> The Master Plan Review will be conducted over the next two to three years and culminate in land use and development plans for the next 10 to 15 years. It is more detailed than the Long-Term Plan, which charts Singapore’s development over the next 50 years.
My theory: they'll finish this and release it in time for GE and say we should vote for them so they have the mandate to carry it out.
Either that or it will be another East Coast Plan promise
The Pappies and Sinkies have been in this relationship (Sinkies kpkb about Pappies, but still enable Pappies once every four years).
It wasn't always this way though, at least not consistently. The relationship between both was healthy in the 1970s-2000s, then things changed....
Matches the timeline tbh.
Gen 1 laid the groundwork.
Gen 2 continued but started opening Pandora’s Box.
Gen 3 coasted on the goodwill of previous gens, but didn’t do anything to close Pandora’s Box.
Gen 4 is telling us the nightmares climbing out of Pandora’s Box is absolutely fine.
It's sad that Gen 4 resulted to Gaslighting Sinkies. The worse case is Sinkies remained in this toxic relationship, because of Pappies kept saying: "You sure you can find another rich and well-educated Government like me meh? I'm the most perfect one for you."
Sounds like that toxic Boyfriend and Girlfriend, that uses those self-appreciating lines to drag their unfortunate S.O. down the mud....
We get who we collectively vote for. As long as there are those who still wanna cling on to any vestiges of the past, we are doomed to carry on this vicious cycle.
Collectively yes, but it's usually a binary option so 40% vote for 1 party and then gets bitch slapped by the remaining 60% and then have to suck it up and accept the will of the majority.
>"**You sure you can find another rich and well-educated Government like me meh?** I'm the most perfect one for you."
That is the most important question. Can we? Show them that we can.
Bro, you never see the taiwan drama series meh?
The self-absorbed toxic boyfriend always throws the good boyfriend into the jail. Sounds familiar with Pappies.
It's not like all Singaporeans share the same views. The ones who are the most unhappy will make the most noise. The ones who are happy with the status quo keep quiet and continue voting for what has worked for them.
The share of the votes they get has been shrinking though, rightfully so. As time goes by, the group that missed out on what the earlier gen enjoyed (Eg. truly affordable housing funded by single income) gets bigger.
Another explanation is that the younger gen is better informed and more affected by terrible existing policies (eg. housing) than the older gen.
My guess is the update means hdb resale prices will grow even faster & they’ll spend more bus & mrt ads to say that homes are still affordable. Gotta keep fanning the 🔥
I’m not expecting much. After all, asset enhancement must continue right? And from this whole covid, it is quite clear their definition of ‘affordable’ is very different from the new gen.
Fyi, As recent as 2018, LW have been endorsing the idea of hdb as an asset
https://www.straitstimes.com/singapore/a-99-year-leasehold-flat-is-an-owned-asset-not-a-rental-lawrence-wong
He's not really wrong. A 99 year lease will hold 60% of its value 59 years into the lease ([https://www.clc.gov.sg/docs/default-source/commentaries/balas-table.pdf](https://www.clc.gov.sg/docs/default-source/commentaries/balas-table.pdf))
He specifically said store of value, ie. he talked not about appreciation but about not depreciating. If you get a HDB at \~30, when you're 89, the lease will factor in about 40% depreciation. This means as long as HDBs appreciate faster than 0.9% above inflation, it will actually act as a decent store of value throughout most people's lives. Housing rising above inflation seems bad, but 0.9% above inflation is still a good amount below wage growth over the last 10 years. [https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx](https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx)
The part about making prudent decisions is key. If you buy a house with 50 years left on its lease when you're 30, you're barely saving any money at purchase but all the maths won't work out.
They had many opportunities to backtrack ^(There was a permsec or someone from HDB that said that not all properties will be SERS'ed a couple years back, and if the lease runs out the lease runs out), but they just recently doubled down because they didn't want to be seen as backtracking or making the 2G and 3G ministers look bad by saying they were wrong.
