10/11/2005

the poorest singaporeans are still rich by $100,000

this was reported in today's paper with statistics supported by hdb, the biggest housing developer in the country. stripped of everything, even when they have hardly any money to live on, the poorest singaporeans still have an asset worth about $100,000. how true is this number? how many of these flat owners, with flats bought at peak prices during the property boom, will have any money back if they sell off their flats now? how many are still holding to negative assets, a flat that they bought say at $500,000 and now worth only $300,000 and an outstanding loan of maybe $300,000? it will be nice to know how many singaporeans are in this category of asset rich but poor people. or how many actually owe the bank more money than the value of their flats.

2 comments:

redbean said...

it is election time i think. or is is it in the interest of politicians to tell the less well off that they are ok, not too bad, still worth something?

i think people always do that to the less fortunate, telling them to count their blessings, or they are still better off than the tsunami victims etc. at times there are people who went further to encourage the poor, telling them that it is ok to be poor but live honestly. be proud of what you are even if one is penniless. how thoughtful and well intended.

all the poor hdb owners should all stand up and celebrate for being worth $100k. and maybe it is time to tell them also that since they are worth so much, they should not depend on charities.

funny isn't it? in very poor places, with such asset worth, one can even be equated as a landlord. but many of these people are facing hardship and needed help, cannot make ends meet.

why is that so? why can't singaporeans survive on the pay of foreign workers and foreign talents? these foreigners are happy with any kinds of job as long as there is an income. but to singaporeans, any income cannot do. there are heavy overheads.

a maid can survive with $200 a month. can send money back home still. why is a singapore household so desperate even with $1,500 income. nobody can understand or no one want to understand?

just patronise them by telling them that they are asset rich and problem solved.

redbean said...

singaporeans are asset rich. unfortunately for those owning hdb flats or 99 year lease properties, they are holding on to a depreciating assets. the 100k they think they owned or are worth will disappear by the time the lease expires.

nothing left. what an illusion of wealth.