10/30/2012
All residential properties will be 99 years
Someone commented that the most effective measure to bring down property prices will be to convert all residential properties to 99 year lease. No more freehold, no more 999 years leases. Such a scenario or idea will send shivers down the spines to the landlords, the rich and powerful that have hoarded multiple freehold properties to last till perpetuity. Their ambition was to protect their wealth, to continue to be theirs longer than the life of dynasties that do not last a couple of centuries.
The ground rule has been designed by the rich and powerful to ensure that their family fortunes will last forever, or at least 999 years. That is normal as anyone in a position of power will only think of their own interests first. In many third world countries, the assumption to political power is like owning the right to be rich, to build their family fortunes.
Converting all residential properties from freehold to 99 year lease is unlikely to happen in the near future. No way will the rich and powerful allow this to happen as long as they are in control. Reality will see them consolidating their interests and wealth even more firmly, to the extent of being enshrined in the constitution.
The rich and powerful will continue to amass their fortunes in freehold properties. And with the removal of estate duties, there is nothing to prevent them from keeping their fortunes for many generations to come, forever. The new rich too will be doing the same, acquiring whatever freehold properties they could lay their hands on.
The unfortunate part is that the number of freehold residential properties is limited. A time will come when there will be hardly any left for the newcomers. The other unfortunate development is that the new rich and powerful would likely come from the HDB flat owners or 99 year leasehold owners. The super rich and powerful cannot be blessed with good fortunes forever. It has never been the case. All the good things must come to an end.
When the latecomers find themselves fenced off from the freehold properties they so desired and untouchable, it will be their turn to fiddle with the laws to give them a chance to acquire them. When all the freehold properties are no longer available, and no new freehold properties can be created, the new power brokers are going to do things to get a hold of the freehold properties. If they can’t buy them, they will change the laws to get them.
One possibility is to amend the land/property ownership laws to make all residential properties 99 years. If such a change takes place, no one needs to bother about estate duties anymore. The wealth and fortunes of the old rich will be recycled more regularly and the cycle is shorter. And it will be their own selfish wrong doings, to corner everything for themselves to the point that the new rich and powerful will be left with nothing but force to manipulate the law and the system to get what they want. By then the situation will be so ripe for a property ownership revolution.
It can happen and will happen when the new rich and powerful are shut out from their desires and wants. In human nature, all schemes are designed to self destruct no matter how superficially brilliant they appeared to be. Because of greed and selfishness, all such schemes will breakdown eventually.
What could be used as the excuse is the need for more land with an increasing population. The Land Acquisition Act will be reintroduced to acquire all landed properties in the Bukit Timah and Tanglin areas for redevelopment. The interesting part will be that these properties would by then be worth several hundred millions each and the govt of the day would not be able to compensate them adequately. History would be re-enacted when such properties would be acquired at a pittance to the govt on grounds of national interests. The carefully crafted laws and social political system to protect these properties till kingdom comes will go up in a wisp of smoke. Why not, when empires and dynasties could crumble, why can’t such inequitable laws make ways for a more equitable system? The more intractable is the system, the more unjust it becomes, the faster it would be done away with. The law of natural justice and social justice must prevail. Man proposes, heaven disposes.
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36 comments:
There is a big world out there beyond the shores of Singapore.
Just like there is a big world out there beyond the confines of Tanglin Club and Singapore Island Country Club.
No need to fight so hard with the reigning pissants (shit for brains elites) for a big slice of a very small pie.
Acquire a skill and the world is your oyster.
Acquire a university degree and you will be working for the MIWs till you are 40 years old. And driving a taxi for the rest of your life.
Ya Far East now sell condo on their freehold land at 103 years leasehold
That's the beauty of PAP's leasehold land.
They get to keep selling and re-selling the same piece of land over and over again.
And now, looks like even Far East wants to join the racket.
Why stop at 99 years? Why not 70 years, 50 years or even 33 years?
The Land Acquisition Act hatched by LKY, Goh Keng Swee and Ngiam Tong Dow (he admit it in his book), is the single most wicked policy of PAP, target to destroy political enemies, looting citizens, as well as providing workers to be exploited for MNCs.
Ngiam told a lie in his book that PAP only acquire undeveloped land, (maybe deserts, jungles....etc). In actual fact, any land in Singapore is acquire as long as it belongs to the poor and potential PAP's political opponent, including those inside CBD.
