Imagine how good things could have been…without Boon Wan

A total of 27,000 units of BTO flats launched, just building, in 2012 and maybe another 20,000 to be launched in 2013, and the headline in Today paper, ‘Prices to climb despite more HDB flats launched’. And this is after the spate of news of prices shooting to new record highs and after all the fine tuning to prevent it from going through the roof.

On the opposite of the supply side, the demand side was also fine tuned to slow the influx of foreigners a wee bit. And Boon Wan has been telling the people not to worry, the price will be stabilized. Then some were saying that HDB flat owners should not sell as the prices would only go up and up. The resale market is responding as it is, up and up.

Imagine, if the BTO programme was not ramped up, the influx of foreigners was not slowed down, Boon Wan did not come in to fine tune the housing policies, prices would have easily doubled and more millionaires would have been made. 3 rm and 4 rm resale flats would been fetching a million each by now.

Imagine how many more millionaires would there be in Sin City? Half the population of Sinkies would be millionaires by now. Boon Wan should not have put his fingers into such a good thing that is happening in Sin. Now many Sinkie dreams of becoming millionaires by not selling their HDB flats, by not working and just sitting on their HDB flats would have been doomed. And without this asset inflation, how are they going to pay for the world class medical bills and to buy a new car or to retire rich?

Things could have been so much better, Sinkie so much richer, if only Mah Bow Tan remains as the Housing Minister. Many Sinkies must be regretting for missing the golden opportunities and becoming millionaires. In the next GE they will be demonstrating for the return of Mah Bow Tan to continue with his housing policies that made Sinkies instant millionaires.

Now Sinkies have to live with only moderate increases in the value of their properties, but still a consolation as the prices will be up and up but on a slower pace, like doubling every 20 years instead of 10 years.

Boon Wan, look at what you have done to bust the happy dreams of Sinkies? Boon Wan should not have ramped up the BTO programme, then everyone will be shouting, ‘Huat ah, huat ah.’

You can't please everyone. Some like high prices, some like low prices. Some will love Mah Bow Tan and some will love Boon Wan.


Anonymous said...

Obviously the cooling measures did not work well. Same as our transport strategies, all don't work. Whats going on?

Anonymous said...

Wise Sinkies will make many many big money from investing in property. The targetted population has not reach and when it reaches, it will be revised upward again and repeated.
Unless a calamity happens, property in Sincity can cost more than Mumbai and London.

Anonymous said...

Alamak I already sold my property thinking the cooling measures would work so now die already

Anonymous said...

Wow, RedBEAN. Yr writing style today reminds me of LuckyTAN of old..

Anonymous said...

I see this as US debt. It is the young that is forced to pay. Its like born to be slave. Imagine HDB prices continue to rise, how is our grand children and great graet children going to pay for their apartments, with no pay rise in the horizon?

Anonymous said...

Well ,red bean, your article had brought back memories for me.

1.During LKY time as PM , he said that every singaporean will have a roof over their head but now I doubt whether it can happen to everyone.

2. During PM GOH CT time, in his election campaign , he said that we can sustain the high salary but now spore is open to FT with lower salaries.
What else is installed for Sinkies???

Anonymous said...

Recently MM Lee even said HDB will sell flats to Singaporeans at cost or below costs? I wonder what does he mean. Cost based on what? He also asked people not to sell as value of flats will go up by up to 20x. Sure?

Anonymous said...

Mr Khaw puts the people in slow cooker while Mr Mah used microwave. Either way, all get cooked. If one is more acceptable or preferred, it is just funny.

Anonymous said...

This is an opportunity for the HDB to make a killing now that prices are so high and still climbing. How come they failed to see the problem when prices were much lower and build more flats then to cope with demand? All kinds of reasons were given, but I guess it has to do with pricing and opportunity.

In the end Singaporeans have to pay the price while the monopolistic landlord makes all the right moves at the right time.

agongkia said...

Give me a break.
Any Ah Tur Ah Kow can be in charge of the housing and the price will still be up up and up.

Matilah_Singapura said...

This is how fucked people are:

When the prices collapsed circa end of 1990's early 2000's, motherfuckers were screaming for the govt to "do something". And the prices stayed low for a few years.

Many cheap skate profit-seeking bottom feeders like myself had to sit patiently on lousy rent returns and fuck all asset appreciation FOR YEARS. Orchard Road renting for around 1,500, en bloc - small money, 2 storey Black and White 3k...WTF?

Fast forward to today, after much MONEY PRINTING and enhanced demand from immigration, it is once again WONDERFUL to be a land lord :-P

To reap now, many of us had to "tahan" some discomfort and "lifestyle restrictions" in the past... No pain, no gain.

Got long time frame?

Anonymous said...

If there is not enough flats, then people will delay marriage and having kids. Thus, the cause of low fertility is due to poor policy of the gahmen. Stop denying this.

Anonymous said...

Property bubble will burst sooner or later. Property prices appreciating cannot substain forever.

Anonymous said...

HDB is a monopoly.
When a monopoly builds 27,000 new flats.
Reducing price by $10,000 per flat means the HDB monopoly gives up a profit of 27,000 flats x $10,000
= $270,000,000
That's $270 million dollars.

That's $270 million dollars less for the Singapore Reserves.

And you dumbass keep asking the cow to reduce HDB prices.
Sinkies are so stooopid it's unbelievable.
No wonder the old fart calls us daft.

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Anonymous said...

See what did the $8 minister do when he was the health minister. Make himself pay $8 for the heart operation but make an original Singaporean go bankrupt if they got critical illness. If complaint too much, then he will asking you to send your parents to JB. Where is his heart for the people? If complaint again, he will ask you to live in JB.

Anonymous said...

Either we live in JB or Sinkies get him sacked in GE 2016.

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