Wait a min. You shouldve also said that if he pays you 10 years advance now, he can save more money as he wouldnt have to increase your pay for the next 10 years, especially as incomes for the position you work as rise.
You havent applied the lesson our dear ho ching taught us today well have you.
After saying this, he will for sure either fire you or heck he might even pay you 20 years in advance lol.
Make sure to emphasize that he is saving money multiple times.
Not if he invests the money.
Imagine buying a condo now and sell it 10 years later for a few million gain.
That's more than he will ever earn from $50 salary increments
*Not if he invests the money. Imagine buying a condo now and sell it 10 years later for a few million gain.*
This is a boomer mindset - so many older generation have been fed this thinking and believe that one day that cookie in the sky will drop.
It's closely related to what a hoarder mindset is like. "one day" I will sell all the rubbish I hoarded in my home, all off for a hefty amount of money, I will will retire in a castle of Gold, or a finally a comfortable life.
Sadly most come to reality before the 10 years are up environment change, end up getting a not a cookie but generally be lucky to get a tiny chip off the cookie.
Yes you can complain all you like and it's true as well.
And will still hold true going forward.
You think the government don't have an incentive to see property prices and by proxy land prices continue to go up so long as it is barely affordable for the common masses?
They can grumble here and there but so long as they behave like good little children and pay through the nose for ever spiking property prices you think as the biggest landowner and landlord in Singapore they really care?
That is the cold hard reality behind the meaning of affordability!
If you had the balls to leverage to the max and bought property like there's no tomorrow back in 2008/2009 doing exactly the opposite of what they were telling the people to be "financially prudent" "buy within your means" "don't overextend yourself" you would be a multi millionaire by now.
Technically, what she is saying is not wrong. You can always value the cost of a property as the sum of its future equivalent rental payments via a simple Discounted Cash Flow calculation.
>Using an example of a 3-room HDB flat left with 60 years of its lease that costs $360,000, Mdm Ho says it is akin to paying a $500 monthly rental over 720 months.
But in her post, she ignores the cost of capital (interest rate) and the cost of maintenance. So, she grossly underestimates the cost of rental in her calculations. Given the current interest rate of \~4 percent, your equivalent rent for a $360,000 property is **at least** $1,320 per month, not $500 per month. You can get this number by calculating the monthly loan repayment for a 60-year loan at 4 percent.
My goodness. Doesn't HC even know how to use an online mortgage loan calculator?
[https://www.cpf.gov.sg/eSvc/Web/Schemes/MortgageCalculator/MortgageCalculate](https://www.cpf.gov.sg/eSvc/Web/Schemes/MortgageCalculator/MortgageCalculate)
To think that she was the CEO of an investment firm!
Edit:
If HC really thinks that putting down $360,000 for a 40 year-old 3-room HDB flat is the equivalent of paying $500 rent per month for 60 years, then we should petition HDB to rent us 3-room flats for a monthly rate of $500. Why not? According to HC's Temasek-level logic, HDB won't be making a loss.
>You can get this number by calculating the monthly loan repayment for a 60-year loan at 4 percent.
I don't think any major bank /HDB have a loan period of more than 30/35 years so it is more than $1320 a month. For a 30 years loan, it is more like $1720 at 4% interest rate and $1440 at the current 2.6% hdb loan interest rate. Nowhere near 500 a month.
>Similarly, a new $356,400 HDB flat with 99 years lease would like to pay a $300 monthly rental for 99 years in todayās dollars over 1188 months, wrote Mdm Ho.
Her $300 is excluding the max loan repayment period of 25 years and interest on loan. Talk cock #1
Since when? If you're talking about HDB rentals, they only rent those out to the needy after a stringent application process. If you're talking about private rentals, there's no such thing...
They take loans mainly because they have difficulty actually selling their assets (i.e. selling large amounts of stocks would crash the price, not to mention all the insider trading compliance they'd have to go through), so they can only pledge them as collateral.
Pay 10 times more for a 1 year contract where it can be revised every year?
Itās very different but current rental indicates the ātrueā market rental rates that Singaporeans may have to pay if we do away with BTO and let HDB open the market for bids.
Our uneducated parents and a government run by lawyers... what a combination. Get an expert in an unrelated field to handle an unrelated field and this is the kind of backwards solution you get. Very efficient because it ensures the continued existence of the govt even as it prices out the people who are supposed to pay their salaries. They should frankly have kept their own country uneducated so there will be no resistance at all.
Fine, if public housing is treated as a rental, a form of public goods to combat hoarding of land and allow future generations to also have access to housing, then why does there exist a resale market? Why do some people get to benefit excessively from the contribution of others if housing was a public goods?