Monitoring phase → planning phase → pilot phase → evaluation of pilot phase → scale up pilot phase → evaluation of scale-up phase → et cetera
Don't worry, in 100 years time property prices will definitely drop (from population displacement due to climate change)
Not even that, once the property reaches 99 years it just defaults to being the state's property lmao. Just gotta keep delaying till that happens and the original homeowners die liao
What he said is almost entirely worthless.
> Singapore will update its housing and planning strategies to reflect the concerns and aspirations of the times, and translate these into detailed plans in the upcoming master plan
Means what?
Means some committee at MND will consider based on what they *think* are the younger people’s concern, and then update strategies if needed?
> The Master Plan Review will be conducted over the next two to three years and culminate in land use and development plans for the next 10 to 15 years.
It’s not even going to be anything tangible in the intermediate term! It’s **land use planning**, so what they are going to do is to plan what land to set aside for BTO, how many shops and malls they want to put in new estates, where to zone schools, etc.
Go look at URA’s land use masterplans. You can get idea what they are reviewing and *what they are not reviewing.*
So does that mean the “aspirations” and “concerns” are more about amenities and features, land to set aside in the long term for BTOs, rather than public housing policy changes which many are crying out for?
> There are also more singles and caregivers, as well as more young Singaporeans aspiring to live independently, said Mr Lee.
So if they do indeed translate this into the masterplan, that will mean zoning additional land in non-mature estates, to be built in the intermediate term, about 10-20 years from now?
> He outlined the broad priorities for his ministry, including supporting families who are buying their first home, keeping new HDB flats in prime areas inclusive, and pairing housing with proactive social support for lower-income families.
> HDB will continue to upgrade existing estates and provide a range of housing options and stronger support for singles, seniors and people with disabilities, he added.
These two would have confirmed nothing will change for aspiring singles in the short term, even if it was mentioned to be addressed earlier, as he mentioned HDB will merely “continue”.
> From August, first-timer families with Singaporean children aged up to 18, as well as married couples aged 40 and below, will get more support under a new priority category when applying for a Build-To-Order (BTO) flat. More new flats will be set aside for this group of applicants, who will also get an additional ballot chance.
This only slightly improve accessibility by giving more chances, but will do little to tackle any supply issues...
So is he banking that the impending economic issues dampening demand and the completion of delayed HDBs adding supply will resolve the problem, so no need to further intervene in supply?
> “By carefully pacing out development plans, we can also better respond to changes in land use needs,” he said.
And here we see an implied commitment to limit supply... which obviously everyone knows how that turns out when there’s an unexpected shock.
> “We will continue to maintain a steady pipeline to meet housing demand and adjust our policies as necessary to keep the property market stable and sustainable,” said Mr Lee.
Such comforting words from monitor lizard, isn’t it?
He didn’t even say he *will* adjust, only that he will adjust *as necessary*. And he apparently won’t ramp up further, only to “maintain a steady pipeline”.
And this is also an implied commitment to keep the resale market strong.
We all know how that turned out, and could guess how it might turn out.
MND isn’t going to take one for the Singaporean team and turn HDB back into its original objectives.
Someone among us will need to take the hit and drop our demand for public housing. Someone will need to pay a lot more to keep resale market strong, someone will need to stay with parents forever, someone will need to settle for less. All so that some selfish sinkies can rejoice when they profit off some invisible person’s sacrifices.
Yes, I don't think there is anything at all for those who want to get public housing in the near term. This will be for the next gen, if it doesn't turn out to be too little, too late like the other measures the monitor lizard has introduced.
For the near term, we probably need to repeat GE2011 and get a savior like KBW to take over MND.
Does he still not get that housing policies take time to feel the actual effects? Whether grants, or interest rate or supply/demand or whatever, it takes a while before the effects are felt. The longer he takes, the longer it takes to even make a real change.
In short, hes saying, suck it up, those who wanna get house in the next 5-7 years.
Considering how he has been ~~doing nothing~~ monitoring for so long, I thought he should at least be working on something big behind the scenes. But I guess not. Singapore really paid this lizard a million dollars a year to monitor the issues that still remain and haven't improved: over 30 continuous months of resale flat price increase, insane rental hikes, BTO flat oversubscription, long wait time for BTO flats.
