The new story

I wonder if any of you noticed the theme in the media with regards to housing. As I scanned through the articles over the last few weeks, there is a new song being sung almost daily. Small is good. Small flats are good. Small flats do not compromise on the quality of life. There are many beautiful parks outside that the people can go to for the space they want. Small flats are ideal for smaller households.

Small is the way to go. And we have a very long way to catch up with Tokyo and Hongkong, to go smaller. It is not only a trend. Our population is growing and we need to keep housing small to make way for more people, for economic growth and better quality living.


Anonymous said...

On housing, how can you miss writing about the joker who was awarded for her brilliant idea on "lease buy back scheme"?

That scheme robbed homeowners, most of them are elderlies and poor, of the true value of their homes.

Chua Chin Leng aka redbean said...

The lease buy back scheme is a good scheme, like housing price is affordable.

The scheme ensures that people come with nothing go with nothing.

Unlike the dropping of estate duties when people are now allowed to keep the $50m property without having to pay property tax.

agongkia said...

anon 1025
How can you say that?
She did not rob them but helping poor,elderlies and illiterate with monthly allowances,maybe only hope that they don't live too long.

Anonymous said...

I have no issue with helping those who are financially challenged through monetizing their assets. However, don't undermine the value of their homes and short change them in the name of "helping them".

Anonymous said...

The joker is having the last laugh.

Anonymous said...

Isn't this the PAP's government trademark style of helping people? Like raising GST to help the poor, raising tariffs to give rebates...

Anonymous said...

the $8 ministar is up to his old tricks of calling a spade anything except a spade again. Only this time, he is trying to brainwash himself and others of the benefit of small and why we should all learn to sleep in our cupboards like bats.

tkw said...

I dont have the details of the "lease/buy back" scheme.

My aunt was on the scheme whereby the financier granted her a fixed amount per month based on the assessed value of her house...I recalled it now as the "reverse mortage" scheme.

However, when the property prices went down, the financier shortened the period of her monthly payments to her consternation.

Not only this uncertainty, she was charged 6% for her monthly payments as if it was a overdraft of some kind and which was factored in the final settlement when it came..of course on a compounded basis.

You got to get to the details to assess if the benefits are for the consumer or the financier in this lease/buyback scheme.

Nothing is free in Singapore where corporations/organisations/etc have little humanitarian inclinations...PROFITS OF THE MAX POSSIBLE is the MANTRA.

Boy...was I surprised at the details of the "reverse mortgage" scheme touted as a panacea for the asset-rich but cash poor individual.

Anonymous said...

Useless oppositions. You hear anything from them about the day light robbery in the form of reverse mortgage or lease buy back scheme? They are only interested in killing the value of our homes.

Anonymous said...

All the help schemes you can think of are designed to benefit the purported helper more than they benefit the persons receiving the 'help'.

Chua Chin Leng aka redbean said...

Is this just a perception or real?

If this is real, no amount of communication is going to work.

If it is just a perception, then there may be a little hope that the perception can be changed.

Anonymous said...

Reverse mortgage benefits the bank who charge super high interest rates.

See this story:

Old couple have to die fast or the compounded high interest will kill them.

Chua Chin Leng aka redbean said...

Hi Anon 1:14. They said the devil is in the details.

On face value, I thought the reversed mortgage scheme would be a fixed term rather than a flexible term varying the market price of the property.

In the mentioned case, the property prices fluctuated from $2.1m to $1.1m and that is very frightening.

Can the current property prices go down the same amount? Many would have to jump off the windows if it so happen. Real scary.

Those who still think taking a half million dollar loan and nothing will happen to their income, better think twice or triple. Any jokers telling you that no worry lah, the loan is covered by the value of the property, don't buy that.

It can kill.

Anonymous said...

Encouraging people to live beyond their means. Pushing young people to take unnecessary gamble on their lifetime incomes.

Ruthless and highly irresponsible.

Matilah_Singapura said...

Wah, I don't know what kind of "magic" you believe in, but it seems to me you want rock-bottom prices for "good sized" housing, and you expect the government to fart out these goodies from the anus of the state.

If you are crying now, I can't wait to see and hear you wail when the population doubles :-)

Chua Chin Leng aka redbean said...

Great opportunities when there is a big collapse. I am rubbing my hands too.

Anonymous said...

Big collapse? Where got such a thing in red dot? You have practically no chance to rub your hands, officially.

Here in red dot the leaders and people do not see things through the same telescope.

For example, what was Khaw Boon Wan saying about the lack of traction and strategy that caused them to lose a GRC during the last election?

The old uncles and aunties cleaning the toilets and karung guni man know that it was the issue of the high cost of living, immigrants, ministers' salaries, housing and jobs that caused the loss of Aljunied GRC, not traction or strategy. 46 years of designer status iron-clad strategy just cannot unravel in one election. Who are they trying to kid anyway? Yes, the truth must be hurting, so they are still trying to ignore the truth and try to blame something else. But traction and strategy?

The way I see it, they still will not see the truth by 2016.

Chua Chin Leng aka redbean said...

The whole western economy and financial institions are run by crooks who go for quick fixes and quick profits, doctoring accounts and all the tricks in the bag to look good, spending future income, borrowings etc etc.

It can take a dive anytime if some big time analysts start to scream 'Run for cover'. It will be really big time. Living on credit is living on borrowed time.

Anonymous said...

The new story or new song? It changes all the time, as in Animal Farm.

Anyway, first it was two legs bad, four legs good. Then two legs good, four legs better.

Soon, very soon, it will be four legs good, three legs better. Or am I behind time?

Anonymous said...

"The old uncles and aunties cleaning the toilets and karung guni man know that it was the issue of the high cost of living, immigrants, ministers' salaries, housing and jobs that caused the loss of Aljunied GRC". Unquote.

It was these very uncles and aunties that repeatedly refused to vote for oppositions. Period.

Matilah_Singapura said...

As if voting for the opposition or praying to Baby Jesus or fat-fuck Buddha will actually make a difference someone not only refuses to accept their life, but any responsibility that goes with it.

Dem aunties and unkles need a slap ;-)

Anonymous said...

Propaganda is in action. Nothing new on this rock. This is the only way to brainwash the people so that they believe what those in power want them to believe.

Quality of life is an abstract and subjective concept. It has different meaning to different people.

Chua Chin Leng aka redbean said...

More letters in the ST forum against this silly quest that small is good.

We need not go down the road of Hongkong and Tokyo. We can see how disgusting life can be, living like dogs in a kennel. And the sad thing is that we are being led down this road to paradise, like there is no choice leow.

Got anyone listening or not?

Anonymous said...

"Got anyone listening or not?".

Listen but did not hear!


Anonymous said...

"Listen but did hear! Can?"

Holy smoke, it is possible. Or should I say can. They have perfected that art for over 46 long years.

Anonymous said...

Small flats are good for you. For me, I need to live in 20,000 sq ft bungalow.

When I say your quality of life is not affected, it is true. It is the quality of life at your level, not mine. Mine will be affected if the 20,000 goes down to 15,000 sq ft.