10/17/2005

the meaning of ownership

singaporeans are renowned for being asset rich and many millionaires. but what does a singaporean really owns? his flat or condo is actually a lease for 99 years. the really rich may have them for 999 years. a singaporean who owns 100 condos will in 99 years lose every one of them. when the lease is up, the condos will become valueless. his car is bought and can only be used for 10 years. a singaporean who owns 20 cars will in 10 years lose their usage unless he pays for the coes again. his cpf money? does he own his cpf money? he thought that by this forced savings he will be able to get back his money when he retires at his 55th birthday. fat hope. how much he is going to get back and when he is going to get them back is at the mercy of the govt. now who is the real owner of the cpf money? i am confused. his club membership. he only owns it for 30 years in most instances. after that, pay up for another lease of 30 years. else, no more club membership. the singaporeans are supposedly the co owners of the nation's huge reserves. is he really a co owner? who really benefits from this huge reserves?

2 comments:

redbean said...

in the year 2100 technically all singaporeans owning hdb flats now will be homeless. or all hdb flats will be returned to the hdb or govt.

the asset rich singaporeans will become asset zero singaporeans.

redbean said...

how could the people say 'this is my home, this is my country' when all they have is a 99 year lease of a little flat? and the $100k asset value will vanish into thin air when the lease expires.

no, the people are just transient occupiers of the flats. not owners and definitely not co owners of the country.