HDB flats should never ever be allowed for speculation / investment. There is a need to delink HDB flats from property speculators. Force all the so-called upgraders to sell their HDB flats if they want to buy pte. Dont allow people to buy condo and rent out their HDB.
That's not very good idea. It is this reselling that allowed average Singaporeans to retirement. This is wealth redistribution. And ability to buy PTE and rent out is that small jump to improve wealth situation.
@@cooper1819 Wealth accumulation that benefit one group while affecting everyone else who are contented with owning one shelter over their heads. Driving up prices and forcing people into mortgages well into their late 40s or 50s just to pay for their HOME. And you want to talk about retirement? Leave HDB alone. Bring down the prices so that people can actually clear their mortgages earlier in life and do retirement planning. Our retirement shouldn't hinge on speculating in the property market.
Right....so wasn't it a few years ago that WP and a sizable number of singaporeans were slamming Lawrence Wong's comments about HDB lease decay and causing HDB prices to fall? Instead of looking that as an opportunity to buy cheap flats (which I took advantage of), Singaporeans were then too busy crying mother and father. Now that HDB property prices are going up, Singaporeans are also crying grandfather and grandmother, so what gives here? What do singaporeans want? Perhaps migrating is the better solution if neither sides of a coin can satisfy an ordinary singaporean
@@NinJa-qr1sp isn't the idea of giving freehold HDB homes what you just said about benefiting only one group? what is the definition of speculators? you can't buy and flip HDB flats overnight, not even after a year, minimally 5 years. and within those 5 years, you can't even buy another property. to say then that people are speculating on HDB flats is flawed. HDB's current policy is not perfect, but to then say that we should not treat a flat as an investment has more downsides than upsides.
This is what happens when the initiative is good, but the execution is dung (it was well executed when it first launched many years ago). Nowadays, when a Singaporean want to start a family, it'd be between 25-30. But realistically speaking, it is starting to be near impossible to hit this window. If you want to start a family by 30, you'd better find your lifelong spouse right after you ORD. Why is that so? ORD at 21, date for 2 years. At 23, apply for BTO, get it within 1 year.(24% manage to get BTO on their first try in matured estates, from straits times) At 24, wait 5 years to get keys. At 29, move in, start planning for a kid. But wait, at 24, for a guy, you'd have just graduated from Uni, no income, no savings. fret not, parents to the rescue? they help you pay the down payment. don't even get me started on the housing loan, how much can one loan with a starting salary? In the first place, who instilled the mentality and installed the framework that HDBs is a "guaranteed to earn" asset? Does it even make sense that a couple have to wait 5 years for their flat? If the BTO is under-subscribed, does it then mean that the government will not build that BTO? If they are going to build it regardless of the subscription, then why not build it first so couples no need to wait 5 years to start a family? The whole premise of public housing and its initial execution were perfect, how is it that now its all in shambles?
I think the real issue here is should ppl be allowed to use the HDB as an investment. I think the HDB should be reserved for people who want to live there for the long-term that’s why I think the MOP should be longer. Also, where did this idea that you could sell your HDB after five years for 200 K to 300 K profit come from? In my opinion, the government should not allow the price of HDB’s to rise much beyond the BTO price. If people want to invest in property that’s what the private property market is for, leave HDB‘s for people who just want to have a permanent home to stay in.
The suddenly hot housing prices could possibly be a supply and demand issue. Due to Covid, BTO projects were delayed which limited the supply. Yet the demand for housing is always there. So the prices in the resale market would balloon. Also the costs of housing construction materials have also increased because of Covid. So even BTO renovations now would be more expensive then before Covid.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
After hearing what Dan said about holding his wedding, I think one topic to bring up next is weddings and why it's normalized to assume that you do a wedding for the sake of your parents faces and how you spend $X0 k on a banquet on the hopes that your friends and family also pay you the market rate just so you live the social fabric that you are getting 'married'. This is also not withstanding the fact that you pick the hotel of your choice, you make/force people to pay you the market rate of the hotel without them having a stake in it, eat some lame 8 course meal and expect them to bless you in your marriage. Why though? I really would rather spend 150-250 bucks on a decent international hotel buffet that can give me higher utility of consumption. And it kinda sucks when those getting married have the perception that your friends are supposed to cover your expenses. Then if they pay you lesser you will remember on an excel sheet and then pay the same next time as a form of reciprocation? I know not all do that but a high majority of people do. I think its damn stressful being a Chinese here having to save up so much money for banquet and subsequently renovation almost at the same time. It's not that I can't afford it but I don't see the logic to please my parents and parents in law faces over this. There really is alot of contention revolving around holding weddings on reddit thread since Denise reads them haha
Yeah I certainly did not ask for this couple to sign a hotel banquet of 4k/table, why must make me pay $400 just to cover your cost. if I go and give below market rate, I am not good enough a friend and will be boycotted. if I don't go bc I find that it's overpriced, I am also not good enough as a friend to not be there for your wedding. there's no pleasing anyone haha
Isn't places like Tengah BTO like half or less the price of a central/matured estate BTO? Plus those buying at a younger age can put a lower down payment. Why is that not affordable, I don't understand why the conversation in central around the million dollar resale flats? It's two different conversations.
The very simple answer to those who think that BTO flats are expensive, just look at how much the flat is being resold after 5-10 years. Also look at how much a new launch private property is sold in the same area. Considering that private property leases start even before the showroom is built, the fact that monthly maintenance fees will cost a few times that of a HDB flat, that after 30 years, you pay a minimal fee for new toilets or new space. Minus the swimming pool and gyms. HDB flats are still heavily subsidized. People should remember that we live in a city, no city, especially one like Singapore, sells homes for the rate that HDB prices their flats.
