Don't sell your HDB flat, says MM Lee

[Geylang OKT]

Nov 13, 2010
MM: Don't sell your flat

http://www.straitstimes.com/STI/STIMEDIA/image/20101113/tanjongmmlee-st.jpg

HDB flat owners should not sell their flats, as they are assets that will appreciate in value year after year, said Minister Mentor Lee Kuan Yew on Saturday night.

Addressing some 500 residents at a constituency event in Tanjong Pagar GRC, he said: 'I urge you not to listen to the estate agents and sell it, and go and rent a flat because that's a stupid thing to do.

'You sell it, you may not get a rental flat for a long time. And you cannot gain from a rental flat... Please remember that.'

Mr Lee's call comes shortly after the Government took steps to address the trend of homeowners who - propelled by record selling prices - are trying to sell off their flats to make a quick profit.

To underline the need for financial prudence, the Housing Board on Nov 1 introduced a seven-day cooling-off period for people intending to sell their HDB flats.

Mr Lee was speaking at the annual Tree Planting Day in the group representation constituency. The event also saw a ceremony to mark the completion of a covered linkway in Jalan Membina in Tiong Bahru.

[devilplate]

reminds me of a relative whom sold their only roof in 2008 and hoping prices to droppppp:tsk-tsk:

now renting a lousy 3rm flat with family of 5:beats-me-man: :tsk-tsk:

[art10626]

So does it mean that no one should do anything in the market right now? sell no good, buy also no good?

[devilplate]

So does it mean that no one should do anything in the market right now? sell no good, buy also no good?
Just dun play wif ur only roof

[Lord Anus]

that is how some of these ****ers end up living in tents at changi beach with their families...

[art10626]

this is really like short selling, would have made a killing if you can do that before a crisis, but given that it's your own roof, maybe better to wait for the next bull run...

[hyenergix]

Going forward and against the upgrading of sheltered walkway backdrop when MM made the statements, I conclude what he meant is the government will continue to:

(i) ensure price stability of HDB
(ii) enhance the infrastructure and amenities of existing HDB estates
(iii) improve the quality of new HDB estates
(iv) renew old HDB estates by offering SERS

In another words, people should buy HDB instead of ridiculously priced 99LH condos. I foresee that the HDB estates at Jurong East will appreciate a lot more in the next few years.

[mcmlxxvi]

Going forward and against the upgrading of sheltered walkway backdrop when MM made the statements, I conclude what he meant is the government will continue to:

(i) ensure price stability of HDB
(ii) enhance the infrastructure and amenities of existing HDB estates
(iii) improve the quality of new HDB estates
(iv) renew old HDB estates by offering SERS

In another words, people should buy HDB instead of ridiculously priced 99LH condos. I foresee that the HDB estates at Jurong East will appreciate a lot more in the next few years.

I think u read too much into it. All he said is dont sell your flat coz if u do and buy private hdb will b outta business.

[hyenergix]

I think u read too much into it. All he said is dont sell your flat coz if u do and buy private hdb will b outta business.

Maybe, but I'm on the optimistic side with HDB :) Now it's just not the right time to buy a condo although I'm looking for another one to buy. The market is frothy with a lot of liquidity.

[DC33_2008]

He is addressing residents in Tanjong Pagar in particular. So you know what will this area become in years to come.

[Squall8888]

You all think too deep. I think he meant to say, let's keep Government subsidy low. If possible, they might want to stop all form of subsidy, tear down rental flats and sell to developers at very high psf. After all, a lot of rental flats are in prime location. Example, Tanjong pagar and Lavendar.

[kingkong1984]

He is addressing residents in Tanjong Pagar in particular. So you know what will this area become in years to come.
This area hdb should not be sold due to future transformation. Grab a duxton after 5 yrs.

[Allthepies]

This area hdb should not be sold due to future transformation. Grab a duxton after 5 yrs.

most people in this forum cannot buy HDB le unless the government changes its mind after election :)

[focus]

I would still sell the HDB if it is 30yrs old.. and enbloc is not in the forseeable future.

[hyenergix]

He is addressing residents in Tanjong Pagar in particular. So you know what will this area become in years to come.

Thanks. I stay around here :) HDB is meant for renting out if you have a private property as the rental yield is very good for HDB. Never sell your HDB, just wait for SERS...

[rattydrama]

He is addressing residents in Tanjong Pagar in particular. So you know what will this area become in years to come.
MML is looking at the latest HDB resale transaction which currently it is still high. so must encourage people not to sell to reduce the creeping %. If the figure reduce before election at least can have something to justify.

not thinking hard but judging from the way he mentioned issues in the past and that election is coming.

He lost weight, so sad to see it. Its really a blow.

[rattydrama]

he can also say it in this manner: sell your flat at tg pagar and move to woodlands or down grade to HDB flat or buy HDB studio around 50K and keep or invest the balance $$ only in government bond... Why not he carries this message?

[tericia]

Maybe, but I'm on the optimistic side with HDB :) Now it's just not the right time to buy a condo although I'm looking for another one to buy. The market is frothy with a lot of liquidity.

sell must immediately buy then you hedge. Usually people sell will have enough to repurchase either bigger at a further location, or smaller at the same location. that part's strategy and long term planning.

but so far, sell and immediately buy one or two, has been ok even with market volatility. in the long run, due to decreasing free land, the price will rise, subjected to certain conditions.