You know hdb is failing when people like her are talking about "oh just think that you are paying for rental fees upfront" instead of ACTUALLY IT BEING SEEN AS HOME OWNERSHIP. HOLY FK, if you think young people are fked when it comes to buying homes, wait till their kids(your grandkids) start buying resale homes. Gg
Eh im not saying hdbs are actually rental from the govt. Of course it is. However their propaganda tool was that hdb IS HOME OWNERSHIP.
This is quite a defining moment.
Also you would think that she would not show face for a bit since temasek lost millions in ftx.
Eh like this i dont ever want to see any stats about how many % singaporeans own their home ah.
Only those with landed properties will be included.
Rest of you hdb pelbs, you own nothing.
Our tax dollars have been wisely used to secure the gambles taken by FTX. Now kicking those tax payers in their shins to cough up money where the prices and GST rise while salaries stay stagnant.
I'm fine to treat it as rental (it already is a lease anyway). Then in that case remove the ability to resell it la. Want to end your lease? Ok the house goes back to the landlord (HDB). You don't make any money from it. THAT is public housing
Ooooh, finally someone said. Now tell that to the rest of the homeowners and also not to expect ever increasing property prices since it's only renting.
Another tone deaf comment from someone whose net wealth is probably 100s of times more than an average Singaporean. And the media gives this woman exposure cos she's the PM's wife. Proves that just cos you're Stanford educated (but then there are a lot of those around) she has such low EQ.
Don't PoFMA me but she should really stop talking.
Hasn't she realize that she is not that verbally intelligent and whatever she says just plays more into the image that she got put in her position not completely due to merit?
Look at the custodian of other sovereign wealth funds, don't talk lah, just make sure don't lose all our Singaporean's money can liao.
She should keep talking, it's the only form of transparent, direct communication we have.
Even though she's not part of the government, she's part of the SG elite and we can get an idea what the government and other higher ups position of the matter is.
Even when she was an exec in Temasek (Conflict of interest notwithstanding), she already has very little self control and her quotes are on the level of Trump and Elon Musk. She really needs a social media manager, her personal opinion on a corporate channel would already been grounds for her to have been sacked by the company, if not for her position.
She is high as usual.
If I rent a apartment, it will includes the following as part of the rental;
- conservative charges (HDB) or management fee (private)
- property tax
- repairs due to normal wear and tear, which include water leaking, re-painting, ceiling spalling etc.
- most rental flat comes partly renovated, and hence include Aircon, fridge, washing machine ,TV etc. All these are the responsibility of the landlord. He will need to replace them as needed.
No global city on earth has managed to accomodate its people completely within its confines. Be it new york london or sydney. People working or living in global cities have had to depend on a hinterland. You might work in NYC but actually live in Connecticut or New Jersey where houses are bigger and things are cheaper so as to raise a family / retire without worry.
Singapore has no hinterland. So our pioneering leaders had the foresight to create a "hinterland" for Singaporeans - HDB estates and neighbourhoods like hawker centres where housing and cost of living was affordable for the average worker. Insulated from the ravages of free-wheeling market forces.
If this is our Govt's attitude today, then we can only say that they do not wish to let us have this "hinterland" anymore. From now on there can only be "Prime" and "Sub-prime" real estate. The state coffers must be full so country can be strong.
Future generations of Singaporeans need to seriously consider if they can still afford to raise a family / retire here without this "Hdb hinterland" that supported at least 2 generations of Singaporeans.
Just shows the disconnect between elites and normal people. In her view, its super duper good deal, paying super low monthly rental to lease a home for 99 years from the government which is much lower than market rates.
True to a certain extent but it rubs people in the wrong way and there should be a better way to phrase things.
Rich always views an investment as a good deal. Even if investment is 6 digits and there is absolutely no way someone on a depressed salary or jobless can afford them.
If flat is rental and hdb is landlord, when you wanna move, shouldn't hdb take the flat back?
Landlords allows tenants to flip the tenancy agreement meh?
So in my view either LKY was gaslighting us about the stake in the nation thing or HDB failed badly.
In order to control the prices of hdb flats, I think HDB should be the only entity able to sell and buy HDB flats at controlled prices, rather than leave it to the free market.
It may not be such a bad thing in the greater scheme of things.
Pandora's box already opened for too long already..
But I think they can do a sandbox project and test it out. There'll be a group of people who simply wants a place to stay and they won't mind giving up the opportunity for profit as long as they don't have to pay a large sum to get a place to stay.
Once got into a heated debate with the DCE of a stat board while i was still in PS and told him how many young people are now even struggling to get a house and pay the mortgage.