My family is one of the victim. My poor Grandma has a big but old 5 foot way in Joo Chiat. PAP took it. Just next door is another block of Semi-D, PAP left it alone. That 5 foot way in Joo Chiat would cost 3-5 millions today. And my grandma and grand-daddy save up all those monies to buy the house, half way, my grand daddy over-work and passed away.
That is our blood monies. PAP plunder it. The land is supposed to be use for public development, yet today, 25 years later, the plot of land plundered is still vacate. I bet its going to sold to property developer.
When PAP plunder our house, all of my uncles has to be put into debt and buy "subsidize" HDB from PAP.
All these years, PAP's policy is based on exploitation of Singaporeans. If the house is still there, my uncles would have $$$. They would be able to afford tuition for their kids and their kids will not go into trouble.
How many families PAP has destroyed for its policies.
PAP always accuse Singaporeans of clutch mentality. The actual fact is PAP leader is the biggest parasite holding on to universe biggest clutch. Subsidies in hundreds of millions are given of elites even if they sit by do nothing.
Mother Fxxker Ngiam Tong Dow justified his own sin of plundering citizen property. He claimed that he saw no reason why the poor from "undevelop land" must benefit from asset appreciate due to infrastructure that PAP build nearby.
The fact is PAP and elites are the ones who benefited most from government infrastructure near their house. LKY Oxley road house is the confluence of 3 MRT lines. LKY designated Orchard road as shopping district.
Our elite also make it clear that rich man estate like Bukit Timah Tanglin and Katong is not to be acquired. (Many of these are infested with peranakan). Today, government is building lines of MRT in Bukit Timah whose population density do not justified having metro.
PAP sole aim is to subsidize the rich by using our monies to build useless infrastructure, so that Bukit Timah asset price will rocket.
In addition, poor Malay was kick out of their Kampong's self-subservient life style. They are not able to adapt that well. Their children went into trouble. They got into marital trouble. They engage in vices.
If we give Malay back their Kampong I bet such things would drop to 0. PAP always brag without HDB, everyone has no place to live. The truth is before HDB, ALL Singaporeans stay in landed properties.
Today, HDB has an additional more wicked dimension. PAP import FT and build little HDB. HDB hike through the roof forcing Singaporean into debt slave for 30 years. Anytime you got fired because PAP import too many surplus labor, PAP is going to foreclose your HDB if you cannot pay up.
HDB is the sin and shame of Singapore. It is not a symbol of house ownership. It is a symbol of exploitation, of plunder, of enslavement, of all social problems.
We have the Land Acquisition Act. It has always been used to seize the land of the poor with very low compensation for redevelopment. It is not a problem so long as it is use to build HDB flat and sold at cost plus.
Currently, we have DBSS and EC as well as private property being developed on such land. In such cases, the owners of the land which were siezed under the Act should be entitled to the cost of land which was actually sold or is this a scheme for the poor to subsidse the rich?
If not, I hope that future government under a different regime should sieze all landed properties of the rich under the Land Acquisition Act and then build BTO flats under the cost plus system. The rich subsidising the poor seems a fairer system to me. What say you?
If they did not acquire the land and property who will be buying the hdb they built. How are they to get the people tied to them and listen to them. The sin of it all was that the resettled folks were paid pittance and lost much of their domestic occupation.
Hello. Don't get excited. We should leave the system in place intact. Over reacting is not going to benefit Singaporeans in the long run.
Rich and Poor is a common phenomenon in any country. Trying to tear the rich to give the poor is like killing the golden goose for its eggs.
The way forward is not to punish the rich but helping the poor. For example, instead of selling HDB flats at costs + extraordinary profits, just sell them at costs plus a small profit. Is that so difficult? Is profit so important to HDB which is meant to build houses enough for every expiring citizen?
Veritas has a perfect reading of the evilness of some people in Sin.
Singapore can solve the problem of the shortage of land or living space in many ways.
l. Instal a new government that is more attune to the ordinasry people's needs. A revolution must be carried out to redistribute living space more equitably and fairly to the people.
2. Extend living space across the seas to Malaysia and Indonesia either by peaceful means or through invasion. All the existing empires, the British, the French, Russian American,Spanish, Indian Australian and even present Indonesia and Malaysia extended their territories through invasion or deceit in wrongful acquirements of other people's lands.