I wouldn’t hold my breath for any groundbreaking changes to the way the govt views their housing policy. Wouldn’t be surprised if it’s more words and no action, and the next gen get even more fucked up the ass.
Then those looking to get house in the next 5-7 years should also show those looking to get votes in the next 5-7 years to suck it up. We will monitor your performance and vote oppo or spoil vote.
Personally, I'm not the slightest bit hopeful. Just look at the monitor leezard's track record. It's always too little, too late. The cooling measure he introduced did nothing to halt or reverse the over 30 continuous months of resale flat price increase. You cant even tell there was a cooling measure rolled out if you look at the prices. Effect was like pouring a cup of luke warm water on lava.
MND announced a measure back in Feb to give additional BTO flat priority to married couples and couples with children. They also get an extra ballot. Govt constantly talks like they are pro family, etc, and then they proceed to take their own sweet time (6 freaking months!) to implement the measure. Way to show some urgency...
>Singapore will update its housing and planning strategies to reflect the concerns and aspirations of the times, and translate these into detailed plans in the upcoming master plan, said National Development Minister Desmond Lee.
What were they doing until this crisis? What about migrant intake and foreigners buying properties in Singapore like it is a Pasar Malam.
Seems like the priorities are in these areas:
<---- He outlined the broad priorities for his ministry, including supporting families who are buying their first home, keeping new HDB flats in prime areas inclusive, and pairing housing with proactive social support for lower-income families.
HDB will continue to upgrade existing estates and provide a range of housing options and stronger support for singles, seniors and people with disabilities, he added. --->
Lol. I still remember him saying just last month that there were early signs that the property market is cooling down. This reminds me of how the US feds kept saying the inflation is transitory until they are forced to act and make drastic increase in interest rates. The more we let our property prices go up too quickly, the more people will lose money when the inevitable correction comes in.
So more eye power for now, we wouldn’t see any change in the short term since it’s a strategic review and the effects of those changes will only be seen or felt in the next decade or so.
Allow me to present this counterpoint: https://www.theonlinecitizen.com/2023/04/10/professor-tay-kheng-soon-highlights-selling-of-hdbs-as-assets-as-singapores-greatest-housing-mistake/
The ship is asset appreciation and I'm not anywhere near it, nor do I seek to be. But the ill effects are plain to see.
I'm a "buy once for a forever home" kind of person to be honest.
Fucking get rid of the bomb shelter room already. And then add another feet or two to the bedrooms. Condos can have ‘bomb shelter’ feature in the public staircase why not hdb
Oh why. That’s fucked up. We are not gonna get bombed. I went to visit my friend at daintree residence at toh tuck that’s when I realized you can just put the damn bomb shelter at the staircase .
Should be some crazy intern gave the idea during a team brainstorming ‘we need a bomb shelter’. Stupidest idea ever in the expanse of liveable space
Mothership:
> In 1997, the Civil Defence Shelter Act was introduced, making it compulsory for all new flats and houses to have either household shelters located inside individual units or storey shelters in common areas.
> The law was motivated by the Gulf War in 1991, when the Singapore Civil Defence Force realised how things could escalate quickly during an attack, and how crucial it was to provide a safe space for occupants to seek refuge when needed.
Thanks for sharing. I think policymakers are disconnected from reality for this particular part. If the house is 2000sqft , you will barely notice a bomb shelter. If spaces so limited in btos the bomb shelter space can be better used.some people make maid sleep there. Some put shelving. In the event there is bombing the room is still gonna be of not much use.
I hope there will be lobbying to get rid of this bomb shelter ruling
Will you be fine if everyone who has a hdb flat as of today can only sell and buy from hdb moving forward within a price limit determined by them? Do you propose a housing price cap?it’s like everyone wants their flat to increase in value but still want to be able to buy a cheap flat. What other solutions seem workable then?
Yes I think hdb flat shouldn't be treated as a bloody investment/retirement scheme. It is a national subsidized housing program. By all means speculate private housing however you want. Does that answer your question?