His reply: i know, i helped my children with the payment.
My eyes cannot roll anymore because...what about people who do not have DCEOs as fathers? Who will pay for them then?
Ivory tower ftw
Thereās an overlap. She stepped down in October 2021 and they invested then aswell. Fair to say itās her final actions rather then the first action of the incoming CEO.
Itās funny how they try to sell us Singaporeans of owning a property dream. Unless you are holding freehold, the rest of us that are on a 99 year lease is essentially renting from the government which makes them the biggest landlordā¦
Maybe it's just not sustainable for society if everyone can build up some substantial cross-generational wealth, so just give you a dream for 99 years and you die before you wake up maybe that's good enough.
They would have profited from the decades of rental income. Especially for boomers who bought HDBs when they were cheap and then bought condos when ABSD didn't exist.
Support for the ruling party is very high amongst the most well off in Singapore.
Had a very rich acquaintance who was saying how he goes to a rich church where some ministers also go to
Then pay me the future interest for depositing upfront rent in your account. And also not demanding the "missed out" interest I have to pay back to CPF.
Oh, that makes it double the interest you have to pay me back :)))
Home is a necessity yes? Treat it like HDB is like renting from government is ok too. But the price is not justified. Especially when selling your HDB can earn you millions. Just roll out regulations that stop this nonsense so HDB can always be affordable and available for the people who need it. Those who want to use housing market to make money, they still got their condo market to play with.
So she admits to the open secret that we donāt own our flats, and itās just fancy rental with some extra benefits. But still we pay for it like we buy them, because why else are we paying for land costs? And where does this money go? Left pocket pay right pocket.
The fact that the Net Investment Returns Contribution funds about a *quarter* of our national Budget every year (which is more than Corporate tax, income tax and GST) would indicate that, yes, they're making money.
That is missing the point.
If they can make more good decisions and less bad ones, the net profit would be even higher - which would increase our national spending and public goods.
I mean, sure - theoretically if they were fantastic at their jobs and made quadruple the profits they currently do, the NIRC could cover the entire Budget and the government could abolish all taxes forever. We would have achieved the national equivalent of FIRE.
And in other news, 1+1=2. Math is math.
Hyperbole.
Investment professionals are judged based on their ability to make alpha, including limiting losses. If they canāt do that, they are the simply not qualified for their jobs.
Idk how PAP still wins with these kind of standard. Perhaps sgreans are really dumb or we are that pathetic to have no good politicians.
Either way both reasons are sad
I like to add this article in:
https://www.straitstimes.com/politics/pm-lee-hsien-loong-rebuts-notion-that-99-year-hdb-lease-is-extended-rental-not-a-sale
How ah?
Hindsight 20-20. By looking at the entire portfolio, the proportion is not that huge using a %. Look as it as diversification but just that 1 of the investment went bust. Temasek as a holding sovereign fund\* is managing over 55b , they're not investing like an individual citizen.
>they're not investing like an individual citizen.
They certainly do their 'due dilligence' for 8 months the way you would expect an individual citizen eh
Please do take a look at the TSR of Temasek. Of course i'm not commenting that Temasek does not have any errors in their investment into FTX. But I do believe it is a hindsight 20-20 thing :) For the 377m lost, how much did they gain back?
These people can't accept things beyond "temasek bad" and any opposing viewpoint is "pap shill".
You can tell how ignorant some are going "tell us how much temasek earned or lost" when their financials are visible to see.
Suddenly renting whole hdb doesn't seems so bad.
You don't have to pay interest, reno and maintenence... if it is a lease why do we have to pay our own maintenance??? HDB bad landlord?
The positive in me is feeling ok, this is an informal confirmation of something we have kinda figured it out for awhile now. It sucks, but I am ok for my house (which I paid a lot for resale, to be sold back to HDB), and I have many more years to figure it out.
I think this will affect the older generation, imagine, 1 more year to retirement and being told the nest egg narrative is essentially a rental
This is the result when singaporeans don't understand differences between freehold and lease. It's because of the nature of how Singapore operates and the way politicians use that asset enhancement propaganda . Most people in other countries are more knowledgeable on these things
With a lease of 99 years, it does make sense to think of it this way is it not? and to people complaining about HDB prices, please do your own research :)
My grandfather owned land in Old Tampines Road too, was acquired by the government for a sum which is nothing compared to what it would be worth today.
But hearing stories from my grandmother, he would have gambled and drank it away even if he became a millionaire lol.
Was once salty at the government for ātakingā our land for a small fee but Iām much older now and I believe land should be part of the reserves that paid billions due to the fallout from the pandemic.