How exactly are you increasing your wealth when you flip your house to make double only to end up using it as a downpayment to pay for something that cost 3 to 4 times more? It looks like you're in the same position with just more numbers in the pocket. Eventually housing prices will get out of control and you might end up losing out when the bubble pops and the values of houses start dropping like whats happening to some countries.
not just Singapore but it is happening across most of south east asia nations have experience the same problem . here in vietnam sometime price can be double within a year . for the reason , i think because of the low rate , easy borrowing and lack of policy that make it harder for people who own more than one property have create the opportunity for people to advantage to hype both price and demand . if we look at china we can see clearly , people are literally buy house and leave it vancant just to wait for the price went up and sell it .
if everybody think the price will just up n up. buy 300k can sell 500k. then 1 day everything will come crashing down. u buy 300k, dun forget this fees that fees, renovation expenses, mover expenses. u sell 500k, dun forget agent fees, this that fees, then buy resale flat also agent fee, this that fees, renovation. So after u sold 500k, u buy how much, 800k? upgrade or enjoying the rat race. Reno aint cheap with inflation. So b4 u think suddenly after mop u have a windfall of networth, the moment u move house to encash it, expenses will suck out that "profit".
@@RegularGuy239 Long Long Ago.. It is not built-to-order (BTO). There was even a time where they have ready made houses for you to view before you buy. LOL
Holy smokes 800K to 10M. My deepest sorries to you. My grandfather found himself in a similar situation too. From what I heard, he was greedy and invested in this scam-ish business, lost ~500K and had to sell his landed I think for ~1.2M. I just checked and it's 4.8M on Property Guru. Sigh. What in the world is going on :(
the smarter question u need to ask is in SG, the median house price is how many times of the median annual income, and how this number compares with the other major cities in asia and the world. of cos every1 wants cheap house and high salary.
Not mentioning rental price for HDB... The price for a whole unit is so expensive that the landlord can typically rely on the rental payment without working
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
I got a 3 room bto in non mature estate and I have no issue at all. I don't think hdb house is expensive at all. It's reasonably priced such that you can own it by the time you have worked for 10+ years with a graduate salary. In fact, I think alot of youngsters are spending beyond their means. They look forward to 4-5 room bto in mature estate instead of being realistic and get a decent house that they can afford. Some argue that non mature bto doesn't have good locaiton. To be fair, there are 4 bto application windows annually, pretty sure there is one that has good location. Same applies for getting resale.. you don't need to get a big house to start a family immediately right? Getting a small resale flat will also allow you to achieve the same target. You might even face lesser regret down the road as you have lesser debt and fewer big ticket item commitment. To sum it up, young people are just getting too idealistic. In fact, I think govt should reduce the amount of housing grants given to the bigger bto especially in mature estate, so that only big family who really can afford and really need it will buy it. As a matter of fact, MOP should even be longer to prevent people from flipping their houses.
You're correct. But let's be factual. All in all, overall HDB prices be it BTO or resale have just gone through the roof. Have wages kept up at the same rate? No. Who to blame? Mah Bow Tan, in the first place. Also, some families need more than 3 rooms. Not every household is just a couple. HDB's mission of affordable public housing is a joke now. HDB simply doesn't give a damn about future generations. A commodity like public housing should never have been treated like an investment instrument. And the government wonders why the nation has one of the lowest's birth rates in the world.
In the 80s, my grandfather bought his first 3 room HDB at $80k. This year he has passed on and the flat was recently sold at $350k. Whatever price you buy your flat today, do you think it will be 4 x times the price in 30 years time? Or perhaps your pay is 4 x times what you are earning now in 30 years time?
I must remind the new citizen, the cost of the BTO 60% is the land sales. It is not sustainable given the land sales is in market rate. It is heading to parity with private property.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
Thank you for covering this topic I felt like I was the only one going through this problem but apparently alot of young adults like me are facing the same challenge too. But sadly I felt like our generation are doomed when comes to buy a house
The issue is you lack patience and demand immediate gratification. You don't know about how HDB prices dropped 30% after 1997 asian currency crisis? Dropped again after 2003 SARS. Plus private prices were flat from 2013 and dipping till 2021. The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
@@scbchong6964 the boomer generation caused asset prices to soar and turn around calling gen z and millennials lacking patience and needing immediate gratification. We all know that 25 years ago a single income poly grad was sufficient to support a roof over the head hence I find your comment amusing🤣
Here is my take on the housing market and why the prices are so high. When Goh Chok Tong took over as prime minister of singapore. His government was the one that deregulated the hdb resale market and introduced subsidies for new buyers. Deregulating the hdb resale market was a move he intended as he encouraged the idea to the people that the "HDB" can be used a short term asset . One such move was introducing HDB Enchancement schemes, further trying to sell the ideas to HDB owners that "We wont let your hdb rot" and It will definitively be a future asset. because of his policies of subsidies that gave more people the chance to own a hdb unit...his vision that HDB could be used as a short term asset soared. By the time he stepped down, the damage was done. LHL took over but any measure he took to sway the mindset would not have aided his political party at all..So not much can be done. Some proposed solutions: introduce measures where a Condo owner cant own a HDB--- It has been widely known that through the metric use of "flipping" some HDB owners have been able to buy condo's and own a hdb where they would rent the whole unit out for a price (This price is like a 2nd income)...while the hdb landlords just happily continue staying in their condo's.
yeap.. everybody flip. if we have 3 generations then each couple flip 2 units of which ever property we just virtually created our "worthiness" rent it out for 5k just to shake leg. The spark of a degen mindset. all just own property dont want to work. Why not just sell Singapore and split it among Singaporeans. "Sua Diu"
And the more we do these stupid degen mindset, the smaller the houses should be .. because land is finite and its more logical for them to divide them to smaller sizes to fit everyone's needs of OWNING a HDB whichever the size it should be. Because what we want to see are numbers of valuation in our mindset, but not the floor area we are sleeping in. super degen.
Our Gov always seeks a win-win situation....I'm not gonna elaborate on that. They could have set the cap price base on district etc...rather than leaving it to the free market. Remember, HDBs are meant for staying...not speculation, unlike private property. whatever profit a person gains from resale will ultimately pass on to the younger generations...and yes, our Gov usually doesn't admit mistakes...but rather corrects them quietly.
I find it strange that most flip btos to buy a more expensive flat, end of day you still have to pay the loan. Not like you flip to have a better life?
Short sighted. I know some people who sell their btos to "upgrade" their lifestyles and "buy" condos and/or "buy" cars. People don't realize that buying does not equal paying installments.