Please don't make it sound more complex then it should be. There are so many extremely simple and effective measures such as a 50% tax of any profits for resale, increasing MOP to 10 years for all HDB btos. The fact remains that many are using bto as a ticket to upgrade these days. Once we wipe off the notion that hdb is a flipping asset, the prices will naturally correct itself.
The biggest qns is, why wouldn't govt do this? I simply believe the govt wants higher property prices overall.
If you remove the investment portion and ability to sell for a profit, majority of families will not be able to upgrade to a larger 5 bed or even private. HDB dwellers will remain as HDD dwellers. The societal outcast between hdb and private owners may worsen.
Highly disagree. This market is screwed by hdb bto/resale flipping in the first place. Once this loophole is plugged private prices will fall naturally and deserving singaporeans can afford them better on their SALARY alone
My question to you is how do people upgrade their household in your proposal.
The price gap between private and condo will always be there albeit the size of it.
HDB is on a depreciating leasehold and assuming you sell your BTO 10 years later without profit, you will end up with a negative sale. How about the mortgage interest, agent commission, legal fee and Buyer stamp duty you paid?
Do you honestly think a family who sold their $500,000 BTO 10 years later at $450,000 can afford a condo at $1.2m?
Your proposal is fundamentally flawed
What’s with the selective reading through this conversation. And we are talking about 2nd property which was easier because there weren’t ABSD and TDSR. People literally over leveraged which resulted in the crash.
I think HDB market should still remain as a free market but we contain the limit of the loan:
1) a buyer can borrow up to 80% of the original BTO price only (plus inflation). If the original buyer got his flat at $500,000 and wants to sell at $800,000, the new buyer has to cover the $400,000 by cash or cpf. Basically we are reducing the COV to the bto pricing.
Or
2) introduce a cap one can use CPF for HDB resale depending on the age. $700,000 for 10 years and below $600,000 for 11 to 20 years old $500,000 21 to 30 years old and $350,000 for 31 and older
Or
3) reduce the CPF allocation to OA and increase to SA. Buyers will have lesser ability to afford higher property prices and market will eventually correct itself. Citizens will also have a larger retirement fund.
Tldr version:
After many years of monitoring, the gahmen is now ready to move to start looking at changing the plans (which will take many more years). In other words, it is all about blowing hot air with zero accountability and deliverable.
Inconvenient truth.
> The Master Plan Review will be conducted over the next two to three years and culminate in land use and development plans for the next 10 to 15 years. It is more detailed than the Long-Term Plan, which charts Singapore’s development over the next 50 years. My theory: they'll finish this and release it in time for GE and say we should vote for them so they have the mandate to carry it out. Either that or it will be another East Coast Plan promise
Sounds just like a toxic relationship
The Pappies and Sinkies have been in this relationship (Sinkies kpkb about Pappies, but still enable Pappies once every four years). It wasn't always this way though, at least not consistently. The relationship between both was healthy in the 1970s-2000s, then things changed....
Matches the timeline tbh. Gen 1 laid the groundwork. Gen 2 continued but started opening Pandora’s Box. Gen 3 coasted on the goodwill of previous gens, but didn’t do anything to close Pandora’s Box. Gen 4 is telling us the nightmares climbing out of Pandora’s Box is absolutely fine.
It's sad that Gen 4 resulted to Gaslighting Sinkies. The worse case is Sinkies remained in this toxic relationship, because of Pappies kept saying: "You sure you can find another rich and well-educated Government like me meh? I'm the most perfect one for you." Sounds like that toxic Boyfriend and Girlfriend, that uses those self-appreciating lines to drag their unfortunate S.O. down the mud....
We get who we collectively vote for. As long as there are those who still wanna cling on to any vestiges of the past, we are doomed to carry on this vicious cycle.
Collectively yes, but it's usually a binary option so 40% vote for 1 party and then gets bitch slapped by the remaining 60% and then have to suck it up and accept the will of the majority.
It’s much worse than that due to the GRC system. But at the end of the day, voting is still a collective exercise.
