I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@@Sibylle-Yvonne Victoria Carmen Santaella her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
"We intend to keep the value of these homes up, it will never go down. Because it will be renewed, the surroundings will improve, and as Singapore prospers, GDP goes up, the value of homes will go up." Lee Kuan Yew 2013
Remember this: Mortgage keeps you at work, which in turns generate taxes for government and controls inflation and SGD value by deterring excessive spending, in particular overseas. Making housing cheap is not in the nation interest la.
A few years ago, then National Development Minister Lawrence Wong finally spoke the unvarnished truth about 99-year leases - that flats would be returned to the HDB and only a small percentage of flats would undergo the Selective En-Bloc Redevelopment Scheme (SERS).
then the consequences would be risking the voted out the ruling party whom valued the flat to be zero for sure... common sense if residents lost their home to zero value.
The future remains open to change about this matter. I trust that the government will handle this matter meticulously, taking into account various perspectives and factors. It's complex; it's not as straightforward as declaring that all flats will lose their value. There are numerous considerations at play.
This is the problem of aging western societies, where the retirees are the ones voting the governments in - and they expect in return for the value of their property to continue going up, or be maintained at least. Never mind if real wages are coming down due to high inflation and salaries not keeping up. In 2023 inflation was 5.3% while median salary increased by 4%, so the median salary lost 1.5% of purchasing power. Yet the housing prices are increasing by 5%! The winners are clearly existing owners with this system, and the losers are millennials paying a rent to these landlords.This is not unique to Singapore and happens every other democracies with similar demographic dynamics.
But what this does is conflate two competing ideals: growing retirement assets as much as possible to ensure retirement adequacy, while simultaneously keeping public housing as affordable as possible, so that Singaporeans have a roof over their heads that they may call home. The two public policy pillars of HDB and CPF have objectives that run counter to each other, and tying them together requires grants to align them.
There was a highly negative public reaction to this clarification. One academic at the Lee Kuan Yew School of Public Policy put it this way: “The government hasn’t been entirely consistent in their messaging with regards to housing policy, which created the uncertainty and anxiety.”
HDB homeowners also use their Central Provident Fund (CPF) savings to pay for their mortgage, the status quo also allows them to extract funds that would otherwise be locked up in their CPF. This preserves their monthly disposable income, and also helps them to commit to saving for their retirement. On the surface, everyone wins.
That sounds like a good idea. It would help people to save for retirement while still having the money to pay for their mortgage. What are your thoughts on this?
The rationale for NOM flats, Mr Bryan Lim SDP pointed out, is that the government should not profit from Singaporeans when it comes to public housing and Singaporeans should not use it as a means of investment for capital gain.
A quick search online suggests no other instance of HDB providing the breakdown of costs and subsidies for its flats apart from the response in 1988. With Ms Indranee’s answer to Mr Singh, we can safely say that it would be very unlikely to see a response from the government like what we got from the minister under late LKY under the current PAP government.
They dont price this way dude....they price in the currency strength....the more fiat currency im the system chasing limited resources like housing property...spore property or hbd will keep hitting record high every 3 to 6 mths.
SDP Housing Solution: The NOM scheme will price new HDB flats to include administrative, material, labour costs only but without land “cost” that is currently the practice. As a result, prices of flats will be substantially lower, ranging from $70,000 for 2-room flats to $240,000 for 5-room flats or even less.
@@leeaaron7856land is a natural commodity, the government just has to not put a price tag on it. I think it's an interesting idea, but it's very hard to implement as is in our real life context today. I think we can take the spirit of it and instead of putting a price on land based on surrounding supply and demand, the land prices can be fixed as-is today to prevent further appreciation. But if so, a house will never be an asset anymore, it will be an expense on a product that depreciates over time. It would require a mentality shift for the population
Providing HDB flat owners with an affordable one-time 99-year lease renewal after 50 years will immediately remedy the issue of the depreciating value of flats nearing the expiry of their lease.
Singaporeans who purchase these flats can expect to take 9 to 15 years to pay off their housing loans (based on an interest rate of 3 percent) using no more than 20 percent of their gross income.