Wow! Dan BTO in 2016/2017 and still have not gotten the keys. It is way too long. We wanted to BTO during this period too but eventually went for condo because the waiting time for BTO is way too long 😢 hole in our wallets for at least a year but a roof over our heads permanently.
sell high, buy higher... that s strange to wish prices go up when the quantum to upgrade will be much bigger. It only makes sense if you own multiple properties or downgrading.
Haha omg i finally found someone similar (aka John) who moved houses so many times in sg! i moved 22 times (rough childhood too) 😂 All’s good now thankfully. Moving for the 23rd time next year, but this time gonna be long term coz BTO (hopefully) ☺️
Think current system is very good, as mentioned allow average SGers to easily own our home, through BTO. And allow us to quickly get an asset and then could plan for retirement or upgrade with 1 or 2 flip. Got to look far. But one key area is renovation... does not need to be $100k. Just need to break-up the renovation (wet works, paint, electric & plumbing, carpentry, then finishing touches - curtains, furniture, lighting), do your own research and designs. Seriously, this could be easily half the cost and looks great too.
I’m not sure whether the hosts really know what they are saying. Buy house 300k, then immediately sell it at almost double at 500k? Let me know which hdb it is, I for sure buy. It is the grant which make hdb affordable. Their selling price are just slightly lower than market price, not half.
Wow you are applying sg meritocracy at work. degree = capable = more pay. No degree = less capable = less pay. To "analyse" if a partner is financially savvy which is, Auditor = financially savvy because gd with numbers Non-auditor = not as good with money? When u are out on a date, you can already see how your partner view money. Anyway one of the simplest consideration for the big expense in life. Wedding. its simple. Which is more impt. Wedding or Marriage Life. If "face" is more impt, and big scale wedding is a Need. Then your life will always be governed by maintaining your facade. "I need a continental car to show I'm successful". Anyway dont mind me. Im just a non-degree in my late 30s who finish off his 4room mortgage by cpf and do not top up cpf. We just live our lives simply and do not conform to any social standards. Many non-negotiables of most people are probably "Wants" and because certain people say this and that is a Need and it overwrite your belief that it can be done without just to please those certain people, which is unfortunate.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
If we calculate how many people sell their BTO flats after MOP (a percentage that is steadily rising every year since 2016), you will find there is a flood of capital entering the private market from these HDB upgraders. 10% of the record 50000 flats that MOP-ed in 2020 = 5000 flats. 5000 x average of 200k profit = 1 billion dollars padding the private property prices assuming everyone who sold their BTO upgraded to a private property. A lot of people are unaware that the BTO system inflates property prices and actually robs Singaporeans who need a home for a home. Public housing should be a system where only HDB can re-purchase the flat from owners at the same price it was bought at. Want an investment? Buy a private condo or EC.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
5:00 That is all good IF and ONLY IF the market keeps going up. Japan in the 90s to the crash in 00s were a crazy time and people did exactly this and many lost their life savings.
Exactly!!! Actually Singapore also was like that where prices dropped like mad just that the private mkt then was not as big Most Singaporeans today do not realised that 97 to 2000 was a period of a lot of HDB downgraders (from private back to HDB).
Prices should crash. The should be pain for sellers! It cannot be going up all the time! I wish it crashes hard so people will not speculate on property for a long time.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
Let the Great Asia try to enlighten you: Divide the population of the country into two halves, let's call the first half the "Landlord", and the next half the "Peasant". The Peasant works for the Landlord and makes them richer. The landlord then uses the new wealth to acquire more lands. What do you think would happen to the children and grandchildren of the Peasant? More than 50% of future generations will be born in HDB-4rm flats and trapped in HDB 4-rm flats for life. In the past decade, PAP has built so many little HDB flats and condos. There will be a huge angst from Singaporeans who are not able to upgrade to a bigger living space. Imagine a population density of 20,000 per sqkm, and people living in compact spaces in perpetual. If you have a beautiful brain, then think of replacing the "lands" here with "opportunities". There will be huge, huge social and political problems. The ruling elites are too rich, too elitist, and too self-serving, they can't see the problems.
to me owning a property first starts with defining how we manage the population size and with the population size what is an agreeable and sustainable way for future generations. But i don't think as a nation we even answered the first question.
Own a house and be a slave to it? Cut your coat according to the cloth? Public housing means affordable dwellings for the people. Allowing it to be a commercial enterprise is not a good idea to enrich.
Dun be misled by the stats. Many of the young private property owners have condo units that are only 1 to 2 rooms. Back in the 90s upgrading to a condo was a flex because most condo units were bigger than HDB units. HDB upgraders could only upgrade because of a promotion at work or they strike toto. Thats why govt came out with the concept of Executive condo to create a tier between hdb and private. if you remove EC and all condo units smaller than a four rm flat, you will see less young ppl buying compared to our parents time.
Come on let’s be completely honest. Public housing is not expensive. It is the house that you want that is expensive. Many homes in ulu areas like tengah and cck so cheap and available for sales.
BTO can be seen as a ploy by the govt to keep Singaporeans here in SG instead of a brain drain to other developed countries. Keep it 'affordable' but only if you take a 20-30 year loan. Congratulations, you've locked in majority of Singaporeans to stay in SG just merely using a mortgage.
This “podcast” just exemplify the issue with the younger generation in Singapore, they don’t do enough research before talking about specific topic and they want things they can’t afford and complain about it being “overpriced” and “unreasonable”, if your current job provides you an income that allow you to live in a 3 room HDB, but you want to live in a 5 room flat, then get another revenue stream instead of complaining why 5 room flat is unachievable. I have been working in sales/service industry for 2 decades and I notice my line of work is on a decline, so during the pandemic I went back to school to study data analysis and computer science in my late 30’s, now I work in an IT company and have a monthly salary 2.5 times of what I used to get before. I am not a particular bright person but I do what I need to, to provide myself and my family a lifestyle I want, so many people complain about why they can’t have what they want without wanting to leave the comfort zone and work for it, it’s really not rocket science.
@@vancekang The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
So many sour grapes here. HDB system is to help Singaporean get rich and be financially independent. If u cannot afford 2ndhome or upgrade to condo don’t blame PAP. Blame yourself poor in money management. Even my elder sis sec 2 education also can own 4 property, I see no reason many graduates cannot even own 2 property. Be bless that we have PAP.
