7/21/2009

Not a bad idea for rise in HDB resale prices

'HDB flat prices should be a reflection of Singaporean's wealth and it is "not a bad idea" for prices to increase steadily, especially for those holding onto negative assets bought in the previous market peak in the mid 1990s.' Grace Fu What about those first time buyers who have yet to buy a flat and chasing the escalating prices?

30 comments:

Jaunty Jabber said...

"HDB flat prices should be a reflection of Singaporean's wealth" --> This is how manipulative words can be, to turn a negative scenario into positive one. Word is, afterall, the most toxic drug the human kind has invented.

Anonymous said...

Comforting words indeed for present owners.

Here, we have a leader who does not understand or care for the future. All she did was to provide a 'reasonable' answer NOW, any other problems arising from the 'runaway' pricings of HDB are likely the babies for the future buyers to take cares, not her(Grace Fu) responsibility.

Rest assured She does not live in an HDB Apartment.

Janice said...

We have a case of an ignorance lady who speak without thinking.

Jaunty Jabber said...

A line to offer to Ms Grace Fu: "Houses in Malaysia are much affordable, does it mean Malaysia is a poor country?"

Anonymous said...

Houses in Malaysia are cheaper because of many factors, one being they have more land. It might be investors see Singapore as more attractive too.

As for housing being unaffordable, it really depends. Some complains may be genuine, but I doubt all who complain are justified in doing so.

I am single, no inheritance, worked my way through sweat and tears for years before I can even purchase a flat from the secondary market. Now it is fully paid.

Those young ones especially should not expect everything to be handed to them on a silver spoon. You want a roof over your head, you have to work for it. You young married ones already have double advantage over singles like me - subsidized purchase direct from HDB (much lower than non-subsidized secondary market ones) and double income. Don't tell me you can't even beat people like me to it?

Stop whining and start working for what you want.

That said, I am more pissed off with the government about the CPF Life longevity celebration scheme.

Rubbish, utter rubbish.

Anonymous said...

People is whining about that very sentence some super talent has said. No one is complaining and not working.

Didn't that anon who have just advised people to go to work and stopping whining is also whining him/herself out with that few paragraphs (not married, paid off HDB without assistance, etc)?

How come when people see some people making comments is equal to that people is not working ah? Can't people work and complain and the same time?

Anonymous said...

'Rest assured she does not live in an HDB apartment'

That applies to all the elites of our society. To them, the prices of a HDB flat is just a mere fraction of a peanut, so what do they understand about affordablility?

If all we care for is a reflection of Singaporean's wealth in their HDB flats, we are just chasing a mirage.

What is a millionaire in a country made up entirely of all millionaire HDB owners in the end?

More like a banana republic.

Lost Citizen

redbean said...

hi anonymous 1:48,

good for you. i am sure you will know that in every heap of dirt there could be a little gold or diamond. or in any society, the elite and successful can be found but very few. the bulk of the heap is mostly dirt, losers.

on an individual basis successful people can tell the losers to go to hell. but policy makers got to think twice about brushing aside the losers. the losers are the majority and can exert quite a bit of weight.

the relative cost of a property versus the income of the average losers is very high today compare to the 20 or 30 years ago. it was less than 3 times an average guy's salary. today it is more than 10 times. not many can afford the current type of pricing except to downgrade or lower their expectation.

this i would call a failure to improve the quality of living in terms of better housing for the average people.

Anonymous said...

Is Grace saying that hyper-inflation is the best thing that PAP can bring to Singaopore.Good luck!

Obviously Grace,the daughter of not so well off James Fu,came fr another planet.

anonymous 1:48 said...

Hi redbean,

A civilised response like yours beckons a reply.

I am no elite nor successful diamond in a heap. I can be considered as one with those in the rubbish heap.

I have bought my flat just two years ago, not decades and I do feel the pinch.

But I do not see any usefulness in whining and complaining, because in the end, I will still end up remaining in the rubbish heap.

If we want something, we should work for and towards it. I have lived in rental rooms all over Singapore before getting my own home. It wasn't instantly a home sweet home all to myself, in a prime estate.

