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View Full Version : parliment monitoring hdb owners with private property..



radha08
19-10-11, 16:06
hmm one speaker of parliment suggsted hdb owners who own private should sell hdb and not be allowed to rent and collect income....SIAO LIAO if that happens...:doh:

marktkt22
19-10-11, 17:32
Good ....they spotted that big glaring loophole

jwong71
19-10-11, 17:45
if one need the hdb rental to service the condo mortgage.. how?
golden goose to slaughter soon..:D

marktkt22
19-10-11, 18:41
Then resale hdb will be back to normal

land118
19-10-11, 18:45
Like that HDB resale COV may drop, price may soften...these owners with private property will have more cash after selling their HDB, more $ to invest in private property? MM and OCR up some more?

Allthepies
19-10-11, 19:17
hmm one speaker of parliment suggsted hdb owners who own private should sell hdb and not be allowed to rent and collect income....SIAO LIAO if that happens...:doh:
it long time they plug this loop hole...ha ha..cheap hdb for all if this materialise

Judas
19-10-11, 19:22
What is the % of such breed of people. I think it is low.

marktkt22
19-10-11, 19:41
Very. High, it v common

sh
19-10-11, 19:51
yeah:cheers1: ... public housing is finally for people who cannot afford private housing.... as it should be worldwide.....:)

marktkt22
19-10-11, 20:23
Agreed...public subsidy Hdb and pte owner just dont gel logically.

phantom_opera
19-10-11, 21:45
Not logical, i may have 4r hdb but buy mm for hedging inflation ... so does that mean i must sell my 4r hdb and move into MM? :doh:

luckily you guys don't work for MND :rolleyes:

radha08
20-10-11, 00:37
hmm the way i look at it every system has its loop holes...its just whether u can outsmart the authorities to ur own personal advantage....:)....its a dog eat dog world....:scared-3:....the fittest survive....:cool::D;)

kane
20-10-11, 00:48
Just raised the mop lah, less speculators will zoom in on that class of housing then.

ysyap
20-10-11, 07:56
It is a highly dangerous business at MND. The authorities seem to have problem with people owning hdb and pc. First, it was disallow downgrading from pc to buy hdb. Now its gonna be the other way? They don't know what they are asking for. If all who own pc sell their hdb, the supply surge can be in the region of several thousands. Then who will need to account again? :tsk-tsk:

kane
20-10-11, 08:13
How about disapproving ownership of public housing if the owners have left the country and show no signs of returning?

Latio
20-10-11, 09:09
if this is plugged, HDB drops a bit, pte properties follow :spliff:

phantom_opera
20-10-11, 09:36
From 2005-2008 we took in 500,000 SPRs with probably only 5,000 BTO per year, so in next 5y, we are going to build a total of 100,000 BTOs, but don't forget every year we have 15k new marriages (partly satisfied by PC) ...

We are building the entire AMK town supply of BTOs but it will come into market 8y later ... tell me what else can you do to stop resale price from going up, in fact those who sell now is plain silly ... 200k COV will come soon if going forward those who buy BTOs cannot own both HDB/PC

devilplate
20-10-11, 09:54
200k COV will come soon if going forward those who buy BTOs cannot own both HDB/PC

tot is the other way round?

-200k cov is coming soon

ysyap
20-10-11, 10:13
200k COV will come soon if going forward those who buy BTOs cannot own both HDB/PCCare to elaborate? 200k cov is certainly tempting to every hdb owner. Why should I buy BTO if I already have PC? :confused:

howgozit
20-10-11, 10:23
Not logical, i may have 4r hdb but buy mm for hedging inflation ... so does that mean i must sell my 4r hdb and move into MM? :doh:

luckily you guys don't work for MND :rolleyes:

Not if you stay in your HDB but rent out your MM instead.

This has always been the rule which was lifted around 2003, when MND decided that HDB owners after fulfilling MOP can buy PP and rent out there HDB but stay in PP. At that time there was a huge oversupply of HDB.

HDB is meant to be basic and affordable public housing, the original intent was not to monetise it through rental. This is indeed a big loophole that was not plugged in fact facilitated by MND. This is one of the reasons for the crazy escalation of properties in the last few years. Seems to me very logical to plug this loophole.

phantom_opera
20-10-11, 10:30
Not if you stay in your HDB but rent out your MM instead.

This has always been the rule which was lifted around 2003, when MND decided that HDB owners after fulfilling MOP can buy PP and rent out there HDB but stay in PP. At that time there was a huge oversupply of HDB.