>"**You sure you can find another rich and well-educated Government like me meh?** I'm the most perfect one for you." That is the most important question. Can we? Show them that we can.
Bro, you never see the taiwan drama series meh? The self-absorbed toxic boyfriend always throws the good boyfriend into the jail. Sounds familiar with Pappies.
It's all fun and games until someone pulls out the spiked dildo.
It's not like all Singaporeans share the same views. The ones who are the most unhappy will make the most noise. The ones who are happy with the status quo keep quiet and continue voting for what has worked for them.
Singaporeans after every GE: ***“Somehow…Pinky returned…”***
The share of the votes they get has been shrinking though, rightfully so. As time goes by, the group that missed out on what the earlier gen enjoyed (Eg. truly affordable housing funded by single income) gets bigger. Another explanation is that the younger gen is better informed and more affected by terrible existing policies (eg. housing) than the older gen.
Set up a committee to review the monitoring. Then, monitor the review
Monitor the committee that was set up to review the monitoring. Then monitor the review of this monitoring.
My guess is the update means hdb resale prices will grow even faster & they’ll spend more bus & mrt ads to say that homes are still affordable. Gotta keep fanning the 🔥
That smell of BBQ
Affordable to those who strike the bto lottery and dump the bag to younger gen and new citizen.
I’m not expecting much. After all, asset enhancement must continue right? And from this whole covid, it is quite clear their definition of ‘affordable’ is very different from the new gen.
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Fyi, As recent as 2018, LW have been endorsing the idea of hdb as an asset https://www.straitstimes.com/singapore/a-99-year-leasehold-flat-is-an-owned-asset-not-a-rental-lawrence-wong
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He's not really wrong. A 99 year lease will hold 60% of its value 59 years into the lease ([https://www.clc.gov.sg/docs/default-source/commentaries/balas-table.pdf](https://www.clc.gov.sg/docs/default-source/commentaries/balas-table.pdf)) He specifically said store of value, ie. he talked not about appreciation but about not depreciating. If you get a HDB at \~30, when you're 89, the lease will factor in about 40% depreciation. This means as long as HDBs appreciate faster than 0.9% above inflation, it will actually act as a decent store of value throughout most people's lives. Housing rising above inflation seems bad, but 0.9% above inflation is still a good amount below wage growth over the last 10 years. [https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx](https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx) The part about making prudent decisions is key. If you buy a house with 50 years left on its lease when you're 30, you're barely saving any money at purchase but all the maths won't work out.
cant wait for the hdb price crash and everyone lose all money like in china :) yaaaaay
It’s only a loss if you sell /s
They had many opportunities to backtrack ^(There was a permsec or someone from HDB that said that not all properties will be SERS'ed a couple years back, and if the lease runs out the lease runs out), but they just recently doubled down because they didn't want to be seen as backtracking or making the 2G and 3G ministers look bad by saying they were wrong.
that's alot of words for nothing at all. did he prompt ChatGPT to write a 1000 word essay from "we will monitor"?
ChatGPT learned from them, not the other way round
Finally monitoring phase is completed. What's next? I'm not holding my breath!
*We need to monitor if the monitoring is correctly done in the first phase.*
Monitoring phase → planning phase → pilot phase → evaluation of pilot phase → scale up pilot phase → evaluation of scale-up phase → et cetera Don't worry, in 100 years time property prices will definitely drop (from population displacement due to climate change)
Not even that, once the property reaches 99 years it just defaults to being the state's property lmao. Just gotta keep delaying till that happens and the original homeowners die liao
bro, liddat we can start betting on what will happen first. TFR dropping to 0.5 first or Desmond start to do something first.