All you young pple who are not yet in the housing market, don't listen to all the losers on Mothership comment section complaining that HDB is expensive. If you can, BTO and thank the government for giving you free money. You don't want to be like me, forced to buy a resale at high price because combined income too high, yet not high enough to afford a nice condo. I envy my sellers - they made $300k or more from BTO and moved to a more spacious older HDB in their preferred neighbourhood, with plenty leftover to go for many exotic holidays.
If you compare, there are those who can never buy a flat in Korea or HK or even Japan. They can only rent for their entire life until they die, so consider yourself lucky to be born in Singapore. Now you are even talking not just about buying but also reselling for a profit. HK people who visited Singapore will tell you how cheap it is here.
We will be like them one day if we keep self patting our backs. Their housing policies were not screwed since day one, they were like us now being contended and hoped for property appreciation so as to fund retirement but they (general population in those countries) were too self centered and their younger gens are now paying for their shit.
Its true that we are caught in a win-lose situation when prices come down, Buyers win and sellers lose. However that's a lame excuse and kicking the can down the road. What goes up will have to come crashing down one day when the pain of buyers is unbearable. Someone must bite the bullet and it has to be those who let the bullet loose in the first place. HDBs should not be seen as an investment but as a social good. Those who are capable and wanna get rich should look to business or professional careers to make their buck. HDB flats as investments ultimately will prove disastrous.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
SIngaporean: why HDB is so expensive ? PAP: Even a person with $1000 salary could afford 3 room flat, so there is no excuse. * in the near distance future, you have to be a very basic millionaire just to afford a HDB flat.
You must be a boomer who cant count. 2000, pay 2.7k, 5 room house cost $130k? 2022, pay 4k, 5 room house cost $600k (at a smaller psf too)? So why cant people say the system is trash?
I disagree that housing prices is expensive. How is $700-800k expensive for a house in Singapore? It is only expensive because people spend extravagantly on other things and do not have savings. You get $1,200 into your CPF OA every month. And that's excluding bonus. and it compounds every year at a 2.5% interest too. Also, you have your own savings. PLUS, you get a mortgage loan so every month you are topping up a bit only. So I don't see what's the issue here. If people cant afford because of their own day to day expenditures on unnecessary luxury goods. then it is their own fault. they gave in to immediate wants and forego long term needs. you cannot have it all.
Exactly, its actually affordable just like every other thing except cars. The food and fruits and things are affordable due to strong currency. Meanwhile in Malaysia you still pay the same number for houses but every other thing are triple in prices.
$1,200 into CPF OA every month? Aren't you assuming that their monthly salary is quite high? Is this a realistic average representation of the members of the society that HDBs are mainly targeted at? The thrust of your message also rests on your assumption that people are spending unnecessarily on luxury items, and that this is the reason why they do not have savings to support their home purchases. Is this assumption supported by data?
"unnecessary luxury goods" ah yes you must have fun at parties. Some people purchase it because SG is stressful for them so they need a temporary escapism.
Do not vote for PAP next election, if they cannot bring down property price for Singaporean, cannot bring down hospital and clinics waiting time. Let them lost their seat and suffer too. But I will vote PAP because I have 2 property, I hope price go up further 😂.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
HDB flats should never ever be allowed for speculation / investment. There is a need to delink HDB flats from property speculators. Force all the so-called upgraders to sell their HDB flats if they want to buy pte. Dont allow people to buy condo and rent out their HDB.
That's not very good idea. It is this reselling that allowed average Singaporeans to retirement. This is wealth redistribution. And ability to buy PTE and rent out is that small jump to improve wealth situation.
@@cooper1819 Wealth accumulation that benefit one group while affecting everyone else who are contented with owning one shelter over their heads. Driving up prices and forcing people into mortgages well into their late 40s or 50s just to pay for their HOME. And you want to talk about retirement? Leave HDB alone. Bring down the prices so that people can actually clear their mortgages earlier in life and do retirement planning. Our retirement shouldn't hinge on speculating in the property market.
Right....so wasn't it a few years ago that WP and a sizable number of singaporeans were slamming Lawrence Wong's comments about HDB lease decay and causing HDB prices to fall? Instead of looking that as an opportunity to buy cheap flats (which I took advantage of), Singaporeans were then too busy crying mother and father. Now that HDB property prices are going up, Singaporeans are also crying grandfather and grandmother, so what gives here? What do singaporeans want? Perhaps migrating is the better solution if neither sides of a coin can satisfy an ordinary singaporean
Yes correct, and we have been echoing this for decades. Dont play with HDB. Want to play, play private
@@NinJa-qr1sp isn't the idea of giving freehold HDB homes what you just said about benefiting only one group? what is the definition of speculators? you can't buy and flip HDB flats overnight, not even after a year, minimally 5 years. and within those 5 years, you can't even buy another property. to say then that people are speculating on HDB flats is flawed. HDB's current policy is not perfect, but to then say that we should not treat a flat as an investment has more downsides than upsides.
This is what happens when the initiative is good, but the execution is dung (it was well executed when it first launched many years ago). Nowadays, when a Singaporean want to start a family, it'd be between 25-30. But realistically speaking, it is starting to be near impossible to hit this window.
If you want to start a family by 30, you'd better find your lifelong spouse right after you ORD. Why is that so?
ORD at 21, date for 2 years.
At 23, apply for BTO, get it within 1 year.(24% manage to get BTO on their first try in matured estates, from straits times)
At 24, wait 5 years to get keys.
At 29, move in, start planning for a kid.
But wait, at 24, for a guy, you'd have just graduated from Uni, no income, no savings.
fret not, parents to the rescue? they help you pay the down payment. don't even get me started on the housing loan, how much can one loan with a starting salary?
In the first place, who instilled the mentality and installed the framework that HDBs is a "guaranteed to earn" asset?
Does it even make sense that a couple have to wait 5 years for their flat?
If the BTO is under-subscribed, does it then mean that the government will not build that BTO? If they are going to build it regardless of the subscription, then why not build it first so couples no need to wait 5 years to start a family?
The whole premise of public housing and its initial execution were perfect, how is it that now its all in shambles?
There was a period with oversupply, hence BTO was born.