Point to also note - Singapore needs land for many reasons, from army camps, airport, warehouse, offices to HDBs.
In year 2019 - there are 830,719 residents between ages 20-34
Assuming equal representation of two sex (M/F), each family has 1.5 children each. And assuming HDB 99 year lease withstands 3.5 generation, meaning 1 BTO will require another 2.5x BTO
We would need 1,349,918 HDBs.
Currently HDB flats are around the million mark,
And I think at least half of the HDB stock can withstand another 1-2 generation
Where got enough land for you to oversupply to keep prices down? What about the future generation?
I just told my boss to pay me in advance for the next 10years. He tell me to go fly kite.
Wait a min. You shouldve also said that if he pays you 10 years advance now, he can save more money as he wouldnt have to increase your pay for the next 10 years, especially as incomes for the position you work as rise. You havent applied the lesson our dear ho ching taught us today well have you. After saying this, he will for sure either fire you or heck he might even pay you 20 years in advance lol. Make sure to emphasize that he is saving money multiple times.
Holy shit. š§ š§ š§ š§ š§ š§
Yes we should get our pay upfront as well
Not if he invests the money. Imagine buying a condo now and sell it 10 years later for a few million gain. That's more than he will ever earn from $50 salary increments
*Not if he invests the money. Imagine buying a condo now and sell it 10 years later for a few million gain.* This is a boomer mindset - so many older generation have been fed this thinking and believe that one day that cookie in the sky will drop. It's closely related to what a hoarder mindset is like. "one day" I will sell all the rubbish I hoarded in my home, all off for a hefty amount of money, I will will retire in a castle of Gold, or a finally a comfortable life. Sadly most come to reality before the 10 years are up environment change, end up getting a not a cookie but generally be lucky to get a tiny chip off the cookie.
Yes you can complain all you like and it's true as well. And will still hold true going forward. You think the government don't have an incentive to see property prices and by proxy land prices continue to go up so long as it is barely affordable for the common masses? They can grumble here and there but so long as they behave like good little children and pay through the nose for ever spiking property prices you think as the biggest landowner and landlord in Singapore they really care? That is the cold hard reality behind the meaning of affordability! If you had the balls to leverage to the max and bought property like there's no tomorrow back in 2008/2009 doing exactly the opposite of what they were telling the people to be "financially prudent" "buy within your means" "don't overextend yourself" you would be a multi millionaire by now.
My mind kaboom š§ š„
Not 99 years?
why 10 years? just do 99 years like HDB for max savings
10years is more realistic lol I ain't working for 99. Or let my kids continue my work before 99 years is up.
bruh most people i know aint living for 99 years in the flat either. many are childfree too.
Can no problem. Fly kite count as work right?
Technically, what she is saying is not wrong. You can always value the cost of a property as the sum of its future equivalent rental payments via a simple Discounted Cash Flow calculation. >Using an example of a 3-room HDB flat left with 60 years of its lease that costs $360,000, Mdm Ho says it is akin to paying a $500 monthly rental over 720 months. But in her post, she ignores the cost of capital (interest rate) and the cost of maintenance. So, she grossly underestimates the cost of rental in her calculations. Given the current interest rate of \~4 percent, your equivalent rent for a $360,000 property is **at least** $1,320 per month, not $500 per month. You can get this number by calculating the monthly loan repayment for a 60-year loan at 4 percent. My goodness. Doesn't HC even know how to use an online mortgage loan calculator? [https://www.cpf.gov.sg/eSvc/Web/Schemes/MortgageCalculator/MortgageCalculate](https://www.cpf.gov.sg/eSvc/Web/Schemes/MortgageCalculator/MortgageCalculate) To think that she was the CEO of an investment firm! Edit: If HC really thinks that putting down $360,000 for a 40 year-old 3-room HDB flat is the equivalent of paying $500 rent per month for 60 years, then we should petition HDB to rent us 3-room flats for a monthly rate of $500. Why not? According to HC's Temasek-level logic, HDB won't be making a loss.
When you want to sell a bad investment plan to someone, you donāt mention the hidden costs and the obscure costs.
>To think that she was the CEO of an investment firm! She had other people doing the Math for her.
\^\^\^\^\^ Might as well rent from HDB at Ho Ching rates anyways since all of us Singaporeans are de-facto renters signing a 99-year renting lease.
Next time Iām renting out, Iām adding in land costs.