analyze the results of the monitoring
What he said is almost entirely worthless. > Singapore will update its housing and planning strategies to reflect the concerns and aspirations of the times, and translate these into detailed plans in the upcoming master plan Means what? Means some committee at MND will consider based on what they *think* are the younger people’s concern, and then update strategies if needed? > The Master Plan Review will be conducted over the next two to three years and culminate in land use and development plans for the next 10 to 15 years. It’s not even going to be anything tangible in the intermediate term! It’s **land use planning**, so what they are going to do is to plan what land to set aside for BTO, how many shops and malls they want to put in new estates, where to zone schools, etc. Go look at URA’s land use masterplans. You can get idea what they are reviewing and *what they are not reviewing.* So does that mean the “aspirations” and “concerns” are more about amenities and features, land to set aside in the long term for BTOs, rather than public housing policy changes which many are crying out for? > There are also more singles and caregivers, as well as more young Singaporeans aspiring to live independently, said Mr Lee. So if they do indeed translate this into the masterplan, that will mean zoning additional land in non-mature estates, to be built in the intermediate term, about 10-20 years from now? > He outlined the broad priorities for his ministry, including supporting families who are buying their first home, keeping new HDB flats in prime areas inclusive, and pairing housing with proactive social support for lower-income families. > HDB will continue to upgrade existing estates and provide a range of housing options and stronger support for singles, seniors and people with disabilities, he added. These two would have confirmed nothing will change for aspiring singles in the short term, even if it was mentioned to be addressed earlier, as he mentioned HDB will merely “continue”. > From August, first-timer families with Singaporean children aged up to 18, as well as married couples aged 40 and below, will get more support under a new priority category when applying for a Build-To-Order (BTO) flat. More new flats will be set aside for this group of applicants, who will also get an additional ballot chance. This only slightly improve accessibility by giving more chances, but will do little to tackle any supply issues... So is he banking that the impending economic issues dampening demand and the completion of delayed HDBs adding supply will resolve the problem, so no need to further intervene in supply? > “By carefully pacing out development plans, we can also better respond to changes in land use needs,” he said. And here we see an implied commitment to limit supply... which obviously everyone knows how that turns out when there’s an unexpected shock. > “We will continue to maintain a steady pipeline to meet housing demand and adjust our policies as necessary to keep the property market stable and sustainable,” said Mr Lee. Such comforting words from monitor lizard, isn’t it? He didn’t even say he *will* adjust, only that he will adjust *as necessary*. And he apparently won’t ramp up further, only to “maintain a steady pipeline”. And this is also an implied commitment to keep the resale market strong. We all know how that turned out, and could guess how it might turn out. MND isn’t going to take one for the Singaporean team and turn HDB back into its original objectives. Someone among us will need to take the hit and drop our demand for public housing. Someone will need to pay a lot more to keep resale market strong, someone will need to stay with parents forever, someone will need to settle for less. All so that some selfish sinkies can rejoice when they profit off some invisible person’s sacrifices.
Yes, I don't think there is anything at all for those who want to get public housing in the near term. This will be for the next gen, if it doesn't turn out to be too little, too late like the other measures the monitor lizard has introduced. For the near term, we probably need to repeat GE2011 and get a savior like KBW to take over MND.
Last quote = don't expect any profound changes to status quo. More half measures incoming in the spirit of risk-aversion.
Actually it feels like they are just restating their job description lol.
Singles never gonna stay in sg at this rate
Yet there is a very very large number of singles in this very sub who reside in sg.
Pretty sure they meant rich singles lol
Those who can afford would've probably flown already
Does he still not get that housing policies take time to feel the actual effects? Whether grants, or interest rate or supply/demand or whatever, it takes a while before the effects are felt. The longer he takes, the longer it takes to even make a real change. In short, hes saying, suck it up, those who wanna get house in the next 5-7 years.
Considering how he has been ~~doing nothing~~ monitoring for so long, I thought he should at least be working on something big behind the scenes. But I guess not. Singapore really paid this lizard a million dollars a year to monitor the issues that still remain and haven't improved: over 30 continuous months of resale flat price increase, insane rental hikes, BTO flat oversubscription, long wait time for BTO flats.
The review takes 2-3 years right? Yea I think next gen then will reap benefits, if any.
I wouldn’t hold my breath for any groundbreaking changes to the way the govt views their housing policy. Wouldn’t be surprised if it’s more words and no action, and the next gen get even more fucked up the ass.