In the case of South East Asia the Dutch and the British divided the lands and seas between themselves arbitrarily and when they were forced to leave after the Second World war, they did not consider the legal entitlements of other people other than the Malays and Indonesians. The natives of Papua New Guinea were deprived of their rights to their homeland. The dumb PAP leaders allowed the British to illegally give away Penang. Malacca, Sarawak and Sabah to Malaya where the present extreme racist ultra Malay leaders exercise racist politics to the detriment of the Indians and the Chinese. If LKY was smart and intelligent he should have fought for the merger of the Straits Settlements of Singapore, Penang and Malacca together with Sarawak and Sabah. He allowed Tungku Abdul Rahman and the British to walk over him at the expense of the political rights of the Indians and Chinese. Now PAP should build a mighty army and military to take back Penang, Malacca, Sarawak and Sabah and if possible Batam and Bintan Islands. PAP and Singapore should learn from others how to expand an empire. Look, even the bastard White Americans are still continuing trying to expand more across the Pacific Ocean.Singapore would not be in dire straits of land and living space now if Lim Chin Siong and his comrades were in power to negotiate with the British and the Tengku. Shame on the Pappies for being short sighted in cross border politics resulting in the Indians and Chinese being short changed by the British thus allowing the ultra racist Malay leaders to deprive the Indians and Chinese of their political rights.
Eagles Eye
Hdb was meant for poor Singaporeans, that was and is why those above certain income are barred from buying them. However, many foreigners are now living in them. Every Hdb Estate You get to see them, many are your neighbours.
HDB must be given free to every Singaporean male. Who subsidize our HDB? Its not PAP. Its the Malay Kampong-man who lose their land, the Chinese self-subsistence farmer of Sembawang, Lim Choo Kang, Simei.
Its people like Ivy Singh Lim father Bachoo Singh (Simei), Tan Lak Sai (Who knows those HDB around NTU is built on land plundered from him)....etc.
I agree that there is a need to take land from rich landlord, but taking land from the poor is tyranny.
HDB does not belongs to PAP. The land bank that enables it come from kind Singaporeans. Today, all these lands and HDB units are sold to foreigners.
PAP pocket that arbitrage, and then give all these $$$ to Ho Ching and Tony Tan to gamble in wall street.
They lost their pants.
If 60% of us are stupid enuff to believe that Millionaires in Parliament can represent the interest of the poor & the middle class .... I really don't know what to say.
Doesn't the vision of Tin Pei Ling defending the poor and elderly citizens of Singapore from bullying by FTs fill you up with confidence?
But isn't Uncle Tony working feverishly late into the night to give us a list of all Singapore assets?
You know. Reduce the 56 man-years.
Anybody know how many man-years since President Ong Teng Cheong first asked that question?
The rich and powerful must be restrain from land grab. They are pushing up property price and hoarding all the land in this little red dot. The poor are being enslaved for generations just to have a roof over their head. Meanwhile, the rich and powerful are living off from the labour of the enslaved. Why should rich developers be allowed to exploit the people? Are all the land acquired used to build flats for the poor or sold to developers, including the housing board to make money? Is Hdb not the biggest developer in Sg?
What say You?
What is the governnent going to say to the people about the above content?
Can minister khaw offer the people some enlightenment.
Minister Cow is paid $1 million dollars salary a year.
What do you want him to say?
Do you want him to walk away from a million dollar salary?
Minister Khaw is a sincere minister, he volunteered to take charge of the national development. He must have had some good ideas to house the people. He is a pious person and as a Buddhist myself, I believe he will do his best to help. Have faith in him. Looking at all the cabinet members, he can be seen to be the most gentle and sincere when on the ground. He is greatly respected by Singaporeans.
I quite agree with this comment on Boon Wan. His problem is that there are too much vested interests in housing and keeping property prices high that his hands are tied.
You may want to feedback to him on the points raised here and in other blogs and the need to get rid of anti Singaporean rules by his predecessors. Disqualifying Singaporeans from buying HDB flats because of the income ceiling or whatever is bullshit.
Boon Wan has fouled up with his mean testing in hospital wards and he may make amends by removing bad policies in housing and build more flats to serve the needs of the citizens.
If he could not do so or would not do so, his credibility would go into the dustbin.
The most expensive property at Orchard Residences and Sentosa are 99lh. What talking you?
Tink u forgot to mention about Christmas island.
Vested interest ties the hands of Boon Wan and the people may have caused the Government to bring in hoard of foreign talents. Boon Wan is a member of the cabinet. They are all force by circunstances beyond their control when they manage the country and implement policies for nearly fifty years. Our Ministers seem to be badly manipulated in the eyes of some Singaporeans, so they have to act the way they had all these years. No wonder they have to pay themselves so much.
Anon 9:15, you no heard of freehold and 999 years?
@ ANON October 30, 2012 6:17 PM
"Minister Khaw is a sincere minister,....."
Don't tell us.
