A reassurance from Chok Tong
Last night heard Chok Tong reassuring the people that the govt had their interest at heart, citizens first and foreigners second. And the most important part, more properties would be made available and the government would "ensure that property prices do not fall out of sync with economic fundamentals." So basically he is saying that there will be more flats at affordable prices. Unfortunately 'more and affordable' are two words that are getting out of sync with the people. What is more when each cohort of citizens is about 30,000 heads and HDB sold less than 5,000 units of flats last year? When 30,000 people got hitched, there is a demand for 15,000 units and even at 50% rate, the demand is for 7,500 units. Out of sync or in sync? What about the additional demand from another few hundred foreigners, PRs and new citizens? Obviously 'more' means different things to different people. No need to explain further about the definition of affordability. It is totally out of sync from the hardlander's definition. The CPF was primarily a retirement fund but now would be emptied for the first 30 years to pay for an affordable flat. I agree that there will be plenty of CPF left if everyone will to go for a 2rm or 3rm flat. But the reality is that this is not the expectation of a Swiss standard level of living. With a huge chunk of money being used to pay for a flat, and expectation to set aside another chunk in minimum sum and Medisave, and the people still expected to save for their retirement, where is the disposable income? A family income of $5k is also very tight with 2 school going children. Are we in sync or out of sync? But if you everyone is having a million or several million dollar income, then everything is smooth going. Everything is in sync. Please tell us what is more and what is the meaning of affordable.