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9/07/2011

Still squeezed out of public housing

Lim Chong Wee wrote to the ST that he still could not qualify for Exec Condo when there was another big article claiming that it is so EC to buy Exec Condo now than DBSS. Yes they have raised the ceiling to $12k which technically means that Lim Chong Wee will now qualify. But there is another clause about eligible only after 30 mths from selling a private property.

Lim is one of those poor rich guys who was forced to take a hefty loan to buy private market when his income was deemed to be rich enough to live in private properties. The truth is that with $10k or $12k, and taking a huge loan, these people are finding it a squeeze. Their only usefulness is to help to inflate the prices of private properties to make their owners get richer.

In the mean time they will have to empty every cent in their CPF to afford those ridiculous prices. And these will be the people ended with nothing to withdraw from their CPF savings when they retired. And no body know why they have little savings! One big chunk taken away by the property and another big chunk by minimum sum and Medisave. The candle burns at both ends.

Of course he is complaining. But to the very rich, they want to force this group of people to think they are rich and must feed on caviar and foie gras. Poor buggers, caught in a cruel scheme. The ugly reality is that going to private properties will put a tremendous strain on them. They look good with their private addresses and cars, but not much left for their retirement.

The really rich are those earning $50k or more monthly. Those in the $10k to $20K bracket could live very comfortably if not being forced by the system and some dickheads to spend every cent they earned. They are not supposed to be thrifty, to be prudent, to save for their children and old age. They must spend and spend to help the economy and support the private property market for the dickheads to get richer.

This is the perfect middle class squeeze. Not because they have to support parents and children, but to support the private property market.

26 comments:

JeffGoh said...

You have said it like it is. Great!

In the words of one of our besterest Minister just look at our CPF statement to feel good and rich.

Anonymous said...

It is true that a Minister can feel rich looking at HIS CPF statement.

Supposed his bonus is $2 million a year. Suppose CPF contribution is 30%. That is $600,000 a year. If the minister has been a minister for 20 years, that is

$12,000,000.

Chua Chin Leng aka redbean said...

Ha, CPF doesn't work that way. There is a ceiling on the salary to be deducted and also a total limit on contribution which I think is $1,800 pm.

The minister was joking when he talked about his CPF statement. Not even worth a peanut. The real money is not in his CPF. They absolutely do not have to touch their CPF. Too insignificant an amount to bother them.

Anonymous said...

See how wicked these people are? They bought many properties and forced the young people to buy from them at big profits. Then complained people got no money for old age. Wicked to the core.

Anonymous said...

You mean Lim cannot buy a resale HDB and live in it?

Is a matter of lifestyle and expectation. If one cannot afford, don't go Private, buy HDB!

Anonymous said...

Conspiracy of the rich and the elites.

Anonymous said...

Time to wake up.

Now, instead of supporting parents, children are raised to slog in order to support HDB, hospitals, insurance companies and of course the immortals. How to support parents if they cannot even support all these 'affordable' needs.

Now, why do people want to have children if they think wisely. For support in old age? As I say, better wake up.

Anonymous said...

Why buy Pte if it is going to be so taxing financially ?? Did anyone put a gun to his head and force him to buy Pte ?? If this is his way of showing people that he has "arrived"...then i think this is pure stupidity !!!

Chua Chin Leng aka redbean said...

Are you Singaporeans?

Many Singaporeans are forced out of the public housing market because some dickheads decided that their income is high enough to be fed to the sharks. Or maybe they are afraid that their investments in private properties will not make profits if there are few buyers. So make sure that the young people with a bit more income cannot buy public flats. Self serving logic!

Many young people may have hit $10k or $12k combined income but have family commitments and really could not afford private properties. Some are just prudent and do not want to pay through their noses for private properties.
They all want to buy public housing. They have other priorities and trying to look good to buy private is not one of them.

But dickheads said cannot buy public flats because dickheads did not want to build more public flats to limit the supply. These people have no choice. And this Lim Chong Wee is one of the victims. He was forced to buy private.

Now, given a chance, being prudent and down to earth, he wanted to give up his private property for a public flat.

I hope you get the picture.

Anonymous said...

The best motto is:

Forget ego. Don't envy. Cut your clothes according to your cloth.

All unhappiness spring from greed, ego and envy.

You never regret realising that.

Anonymous said...

Redbean has explained so clearly to you and you still didn't get it? These people do not care about ego or the stylo milo private properties. They just want public housing.

The ego and envy nonsense were forced upon them by the assholes. They can afford private properties but did not want private properties. They want to spend wisely, within their means, and still have savings to spare.

Anonymous said...

The dickhead and his clitorishead wife are brilliant. Now his private home has peaked in value and our gov has caved in to pressure to relax its housing criteria for these upper middle class folks to buy much cheaper "pte housing" aka EC. You can't ask for a better timing for the clitorishead to suck the juice$$ of the dickheads in the housing market.