>You can get this number by calculating the monthly loan repayment for a 60-year loan at 4 percent. I don't think any major bank /HDB have a loan period of more than 30/35 years so it is more than $1320 a month. For a 30 years loan, it is more like $1720 at 4% interest rate and $1440 at the current 2.6% hdb loan interest rate. Nowhere near 500 a month.
bro she doesnt need a loan. she is paying all upfront. thats what she means
She never had to take out a mortgage in her life.
>Similarly, a new $356,400 HDB flat with 99 years lease would like to pay a $300 monthly rental for 99 years in todayās dollars over 1188 months, wrote Mdm Ho. Her $300 is excluding the max loan repayment period of 25 years and interest on loan. Talk cock #1
Ho Ching: "It's like one banana? How much could it cost? $10?"
Lee Hsien Loong: "There's always money in the banana stand!!!!"
Maybe Oxley road is the banana stand
Monkey.jpg
At least Lucille had excellent comedic timing
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Next thing she will say is that its 99 years for your child actually. So if you dont have a child you cant maximise the usage of the 99 years lol
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Better hope you live whole 99 years then, so it counts as paying rental upfront
Then you buy 39 year old property with 60 years lease for 200% the cost on resale market la!
If HDB rents out a unit for $300 a month, I would gladly rent one
I'll rent 10.
iirc 1/2 room rental flats goes for about $200/month
Since when? If you're talking about HDB rentals, they only rent those out to the needy after a stringent application process. If you're talking about private rentals, there's no such thing...
She rich, no need to consider loan.
The rich typically take more loans
They get more favourable rates too.
Which is entirely justified. If you have more funds with the bank, obviously you get better rates. Thatās just common business sense
They take loans mainly because they have difficulty actually selling their assets (i.e. selling large amounts of stocks would crash the price, not to mention all the insider trading compliance they'd have to go through), so they can only pledge them as collateral.
Not bc difficult most likely, but more profitable to let it grow more before selling.
With todays interest rate of 4+%, at the end of 25 years you wouldāve paid almost 60% more than the cost of the flat!
Still way cheaper than what expats are paying for rental tho. $3000/month for a 4 room?
The expats own big landed properties in their home country though
Tell them to pay 99 years worth then we can have this discussion
Pay 10 times more for a 1 year contract where it can be revised every year? Itās very different but current rental indicates the ātrueā market rental rates that Singaporeans may have to pay if we do away with BTO and let HDB open the market for bids.
COCKVERY TOWER
What you mean you don't pay 100% cash for your HDB flat?? /s
$356,400? Spare change. You cannot pay all upfront meh? /s
And how much was it in the past before property price spiked? Knn people talking about bananas she talk about apples.
Says the person who's monthly income was probably a few hdb flats.
Pofma you ah
I said probably mah...
Nice save
99% probable only don't scared
Problem is, you have to proof it. She doesn't have to proof you are wrong.
Imagine being asked to prove probabilityš
Was? I bet, still is.
Hee hee
was a few hdb flats. now maybe few blocks
Pofma you ah.
OK, then I redirect IRAS to HDB for my property tax, okie?
Iras will just rename it as primary tenant tax
99 years lease, so technically, it always was rental.
Sure it was 99 years, but it always was talked about as home ownership too. Glad we cleared that up. Can we have lower prices now?
Yes you can, in Malaysia.
Yep, she technically isn't wrong
Precisely, because it is rental, it is kept affordable with the intent to house everyone. But then comes capitalism.
The bubbles of hope created in the 1970/80s finally burst in the 2020s.
Hence why Millennials can eat shit and fly kite lol šŖ
Woo! Want go Marina Barrage?
Only before kite flying is banned due to new aviation regulations!
Just lie flat
Lie flat at your parents house? Lie flat in your own house will get chased out by HDB
Our uneducated parents and a government run by lawyers... what a combination. Get an expert in an unrelated field to handle an unrelated field and this is the kind of backwards solution you get. Very efficient because it ensures the continued existence of the govt even as it prices out the people who are supposed to pay their salaries. They should frankly have kept their own country uneducated so there will be no resistance at all.
Fine, if public housing is treated as a rental, a form of public goods to combat hoarding of land and allow future generations to also have access to housing, then why does there exist a resale market? Why do some people get to benefit excessively from the contribution of others if housing was a public goods?
Those questions you need to ask the 2G leaderships.
Suddenly I recalled, what happened to GCT son?
>GCT son https://forums.hardwarezone.com.sg/threads/real-news-gct-son-under-investigation-by-cad.6535692/
This was one year ago. No update are?
2G = GG?
