LOL.Online battle between Tan Chuan-Jin and Bloggers begun!

[Raymondism]

in SG, u retire on your kids. your kids will retire on their own kids and the cycle continues.

 

 

so shld not hv kids? so that can break the cycle?

Edited April 27, 2012 by Raymondism

[Sabian]

in SG, u retire on your kids. your kids will retire on their own kids and the cycle continues.

rely on kids?

 

I think the next generation got bigger hurdles and they themselves already kau um tim liao. Still want us to lean on them???

[Sosaria]

I am extreme end of sg, in the west. there are no flats after my area, only factories. in year 2000, the flats here cost 250k max for 5 room or even EA size, with a little known scheme called build and design (tiles and toilets done). now even the 5 room here are selling at 500k. I don't feel rich and I know if I move, it will just be LPPL.

 

how did it get so bad? I know all the younger ones are struggling and looking at super long loans. I don't buy the talk about getting smaller units like 3 room flats in ulu locations. this contradicts the population strategy.

 

I bought at that area around your time, but a re-sale 5-room, for about 300k, so it's thereabouts.

 

Yes, the figure you quoted is more or less what it is now. But I bite the bullet and still moved about a year ago. After all, my first flat had also appreciated in price. So sell high, buy high. Should still be affordable, if you have something to sell...

 

As for the extra I had to pay for the new unit, I figure its for the better location (more central), less travelling time/costs.

 

It's only the newcomers (nothing to sell) that gets hit hard by the price of flats now.

[Sosaria]

Still the question is not answered.

 

Why does a 2nd floor unit cost $68,000 more than a 16th floor unit in the same block? It's true there is inflation, market forces. But $68,000 increase is way too much in 1.5 years, original price is $368,000. That means price increase over 18%, does HDB resale price increase 18% in 1.5 years?

 

This $68,000 can turn from affordable to become unaffordable, if take 25 years loan, monthly installment is over $200 more. It's unfair to say the guy wanting to buy the HDB is picky, unreasonable. He found out from colleague the price of Bedok HDB is $368,000 which is affordable to him, so when it is his turn, he wants to buy it. But to his dismay, price is $68,000 more now.

 

It's ridiculous to keep hankering after flats in mature estates like Bedok, Clementi, Toa Payoh, Bukit Merah, etc. The prices will sure be sky-high. This guy could've opted for an area that's not so "hot". Instead of insisting on his choice, then complaining about the extra $68k

 

It's because this guy seems to be uncompromising, wanting to pay the same price his friend paid some years ago (already illogical)... that's why he appears to be picky and unreasonable.

 

I also considered Clementi, high floor, just over a year ago but made a judgement that the prices were , despite the good location. Now if I had insisted on getting that clementi flat, I shouldn't be complaining now, should I?

Edited April 27, 2012 by Sosaria

[Joseph22]

I bought at that area around your time, but a re-sale 5-room, for about 300k, so it's thereabouts.

 

Yes, the figure you quoted is more or less what it is now. But I bite the bullet and still moved about a year ago. After all, my first flat had also appreciated in price. So sell high, buy high. Should still be affordable, if you have something to sell...

 

As for the extra I had to pay for the new unit, I figure its for the better location (more central), less travelling time/costs.

 

It's only the newcomers (nothing to sell) that gets hit hard by the price of flats now.

yeah they are hitted very hard now a day. their only bet is getting new from hdb they arent exactly cheap and waiting time is long.

 

But, the situation for HDB now is catch 22 liao. All because of one horse

[Heartlander]

some things that I can never understand what our HDB ministers or CEOs really say throughout so many years.

 

Young couples can afford to buy flats at current market price.

 

Young couples - how young is young ? 18 shoot gun married ? 28-30 years old still consider young couples or not?

 

Men who graduates from local or oversea university - Lets take a perfect scenario, 16 years old O Levels, 18 years old A levels, 19 or 20 to 21 or 22 serve NS, university minimum 4 years ? Medical 5 years ? U grad is 24 to 26. Lucky life and good company, starting pay $4500. Need to save how long for 10% downpayment for HDB flat ?

CPF contribution $1350 per month. Presume 4 room flat's downpayment is $28k and PRAY the price don't increase. Also need a least 20 months?

 

And why they keep saying 25-30 years loan is affordable ?

So what you are asking is for couple to be able to come out with the downpayment immediately upon their graduation to buy their first house?

 

Good idea! but where you expect the money to come from?

 

I do not know of anywhere got this lobang. You know?

[Heartlander]

some things that I can never understand what our HDB ministers or CEOs really say throughout so many years.

 

Young couples can afford to buy flats at current market price.

 

Young couples - how young is young ? 18 shoot gun married ? 28-30 years old still consider young couples or not?

