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Thread: Keep HDB flats affordable to the sandwiched class

  1. #1
    mr funny is offline Any complaints please PM me
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    Default Keep HDB flats affordable to the sandwiched class

    http://www.straitstimes.com/ST%2BFor...ry_411495.html

    August 3, 2009 Monday

    Keep HDB flats affordable to the sandwiched class


    I REFER to last Thursday's report, 'Mah sounds warning on property buzz', on the current property buying frenzy, and National Development Minister Mah Bow Tan's warning that a property bubble may be forming.

    I would like to highlight the plight of genuine home seekers in such an environment. Many young couples, including my fiancee and me, who are looking for a suitable home to start a family have seen affordability plunge in the past few years.

    As reported in the media several times, private property prices have spiked recently due to speculative demand and better-off buyers going in for fear property prices will continue to rise. Property developers are making use of this window of opportunity to launch property developments at premium prices.

    The prices of HDB resale flats, although subject to less speculation pressures due to sale restrictions, have also increased dramatically.

    In the current economic downturn, most salaried Singaporeans would count their lucky stars if they did not have to suffer a pay cut.

    Affordability of buying a home has simply plunged.

    It is important to ensure that homes, especially new or resale HDB flats, continue to be affordable to most Singaporeans and young couples looking to start a family. Given the spike in HDB resale prices, as well as prices of new flats to a lesser extent, and the corresponding plunge in affordability, it is timely for the HDB to review how it can continue to fulfil its first mission: 'We provide affordable homes of quality and value.'

    The CPF housing grant and the HDB housing loan are two schemes that have helped maintain the affordability. However, like all policies, these schemes need to be refreshed and reviewed.

    The combined income ceiling of $8,000 a month to be eligible for the schemes has been in place since 1994. Since then, the HDB resale price index has gone up by a staggering 190 per cent.

    Beside these schemes, perhaps HDB can innovate and come up with new schemes to assist the sandwiched class like us, so its flats continue to be affordable.

    Alan Teo

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    Which sandwiched class is the writer...I wonder?

    If it is the combine income more than $8k class, thus cannot apply for new HDB flats (even the DBSS type). However, a combine income of that should have no problem buying a resale, unless they want specific matured estate and next to MRT only (aka neighbours with Centro).

    There are 4-rooms that are less than $300k available in the resale market. Can even knock down the master bedroom and a joining room to have a big master bedroom with walk-in wardrobe. Leave one small bedroom for a study. Swee swee boon bi bi liao!

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    HDB should decrease the price of HDB but make it 8 years before anyone can buy a private property or sell off that HDB.

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    stamp duty on buyers should also be removed, imposed it on sellers instead, isn't it supposed to curb speculation? why does genuine buyers have to suffer?

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    the root cause is HDB's market-based pricing for HDB..

    but Sporeans will have to vote out the pap first before any such change in policy will happen lol ~

  6. #6
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    teddybear is offline Global recession is coming....
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    The problem is that even if PAP is voted out still will not solve the problem because anybody try reversing the HDB price will cause majority of people to be in negative equity, Singapore goes into deflation, everybody hoards cash, and the vicious cycle will for sure plunge Singapore into deep recession and degenerate Singapore back to a fishing village?

    Quote Originally Posted by august
    the root cause is HDB's market-based pricing for HDB..

    but Sporeans will have to vote out the pap first before any such change in policy will happen lol ~

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    Quote Originally Posted by teddybear
    The problem is that even if PAP is voted out still will not solve the problem because anybody try reversing the HDB price will cause majority of people to be in negative equity, Singapore goes into deflation, everybody hoards cash, and the vicious cycle will for sure plunge Singapore into deep recession and degenerate Singapore back to a fishing village?
    not overnight lah

    this "degenerate Spore back to fishing village" nonsense has been so overused by old man and pap spin that even by now he knows it is ridiculous

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