I have been posting about the obscene prices of HDB flats at Pinnacles Duxton for a while and have seen some responses to my views. I must admit here that it is not an easy task for the govt to cater to the needs of all the people. It often has to make tough decisions. And these decisions made are not an issue of right or wrong but a matter of judgement and values. To price the same flats sold at an average of $300K with decent profit by another $180K comes out as milking the people to the maximum. This is my view. But the HDB/govt do not think so. It said, repeatedly, that this is the fairest way of pricing HDB flats. And they sincerely and honestly believe that this is the best method. They are transparent about it, not batting an eyelid when they argued in favour of this method. I am not saying that they are wrong. I am saying that it is obnoxious and I fully disagree that the govt should just slap a $180k bill onto its people, arbitrary, on the ground that the market is willing to pay for it. Today I read that the US govt is coming out with new laws to protect consumers from arbitrary increases in interest rate or related stuff. Basically the principle is the same. Protecting the consumers from profiteers. Can this Pinnacles case be considered as profiteering? What is the position of CASE? Its mission is to protect the consumers. Do they agree with this kind of pricing policy? CASE cannot just shut up and pretend not to see or hear. The amount may not be as big as a peanut but is a very big sum of money to the buyers. Then there are the MPs. Do they also agree to this policy? If they don't, why are they not fighting to get it thrown out? Or is simply raising questions in Parliament is job well done, nothing can be done anymore? If this is considered a fair practice by the govt, if this is their definition of fairness, then the people must accept that all govt policies will be based on this kind of principles. The people get the govt they deserve.


Kaffein said...

We have a CASE (pun intended) meh? How come I don't know.


Chua Chin Leng aka redbean said...

what CASE? : )

Anonymous said...

I think it is fair for HDB to make profits(but not profiteering of course)if it is a Commercial Entity.


it is claiming to provide 'subsidized housing', on behalf of the Government, for the citizenry. How true or right is this claim?


Chua Chin Leng aka redbean said...

the latest example which many are so incense about goes something like that. a flat is built at $150k and sold for $300k, with a profit of $150k.

then when market demands drove up prices, the same flat will be sold for $500k. and this is trumpeted as fair, as subsidised.

they don't care how much burden were added to the buyers. this is simply outrageous.

it shows a sick mind! you have a demon dressed up like an angel.