It is unfortunate that the HDB has incurred a $797m deficit, a jump of
$354m from last year. This is caused by the ramping up in the building
of HDB flats. 72,737 units are in various stages of construction. HDB
has to spend $5.2b just to acquire the land for the flats. Some of the
deficits were due to higher subsidies for the new flats. The people, or
those eligible to buy HDB flats must be grateful to the govt for
absorbing the higher prices, a whopping $797m.
Assuming an average price of $300k for each flat, the 72,737 units of
flats should fetch $21.8b of revenue. I hope my numbers are as close to
the real numbers. I only have 10 fingers and it is a bit touch trying
to use the toes as well. With this revenue, I am wondering what would be
the final deficit when all the flats are sold. Last year about 10,000
units were sold. I am not sure how the $797m deficit is derived, but the
deficit for 72,737 units must be at least 5 to 7 times more when all is
done.
I am afraid the govt is going to run a loss for building so many flats.
But it is good for the people with such affordable priced flats. Just
hope that there will be no more schemes to cover up for this deficit.
Apple is losing hundred of billions, and it is true according to the standard of PAP, because even though its cost of production is low, Apple could have sold its product for much more what than its current price. As a result of not able to sell it at much higher price means a loss to Apple. Poor Apple, so rich and yet so poor !
ReplyDeleteiphone's cost = US$250
iphone's price = $600
iphone's price following PAP's standard of nonsense = $1300
Apple could have sell it for $1300 but didn't because people will not buy it so apple losing $700 for every iphone. Hence Apple is most generous in the world for its sacrifice.for every 5 millions iphone sold, Apple lost US$700x5millions = US$3.5billions of loss ...
Redbean,
we must give Apple a Humanity Award for sacrificing so much. Let us mourn for Apple ... Long live Apple !
All deficits will eventually have to be serviced, and paid off.
ReplyDeleteGuess who is going kena?
In fact, no need to guess lah. It's quite obvious ;-)
The deficit can be explained in this way lah.
ReplyDeleteIf PM Lee can earn $10M a year in the private sector but as PM his pay is only $2M a year, so PM Lee is also suffering a deficit of $8M per year as PM, tio bio?
And no wonder they need to pay ministers very high, in order to reduce their "deficit" when they become ministers.
Sinkies are suffering from the "mother of all deficits" when the strongest Sinkie opposition is not even ready to be govt.
ReplyDeleteApple should move its company to Singapore because it is only here, that when it earns the most profit in the world, can be reported as earning the loss.
ReplyDeleteIf what HDB is doing is correct in the eyes of law, isn't then any profitable companies in Singapore should report the same way as HDB then ? Profitable companies could report loss in their accounting then, nevermind the profit they making ?
Unbelievable that in this age of internet, those clowns still want to hoodwink and to insult sinkies' intelligence, oh in case we forget they are THICK-SKIN
哈哈哈
ReplyDelete妈滴喇重返“江湖”！
If Apple is not careful it could go the way of Nokia and Blackberry. It went there once in the early days.
ReplyDeleteAnd Matilah, if you want to know what is real and fake deficits, you should learn from Anon 11:39. Hope he can straighten you out. Your brain waves are entangled and got fused by all the right stuff.
Must ask PM where the money is coming from? If he has no money to pay for Medishield, how come there is so much money to pay HDB, year after year?
ReplyDeleteredbean,
ReplyDeleteEven if the deficit is fake, "someone" will pay lah.
Again, no prizes for guessing who that "someone" is. Pay lah.
My brain already fused. Fuse blown. Lan jiau also blown regularly. Same same. Pay lah.
RB, HDB can have deficit but sinkies cannot have deficit lah!
ReplyDeleteHu to top up Sinkies' deficit?
Anyway, 3 kopi kau please ......
Sinkies lazy to go out drink kopi would have a good alternative here.
Plenty of not so right "news, amusements, ideas, opinions, entertainments, boring/ long winded monologues, anyhowhantamed hypothesis, etc etc .....".
Value for $$$$$$.
Some more kopi please ........ new invited friends joining ...... hee hee hee hee
aiyah ...
ReplyDeleteKNNCCB to hsien loong n his running dogs n bitches; please stop the dog n pony show
but to my idol kuan yew
LONG LIVE KUAN YEW ...
The deficit must be paid right?
