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7/17/2009

HDB flats are heavily subsidised

'New HDB flats are heavily subsidised and the board's priority is to help those who need such housing the most, such as those who are buying a flat for the first time and families who cannot afford private housing.' This is from a reply by Chan-Wong Jee Choo Lily, Dep dirctor, HDB. I am wondering whether old flats were heavily subsidised? I am also wondering how heavily subsidised were the flats at Duxton Pinnacles when they were sold at about $200k more the than the first launch at market prices?

11 comments:

Lost4ever said...

It must be relative again... market forces at work or perhaps some hidden hands.

My uncle bought his 4 rm flat for 11K in 1972.

I bought my for 95K in 1993.

My brother bought his for 160K in 1997.

The current price is out of reach for most Singaporeans or PR even if its heavily subsidised as always said by Government officials.

More of us may have to spread payments to multi generations at the rate prices are going, until perhaps a big burst of the bubble, or hyper income raised like the 1970s, with hyper inflations which was under the carpet, as housing is excluded from inflation.

Wally Buffet said...

I bought my 3 room HDB for $6000 30 years ago. Some PRC is negotiating with me to buy it at $300,000 minimun or 50 times what I paid for it. And that, even though there is only about 69 years of lease left. Do they know something I don't?

So folks, don't worry too much if you have to pay 200K for a brand new 3 room HDB. 10 years down the road, you will be a millionaire many times over. I know, I know, it might be difficult to pay for it in the meantime but think of the golden egg at the end of the rainbow. Besides, with a typical dual income of $10,000 nowadays, monthly payments of less than $300 monthly over 25 years, debited from CPF, is really really peanuts!

Francis Chua (Singapore) said...

What I think we should be doing in Singapore is to collectively do something to say that housing has to be affordable and cannot be out of reach to anyone so that no one will be homeless or without a roof over their head. I can accept that there can be different types of housing.

Anonymous said...

$300 monthly over 25 years works out to $90K (excluding interest) and will not even be enough to pay for half a 3 room flat nowadays.

Which area is that cheap. Not Hougang surely.

Lost Citizen

Anonymous said...

Yes folks of Sinkapo,count yr billions in year to come,as some smart Alex has pointed out.

The cost of the goods I sell is S$100,my list price or market price is S$200,to my good customers,I sell at S$120,I make 20%,and I subsidize my good customers to the tune of S$80.00

Better still,I am forever grateful to my honourable customers for giving me the biz,and never ever dream of demanding eternal gratfulnes fr any of them for givomng them such huge subsidy.

Anonymous said...

http://money.cnn.com/galleries/2009/moneymag/0907/gallery.bplive_6_figure_towns.moneymag/

Anonymous said...

mr redbean,
pse don't keep on pointing out the gahment's lies. they very malu and stressed already. do u want them to request to raise their pay as compensation again?

haha, keep up the good posts.

redbean said...

singaporeans, esp the losers, will keep selling their properties and downgrade. even the children of the old rich will have to sell their inheritance and downgrade if they are not clever enough to earn big money to maintain their high living and high maintenance.

the end result is that all the high end properties will be in the hands of the rich, foreigners and a few locals. and for the losers, when the money or profits from their downgrading are gone, they will end up crawling as oldies in the 2 or 3 rm HDB flats, if they are lucky, or in 1rm rental flats.

it will be like Alaska, the money spent but the land is still there, own by the buyer, America. the russians can only kick themselves for selling their land away. yes they have a lot of land to sell, and losing alaska is no big deal. what would we have left?

redbean said...

actually HDB is right. the flats at Duxton Pinnacles are highly subsidised. a private developer would have sold them at $1m each. so pricing at $500k is a steal, $500k of subsidy. and if the private developer were to price it at $2m, imagine the subsidy!

you people better be grateful.

Anonymous said...

RedBeans,
please stop complaining about the subsidy.

Our subsidy is very fair subsidy because it is pegged to the ten most expensive properties in Singapre just like the ministers pegged against the ten highest pay professional job in Singapore.

That is how fair is our government. In other countries, it is so corrupted that they have to to be pegged according to the affordability of general population and salary of lesser mortal.

We government is the best. Long live the Emperor of singapore.

redbean said...

yes sir.