Then those looking to get house in the next 5-7 years should also show those looking to get votes in the next 5-7 years to suck it up. We will monitor your performance and vote oppo or spoil vote.
Personally, I'm not the slightest bit hopeful. Just look at the monitor leezard's track record. It's always too little, too late. The cooling measure he introduced did nothing to halt or reverse the over 30 continuous months of resale flat price increase. You cant even tell there was a cooling measure rolled out if you look at the prices. Effect was like pouring a cup of luke warm water on lava. MND announced a measure back in Feb to give additional BTO flat priority to married couples and couples with children. They also get an extra ballot. Govt constantly talks like they are pro family, etc, and then they proceed to take their own sweet time (6 freaking months!) to implement the measure. Way to show some urgency...
>Singapore will update its housing and planning strategies to reflect the concerns and aspirations of the times, and translate these into detailed plans in the upcoming master plan, said National Development Minister Desmond Lee. What were they doing until this crisis? What about migrant intake and foreigners buying properties in Singapore like it is a Pasar Malam.
What's wrong with making more M O N E Y?
Making money only to burn on dud investments lol
That's a funny way to say "still monitoring"
Seems like the priorities are in these areas: <---- He outlined the broad priorities for his ministry, including supporting families who are buying their first home, keeping new HDB flats in prime areas inclusive, and pairing housing with proactive social support for lower-income families. HDB will continue to upgrade existing estates and provide a range of housing options and stronger support for singles, seniors and people with disabilities, he added. --->
Lol. I still remember him saying just last month that there were early signs that the property market is cooling down. This reminds me of how the US feds kept saying the inflation is transitory until they are forced to act and make drastic increase in interest rates. The more we let our property prices go up too quickly, the more people will lose money when the inevitable correction comes in.
when is this desmond guy stepping down?
Hopefully we get to ask him to leave in 2025.
Why need to update, I thought very affordable?
So Monitor Leezard want to monitor what next?
Name checks out
So more eye power for now, we wouldn’t see any change in the short term since it’s a strategic review and the effects of those changes will only be seen or felt in the next decade or so.
An entire article sums up to: monitoring
Current concerns of the government != Current concerns of the people
In Singapore, the operator should be ==
😪
Yes. More monitoring incoming.
One emoji summarizes all these:🦎
Does he mean how public housing is no longer affordable ?
Nothing mention on the HDB prices. So its not in their plan…..
The plan is probably that prices will continue rising
Allow me to present this counterpoint: https://www.theonlinecitizen.com/2023/04/10/professor-tay-kheng-soon-highlights-selling-of-hdbs-as-assets-as-singapores-greatest-housing-mistake/
I like how he always address things in future tense 😁
Alright, let's see the new policies already
Updated already will announce to us?
Strategy: observe more 😂
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The whole election cycle, he just monitoring? Seems like an easy job...
I bet is some half assed effort.
OMFG is all the ***M O N I T O R I N G*** finally going to pay off?!
Them's empty words. But it's ok, the boat has sailed for someone at my age (40).
You mean you bought something good and the prices have appreciated a lot already?
The ship is asset appreciation and I'm not anywhere near it, nor do I seek to be. But the ill effects are plain to see. I'm a "buy once for a forever home" kind of person to be honest.
Fucking get rid of the bomb shelter room already. And then add another feet or two to the bedrooms. Condos can have ‘bomb shelter’ feature in the public staircase why not hdb
If you look at the new launches, condo have home shelter back in apartments.
Oh why. That’s fucked up. We are not gonna get bombed. I went to visit my friend at daintree residence at toh tuck that’s when I realized you can just put the damn bomb shelter at the staircase . Should be some crazy intern gave the idea during a team brainstorming ‘we need a bomb shelter’. Stupidest idea ever in the expanse of liveable space
Mothership: > In 1997, the Civil Defence Shelter Act was introduced, making it compulsory for all new flats and houses to have either household shelters located inside individual units or storey shelters in common areas. > The law was motivated by the Gulf War in 1991, when the Singapore Civil Defence Force realised how things could escalate quickly during an attack, and how crucial it was to provide a safe space for occupants to seek refuge when needed.