“As the name implies, however, flats bought under this scheme will not be allowed to be re-sold in the open market,” co-presenter Mr Bryan Lim said. Owners wishing to dispose of their NOM flats will have to sell them back to the HDB, he added.
Private properties in the early 80's was in 6 figures.........so whatever peak then is cheap now. 40 years down the road, now, is in millions......it will still go up in next 40 years from now. It will not be peak now and on top of this, we are importing more citizens to lift up demands here hoping to reach 10mil. The fact is you can't get HDB 4 digit housing(when thet first launch their public housing) no matter what the government do or said they have done in "cooling measures" thru those years.
With high stamp duties, foreigners are kept out of the market. Looking at the long term, we can ignore short-term fluctuations, such as interest rates. Hence we can look at the floor price, which is HDB prices. The boom is over. The short boom over the pandemic period is what it is: pandemic-driven. On demographics, there are fewer marriages but more singles buying or renting property. However, the buying power of singles is limited. The 99-year leases will start to expire, and prices will fall. For income, we are way past the high-growth era and real wages are likely to stagnate. Finally, HDB is building more units, including the future Long Island. It built about 7,000 units in 2020 and 13,000 units in 2021. Since the pandemic, it has gone beyond 20,000 units each year. Politically, "affordable" housing is a hot potato and can be costly for any government if it is not handled well.
Foreigners want condos, not public housing, interest rates will come down, conservative Asian mentality view property as a safe physical investment vehicle, HDB prices now in the Millions, everyone aspire to live better lifestyle, so will demand drop for pte housing ? will pte housing prices drop then?? lol... talk down market also need to see the fundamentals driving the pricing up...
PAP, why not solve the high cost of living first. Housing and car are so ridiculously expensive. Living cost in Singapore is too high and quality of life is lower than other countries where big house and car are so achievable. Furthermore, in these countries, you own the house unlike 99 years leasehold in Singapore where one don't own the house but like renting one. But majority of people don't realize that as they don't venture out of Singapore and continue with the rat race.
Remember this: Mortgage keeps you at work, which in turns generate taxes for government and controls inflation and SGD value by deterring excessive spending, in particular overseas. If a 4 room flat costs 200K, most people can retire by age 40 and lepak all day. Whos gonna work? Making housing cheap is not in the nation interest la.
The main problem is that Singapore's housing market is a highly managed industry with prices artificially held up by continuous tinkering of the rules and limitations that people can buy or not buy. The complexity and the limitations of the housing stock is something that is unique to Singapore and does not happen in virtually any other country in the world. I just feel sorry for Singaporeans trapped in this cycle.
The measures in place are to keep the price DOWN, they are called “cooling measures” for a reason. So no, you got it reversed, they are not trapped, these measures HELP them. If not for these rules & limitations, singapore property would have become completely out of reach for the average Joe. Just look at Hong Kong
Public housing is a social good and should be used to meet the housing needs of the population, not profit-making for the government or citizens. SDP Chee Soon Juan
The Chinese population in Singapore 🇸🇬 is a *big problem* for Singaporean national security when they - connect with the authoritarian expansionist regime in China and - subscribe to their version of world views.
Not so sure in 20-30 years time when the boomer gen dies off, releasing supply of HDBs into resale markets that can't be fully absorbed by the aging population. Most middle income Singaporeans probably won't need to touch freehold. The upside to freehold will likely depend on foreign buyers or immortals.
Doubtful about your home agent's valuation? Wondering about your neighbor's selling and rental price? Simplify cash proceeds and affordability calculations effortlessly! #HomerAI by #Ohmyhome
The Singaporean government had known about Chinese 🇨🇳 money laundering organizations operating in Singapore 🇸🇬 for a long time but *quietly looked the other way.* - Singapore only started investigating them when there were reports circulating around in the West.
Are you confident in your home agent's valuation? Curious about your neighbor's selling and rental price? Need straightforward cash proceeds calculations and affordability insights? #HomerAI by #Ohmyhome
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@August-Felix That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@August-Felix I will give this a look, thanks a bunch for sharing.
@@Sibylle-Yvonne Victoria Carmen Santaella her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
Sibylle-Yvonne
Many are struggling lah. My friend is thinking of selling the HDB lease to HDB
Lies again? App Store USD SGD
“Jurong is the second CBD”
I chuckled.
