]

for those of us whose flats not so old, can eat popcorn la. but will affect us down the road...

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.

[Kusje]

i see... any plans to sell off? location is quite decent la, near Tiong Bahru MRT...

 

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.

[Aaronlkl]

Source: Facebook

Edited August 20, 2018 by Aaronlkl

[Evillusion]

Lets say someone pays 500K for a 4-5 bedroom HDB flat with a lease of 87 years lease remaining...which is not uncommon these days

 

this is abt 6K depreciation...per year

 

this is almost close to the depreciation for buying a brand new Elantra..

 

Thought properties supposed to be the better protectors of our wealth as compared to cars....?? Haiz..only in stinkapore..

at one time it was with many enjoying the sers. Ever since that property guy brought up about the lease thingy many woke up and realise the liability of having a depreciating asset that had been brow beaten as a good investment all this yrs. Now Lsl has just shattered a lot of people dream of getting that windfall.

Spottiswoode hdb is in Lau Lee ward, Tanjong Pagar grc. Let’s see what happen .

profits and sustainability is their motto lei.......no time for emotions....

[Angcheek]

hdb will calculate value of flat based on 70 Yr old resale value :p

They sell u new flat at new hdb value too .

[Aaronlkl]

They sell u new flat at new hdb value too . ð¤·ð¼ââï¸ð¤·ð¾ââï¸ð¤·ââï¸

Normal la.. for sum ppl/party/org, head, they win, tail they also win. Uniquely Singpaore. Muayhahahahah...

[Kopites]

for those of us whose flats not so old, can eat popcorn la. but will affect us down the road...

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"...

Edited August 20, 2018 by Kopites

[Kyrios]

The good thing about yesterday (VER) was that the pappies have at least realised there is a big ponzi issue and will put resources into looking at it..for me thats a good start at least...

 

so something to cheer about..

 

Just imagine sengkang new town..all the flats bulit within years of each other..come the end of 99 years...the whole town will have to be vacated and where will the residents be relocated to?  This is a big problem and MND had better come up with solutions...

[Kopites]

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.

the post office side.

Source: Facebook

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.

Edited August 20, 2018 by Kopites

[pegasi]

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 

 

Lets say someone pays 500K for a 4-5 bedroom HDB flat with a lease of 87 years lease remaining...which is not uncommon these days

 

this is abt 6K depreciation...per year

 

this is almost close to the depreciation for buying a brand new Elantra..

 

Thought properties supposed to be the better protectors of our wealth as compared to cars....?? Haiz..only in stinkapore..

 

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 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.

 

[Vratenza]

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. 

 

The good thing about yesterday (VER) was that the pappies have at least realised there is a big ponzi issue and will put resources into looking at it..for me thats a good start at least...

 

so something to cheer about..

 

Just imagine sengkang new town..all the flats bulit within years of each other..come the end of 99 years...the whole town will have to be vacated and where will the residents be relocated to?  This is a big problem and MND had better come up with solutions...