When you're 24 but the richest in the family YET cannot afford downpayment. Tell me how fucked that person is.
I think the real issue here is should ppl be allowed to use the HDB as an investment. I think the HDB should be reserved for people who want to live there for the long-term that’s why I think the MOP should be longer. Also, where did this idea that you could sell your HDB after five years for 200 K to 300 K profit come from? In my opinion, the government should not allow the price of HDB’s to rise much beyond the BTO price. If people want to invest in property that’s what the private property market is for, leave HDB‘s for people who just want to have a permanent home to stay in.
The suddenly hot housing prices could possibly be a supply and demand issue. Due to Covid, BTO projects were delayed which limited the supply. Yet the demand for housing is always there. So the prices in the resale market would balloon. Also the costs of housing construction materials have also increased because of Covid. So even BTO renovations now would be more expensive then before Covid.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
After hearing what Dan said about holding his wedding, I think one topic to bring up next is weddings and why it's normalized to assume that you do a wedding for the sake of your parents faces and how you spend $X0 k on a banquet on the hopes that your friends and family also pay you the market rate just so you live the social fabric that you are getting 'married'. This is also not withstanding the fact that you pick the hotel of your choice, you make/force people to pay you the market rate of the hotel without them having a stake in it, eat some lame 8 course meal and expect them to bless you in your marriage. Why though? I really would rather spend 150-250 bucks on a decent international hotel buffet that can give me higher utility of consumption. And it kinda sucks when those getting married have the perception that your friends are supposed to cover your expenses. Then if they pay you lesser you will remember on an excel sheet and then pay the same next time as a form of reciprocation? I know not all do that but a high majority of people do.
I think its damn stressful being a Chinese here having to save up so much money for banquet and subsequently renovation almost at the same time. It's not that I can't afford it but I don't see the logic to please my parents and parents in law faces over this. There really is alot of contention revolving around holding weddings on reddit thread since Denise reads them haha
No. The question is why every wedding couples expect to earn back the money through the wedding?
Yeah I certainly did not ask for this couple to sign a hotel banquet of 4k/table, why must make me pay $400 just to cover your cost. if I go and give below market rate, I am not good enough a friend and will be boycotted. if I don't go bc I find that it's overpriced, I am also not good enough as a friend to not be there for your wedding. there's no pleasing anyone haha
Isn't places like Tengah BTO like half or less the price of a central/matured estate BTO? Plus those buying at a younger age can put a lower down payment. Why is that not affordable, I don't understand why the conversation in central around the million dollar resale flats? It's two different conversations.
You hit the nail on the head. Younger people are getting unrealistic.
Don't get sick, Don't get fired, Work until die, the new millennial Singapore Dream.
Which country can do better?
was it any different from the version of Singapore 10-20 years ago?
Invest as early as 18yr old and this will change.
@@Longtermalwayswins Wow, investment comes without risk. I guess if everyone at 18 invest, we're ALL gonna come out winners yeah.
@@thespacejedi Brunei is one. Basically, nations with low cost of living for essentials and cheap residences.
Slightly more expensive? More like very much more expensive 😢
The very simple answer to those who think that BTO flats are expensive, just look at how much the flat is being resold after 5-10 years. Also look at how much a new launch private property is sold in the same area. Considering that private property leases start even before the showroom is built, the fact that monthly maintenance fees will cost a few times that of a HDB flat, that after 30 years, you pay a minimal fee for new toilets or new space. Minus the swimming pool and gyms. HDB flats are still heavily subsidized. People should remember that we live in a city, no city, especially one like Singapore, sells homes for the rate that HDB prices their flats.
How exactly are you increasing your wealth when you flip your house to make double only to end up using it as a downpayment to pay for something that cost 3 to 4 times more? It looks like you're in the same position with just more numbers in the pocket. Eventually housing prices will get out of control and you might end up losing out when the bubble pops and the values of houses start dropping like whats happening to some countries.
Finally someone with common sense.
not just Singapore but it is happening across most of south east asia nations have experience the same problem . here in vietnam sometime price can be double within a year . for the reason , i think because of the low rate , easy borrowing and lack of policy that make it harder for people who own more than one property have create the opportunity for people to advantage to hype both price and demand . if we look at china we can see clearly , people are literally buy house and leave it vancant just to wait for the price went up and sell it .
if everybody think the price will just up n up. buy 300k can sell 500k. then 1 day everything will come crashing down. u buy 300k, dun forget this fees that fees, renovation expenses, mover expenses. u sell 500k, dun forget agent fees, this that fees, then buy resale flat also agent fee, this that fees, renovation. So after u sold 500k, u buy how much, 800k? upgrade or enjoying the rat race. Reno aint cheap with inflation. So b4 u think suddenly after mop u have a windfall of networth, the moment u move house to encash it, expenses will suck out that "profit".
Those days back in 2003, we applied HDB and got it within 6 months! 5 room at $200k… lol
I don't remember they were ever built that fast.
@@RegularGuy239 In 2002, I also got my 5-room within 6 months get keys, in AMK for $330k. There was housing glut then... built too much.
@@RegularGuy239 Long Long Ago.. It is not built-to-order (BTO). There was even a time where they have ready made houses for you to view before you buy. LOL
compared to "those days", your household income got go up ?
@@kq1965 Got go up by 3x?
Cooling measures is to channel the money to the government instead of the seller earning all the differences. It does not help the buyer at all.
Holy smokes 800K to 10M. My deepest sorries to you. My grandfather found himself in a similar situation too. From what I heard, he was greedy and invested in this scam-ish business, lost ~500K and had to sell his landed I think for ~1.2M. I just checked and it's 4.8M on Property Guru. Sigh. What in the world is going on :(
Live within your means. Buy a smaller home & not aiming for a condo if you can’t afford it. The cpf helps
the smarter question u need to ask is in SG, the median house price is how many times of the median annual income, and how this number compares with the other major cities in asia and the world. of cos every1 wants cheap house and high salary.
Not mentioning rental price for HDB... The price for a whole unit is so expensive that the landlord can typically rely on the rental payment without working
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
I got a 3 room bto in non mature estate and I have no issue at all. I don't think hdb house is expensive at all. It's reasonably priced such that you can own it by the time you have worked for 10+ years with a graduate salary.