"We intend to keep the value of these homes up, it will never go down. Because it will be renewed, the surroundings will improve, and as Singapore prospers, GDP goes up, the value of homes will go up."
Lee Kuan Yew
2013
BS
pap Gov has lost credibility on HDB
Garbage
@@ChangeMustCome50CNA talk pte la, u talk HDB for what. Why not talk house in jb?😂
Remember this: Mortgage keeps you at work, which in turns generate taxes for government and controls inflation and SGD value by deterring excessive spending, in particular overseas. Making housing cheap is not in the nation interest la.
A few years ago, then National Development Minister Lawrence Wong finally spoke the unvarnished truth about 99-year leases - that flats would be returned to the HDB and only a small percentage of flats would undergo the Selective En-Bloc Redevelopment Scheme (SERS).
then the consequences would be risking the voted out the ruling party whom valued the flat to be zero for sure... common sense if residents lost their home to zero value.
The future remains open to change about this matter. I trust that the government will handle this matter meticulously, taking into account various perspectives and factors. It's complex; it's not as straightforward as declaring that all flats will lose their value. There are numerous considerations at play.
as a young professiomal couple. I'm still priced out😅. no space for kids. my better half just says we should rent. park our money elsewhere.
This is the problem of aging western societies, where the retirees are the ones voting the governments in - and they expect in return for the value of their property to continue going up, or be maintained at least. Never mind if real wages are coming down due to high inflation and salaries not keeping up. In 2023 inflation was 5.3% while median salary increased by 4%, so the median salary lost 1.5% of purchasing power. Yet the housing prices are increasing by 5%! The winners are clearly existing owners with this system, and the losers are millennials paying a rent to these landlords.This is not unique to Singapore and happens every other democracies with similar demographic dynamics.
Lies again? App Store AVN SaiGon
I tried a few different valuation tools and ohmyhome's seems the most realistic, when the time comes hopefully they can sell at the price shown...
But what this does is conflate two competing ideals: growing retirement assets as much as possible to ensure retirement adequacy, while simultaneously keeping public housing as affordable as possible, so that Singaporeans have a roof over their heads that they may call home. The two public policy pillars of HDB and CPF have objectives that run counter to each other, and tying them together requires grants to align them.
CNA talk pte la, u talk HDB for what. Why not talk house in jb?😂
@@1965SingaporeanYeap this guy kum gong
There was a highly negative public reaction to this clarification. One academic at the Lee Kuan Yew School of Public Policy put it this way: “The government hasn’t been entirely consistent in their messaging with regards to housing policy, which created the uncertainty and anxiety.”
HDB homeowners also use their Central Provident Fund (CPF) savings to pay for their mortgage, the status quo also allows them to extract funds that would otherwise be locked up in their CPF. This preserves their monthly disposable income, and also helps them to commit to saving for their retirement. On the surface, everyone wins.
That sounds like a good idea. It would help people to save for retirement while still having the money to pay for their mortgage. What are your thoughts on this?
It won’t because got torepay CPF with 2.5% accrued interest
The rationale for NOM flats, Mr Bryan Lim SDP pointed out, is that the government should not profit from Singaporeans when it comes to public housing and Singaporeans should not use it as a means of investment for capital gain.
CNA talk pte la, u talk HDB for what. Why not talk house in jb?😂
Property prices will go up in the long run
A quick search online suggests no other instance of HDB providing the breakdown of costs and subsidies for its flats apart from the response in 1988.
With Ms Indranee’s answer to Mr Singh, we can safely say that it would be very unlikely to see a response from the government like what we got from the minister under late LKY under the current PAP government.
They dont price this way dude....they price in the currency strength....the more fiat currency im the system chasing limited resources like housing property...spore property or hbd will keep hitting record high every 3 to 6 mths.
SDP Housing Solution: The NOM scheme will price new HDB flats to include administrative, material, labour costs only but without land “cost” that is currently the practice.
As a result, prices of flats will be substantially lower, ranging from $70,000 for 2-room flats to $240,000 for 5-room flats or even less.
Just curious, who do you think should shoulder the land cost then?