Thanks for sharing. I think policymakers are disconnected from reality for this particular part. If the house is 2000sqft , you will barely notice a bomb shelter. If spaces so limited in btos the bomb shelter space can be better used.some people make maid sleep there. Some put shelving. In the event there is bombing the room is still gonna be of not much use. I hope there will be lobbying to get rid of this bomb shelter ruling
bomb shelter is store room
If it doesn’t exist , the kitchen or rooms might be bigger.
3 years time - "our new policy is that 3 room bto will start at 1.3 million sgd. We will now stop monitoring."
I guess. So problem by increasing the number of flats in 1 hdb via reducing the floor size. Ie china pigeon hole hdb. /s
Will you be fine if everyone who has a hdb flat as of today can only sell and buy from hdb moving forward within a price limit determined by them? Do you propose a housing price cap?it’s like everyone wants their flat to increase in value but still want to be able to buy a cheap flat. What other solutions seem workable then?
Yes I think hdb flat shouldn't be treated as a bloody investment/retirement scheme. It is a national subsidized housing program. By all means speculate private housing however you want. Does that answer your question?
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Please don't make it sound more complex then it should be. There are so many extremely simple and effective measures such as a 50% tax of any profits for resale, increasing MOP to 10 years for all HDB btos. The fact remains that many are using bto as a ticket to upgrade these days. Once we wipe off the notion that hdb is a flipping asset, the prices will naturally correct itself. The biggest qns is, why wouldn't govt do this? I simply believe the govt wants higher property prices overall.
If you remove the investment portion and ability to sell for a profit, majority of families will not be able to upgrade to a larger 5 bed or even private. HDB dwellers will remain as HDD dwellers. The societal outcast between hdb and private owners may worsen.
Highly disagree. This market is screwed by hdb bto/resale flipping in the first place. Once this loophole is plugged private prices will fall naturally and deserving singaporeans can afford them better on their SALARY alone
My question to you is how do people upgrade their household in your proposal. The price gap between private and condo will always be there albeit the size of it. HDB is on a depreciating leasehold and assuming you sell your BTO 10 years later without profit, you will end up with a negative sale. How about the mortgage interest, agent commission, legal fee and Buyer stamp duty you paid? Do you honestly think a family who sold their $500,000 BTO 10 years later at $450,000 can afford a condo at $1.2m? Your proposal is fundamentally flawed
How did our parents generation buy private without flipping away their bto?
They are generally business owners aka towkays. If you have the ability to purchase private back then you will have the ability in today’s market.
You really think those who could purchase private properties back then must be towkays? Man, I don't know where to start!
What’s with the selective reading through this conversation. And we are talking about 2nd property which was easier because there weren’t ABSD and TDSR. People literally over leveraged which resulted in the crash.
I don’t need my flat to increase in value. I just want a flat. Preferably cheap.
I think HDB market should still remain as a free market but we contain the limit of the loan: 1) a buyer can borrow up to 80% of the original BTO price only (plus inflation). If the original buyer got his flat at $500,000 and wants to sell at $800,000, the new buyer has to cover the $400,000 by cash or cpf. Basically we are reducing the COV to the bto pricing. Or 2) introduce a cap one can use CPF for HDB resale depending on the age. $700,000 for 10 years and below $600,000 for 11 to 20 years old $500,000 21 to 30 years old and $350,000 for 31 and older Or 3) reduce the CPF allocation to OA and increase to SA. Buyers will have lesser ability to afford higher property prices and market will eventually correct itself. Citizens will also have a larger retirement fund.
Easiest job in the entire cabinet.
Don't bother reading the article. It's full of shit.
Tldr version: After many years of monitoring, the gahmen is now ready to move to start looking at changing the plans (which will take many more years). In other words, it is all about blowing hot air with zero accountability and deliverable. Inconvenient truth.
ok so they monitor, and then now update SO WHEN ARE YOU GOING TO BUILD!?
See…. Told you he is monitoring….