This is the classic case of...$$$ell high(his pte home) and buy low(EC) and when the clitorishead juice$$ are ride, sell away the EC for a huge profit(all ECs owners are laughing to the bank now) and gripe about expensive HDB.

Wow, make money from all quarters - sell pte home at High price, sell EC at futre high price and buy cheap HDB - fukking filthy rich by then. But govt stand in my way money making ways...well, watch 2016, we will kick your farting asses out of political office.

Very good move indeed.

Anonymous said...

He is not a dickhead. He is your typical fucking opportunistic tertiary educated pighead common in the whole of SIN out to make money.

Read between the lines you fuckers.

Anonymous said...

They all want to buy public housing. They have other priorities and trying to look good to buy private is not one of them.

That's only one side of the story.

Let's not forget one other reason why 'they all want to buy public housing'. It's so that they can have a bite at the 'subsidised' HDB cherry and then subsequently go on to acquire (private) property number two.

Anonymous said...

It baffles me why the gov thinks it is their calling or job to fulfil the asperation of HDB dwellers to own private property.

Seriously, if you are a salary person, you ought to be contended with HDB because the new flats have come a long way since the days of central corridor.

But the stupid gov is fearful of losing votes because of our stupider political system so i suppose they deserve to be mocked as we capitalize on.... divisiveness.

Anonymous said...

No it is not their noble intent to do that. They are forcing people to buy private properties so that they can sell more land and properties at higher prices.

They forbid many from buying public flats for all shitty reasons. And you know who profits?

Anonymous said...

You are not entirely incorrect. But the calculative Singaporean also profited - why do you suppose they keep beating down prices?

Building ECs as a bridge between HDB and private property is really unnecessary. If you cannot afford the GENUINE article, don't die die also must have.
When the gov created this hybrid housing by twitching a set of rules to meet this demand, it makes these buyers look so .... desperado.

Hey, can't afford rolex don't wear rolak lah lol

Anonymous said...

Do you know EC is unfair to private home owners?

EC is competing with private housing after 5 years of occupation. 5 years is about right to reap capital gain from your property anyway but EC owners bought their flats much cheaper so they stand to gain much more when they sell compare to private property owners.

Now why does the idiotic gov create such a housing divide? What is so special about this group of singaporeans that we hand a jackpot to their doorstep?

Anonymous said...

Huh, government forcing people to buy private property? When did that happen? In dream land?

Anyone heard of resale HDB flat? Any incoming ceiling for that?

Anonymous said...

The latest EC launch has been twice over subscribed. Why?
It's a lottery, that's why.
So far, no losers in EC....only opportunistic pigs who whine about unaffordable housing.

Chua Chin Leng aka redbean said...

Why are we blaming the sheep that have been manipulated at all ends? The sheep can only make choices of the grass to eat and the place to sleep in the pen they were squeezed into.

Who decided which pen and which sheep to be there, and what kind of grass it can be fed?

The sheep are trying to make the best out of a bad situation that is getting badder. Sure some sheep are better than others.

And can't believe it, the sheep are blaming each other for their plight!

Chua Chin Leng aka redbean said...

Nice to be the one pulling all the strings, and not be blamed for it.

Where is the sheep dog?

Political Bengster said...

Hear Hear ! tell it like it is! who is the Master of Puppets?

A most telling tidbit from our old man during the QnA was "is Sinkies Political Aware?"

MR Lee:
So being politically aware after the election means you just got excited for the election and voted for one party or the other, that does not mean you are politically aware.

He is must be smirking to himself as the real power lays in deciding the Alternatives!

Vote PAP or WP, it will be the same dickheads screwing us over!

We as the electorate can only wished once its done at least have the kind decency to give us serfs the reach AROUND while they screw us wholesale!

What fun for them to create this DIVIDE and RULE in serfsgapore?

MR Lee on political divide:
What's good for the higher income will be resented by the middle income

Reganomics 101!

While we Serfs labor and pile their tables full for the elite class.

We Serfs can only gaze longingly at them to throw Scraps down to the floor for us to fight over.

The Elites are the ones who are creating this CLASS divide!

Pardon my england as i m a lowly N level Serf.

Anonymous said...

Your england better than the queen of england.
You see, you can't get rid of people who think they are better than you because they are scholars or scorers. Neither can you get rid of the chow ah in society who would fuck any chow ah lians with a chow CB.
The thing is..how do you get the two to respect each other because, obviously they don't. And it makes matter worse that the scorers are enjoying creampies and the chow ah bengs may one day have to wash public toilets for scorers to shit on.

So I, being politically unaware according to the former MM, think that the people are as much of an idiot as those who govern, except that governors are very cooperative when sucking each other dicks, because....scholars or not, the only time when they are not divided is when they fuck chow CB.

So I, being politically unaware according to MM, think that we need to work around chow CB to be united.

Anonymous said...

Yes, CCB will become the new political center ha

Political Bengster said...

Guys, i hope when you say CCB = Super White ?
超级百!!!

Regards and with Respect