Living in Private Housing With No Income

[Ct3833]

Did the article say private landed or just private property?

Ah you pointed out my wrong perception. Thanks. Then it is not a lot . Haha

[Lms822]

A couple of my neighbours here are retirees, some are ex lawyers , ex businessmen, ex CFO etc. Some drive new premium brands while some drive COE cars, but all of them live comfortably, most of them have been here for a long time meaning they have likely paid up their landed fully. If in a worst case any minority who really could not meet their financial(I personally believe it is unlikely), they could just sell their few million dollars worth of landed and move into a condo or a HDB. This is their personal choice, the government should not worry about this small group of people.

 

half of the owners of the units i viewed in the past 2 months are in this group

 

they bought landed more than 10 or 15 years ago and have long fully paid up the loans

 

they are selling the landed to get two apartments, one for staying and one for rent

[Ct3833]

half of the owners of the units i viewed in the past 2 months are in this group

 

they bought landed more than 10 or 15 years ago and have long fully paid up the loans

 

they are selling the landed to get two apartments, one for staying and one for rent

Haha , and you will realise they 挂起来卖right ? Take it or leave it attitude. Good luck my friend.

[13177]

Haha , and you will realise they 挂起来卖right ? Take it or leave it attitude. Good luck my friend.

Are rich people all like this de? 

[Lms822]

Haha , and you will realise they æèµ·æ¥åright ? Take it or leave it attitude. Good luck my friend.

Yeah exactly

[Throttle2]

He also sent me private message to teach me lesson. what happen to him now, why is he evaporated ?

Wah he so violent type ah?!!

[RadX]

He also sent me private message to teach me lesson. what happen to him now, why is he evaporated ?

 

his bro is here leh..u replied to him in the other thread...haha

[RogerNg_185295]

Wah he so violent type ah?!!

Can make a police report.

[Watwheels]

Whoa, so many of the 6% elites are here.

[Thaiyotakamli]

To be fair, the article did not say how many of these staying in private properties & not paying income tax needs state assistance. May be a very small number.

Maybe those are retiree or housewives

[Ct3833]

Whoa, so many of the 6% elites are here.

By reading all the text exchange alone without even any figures you also can single out the 6% ?you superb lah. Haha.

[Ct3833]

1 hour ago, sgcarmart2019 said:

6% is based on nett worth of individuals exceeding 1mil sgd?

 

6% of the 2.7mil working adults not paying tax, and these people are staying  in private  properties like condos and landed .

[Ct3833]

1 minute ago, sgcarmart2019 said:

working population in singapore is now 3.6mil not 2.7mil

btw there are 200k millionaires in singapore (wealth include both financial and non-financial assets), so its about 6% (200k / 3.6mil ~6%)

I see, kam siah. 

[Ct3833]

3 hours ago, sgcarmart2019 said:

btw singapore population now 5.6mil, working population only 3.6mil

means got 2mil is no income (school children, senior citizens, housewives, unemployed, etc)

Forget about the higher population  of  baby boomer,  assuming the age of our population is evenly distributed from 0 to 85 year old,  age of working adults  from 23 to 65 year old,  42/85 =50%, therefore 3.6mil working adult from 5mil population is consider high, likelihood many stretch beyond 65. 

Edited December 6, 2019 by Ct3833

[therock]

https://www.straitstimes.com/politics/parliament-mps-urge-government-to-look-beyond-housing-value-when-means-testing-people-for

Quote

SINGAPORE - Some Singaporeans living in private estates or bigger homes may be severely affected by the Covid-19 crisis, but are unable to qualify for certain support schemes as eligibility is pegged to the annual value of the homes they live in.

Three MPs urged the Government on Monday (Aug 31) to review this criteria of means testing Singaporeans for financial aid to ensure these people are not left out inadvertently.

For instance, newly divorced Singaporeans, single parents returning to live with their elderly parents and soon-to-be-married children waiting to move into Build-To-Order flats under construction may not qualify for schemes like the Self-Employed Person Income Relief Scheme (Sirs) because of the criterion, Mr Christopher de Souza (Holland-Bukit Timah GRC) said during the debate on the President's Address.

He called for support schemes to assess eligibility based on home ownership, rather than the value and type of residence.

Sirs is open to those who earn a net trade income of no more than $100,000, live in a property with an annual value of no more than $13,000 and do not own two or more properties, among other criteria.

The scheme helps the self-employed who have been affected by the coronavirus pandemic. Those who do not meet the criteria can appeal to the authorities, which will assess their eligibility on a case-by-case basis.

Similarly, Mr Lim Biow Chuan (Mountbatten) said the policy of pegging social assistance to annual values of properties should be reviewed even as he agreed that the lower-income and the needy should get more help.

He pointed out that citizens suffering from loss of income may need help regardless of their housing type to pay for family expenses such as medical bills, mortgage instalments or school fees.

They may also not be able to sell their home during a financial crisis, he added.

"Why do we have the expectation that people don't deserve help simply because they have bigger homes? Should we not look at their loss of income? Should we also insist that these people must sell their homes before they get the short-term help specifically targeted at those affected by Covid-19?" he asked.

Mr Henry Kwek (Kebun Baru) said it would be timely for the Government to rethink its compact with citizens living in private estates, in the light of the pandemic.

 

[Icedbs]

6%, but half could be housewives and some could be retirees.

What is left could be some guys who have enough savings not to work or have money from parents.  

 

[Voodooman]

1 hour ago, therock said:

https://www.straitstimes.com/politics/parliament-mps-urge-government-to-look-beyond-housing-value-when-means-testing-people-for

 

These guys have options to sell and downgrade. Don't tell me you are living in a $3m property and need handouts funded by tax payers living in HDB. Pui.... Be responsible. 

If this is interim, G can lend them money with a 2nd charge over the property. Loan must be repaid with interest in 3 years. Or the bank can be enlisted to help. 

Edited August 31, 2020 by Voodooman

[Alfc]

Choice to ride on the upside yet the downside is unfairly protected.

This is the exact scenario playing out now with some of the 100B bailout packages.

Should consider a scheme that allows for discounted partial buyback or discounted partial equity sale, similar to lease buyback kind of arrangement for HDBs. Get to stay on and yet can cash out some money albeit at a slight loss (to be fair). Feel this would be more equitable.

Edited August 31, 2020 by Alfc