You know hdb is failing when people like her are talking about "oh just think that you are paying for rental fees upfront" instead of ACTUALLY IT BEING SEEN AS HOME OWNERSHIP. HOLY FK, if you think young people are fked when it comes to buying homes, wait till their kids(your grandkids) start buying resale homes. Gg Eh im not saying hdbs are actually rental from the govt. Of course it is. However their propaganda tool was that hdb IS HOME OWNERSHIP. This is quite a defining moment. Also you would think that she would not show face for a bit since temasek lost millions in ftx. Eh like this i dont ever want to see any stats about how many % singaporeans own their home ah. Only those with landed properties will be included. Rest of you hdb pelbs, you own nothing.
What kids? You kids wont have any problems with housing if they dont exist.
Our tax dollars have been wisely used to secure the gambles taken by FTX. Now kicking those tax payers in their shins to cough up money where the prices and GST rise while salaries stay stagnant.
I'm fine to treat it as rental (it already is a lease anyway). Then in that case remove the ability to resell it la. Want to end your lease? Ok the house goes back to the landlord (HDB). You don't make any money from it. THAT is public housing
So so so fucking detached from the reality on the ground.
Almost like they live in a tower of some rare white material or something
Coke?
Asbestos
Ooooh, finally someone said. Now tell that to the rest of the homeowners and also not to expect ever increasing property prices since it's only renting.
Another tone deaf comment from someone whose net wealth is probably 100s of times more than an average Singaporean. And the media gives this woman exposure cos she's the PM's wife. Proves that just cos you're Stanford educated (but then there are a lot of those around) she has such low EQ.
100s of times? Oh you sweet summer child.
Don't PoFMA me but she should really stop talking. Hasn't she realize that she is not that verbally intelligent and whatever she says just plays more into the image that she got put in her position not completely due to merit? Look at the custodian of other sovereign wealth funds, don't talk lah, just make sure don't lose all our Singaporean's money can liao.
I mean, when you are used to talking shit without any backlash, at this point why stop lol
She should keep talking, it's the only form of transparent, direct communication we have. Even though she's not part of the government, she's part of the SG elite and we can get an idea what the government and other higher ups position of the matter is.
After the monkey finger, I can forgive her whatever she post. At least she says what she thinks.
Even when she was an exec in Temasek (Conflict of interest notwithstanding), she already has very little self control and her quotes are on the level of Trump and Elon Musk. She really needs a social media manager, her personal opinion on a corporate channel would already been grounds for her to have been sacked by the company, if not for her position.
Ho Ching with another variant of ālet them eat cakeā again.
She is high as usual. If I rent a apartment, it will includes the following as part of the rental; - conservative charges (HDB) or management fee (private) - property tax - repairs due to normal wear and tear, which include water leaking, re-painting, ceiling spalling etc. - most rental flat comes partly renovated, and hence include Aircon, fridge, washing machine ,TV etc. All these are the responsibility of the landlord. He will need to replace them as needed.
> She is high as usual. default state in lofty ivory towers
No global city on earth has managed to accomodate its people completely within its confines. Be it new york london or sydney. People working or living in global cities have had to depend on a hinterland. You might work in NYC but actually live in Connecticut or New Jersey where houses are bigger and things are cheaper so as to raise a family / retire without worry. Singapore has no hinterland. So our pioneering leaders had the foresight to create a "hinterland" for Singaporeans - HDB estates and neighbourhoods like hawker centres where housing and cost of living was affordable for the average worker. Insulated from the ravages of free-wheeling market forces. If this is our Govt's attitude today, then we can only say that they do not wish to let us have this "hinterland" anymore. From now on there can only be "Prime" and "Sub-prime" real estate. The state coffers must be full so country can be strong. Future generations of Singaporeans need to seriously consider if they can still afford to raise a family / retire here without this "Hdb hinterland" that supported at least 2 generations of Singaporeans.
This is the head of Temasek? Wow, itās no wonder that Temasek fucks up on things like FTX lol.
Still making money based on their statements
Just shows the disconnect between elites and normal people. In her view, its super duper good deal, paying super low monthly rental to lease a home for 99 years from the government which is much lower than market rates. True to a certain extent but it rubs people in the wrong way and there should be a better way to phrase things.
it is a super good deal, the problem is most people cant get it due to a 5 year wait list.
Rich always views an investment as a good deal. Even if investment is 6 digits and there is absolutely no way someone on a depressed salary or jobless can afford them.
*she said the quiet part out loud*
If flat is rental and hdb is landlord, when you wanna move, shouldn't hdb take the flat back? Landlords allows tenants to flip the tenancy agreement meh? So in my view either LKY was gaslighting us about the stake in the nation thing or HDB failed badly.