Prove it with action.
Don't be like Millionaire Lim Boon Heng.
Cry no use.
If your hands are tied, resign immediately.
Get lost and make way for another person who is willing and able to take action.
If Pro Alien Party have no talent or desire to lead Singaporeans;
Please bugger off.
And make way for Singaporeans from Opposition parties who have heart & desire to serve Singaporeans.
"Selling" HDB flats to Singaporeans is a cannot lose business.
Prices of HDB flats can never drop because;
a.Government controls the supply of HDB flats. So there can never be an oversupply.
b.There will always be demand because if demand drops, just let in another 2 million new immigrants-citizens to prop up demand.
c.HDB flats belong to HDB. And you pay 99 years of rent in advance.
And the 99 years of rent you pay in advance ... far exceeds the cost of the HDB flat.
The money the govt makes from housing is probably more than everything else combined.
The easiest way to lower property prices is to contrat the money supply, driving interest rates up toward 50% (Ah Loong style)
The next best way is to crash the economy or make Singapore such an onerous place to be, that everyone will be rushing for the exits.
However, nothing like the above is likely to happen. Property prices -- even if they dip -- will still be "high".
>> The rich and powerful will continue to amass their fortunes in freehold properties. <
Hooray!
At least that means that becoming wealthy is a worthwhile objective.
However, beware the State can still legally relieve anyone of their property for any reason whatsoever, at anytime. Doesn't matter what law or statute is out there. The legal framework is generally known as EMINENT DOMAIN, aka LEGALISED theft.
So if the govt says "redevelop" it is en bloc for you at the price they strike.
Got fuck spider?
Maybe Sandy will hit Sinky? Who will be the big loser then? The rich or the poor? The poor can easily pick up pieces and start life somewhere again. The rich will be devastated.
"The truth is before HDB, ALL Singaporeans stay in landed properties." - I totally agree. There is enough land for everyone to live in a comfortable landed house in this world that God created.
My grandparents were also living on quite a piece of kampong land when the gov came and said they want to acquire it to build a church. Since they were both christians, they accepted a very low compensation thinking that it was for a good cause. But the gov took it and built some other stuff on it. Politicians are the worse kind of assholes in this world.
The silly sinkies should ask their grandparents and surviving great grandparents why they had at least landed property though they were not rich. More than half actually own lands before the 60s .Another information they should know is that up to the 70s, most settlers in Singapore had on average 5 children with many having dozens.
@ redbean and Anonymous at 06:17 -pm: Minister Khaw Boon Wan is NOT what you perceive.
Do NOT be fooled by Khaw's PR skills.
Insurance is about risk-pooling and claim-distribution.
FACT 1 - 1990: As MOH top civil servant and then Health Minister, Khaw advocated (1) Deductibles and (2) Co-insurance as core essentials in Medishield to preempt potential abuses of medical resources and excessive costs.
FACT 2 - 2005: Khaw sanctioned approved Medishield insurers to offer riders to overcome both (1) Deductibles and (2) Co-insurance.
FACT 3 - 2010: Khaw paid only $8 cash for heart surgery in Class A ward.
FACT 4 - 2012: Read point 14 of Mr Leong Sze Hian's blog: http://leongszehian.com/?p=1956
QUOTE: MediShield premiums will increase by 450, 511 and 309 per cent compared to 2005, for age 30, 50 and 70 respectively.
END QUOTE.
PAP (Pay And Profit) + Big Biz = Progressive Corporatism.
1. Freehold land sold en bloc to private developer using a law that is skewed to be pro-sale (rather than pro-owner). Your neighbours can sell your family condo despite your objections - so what? Parliament passed the law - rule of law mah.
2. Developer then sells redevelopment project on leasehold basis.
http://www.asiaone.com/Business/My+Money/Property/Story/A1Story20091231-188966.html
FREEHOLD "Rose Garden" sold en bloc, Far East Organization is selling the new project "The Shore" as 103-YEAR LEASEHOLD. SLA/URA/BCA all APPROVED under Whole-of-Govt approach!
Going forward, Singaporeans have to kow-tow to Developers who are more powerful than Government.
Govt slaps on SSD and ABSD. Developers absorb both.
Govt withdraws Deferred Payment Scheme. Developers pay interest on behalf of buyers under Interest Absorption Scheme.
Govt bans Interest Absorption Scheme and bars Interest-Only-Loans. Let's see if Developers offer Buy-Now-Pay-Later Scheme ... no sweat lah over Govt's cap of 35-year loan tenure or age 65 loan expiry at 80% MOA.
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