 

Men who graduates from local or oversea university - Lets take a perfect scenario, 16 years old O Levels, 18 years old A levels, 19 or 20 to 21 or 22 serve NS, university minimum 4 years ? Medical 5 years ? U grad is 24 to 26. Lucky life and good company, starting pay $4500. Need to save how long for 10% downpayment for HDB flat ?

CPF contribution $1350 per month. Presume 4 room flat's downpayment is $28k and PRAY the price don't increase. Also need a least 20 months?

 

And why they keep saying 25-30 years loan is affordable ?

Isn't it reasonable for couples to slog for a few years to save that downpayment money for that first house, or even car? Or if you lucky, can get from papa &mama bank?

 

Time really change...

 

 

Edited April 27, 2012 by Heartlander

[Mustank]

yeah they are hitted very hard now a day. their only bet is getting new from hdb they arent exactly cheap and waiting time is long.

 

But, the situation for HDB now is catch 22 liao. All because of one horse

 

whoa!!!!! even j22 say so!!!!!!

[Jman888]

whoa!!!!! even j22 say so!!!!!!

 

 

he never like horse all this while lah

[Wind30]

What i don't understand is why HDB don't sell flats at cost (or slightly above cost) rather than taking market rate and taking about 50k off the price? Is it purely to prevent buyers to make a handsome profit after the 5yr MOP is up?

 

errr... do you know what is the cost price for the flats?? For a developer building a condo, a major component of their cost is Land Price. How much is "land" to HDB? Are you going put 10 cents? Or the prevailing market rate? If it is prevailing market rate, I don't think it is much different from Market price as the land prices are driven up during a property boom.

[Wind30]

I am in the camp which favors increasing interest rates to curb inflation .

Using exchange rates to curb inflation is not effective enough and with globalisation and higher foreign population strength of the SGD, has in fact worked against us.

 

I sincerely hope beanchmark rates can go up 0.25 per quarter back to a healthy level of about 3.5%pa.

 

What would the exchange rate of SGD then at 3.5% pa??? 5 USD to 1 SGD??? :)

[Wind30]

Frankly, the way to solve the housing problem is not remove the peg to market price.

 

It is to allow Foreigners + PRs to buy HDB (without any discount) and built flats FASTER.

 

Think about it. I think it is the most reasonable solution but the masses is probably to dense to accept it...

[Poker]

May i know how old are you (dont need exact age, age range will do)

and whether you have a flat of your own.

Trying to see from your POV..

[Without_a_car]

I agree to some points made by TCJ, but I think it is how living within your means nowadays means getting less bang for your buck that is the cause of the unhappiness. If wages are keeping up with rising cost, the issue will not be so serious, but now I really feel poorer than 5 years ago because of escalating prices.

 

 

In 1973,

 

a 4 room flat (92 sq m) is $15.5K

a plate of chicken rice is 70 cents.

a fresh poly grad pay is $400 pm.

a minister pay is 3-4k pm, about 40K per year.

 

In 2012

 

same flat is $300K. (19x)

chicken rice $3.00 (4x)

salary poly grad $1.4 to $1.8K pm (4.5x)

minister pay say $1 m per year (25x)

[Galantspeedz]

Allow me to share my experience... I just booked a 5-room at CCK around 3 weeks ago. Flat cost me 351k for a mid-floor unit.

 

Since me and gf graduated not too long ago (and even while studying, she has been working with prudential for a good 2yrs), our combined income is slightly shy of 4k, we qualify for about 30-35k of additional grant. Therefore, the 10% downpayment has been taken care of.

 

The monthly installment for the flat over 30yrs will be around 1.2k, of which, around 70% will be paid from CPF. The rest is cash topup.

 

What i don't understand is why HDB don't sell flats at cost (or slightly above cost) rather than taking market rate and taking about 50k off the price? Is it purely to prevent buyers to make a handsome profit after the 5yr MOP is up?

 

1) you 2 just grad and buy a 5 room flat

 

2) you have a 2009 civic FD2

 

this more or less indicates what is your level... if everything is sold at cost.... i think all will buy 5 room flat.... even for people that dun need it.... an example: you

[Joseph22]

he never like horse all this while lah

[laugh] you still remember

[Joseph22]

1) you 2 just grad and buy a 5 room flat

 

2) you have a 2009 civic FD2

 

this more or less indicates what is your level... if everything is sold at cost.... i think all will buy 5 room flat.... even for people that dun need it.... an example: you

cannot say like that. he is forward planning. incase next time give birth liao need his parents to come help look after children mah

[Joseph22]

whoa!!!!! even j22 say so!!!!!!

I am neutral one. voted for PAP not mean i am pro-pap mah

Edited April 27, 2012 by Joseph22