In fact, I think alot of youngsters are spending beyond their means. They look forward to 4-5 room bto in mature estate instead of being realistic and get a decent house that they can afford. Some argue that non mature bto doesn't have good locaiton. To be fair, there are 4 bto application windows annually, pretty sure there is one that has good location. Same applies for getting resale.. you don't need to get a big house to start a family immediately right? Getting a small resale flat will also allow you to achieve the same target. You might even face lesser regret down the road as you have lesser debt and fewer big ticket item commitment. To sum it up, young people are just getting too idealistic.
In fact, I think govt should reduce the amount of housing grants given to the bigger bto especially in mature estate, so that only big family who really can afford and really need it will buy it. As a matter of fact, MOP should even be longer to prevent people from flipping their houses.
You're correct. But let's be factual. All in all, overall HDB prices be it BTO or resale have just gone through the roof. Have wages kept up at the same rate? No. Who to blame? Mah Bow Tan, in the first place. Also, some families need more than 3 rooms. Not every household is just a couple. HDB's mission of affordable public housing is a joke now. HDB simply doesn't give a damn about future generations. A commodity like public housing should never have been treated like an investment instrument. And the government wonders why the nation has one of the lowest's birth rates in the world.
alway like episode that is talking about finance$$$😀
The idea that the wedding pays for itself is a very selfish mentality and should be eradicated
In the 80s, my grandfather bought his first 3 room HDB at $80k. This year he has passed on and the flat was recently sold at $350k.
Whatever price you buy your flat today, do you think it will be 4 x times the price in 30 years time? Or perhaps your pay is 4 x times what you are earning now in 30 years time?
I must remind the new citizen, the cost of the BTO 60% is the land sales. It is not sustainable given the land sales is in market rate. It is heading to parity with private property.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
was just looking for an old episode to re-watch but yay! new vid!
Thank you for covering this topic I felt like I was the only one going through this problem but apparently alot of young adults like me are facing the same challenge too. But sadly I felt like our generation are doomed when comes to buy a house
The issue is you lack patience and demand immediate gratification. You don't know about how HDB prices dropped 30% after 1997 asian currency crisis? Dropped again after 2003 SARS. Plus private prices were flat from 2013 and dipping till 2021.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
@@scbchong6964 the boomer generation caused asset prices to soar and turn around calling gen z and millennials lacking patience and needing immediate gratification. We all know that 25 years ago a single income poly grad was sufficient to support a roof over the head hence I find your comment amusing🤣
@@scbchong6964 lmao
Here is my take on the housing market and why the prices are so high.
When Goh Chok Tong took over as prime minister of singapore. His government was the one that deregulated the hdb resale market and introduced subsidies for new buyers. Deregulating the hdb resale market was a move he intended as he encouraged the idea to the people that the "HDB" can be used a short term asset .
One such move was introducing HDB Enchancement schemes, further trying to sell the ideas to HDB owners that "We wont let your hdb rot"
and It will definitively be a future asset.
because of his policies of subsidies that gave more people the chance to own a hdb unit...his vision that HDB could be used as a short term asset soared. By the time he stepped down, the damage was done.
LHL took over but any measure he took to sway the mindset would not have aided his political party at all..So not much can be done.
Some proposed solutions:
introduce measures where a Condo owner cant own a HDB--- It has been widely known that through the metric use of "flipping" some HDB owners have been able to buy condo's and own a hdb where they would rent the whole unit out for a price (This price is like a 2nd income)...while the hdb landlords just happily continue staying in their condo's.
yeap.. everybody flip. if we have 3 generations then each couple flip 2 units of which ever property we just virtually created our "worthiness" rent it out for 5k just to shake leg. The spark of a degen mindset. all just own property dont want to work. Why not just sell Singapore and split it among Singaporeans. "Sua Diu"
And the more we do these stupid degen mindset, the smaller the houses should be .. because land is finite and its more logical for them to divide them to smaller sizes to fit everyone's needs of OWNING a HDB whichever the size it should be. Because what we want to see are numbers of valuation in our mindset, but not the floor area we are sleeping in. super degen.
Our Gov always seeks a win-win situation....I'm not gonna elaborate on that. They could have set the cap price base on district etc...rather than leaving it to the free market. Remember, HDBs are meant for staying...not speculation, unlike private property. whatever profit a person gains from resale will ultimately pass on to the younger generations...and yes, our Gov usually doesn't admit mistakes...but rather corrects them quietly.
I find it strange that most flip btos to buy a more expensive flat, end of day you still have to pay the loan. Not like you flip to have a better life?
Or u rather want to pay rent not own like most in western country or even China, Hong Kong, Taiwan?
Yea wonder how that works
It is known as asset progression. If u don’t flip BTO to buy a bigger house/private property u won’t be able to get wealthier.
Short sighted. I know some people who sell their btos to "upgrade" their lifestyles and "buy" condos and/or "buy" cars. People don't realize that buying does not equal paying installments.
Exactly, nobody “gets rich” flipping your own home. It is at most a way capital preservation. So many people fall into that that trap in SG.
Wow! Dan BTO in 2016/2017 and still have not gotten the keys. It is way too long.
We wanted to BTO during this period too but eventually went for condo because the waiting time for BTO is way too long 😢 hole in our wallets for at least a year but a roof over our heads permanently.
All this is because we are still in a property summer when the winds are so strong that a chicken can soar.
But winter is coming.....
sell high, buy higher... that s strange to wish prices go up when the quantum to upgrade will be much bigger. It only makes sense if you own multiple properties or downgrading.
Haha omg i finally found someone similar (aka John) who moved houses so many times in sg! i moved 22 times (rough childhood too) 😂
All’s good now thankfully. Moving for the 23rd time next year, but this time gonna be long term coz BTO (hopefully) ☺️
hats off to you .. i moved like 3 times in one year before and already hated it so much. glad things r looking up!
Think current system is very good, as mentioned allow average SGers to easily own our home, through BTO. And allow us to quickly get an asset and then could plan for retirement or upgrade with 1 or 2 flip. Got to look far.
