BTO is the best system

Ho Geok Choo asked Mah Bow Tan whether HDB should return to the old system for flat application. Mah Bow Tan said negative. The BTO is the best system and it even reduced the waiting time from 7 or 8 years to the current 3 to 4 years. How can anyone argue against such logic? In the past the queue was 150,000 long and ended up with 31,000 surplus flats that needed 5 years to clear. Today we still have many times oversubcribed flats on launching but still not all flats are sold? How come? I think I can try to explain about the old system, the 150,000 queue and 31,000 surplus flats built. It was badly managed in the first place. There was genuine demand in the early stages when the baby boomers were starting to grow up and having families. And there was acute housing shortage. Of course some idiots allowed the flats to be overbuilt to the extend of 31,000 flats. If we have the talents like we have today, no such thing will happen. And the facts speak for itself. No more surpluses and more more 150,000 queue today. So Ho Geok Choo must have been satisfied that her question was answered. No more question. I ponder again on why there was no queue when a new launch was often oversubscribed many times over? Phantom buyers I think. And all the kpkb about young people not getting their flats are just false noises. What about those who could not afford to buy the affordable flats and thus never even make it to the application stage? Would they be considered as not applicable to the demand equation? What about those that were ruled out of the HDB scheme by virtue of their income, those exceeding $8k or $10k, or those who may meet the money criteria but because of their family commitments, could not afford to buy the flats they wanted to? These are not demands since they did not apply to HDB. And all the singles and those that cannot get together a family unit but still needing a place to stay, not part of the demand too? The BTO scheme is indeed very neat and clean. Those who for whatever reason, needing flats, but ruled out or cannot afford to, and never apply are not part of the demand and no need to bother or look at. So, since there are no application, so no demand and no need to build. Where got housing problem?

Another amazingly pro people and pro business budget

The budget is out and it is goodies time for all. Alright some will still sieve through it with a comb and nit pick at why no this and why no that. Overall, it is another angpow budget of at least $10b for the people. So, want to complain again? Where on earth is there a govt that always give angpows to the citizens? My only little concern is where is the money coming from? Our reserves or surplus profits from GIC and Temasek? After announcing mega billion losses and adding on another few hundred millions more recently, I think I can safely conclude that surplus from our investments can be KIV for a long long time to come. But money cannot come from nowhere. Can we expect to have another round of raising taxes, more ERPs, raising GST to help the people(in this case help first and raise later), more expensive public flats, more savings from our CPFs being set aside to fulfil the 'tan ku ku' fantasy? Unfortunately the answers are still over the horizon, maybe after the next general election. And the answers no need to 'tan ku ku'. Mesti akan datang.

High property prices no good!

Today I feel quite 'tulan'. Only on Sat I posted an article saying that high property prices good. This morning I read Mah Bow Tan saying high property prices no good. How can he disagree with me? And he said that he has some more things planned to curb property speculation and high prices. But there are good news for those who could not afford to buy HDB flats because of high prices. So far, no bubble has formed, despite the fact that anyone buying a property from HDB ten years ago will now see the same property appreciated by 200%, there is no bubble still. Well, good then, as this is due to normal price appreciation in a good economy, low interest rate and a confluence of other factors. But HDB is not going to go to sleep. It is doing a review to see what it should do to prevent speculation and bubble building. Hsien Loong has joined in the discussion by saying that HDB flats are not for speculation but a long term investment and for the buyers to live in, even to hand down to their children. Is this a policy statement? If it is, it will signal a major change in where public housing is heading. But he must get this message to the HDB first. Then hopefully, things will change and people will really be able to afford affordable HDB flats. I always cringe when I mention the word affordable. Probably developing a phobia for it. It sounds so cheap. By the way, the General Election is around the corner and maybe we have some real policy changes for the good of the people. And no changes after that.

Singaporeans are getting richer

I was reading Goh Meng Seng's latest post in which he quoted an official statistics that reads like this, 'The average household income from work had also risen from $4,238 in 2003 to $5,680 in 2008, reflecting the growing affluence of HDB households.' Isn't this good news, that the average household income was $5.680. Today, two years later, it should be more than $6,000. Singaporeans no need to go to the casino to shout 'huat ah!' They can now do it at home. My friend's household income in $9,000! Lagi huat. 6 pay checks, average about $1,500 each, and two more paychecks akan datang. That would put his household income to more than $10,000 when the youngest two children start working. Goh Meng Seng argued that the household income surge is due to children unable to buy HDB flats and are forced to stay with their parents, thus boosting household income higher. Tiok boh? With $9,000 or $10,000 household income, can start to buy private property liao. How come ah? Still staying in HDB flat.

The Wooden apology

Shall I call it the Wooden apology or the Tiger apology? After all it is all about the media and fancy news of the celebrities and a world of make beliefs. I did not watch the telecast and did not bother at all. It was after all his personal affair. It is big news alright for those who were his big fans and his sponsors. I was an admirer of Tiger Woods, the number one golfer, the world champion. What went wrong or what was wrong with Tiger Woods when what he did was quite normal actually, for someone in his shoes. And he is not alone. His indiscretion somehow came up quite shocking and disappointing to his fans. I think his main problem was that he lived under an image of a flawless man. He was just like a priest or more, godly, and perfect. It was too big an image for any man to take on. When he turned out to be just like another ordinary guy in his personal life, it was too much to bear. The truth hurts badly. It would be a different story if he had lived a life less pristine, less godly. No one seems to bother much about Mike Tyson or Bill Clinton or what some of the royalties did. As long as they don't pretend to be flawless, they are accepted as who they are. The disappoint comes when the flawless was found to be flawed. When you are white, a little spot or speck of dust is enough to damage the image. Tiger should best discard his wholesome boy next door image. Just be himself and live life. If his appetite cannot be satisfied, he is going to create more problems to himself if he tries to be otherwise. Donald Trump has the best advice for him. Just go play golf and be a world champion. Forget about living like a priest. He is very talented. His sponsors have a part to play in his spotlessly clean image. Don't they know that he wasn't?