HDB is meant to be basic and affordable public housing, the original intent was not to monetise it through rental. This is indeed a big loophole that was not plugged in fact facilitated by MND. This is one of the reasons for the crazy escalation of properties in the last few years. Seems to me very logical to plug this loophole.

if HDB cannot rent out when owning PC, where 500k immigrants going to stay :hell-hath-no-fury:

howgozit
20-10-11, 10:35
if HDB cannot rent out when owning PC, where 500k immigrants going to stay :hell-hath-no-fury:

This is not an MND problem lah bro...

HP65
20-10-11, 14:25
This is not an MND problem lah bro...

Of coz its MND's problem coz it will be govt's problem and MND is part of govt. The current shortage is precisely because all the different ministries operated individually and too little cross-ministry interaction. To avoid such demand/ supply issues in future, the govt cannot afford to operate individually but greater communication across different ministry is necessary.

radha08
20-10-11, 15:24
tot is the other way round?

-200k cov is coming soon

COE is already 75k so whats 200k COV...:cool:

Regulators
20-10-11, 15:58
if hope hdb won't slaughter my hdb cash cow. To me it is illogical for hdb to stop ppl from renting hdb, govt cannot force ppl to live wherever they want them to live. There is nothing in the law that says ppl who start off from humble beginnings and live in hdb must later sell their hdb to live in private. I think if they start intervening in this aspect, they are overdoing it liao

Regulators
20-10-11, 16:04
i hope hdb won't slaughter my hdb cash cow. To me it is illogical for hdb to stop ppl from renting hdb, govt cannot force ppl to live wherever they want them to live. There is nothing in the law that says ppl who start off from humble beginnings and live in hdb must later sell their hdb to live in private if they do better in life. I think if they start intervening in this aspect, they are overdoing it liao

rattydrama
20-10-11, 16:14
i hope hdb won't slaughter my hdb cash cow. To me it is illogical for hdb to stop ppl from renting hdb, govt cannot force ppl to live wherever they want them to live. There is nothing in the law that says ppl who start off from humble beginnings and live in hdb must later sell their hdb to live in private if they do better in life. I think if they start intervening in this aspect, they are overdoing it liao

For Singaporeans its ok can term it as reaping the fruits of success. But for PR :tsk-tsk: :tsk-tsk:

howgozit
20-10-11, 16:20
Of coz its MND's problem coz it will be govt's problem and MND is part of govt. The current shortage is precisely because all the different ministries operated individually and too little cross-ministry interaction. To avoid such demand/ supply issues in future, the govt cannot afford to operate individually but greater communication across different ministry is necessary.

Come again??... forreigner's accomodation needs are MND's problem???:confused:

How can that be? It is not in MND's purview to cater HDB as potential rental supply for foreigners.

Without a doubt all factors are interlinked, more so in this tiny island state of ours, you can't change one thing without affecting another. By your reasoning, you might as well bllame MOH or even SAF since they are all government.

howgozit
20-10-11, 16:33
i hope hdb won't slaughter my hdb cash cow. To me it is illogical for hdb to stop ppl from renting hdb, govt cannot force ppl to live wherever they want them to live. There is nothing in the law that says ppl who start off from humble beginnings and live in hdb must later sell their hdb to live in private if they do better in life. I think if they start intervening in this aspect, they are overdoing it liao

I think it is unlikely that they will do so bcoz there are too many people are doing it. There is a big political price.

However, this is not a new "intervention", this is the original HDB rule. Previously unless you are overseas, you can't rent out your whole HDB but you may rent out the rooms. So many people "cheat " the system by closing up one room to keep up the pretense of "still staying" there while in actual fact staying in a private property.

Whether it is overdoing or not is subjective but it certainly is not illogical. It is simply a reversion of an old rule which can easily circumvented as illustrated above.

gn108
20-10-11, 17:03
Every vote is important for now.
So it's build, build, build by KBW.
Price will be supported by new families - and PRs.
If prices drops slightly - its good, can justify.
Only can fail politically if prices were to collapse...this is what MBT avoided at all cost. But paid the price for his 'price-protection' policy.

HP65
20-10-11, 17:38
Come again??... forreigner's accomodation needs are MND's problem???:confused:

How can that be? It is not in MND's purview to cater HDB as potential rental supply for foreigners.

Without a doubt all factors are interlinked, more so in this tiny island state of ours, you can't change one thing without affecting another. By your reasoning, you might as well bllame MOH or even SAF since they are all government.