But one key area is renovation... does not need to be $100k. Just need to break-up the renovation (wet works, paint, electric & plumbing, carpentry, then finishing touches - curtains, furniture, lighting), do your own research and designs. Seriously, this could be easily half the cost and looks great too.
average singaporean does not include single below 35years old even thou we have served our country. BTO is not within our reach..
way
I’m not sure whether the hosts really know what they are saying. Buy house 300k, then immediately sell it at almost double at 500k? Let me know which hdb it is, I for sure buy. It is the grant which make hdb affordable. Their selling price are just slightly lower than market price, not half.
Wow you are applying sg meritocracy at work. degree = capable = more pay. No degree = less capable = less pay. To "analyse" if a partner is financially savvy which is,
Auditor = financially savvy because gd with numbers
Non-auditor = not as good with money?
When u are out on a date, you can already see how your partner view money.
Anyway one of the simplest consideration for the big expense in life. Wedding. its simple. Which is more impt. Wedding or Marriage Life. If "face" is more impt, and big scale wedding is a Need. Then your life will always be governed by maintaining your facade. "I need a continental car to show I'm successful".
Anyway dont mind me. Im just a non-degree in my late 30s who finish off his 4room mortgage by cpf and do not top up cpf. We just live our lives simply and do not conform to any social standards. Many non-negotiables of most people are probably "Wants" and because certain people say this and that is a Need and it overwrite your belief that it can be done without just to please those certain people, which is unfortunate.
No worry, as inflation go up...more money will be printed. Is just who you work for make the differences.
There should be separate policies. People who really need a roof VS people looking to cash out & deprive others that actually need a roof.
Simply because Singapore’s Control of Rent Act was repealed in 2001.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
TIL about the property marketplace resources!!
If we calculate how many people sell their BTO flats after MOP (a percentage that is steadily rising every year since 2016), you will find there is a flood of capital entering the private market from these HDB upgraders. 10% of the record 50000 flats that MOP-ed in 2020 = 5000 flats. 5000 x average of 200k profit = 1 billion dollars padding the private property prices assuming everyone who sold their BTO upgraded to a private property. A lot of people are unaware that the BTO system inflates property prices and actually robs Singaporeans who need a home for a home. Public housing should be a system where only HDB can re-purchase the flat from owners at the same price it was bought at. Want an investment? Buy a private condo or EC.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
Daniel can I come to your wedding? I come bearing gifts of controversial topics and an amazing discourse
U need to pay back the grant with interests when u sell your flat and re-ballot for new flat. 2 chances with BTO.
just dropped my otp for my first home (resale). im not religious but damn I'm praying hard not to eat too much COV.
Bto is how government give first timer money
Rents even more crazy, around 100% more for same rooms. Still People living like 6 chickens in one flat.
Why pap dun law the PR who has HDB, make them illegal to own property in their own country?
Loan loan loan, you will always be in debt. And you will always be paying interest. Good luck. Asset rich cash poor for an elderly is not a good idea.
"I blamed stacked home" 🤣🤣🤣
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
I have been living in the same flat since the mid 80s and I intend to stay until the lease expires or I kick the bucket.
Cpf or hdb choose one and only one only
5:00 That is all good IF and ONLY IF the market keeps going up. Japan in the 90s to the crash in 00s were a crazy time and people did exactly this and many lost their life savings.
Exactly!!! Actually Singapore also was like that where prices dropped like mad just that the private mkt then was not as big
Most Singaporeans today do not realised that 97 to 2000 was a period of a lot of HDB downgraders (from private back to HDB).
No need worry la. PAP will bring in more people to support the market. Just buy as many property if u can. Just vote pap sure Huat.
Prices should crash. The should be pain for sellers! It cannot be going up all the time! I wish it crashes hard so people will not speculate on property for a long time.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
Let the Great Asia try to enlighten you:
Divide the population of the country into two halves, let's call the first half the "Landlord", and the next half the "Peasant". The Peasant works for the Landlord and makes them richer. The landlord then uses the new wealth to acquire more lands. What do you think would happen to the children and grandchildren of the Peasant?
More than 50% of future generations will be born in HDB-4rm flats and trapped in HDB 4-rm flats for life.
In the past decade, PAP has built so many little HDB flats and condos. There will be a huge angst from Singaporeans who are not able to upgrade to a bigger living space.
Imagine a population density of 20,000 per sqkm, and people living in compact spaces in perpetual.
If you have a beautiful brain, then think of replacing the "lands" here with "opportunities".
There will be huge, huge social and political problems. The ruling elites are too rich, too elitist, and too self-serving, they can't see the problems.
Many Singaporean r fooled and influenced by comments on social media. Expensive r re-sales. BTO is still very affordable.
@言行一致 a really wealthy person would love to stay in SG
Insurance got money meh when u retire?
To me, owning HDB is disciplined savings
to me owning a property first starts with defining how we manage the population size and with the population size what is an agreeable and sustainable way for future generations. But i don't think as a nation we even answered the first question.
Own a house and be a slave to it? Cut your coat according to the cloth? Public housing means affordable dwellings for the people. Allowing it to be a commercial enterprise is not a good idea to enrich.
The first time I'm first in something!
Under the bridge I go I guess
did Jon lose all his money in FTX again?
Why did Daniel sound unhappy & not enthusiastic when he say “Sengkang” ? Is he undermining the residents there for any reasons?
his tone is like that bah,don't worry about it
LOL wtf was that at 18:19 XD
The buying power of younger generations today seem to be getting stronger than yester-years leading to more people buying private property.
Dun be misled by the stats. Many of the young private property owners have condo units that are only 1 to 2 rooms.
Back in the 90s upgrading to a condo was a flex because most condo units were bigger than HDB units. HDB upgraders could only upgrade because of a promotion at work or they strike toto.
Thats why govt came out with the concept of Executive condo to create a tier between hdb and private.
if you remove EC and all condo units smaller than a four rm flat, you will see less young ppl buying compared to our parents time.
@@jayshen84 u be surprised, many can get 3b compact but yes majority are 2b2b but am of the opinion that suffice for a small family w one kid.
Come on let’s be completely honest. Public housing is not expensive. It is the house that you want that is expensive.
Many homes in ulu areas like tengah and cck so cheap and available for sales.
The next hong kong?
BTO can be seen as a ploy by the govt to keep Singaporeans here in SG instead of a brain drain to other developed countries.