ReplyDeleteHDB lose money...HDB contractors all making record profits...quick quick call CPIB...hehe
ReplyDeleteYa lor, contractors made so much profit, buyers paid so high prices and HDB lost money. Why like dat?
ReplyDeleteThis is all about creative accounting which the ruling party is most competence in. Charging substantial amounts of land costs, uncompetitive construction costs, absurd commission, legal, professional, management costs etc. One party rule is never good. No transparencies and accountabilities. They can come out with numbers from the sky and people have to accept it. It is time for change. We need few parties rule so they can check on each other.
ReplyDelete0.7b deficit can simply be achieved by charging $1.7b of unnecessary costs against a profit of $1b. Thats the reason they need to pay those accountants in hdb so much money - to shut their mouths off aka bribe.
ReplyDeleteRB, for once matilar is correct lar. The deficit must be eliminated by higher gst. We can not run a government in deficit right? Money does not fall from the sky u know Tio Bo?
ReplyDeleteSinkies should be very grateful for this caring government but oops how much does SLA made from land sale, they also running deficit is it? U tell me lar knn
I also losing millions a year lar since I am unemployed so could have earn the million leh
ReplyDeleteYou all must forgive Matilah. His mind is still muddled by the ass pounding that Indian man gave him, the one who used coconut oil.
ReplyDelete'Even if the deficit is fake, someone will pay lah'
The deficit is not fake. There is no deficit. In fact there are huge profits. Only a sorry, bleedin ass will believe that HDB made a loss.
If that's the case mlight as well increase gst to 12%, then bigger share, tio bo.
ReplyDeleteThere was no mention of land price, material cost no selling price, then how they know it's a deflict, last year also deflict, this year change mp also defict, i think must change the mp again.
Seems like the upgrading : the lift upgrade, the playground upgrade, the walkways upgrade, the renewal of water tanks, wirings etc., wonder where those $ comes from?, "town council"??.
But let it be known that having lesser ft's has nothing to do with it, right??dun later they say, lesser ft's that's why defict, just like the JEM building, wa sai, does that mean the newly build HDB's might also come down.
Kaki
I see many property companies buy land for hundreds of millions of dollars. The build condos. With so much overheads, they are still making profits. Some buy collective sale properties, then still must demolish before build new condos. And they still make money. Very funny for hdb to say they make loss when they no need to buy land. Mostly govt land, free land.
ReplyDelete@ Rb: Just hope that there will be no more schemes to cover up for this deficit
ReplyDeleteOur G so caring and inclusive. Confirm no new evil scheme to dig out more $$$$$$ from sinkies to cover this " man made hole ". Just let COE prices hit more than $100,000 problem settle liao. Easy peazy ........
Ha ha ha .......,,,,
ReplyDeleteThink there is something funny about the figures .........
Going by the prices, it means hdb flats construction, admin, legal costs component in terms of per sq ft is about the same as condos ........
Its so strange, loosing 700 mil, building ceiling falling, contruction sites ppl mati, no heads roll, its like all of them have double plated steel rice bowl, no wonder someone can say hes flame proof.
ReplyDeleteOh, yeah, 250 mil for a park, 16 mil bridge, another 400 mil for dun know what garden, plant here, plant there, another 50 mil, no sweat man, only 700 over mil, where got problem. Next year 900 mil defict also no problem, what.....only tax payers money.
I believe for many upright and honourable people, they would simply resign if situation on the ground is such that many no longer have any more trust and faith in those running the show.
ReplyDelete"HDB has to spend $5.2b just to acquire the land for the flats."
ReplyDeleteHDB buy the land from who ah?
HDB (the gahmen) buy the land from the Land Office who is also the gahmen ah?
So gahmen profit = HBD loss + Land Office profit tio bo?
How to know for sure?
Vote Opposition or ask Tony Tan?
Who will tell us more quickly?
You tell me lah!
@October 18, 2013 7:09 am
ReplyDeleteaiyah ...
losses = papies cronies profit
knnccb ... hsien loong n running dogs n bitches
HDB incurring loss? Even my toes are laughing.
ReplyDeleteSee how they manage car park.
Parking lots sold for season parking also used for hourly parking and night parking.
The deficit is only a half truth. The hard and full truth is through transfer pricing the land is sold by MOF to HDB at market price. In Singapore property market land cost accounts for two-third of housing price while in many other developed country the reverse is tru. So between them, the G makes billions of dollars from selling the flats except that the profits are all booked under MOF.
ReplyDeleteWhere is the money?
ReplyDelete