Its MND's problem's coz whatever they tweaked, there will be repercussions. You dun need to look far, just read up on their `Mission' which I attached below for your convenience.

http://app.mnd.gov.sg/AboutUs/OurVisionMission.aspx

Next, look at the divisions and departments under MND, can you not see foreigner's accommodation needs is MND's responsibilities? If you still think its not MND's responsibilities, I :doh:

http://app.mnd.gov.sg/AboutUs/OrganisationStructure/DivisionsDepartments.aspx

howgozit
20-10-11, 18:00
Its MND's problem's coz whatever they tweaked, there will be repercussions. You dun need to look far, just read up on their `Mission' which I attached below for your convenience.

http://app.mnd.gov.sg/AboutUs/OurVisionMission.aspx

Next, look at the divisions and departments under MND, can you not see foreigner's accommodation needs is MND's responsibilities? If you still think its not MND's responsibilities, I :doh:

http://app.mnd.gov.sg/AboutUs/OrganisationStructure/DivisionsDepartments.aspx

Ok bro... I stand corrected. But I think you misunderstand me in the context of what I am trying to say.

HDB is not intended as a potential rental accomodation by foreigners. HDB does not build flats to cater for foreigners to rent HDB after its MOP. It is also impossible to project how many Singaporeans will buy private proerties and rent out their HDB to these foreigners. HDB does not build flats based on these considerations.

HP65
20-10-11, 18:23
Ok bro... I stand corrected. But I think you misunderstand me in the context of what I am trying to say.

HDB is not intended as a potential rental accomodation by foreigners. HDB does not build flats to cater for foreigners to rent HDB after its MOP. It is also impossible to project how many Singaporeans will buy private proerties and rent out their HDB to these foreigners. HDB does not build flats based on these considerations.

No worries, I was addressing the issue that the various departments did not `talk' to each other enough. While you are right that HDB was not originally intended to house foreigners....but fact is now it is housing a significant number of them due to some policies of past minister who did not really consider with other ministries or intra-departments how to house them properly...of if he did, there were flaws in the calculation.

As such, all future adjustments have to be considered with a view of the knocked-on effects and also there must be greater sharing of information across ministries and agencies.

Yeah, it could be we misunderstood each other's context but its just an online forum for discussion, no offence intended.

DC33_2008
20-10-11, 18:27
IRAS has a system now to track this group of people. KBW is too busy now with new flats. It will come soon.
Ok bro... I stand corrected. But I think you misunderstand me in the context of what I am trying to say.

HDB is not intended as a potential rental accomodation by foreigners. HDB does not build flats to cater for foreigners to rent HDB after its MOP. It is also impossible to project how many Singaporeans will buy private proerties and rent out their HDB to these foreigners. HDB does not build flats based on these considerations.

howgozit
20-10-11, 19:07
No worries, I was addressing the issue that the various departments did not `talk' to each other enough. While you are right that HDB was not originally intended to house foreigners....but fact is now it is housing a significant number of them due to some policies of past minister who did not really consider with other ministries or intra-departments how to house them properly...of if he did, there were flaws in the calculation.

As such, all future adjustments have to be considered with a view of the knocked-on effects and also there must be greater sharing of information across ministries and agencies.

Yeah, it could be we misunderstood each other's context but its just an online forum for discussion, no offence intended.

I agree... that is why I said earlier that it is highly unlikely that there will be a policy reversion on this. Having said that, as I also mentioned earlier, there are ways to circumvent this as people have done in the past.

No offence taken, like you said this is just an online forum and we both probably spend too much time here than we should anyway..... haha

howgozit
20-10-11, 19:14
IRAS has a system now to track this group of people. KBW is too busy now with new flats. It will come soon.

Yes.. but very difficult to predict what they are going to do.

Are they going to rent HDB or Private? Or are they going to buy HDB resale or Private? can't tell.... for all you know economy heads south and the foreigners all leave. New HDB has to be built based on citizenry needs. The rest of the market will correct accordingly

Beebot
09-03-12, 20:11
I don't see why HDB owners can't rent out their HDB flat when they own a private property. This is another source of stable income that will come in useful when the owners are retired. They don't have to depend on their children nor government for handouts. Should they be penalized for being savvy in their investment? Better to invest in a property in Singapore then to put their hard earned savings in risky investments with banks.

Komo
09-03-12, 20:20
Ok bro... I stand corrected. But I think you misunderstand me in the context of what I am trying to say.

HDB is not intended as a potential rental accomodation by foreigners. HDB does not build flats to cater for foreigners to rent HDB after its MOP. It is also impossible to project how many Singaporeans will buy private proerties and rent out their HDB to these foreigners. HDB does not build flats based on these considerations.

I suspect hdb wants to monoplise the lucrative rental market and kill off all competitors :D