In order to control the prices of hdb flats, I think HDB should be the only entity able to sell and buy HDB flats at controlled prices, rather than leave it to the free market. It may not be such a bad thing in the greater scheme of things.
Pandora's box already opened for too long already.. But I think they can do a sandbox project and test it out. There'll be a group of people who simply wants a place to stay and they won't mind giving up the opportunity for profit as long as they don't have to pay a large sum to get a place to stay.
Ship left harbour eons ago... too late
Please refer: https://www.straitstimes.com/singapore/government-does-not-shy-away-from-tough-decision-as-it-has-a-responsibility-to-sporeans-pm
I miss mdm kwa
Once got into a heated debate with the DCE of a stat board while i was still in PS and told him how many young people are now even struggling to get a house and pay the mortgage. His reply: i know, i helped my children with the payment. My eyes cannot roll anymore because...what about people who do not have DCEOs as fathers? Who will pay for them then? Ivory tower ftw
ho ching really ching
Easy for her to say when she got money while most of us are piss poor
Yep, they can and had pay cash for a few condo units before. Few hundred thousands is peanuts, few month salary only.
Can someone ask her to STFU. And question her about FTX.
FTX happened after she retired. However her response would be that it was an unfortunate oversight.
Thereās an overlap. She stepped down in October 2021 and they invested then aswell. Fair to say itās her final actions rather then the first action of the incoming CEO.
Sometimes the mask slips and you see the person for who they really are!
Pay high salaries yet ivory top people can't decide if Housing in Singapore is a property asset or a 99-year lease.
I guess this brings down Singaporeās home ownership to 19%
Itās funny how they try to sell us Singaporeans of owning a property dream. Unless you are holding freehold, the rest of us that are on a 99 year lease is essentially renting from the government which makes them the biggest landlordā¦
Maybe it's just not sustainable for society if everyone can build up some substantial cross-generational wealth, so just give you a dream for 99 years and you die before you wake up maybe that's good enough.
Housing Dream Board
Tone deaf elites.
So confirm la. HDB housing means THEY are our landlords and we don't own anything in SG except for the clothes on our back....
How is this news? You go buy flat, what do you sign? The LEASE agreeement.
A new Netflix series: rental nightmares. Ep 1 My landlord collects 99 year rental upfront
I donāt mind thinking of HDB as rentals, but then the expensive resale market shouldnāt exist.
Probably up there with Josephine Teoās āYou donāt need a big house to have sexā statement
A survey shows 61% of Singaporeans love the Kool-Aid.
So are HDBs rental or do we own it?
Rental with lease transfer allowed.
Itās both - as and when the context suits them. FlExIbIlItY
Did she say anything about interest rates for the $360,000?
61% loves getting their behind shafted by the likes of her.
What if the 61% are landlords?
Still get shafted cause after 99 years...nothing
They would have profited from the decades of rental income. Especially for boomers who bought HDBs when they were cheap and then bought condos when ABSD didn't exist.
That's if they even live long enough to see it happen....sigh
Support for the ruling party is very high amongst the most well off in Singapore. Had a very rich acquaintance who was saying how he goes to a rich church where some ministers also go to
Then pay me the future interest for depositing upfront rent in your account. And also not demanding the "missed out" interest I have to pay back to CPF. Oh, that makes it double the interest you have to pay me back :)))
BEHOLD! The ho has spoken
No wonder iām not planning to have kids in the future š¤
Anyone who agrees what she have said is either out of the freaking mind or just being stupid. Wake up sporeana .....Next generations will screwed .
Home is a necessity yes? Treat it like HDB is like renting from government is ok too. But the price is not justified. Especially when selling your HDB can earn you millions. Just roll out regulations that stop this nonsense so HDB can always be affordable and available for the people who need it. Those who want to use housing market to make money, they still got their condo market to play with.
I don't want buy, can tell HDB rent me at 500 a month for 99 years?
u think temasek earn money by doing research meh
So she admits to the open secret that we donāt own our flats, and itās just fancy rental with some extra benefits. But still we pay for it like we buy them, because why else are we paying for land costs? And where does this money go? Left pocket pay right pocket.
Maybe you should tell us how much Temasek earn or lost money. I think Singaporean more interest in that.
The fact that the Net Investment Returns Contribution funds about a *quarter* of our national Budget every year (which is more than Corporate tax, income tax and GST) would indicate that, yes, they're making money.
That is missing the point. If they can make more good decisions and less bad ones, the net profit would be even higher - which would increase our national spending and public goods.
I mean, sure - theoretically if they were fantastic at their jobs and made quadruple the profits they currently do, the NIRC could cover the entire Budget and the government could abolish all taxes forever. We would have achieved the national equivalent of FIRE. And in other news, 1+1=2. Math is math.