I wouldn't have gotten where I am now if I had indulged in making noise in the dumps and expect the government to act out of fear of my imaginary power to dethrone them.

Just my two cents.

Jaunty Jabber said...
This comment has been removed by the author.
Jaunty Jabber said...

Voicing out of displeasures does not equal to complain. A feedback will sound like a complaint when it is perceived by a negative person.

Instead of telling the common beings to stop whining, why not ask that Grace Fu to shut up?

Anonymous said...

She had gracefully justified the rise in the pricing of HDB Houses. The prices will rise in tandem with the heights of new blocks that are being built and planned.

So, prospective buyers be prepared, You are informed(foretold/warned).

Cynical said...

anonymous 1:48, That's why the government like citizens like you. Work hard, save hard and be contented to live in your little pigeon hole in the sky. Of course you aspire for more and will work hard for it. That's what they like to see more of Singaporeans do. Be like you. Don't complain. In fact, who cares about the complaints. If they decide to increase the prices of HDBs, they will. If it takes 2 generations to pay off the mortgage like in Japan so be it. As long as they continue to earn their million dollar salaries, that's all that matters. They rest of us should just go back to our HDBs and shut up. All these noises are making it hard for them to enjoy their million dollar lifestyles.

redbean said...

hi cynical, welcome to the blog.

let me add a few words here. there will be hard working and successful people like anonymous. but not many can do that, buy a flat and paid fully in 3 years? these are the exceptions. there are many who are quite talented, hardworking, and willing to slot, but just could not do what anonymous had done for some reasons that are not their fault. some have other family commitments or problems to deal with.

but complaints are very very impt. it was mentioned in parliament that they did heard some complaints about the minibonds before it blew up. the problem was that the complaints were too few so no one really pay attention to them.

if only people complained louder, less will be heard by the toxic bonds. if people complained louder, many students would not be cheated by fly by night private schools selling fake degrees.

because the complaints were not loud, not taken seriously, the rot continues. i made a few complaints about the private school nonsense, but it was a whimper and no one pays any attention. if they have acted earlier, many heartaches would be spared.

Cynical said...

Hi Redbean, thank you for the direct response to my comments. I understand anonymous 1:48 completely. In fact, I was in his shoes many years ago. Bought a small HDB flat and paid it off in 3 years. Yes, if one works hard and save hard, one will get to where one wants to go provided the desired destination is not unrealistic. The thing is after years of struggle, I'm getting tired and I've set aside a comfortable nest for my family and myself. Frankly, I don't see any prospect for change. Million dollar salary is a very strong incentive to maintain the status quo. I decided that to leave even though life was very comfortable for my family and me in Singapore.

I don't mean there shouldn't be complaints. It's just that nothing will change. They always know better. They know what is good for you and me. They know what is good for our future. Just do as they say and everything will be fine. They have the record to prove it. Look at the spectacular state of the nation compared to its neighbours! Can't argue with that.

Anonymous said...

I am not too sure when you all agree that PAP does not like complaints.

Far fr it,PAP always welcome feedback,and make it a point to get feedback at great expenses by setting up various channel of feedback.

If you are telling me that PAP only wants positive feedback,which is called compilments,yes they do,who don't?but negative feedback is a necessary evil,I simply could not believe that ministers who command $3 million a year and stupid in Ivy league at great scholar type expenses are that stupid.Are they?

So who is the stupid guy,I know.Do you?

redbean said...

hi cynical,

it is getting ridiculous to spend a huge portion of a person's life time income on a space between 4 walls. in other countries, you buy the land for a life time. here you only got a lease of 99 years.

and some are foolish enough to bank on one that is less than 70 years, just about enough for them to live through and ended up zero.

redbean said...

complaints are something that is an irony. they like to know but hate to know. they rather there is no complaint but know that there are complaints and need to know.

telling them will make them very unhappy, and sometimes angry. that is why the messenger of bad news is always scorned upon.

Anonymous said...

When someone sweetly and smilingly told You that the rising HDB Prices are good for the present HDB Owners to make a tidy profit, You claimed 'runaway pricings', 'hyperinflation' and what not.