Keep it 'affordable' but only if you take a 20-30 year loan. Congratulations, you've locked in majority of Singaporeans to stay in SG just merely using a mortgage.
This “podcast” just exemplify the issue with the younger generation in Singapore, they don’t do enough research before talking about specific topic and they want things they can’t afford and complain about it being “overpriced” and “unreasonable”, if your current job provides you an income that allow you to live in a 3 room HDB, but you want to live in a 5 room flat, then get another revenue stream instead of complaining why 5 room flat is unachievable. I have been working in sales/service industry for 2 decades and I notice my line of work is on a decline, so during the pandemic I went back to school to study data analysis and computer science in my late 30’s, now I work in an IT company and have a monthly salary 2.5 times of what I used to get before. I am not a particular bright person but I do what I need to, to provide myself and my family a lifestyle I want, so many people complain about why they can’t have what they want without wanting to leave the comfort zone and work for it, it’s really not rocket science.
U dumbass … price of houses has been rising faster than income … that’s fact.. and if it follows that trend it does not look gd for Singaporeans…
@@vancekang The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
So many sour grapes here. HDB system is to help Singaporean get rich and be financially independent. If u cannot afford 2ndhome or upgrade to condo don’t blame PAP. Blame yourself poor in money management. Even my elder sis sec 2 education also can own 4 property, I see no reason many graduates cannot even own 2 property. Be bless that we have PAP.
Shows u got no brain support pap blindly
And ONE OF THE BIGGEST mistakes you can make in life is expecting/pray people to cover your wedding hahahaha...
heaving live near secondary school for half my life... it's the best thing ever
your parent or grand parent time, they said the same thing.
All you young pple who are not yet in the housing market, don't listen to all the losers on Mothership comment section complaining that HDB is expensive. If you can, BTO and thank the government for giving you free money. You don't want to be like me, forced to buy a resale at high price because combined income too high, yet not high enough to afford a nice condo. I envy my sellers - they made $300k or more from BTO and moved to a more spacious older HDB in their preferred neighbourhood, with plenty leftover to go for many exotic holidays.
If you compare, there are those who can never buy a flat in Korea or HK or even Japan. They can only rent for their entire life until they die, so consider yourself lucky to be born in Singapore.
Now you are even talking not just about buying but also reselling for a profit. HK people who visited Singapore will tell you how cheap it is here.
We will be like them one day if we keep self patting our backs. Their housing policies were not screwed since day one, they were like us now being contended and hoped for property appreciation so as to fund retirement but they (general population in those countries) were too self centered and their younger gens are now paying for their shit.
Its true that we are caught in a win-lose situation when prices come down, Buyers win and sellers lose. However that's a lame excuse and kicking the can down the road. What goes up will have to come crashing down one day when the pain of buyers is unbearable. Someone must bite the bullet and it has to be those who let the bullet loose in the first place.
HDBs should not be seen as an investment but as a social good. Those who are capable and wanna get rich should look to business or professional careers to make their buck. HDB flats as investments ultimately will prove disastrous.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
1st Q is Why serve NS? 2nd Q :your army STAR generals aka pap dogs, dun know NS Men need houses?
SIngaporean: why HDB is so expensive ?
PAP: Even a person with $1000 salary could afford 3 room flat, so there is no excuse.
* in the near distance future, you have to be a very basic millionaire just to afford a HDB flat.
I live near a school, MRT station and roads. I cannot sleep without all these noises now 😅😂
The pap has all the state land to sell condos & landed to the whole world
My first job starting pay after uni was 2.7k in 2000.
Nowadays starting pay of uni grad is at least 4.5k
So why can't the price of house increase?
starting pay varies among different majors
You must be a boomer who cant count.
2000, pay 2.7k, 5 room house cost $130k?
2022, pay 4k, 5 room house cost $600k (at a smaller psf too)?
So why cant people say the system is trash?
@@LifeHacksProducts and he had a degree ... But a 130k costs around 400k ...still a substantial increment
Nah, not every uni grad gets 4.5k. Some can't get the jobs they want and settle for entry level jobs that pay less than 3k.
@@user-dc9xs6jm5u facts though
Algoooooooooo
I disagree that housing prices is expensive. How is $700-800k expensive for a house in Singapore? It is only expensive because people spend extravagantly on other things and do not have savings. You get $1,200 into your CPF OA every month. And that's excluding bonus. and it compounds every year at a 2.5% interest too. Also, you have your own savings. PLUS, you get a mortgage loan so every month you are topping up a bit only. So I don't see what's the issue here.
If people cant afford because of their own day to day expenditures on unnecessary luxury goods. then it is their own fault. they gave in to immediate wants and forego long term needs. you cannot have it all.
Exactly, its actually affordable just like every other thing except cars. The food and fruits and things are affordable due to strong currency. Meanwhile in Malaysia you still pay the same number for houses but every other thing are triple in prices.
$1,200 into CPF OA every month? Aren't you assuming that their monthly salary is quite high? Is this a realistic average representation of the members of the society that HDBs are mainly targeted at?
The thrust of your message also rests on your assumption that people are spending unnecessarily on luxury items, and that this is the reason why they do not have savings to support their home purchases. Is this assumption supported by data?
"unnecessary luxury goods" ah yes you must have fun at parties. Some people purchase it because SG is stressful for them so they need a temporary escapism.
Do not vote for PAP next election, if they cannot bring down property price for Singaporean, cannot bring down hospital and clinics waiting time. Let them lost their seat and suffer too. But I will vote PAP because I have 2 property, I hope price go up further 😂.
Vote wisely 😂
My friend, he hasnt accumulated any wealth. He is paying it. So at best its forced savings in the form of a property…
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
Stop spending money on bubble tea, cafes, avocado toast, starbucks etc.
Maybe once in a month for bubble tea can?
Is just stupid system
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.
The price inflation is caused by too much cash and too little common sense. There is wage inflation, fat bonus, generous CPF, high savings rate, full employment, grants n subsidies for HDB public housing, easy loans/credit, Wealth Effect from enblocs and high property valuations, and GenX has been turning 55 these past few years and able to withdraw hundreds of thousands from their CPF to give cash gifts to their GenZ kids.