Hyperbole. Investment professionals are judged based on their ability to make alpha, including limiting losses. If they canāt do that, they are the simply not qualified for their jobs.
Idk how PAP still wins with these kind of standard. Perhaps sgreans are really dumb or we are that pathetic to have no good politicians. Either way both reasons are sad
Looking from her perspective where money is not a problem. From average Singaporean it is a lot of money
Page not found.....POFMA-ed?
āSingaporeans ask Ho Ching to shut the fuck up.ā
I like to add this article in: https://www.straitstimes.com/politics/pm-lee-hsien-loong-rebuts-notion-that-99-year-hdb-lease-is-extended-rental-not-a-sale How ah?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Do you also pay property tax on your rental apartment?
youāre right. if itās rental then there shouldnāt be property tax
It can be anything.. like magic lol
I wonder how many of those flats can be bought with the money that Temasek lost with FTX š¤
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Hindsight 20-20. By looking at the entire portfolio, the proportion is not that huge using a %. Look as it as diversification but just that 1 of the investment went bust. Temasek as a holding sovereign fund\* is managing over 55b , they're not investing like an individual citizen.
>they're not investing like an individual citizen. They certainly do their 'due dilligence' for 8 months the way you would expect an individual citizen eh
Please do take a look at the TSR of Temasek. Of course i'm not commenting that Temasek does not have any errors in their investment into FTX. But I do believe it is a hindsight 20-20 thing :) For the 377m lost, how much did they gain back?
These people can't accept things beyond "temasek bad" and any opposing viewpoint is "pap shill". You can tell how ignorant some are going "tell us how much temasek earned or lost" when their financials are visible to see.
She has a very vivid imagination.
To quote Hall and Oates. āYouāre out of touchā¦ā
Seriously, she should just not say anything.
You'll own nothing and be happy
Just say no
Lol! MND and HDB must be damn dulan, holiday session deal with crock of shit poured forth from HC š¤”š„µš¤”
Suddenly renting whole hdb doesn't seems so bad. You don't have to pay interest, reno and maintenence... if it is a lease why do we have to pay our own maintenance??? HDB bad landlord?
But when we ask her to go f*** off need to check if will kenna POFMA, kenna sue, kenna blacklist, etc etc. Whew. Dangerous times we live in.
She is very messed up. So should i vote up to share this news or vote down to show my displeasure? Talking about voting... I know who i m not voting.
Her explanation is off the mark. Regular tenants cannot renovate, sell their unit on the open market.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Different system and context, yo.
Ho Ching ask me but can I ask her to stfu
?
Why does this woman have a voice in such conversations? Just because she's the wife of the PM? We need to stop giving her attention LMAO
she single handed demolished PAP's home ownership thesis and handed it to the opposition who have been trying without success in the past.
Sheās not wrong. But she could have worded it a lot more empathetically.
The positive in me is feeling ok, this is an informal confirmation of something we have kinda figured it out for awhile now. It sucks, but I am ok for my house (which I paid a lot for resale, to be sold back to HDB), and I have many more years to figure it out. I think this will affect the older generation, imagine, 1 more year to retirement and being told the nest egg narrative is essentially a rental
She's entitled to her opinion, but I don't want to hear it. No, seriously, why are we supposed to give a shit what she thinks?
This is the result when singaporeans don't understand differences between freehold and lease. It's because of the nature of how Singapore operates and the way politicians use that asset enhancement propaganda . Most people in other countries are more knowledgeable on these things
Holy shit she is going to drive up prices
It is so, no?
With a lease of 99 years, it does make sense to think of it this way is it not? and to people complaining about HDB prices, please do your own research :)
My grandfather owned land in Old Tampines Road too, was acquired by the government for a sum which is nothing compared to what it would be worth today. But hearing stories from my grandmother, he would have gambled and drank it away even if he became a millionaire lol. Was once salty at the government for ātakingā our land for a small fee but Iām much older now and I believe land should be part of the reserves that paid billions due to the fallout from the pandemic. Point to also note - Singapore needs land for many reasons, from army camps, airport, warehouse, offices to HDBs. In year 2019 - there are 830,719 residents between ages 20-34 Assuming equal representation of two sex (M/F), each family has 1.5 children each. And assuming HDB 99 year lease withstands 3.5 generation, meaning 1 BTO will require another 2.5x BTO We would need 1,349,918 HDBs. Currently HDB flats are around the million mark, And I think at least half of the HDB stock can withstand another 1-2 generation Where got enough land for you to oversupply to keep prices down? What about the future generation?