How many Singaporeans are left without a house in Singapore ? Just a fraction; right ? As the majority are already house owner, does it not mean that rising prices will benefit the majority ?

Why are Singaporeans so fond of whinning and complaining ??

Jaunty Jabber said...

To Anon @4:41

Are you firmly sure that all or most Singaporeans own at least a house? Or rather, did the majority Singaporeans contracted with a lifetime lease on a house?

redbean said...

if we are so dull or blinded by greed and can only see the good side of high property prices and ignore or refuse to see the damages or problems it can cause, the consequences will be for us to bear when the house of cards come tumbling down.

national leaders and the wise policy makers must always look at all angles to moderate the adverse effects of their policies. what we have seen so far is like horses wearing blinkers and just keep charging forward. it is good, so good and nothing will go wrong.

unfortunately every policy or decision made cuts boths ways and many ways. what is good, when push to the extreme will turn bad.

Anonymous said...

J J, You are right to say most Singaporeans own a lease rather than a house. When one satisfies the conditions to sell ones' house the rising prices will result in the seller making a profit. That's what i understand from Grace Fu's statement.

And i saw and see many foreigners staying in our public housing now. It seems that foreigners turn PRs or citizens are permitted to buy HDB Housings. If such is the arrangement and as reported, our leaders are looking at an ideal population of 8 millions, present owners do indeed stand to gain from the rising prices.

With most sectors in the doldrum, only real estate, property and financial products can be manipulated. Vices are also possible vehicles, BUT i do think our leaders will be too brazen with this industry. Do they have much choice ?

May i suggest that it is high time that Singaporeans emulate our foreigner settlers here by doing the reverse. Sell everything and leave before it is too late, countries like Australia, Canada and France etc are tightening their immigration policies and others may follow suit.

As it is, many Singaporeans will turn millionaires by settling themselves in the many Third World Countries in Asia/SE Asia. It is just my layman view and i do hope that my superficial understandings are acceptable.

Anonymous said...

'BUT i do think our leaders will be too brazen with this industry. Do they have much choice ?'

Dear Folks, my above sentence should read a'BUT i do think that our leaders will NOT be too brazen with this industry.'

My apology!

anon @4:41

redbean said...

hi JJ, welcome to the blog. just saw your nick being mentioned

cheers.

Anonymous said...

"Instead of telling the common beings to stop whining, why not ask that Grace Fu to shut up?"

Asking Grace Fu to shut up will not bring the prices down and a dream property to your doorstep.

Difference between whining and feedback is that the former is just ineffective noise but the latter is a well argued stand.

Grumbling about prices is useless because it is not just the government you are up against but the numerous homeowners and investors who will in turn cry father cry mother when prices are down.

One needs to know when to speak up or shut up and do something about the situation instead.

Anonymous said...

"That's why the government like citizens like you."

You are dead wrong. I pick my fights.

Fighting against market forces is a losing battle.

But I am definite voicing my opinions about the CPF life longevity scheme because the money is mine and the government has no right to use my money in whatever ways they like.

I will make my stand clear with my vote.

Jaunty Jabber said...

JJ did not suggest to ask Grace Fu to shut up.

JJ is suggesting to that Anon who have asked people here to stop whining to tell a supertalent to shutup, as it is a gesture of doing the country a favour. That is not to offend the other countries where houses are cheaper. If more expensive houses is an indication sign of a wealthy country, then it is offensive to countries which houses are cheaper. It is not nice to tell other countries that they are poor countries, poor government, didn't help the people to appreciate their housing value. Not nice.

redbean said...

who is smarter? one who paid US$200k for a 300 sq m freehold landed house with gardens or one who paid US$200k for a 4 rm flat, 99 years lease? the latter would say he is richer.

Anonymous said...

'When one has collected plenty of pig shit, he has a lot of positive things to say'. That's the literal translation of a saying in Chinese.

Let's hope they continue to be always the ones who got the lion's share of the prosperity and not become one of the have-nots. Life is full of uncertainties and unpredictables. Don't be smug and arrogant.

Society is also about caring for those who are not able to achieve, and not continuing to make it more difficult for them to afford paying for the roof over their heads. It is not only about always pandering to those who have already got what they want.