[rattydrama]

sell must immediately buy then you hedge. Usually people sell will have enough to repurchase either bigger at a further location, or smaller at the same location. that part's strategy and long term planning.

but so far, sell and immediately buy one or two, has been ok even with market volatility. in the long run, due to decreasing free land, the price will rise, subjected to certain conditions.

Yes agree and hopefully this strategy will hold true for many years to come until I retire.

[Wild Falcon]

In short, our government will ensure HDB prices will be quite stable which act as a strong support for condo prices. Therefore, even if you hold say a mass market condo, don't sell and rent and wait for price to crash because that scenario may never play out. And with better infrastructure being rolled out, new commercial areas created and international schools spread out in various heartlands, prices in suburbia and heartlands can only go up - same theory as developing countries have greater growth potential than developed countries.


Going forward and against the upgrading of sheltered walkway backdrop when MM made the statements, I conclude what he meant is the government will continue to:

(i) ensure price stability of HDB
(ii) enhance the infrastructure and amenities of existing HDB estates
(iii) improve the quality of new HDB estates
(iv) renew old HDB estates by offering SERS

In another words, people should buy HDB instead of ridiculously priced 99LH condos. I foresee that the HDB estates at Jurong East will appreciate a lot more in the next few years.

[mr funny]

http://www.straitstimes.com/News/Home/Story/STIStory_603013.html

Nov 14, 2010

Don't sell your HDB flat, says MM Lee

It's stupid to sell and then hope to get a rental flat; flats are assets that will be upgraded and rise in value

By Zakir Hussain, Political Correspondent


HDB flat owners should not sell their flats, as they are assets that will appreciate in value year after year, said Minister Mentor Lee Kuan Yew last night.

Addressing some 500 residents at a constituency event in Tanjong Pagar GRC, he said: 'I urge you not to listen to the estate agents and sell it and go and rent a flat because that's a stupid thing to do.

'You sell it, you may not get a rental flat for a long time. And you cannot gain from a rental flat... Please remember that.'

Mr Lee's call comes shortly after the Government took steps to address the trend of homeowners who - propelled by record selling prices - are trying to sell their flats to make a quick profit.

To underline the need for financial prudence, the Housing Board on Nov 1 introduced a seven-day cooling-off period for people intending to sell their HDB flats.

Mr Lee was speaking at the annual Tree Planting Day in the group representation constituency. The event also saw a ceremony to mark the completion of a covered linkway in Jalan Membina in Tiong Bahru.

With the linkway up, residents from 1,306 households in eight blocks of flats - 25A to 27B - can walk from their precinct to nearby coffee shops, sheltered from the elements. It is part of a series of covered walkways that, by the end of this year, will allow them to walk directly to Tiong Bahru MRT station without an umbrella.

Half the households were also resettled from older flats in the Bukit Ho

Swee area as part of the Selective En Bloc Redevelopment Scheme.

In his off-the-cuff speech, Mr Lee assured the residents that the Government will keep on upgrading old flats and estates to make them better.

He took the opportunity to drive home the role that the Government's home-ownership policy has played in Singapore's continued stability.

'No other country in the world has every family own their own flat or their own place,' he said.

'If we had not done that from the earlier days, we would not have today's stable and peaceful Singapore.

'Everybody has a piece of property which has increased in value every year. The infrastructure grows, the economy grows, the value of your home can go up,' he added.

Mr Lee noted how flats 30 years ago cost $30,000 to $40,000, but the same flat today, after upgrading, can fetch $300,000 or more.

He told the residents: 'I congratulate all those who have kept your flats, and I urge those who have got old flats, keep them. Your upgrading programme will come, and you will have a much more valuable piece of property.'

And part of that value comes from beautifying the environment.

Asked by the media why he made it a point to attend tree-planting ceremonies every year for the past 39 years, Mr Lee said: 'We've got to keep on planting, otherwise it becomes a concrete jungle.'

'Because of tree planting, the bushes and shrubs, we have a green environment which makes for a refreshing city.'

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[kingkong1984]

most people in this forum cannot buy HDB le unless the government changes its mind after election :)

Oh yes... I overlooked it.

I was referring to aspiring first time owners or pte owners who want to sell all. Show hand and retire there.

Very unlikely to reverse the rules unless there is a severe housing crisis and the country need to lift up the prices.

Anyway can consider to buy a MM coming up nearby when it is launched.

[kingkong1984]

I would still sell the HDB if it is 30yrs old.. and enbloc is not in the forseeable future.

29 Kelantan Rd
06 to 10
74.00
Improved
1977
$350,000.00

271 Queen St
11 to 15
68.00
Improved1979
$438,000.00

You refering to these?

[Regulators]

i was just wondering if you own a hdb and private property under the old law and when it is time for your hdb to en bloc and you are given a chance to select a new flat to buy under the SERS, will the gahmen still force you to sell your private before you are entitled to buy the new flat under SERS? Does anyone know the answer?

[tericia]

i was just wondering if you own a hdb and private property under the old law and when it is time for your hdb to en bloc and you are given a chance to select a new flat to buy under the SERS, will the gahmen still force you to sell your private before you are entitled to buy the new flat under SERS? Does anyone know the answer?

yes, you still have to sell.

[kingkong1984]

easy, sell in open market and then use proceeds to buy MM.