A contributor to the ST forum today, Woon Toon Tuan, wrote an article titled, ‘Why property prices will remain high’ and quoted some amazing numbers which he said were from official sources.
He stated that from 1995-2010, the population of citizens and PRs increased by 758,000 while 128,896 private homes were built. The 758,000 when translated into homes needed with a 3.5 person per household were 216,628 homes. Between the two, there was a shortfall of 87,732 homes needed. To date, there are 77,089 units of incompleted homes in the pipeline and these would still be insufficient and will thus not quench the demand for housing. Prices will thus remain firm.
I am not sure if public housing would affect his numbers as he mentioned that the 128,896 were private homes. Then he added that in year 2010, the population increased by another 107,000 foreigners. This would translate to another 30,000 units of home for them.
It is really very funny that if these are official data, how could they be missed and some jokers happily cut down on the building of public housing? Actually it is not funny at all when so many people were adversely affected and their savings kenna wiped out because of high demand and low supply of housing. Home buyers could have suffered a few hundred thousand dollars extra in the prices they paid because of this boo boo. Some would have to push back their buying decision only to end up seeing the prices rocketing to the sky. And they are stucked with no housing till today. Those that have to pay the exceptionally high prices would have no recourse to the monetary loss they have incurred because of this fiasco.
Nobody is responsible for the shit they have ended up in. Ya, they can blame it on market forces.
6 comments:
QUESTION
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So why should the government be held responsible for the low supply of housing?
ANSWER
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Because the government owns 80-90% of the land in Singapore .... including all existing HDB flats.
QUESTION
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If the government does not provide enough land for housing, then who else to blame?
ANSWER
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The daft Singaporeans who voted the government.
You know you are daft.
LKY tells you directly that you are daft.
Even the newly arrived foreigners know that you are daft.
You got the government you deserve.
Think about that as you work to pay off your affordable 30 year HDB loan for the rest of your working life.
Assuming that you will still have a job.
We are all caught and stuck in this shitty situation. Look like the only sure way to make it better is to have at least 50% of the parliamentary elected members seat come 2016 go to opposition parties.
GE 2011
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40% voted Opposition = 6 seats in parliament.
GE 2016
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if 80% votes Opposition = 12 seats in parliament.
Still, 12 seats better than 6 seats.
There will be increase in the Number of Alternative Party Politicians.
However, cannot be too hopeful that they will make great differences to our live.
Me am of the view that living will be getting 'worser', 'badier' and 'darkerer' and not cheaper, faster and better as claimed by a clown.
patriot
/// He stated that from 1995-2010, the population of citizens and PRs increased by 758,000...
... Then he added that in year 2010, the population increased by another 107,000 foreigners. This would translate to another 30,000 units of home for them. ///
This Car Toon is in denial. What does this Car Toon think the 758k additional residents were doing? Sleeping in voide decks or staying in hotels for the last 5 years. And the additional 107k foreigners were also sleeping in parks and the jungles in the past 12 months?
It is precisely because of the influx of foreigners that property prices were pushed sky-high. Now, the intake of foreigners have been reduced. The coming recession is going to see more expats going back. The low interest rate environment has only one way to go -- up! And this Toon still thinks property prices can go up.
Thank you for the info. It sounds pretty user friendly. I guess I’ll pick one up for fun. thank u
Negligence Claim
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