@@leeaaron7856land is a natural commodity, the government just has to not put a price tag on it. I think it's an interesting idea, but it's very hard to implement as is in our real life context today. I think we can take the spirit of it and instead of putting a price on land based on surrounding supply and demand, the land prices can be fixed as-is today to prevent further appreciation.
But if so, a house will never be an asset anymore, it will be an expense on a product that depreciates over time. It would require a mentality shift for the population
Providing HDB flat owners with an affordable one-time 99-year lease renewal after 50 years will immediately remedy the issue of the depreciating value of flats nearing the expiry of their lease.
CNA talk pte la, u talk HDB for what. Why not talk house in jb?😂
Singaporeans who purchase these flats can expect to take 9 to 15 years to pay off their housing loans (based on an interest rate of 3 percent) using no more than 20 percent of their gross income.
What is scarce will not see its value drop significantly. It's about catching the right cycle.
“As the name implies, however, flats bought under this scheme will not be allowed to be re-sold in the open market,” co-presenter Mr Bryan Lim said.
Owners wishing to dispose of their NOM flats will have to sell them back to the HDB, he added.
In layman's terms, HDB is essentially the one that controls the buying, selling of the flats and also the prices. They got you by the "balls".
Private properties in the early 80's was in 6 figures.........so whatever peak then is cheap now. 40 years down the road, now, is in millions......it will still go up in next 40 years from now. It will not be peak now and on top of this, we are importing more citizens to lift up demands here hoping to reach 10mil. The fact is you can't get HDB 4 digit housing(when thet first launch their public housing) no matter what the government do or said they have done in "cooling measures" thru those years.
The condo you bought 40 years ago only has remaining lease less than 60 years you cant compare to new condos older condos are hard to liquidate
@@fool1124 most condo at the time were freehold.
With high stamp duties, foreigners are kept out of the market. Looking at the long term, we can ignore short-term fluctuations, such as interest rates. Hence we can look at the floor price, which is HDB prices. The boom is over. The short boom over the pandemic period is what it is: pandemic-driven. On demographics, there are fewer marriages but more singles buying or renting property. However, the buying power of singles is limited. The 99-year leases will start to expire, and prices will fall. For income, we are way past the high-growth era and real wages are likely to stagnate. Finally, HDB is building more units, including the future Long Island. It built about 7,000 units in 2020 and 13,000 units in 2021. Since the pandemic, it has gone beyond 20,000 units each year. Politically, "affordable" housing is a hot potato and can be costly for any government if it is not handled well.
Foreigners want condos, not public housing, interest rates will come down, conservative Asian mentality view property as a safe physical investment vehicle, HDB prices now in the Millions, everyone aspire to live better lifestyle, so will demand drop for pte housing ? will pte housing prices drop then?? lol... talk down market also need to see the fundamentals driving the pricing up...
pfft people buying homes as a investment are the problem, homes should be for living in.
Just take guide from Hong Kong market, that's where most developers will be looking at
PAP, why not solve the high cost of living first. Housing and car are so ridiculously expensive. Living cost in Singapore is too high and quality of life is lower than other countries where big house and car are so achievable. Furthermore, in these countries, you own the house unlike 99 years leasehold in Singapore where one don't own the house but like renting one. But majority of people don't realize that as they don't venture out of Singapore and continue with the rat race.
but that created a landed class eventually which brought its own sets of problems.
😂 we 70% are ok with the cost in SG, only 30% WP idiots think price not affordable 😂😂😂.
Remember this: Mortgage keeps you at work, which in turns generate taxes for government and controls inflation and SGD value by deterring excessive spending, in particular overseas. If a 4 room flat costs 200K, most people can retire by age 40 and lepak all day. Whos gonna work? Making housing cheap is not in the nation interest la.
The main problem is that Singapore's housing market is a highly managed industry with prices artificially held up by continuous tinkering of the rules and limitations that people can buy or not buy. The complexity and the limitations of the housing stock is something that is unique to Singapore and does not happen in virtually any other country in the world. I just feel sorry for Singaporeans trapped in this cycle.
The measures in place are to keep the price DOWN, they are called “cooling measures” for a reason. So no, you got it reversed, they are not trapped, these measures HELP them. If not for these rules & limitations, singapore property would have become completely out of reach for the average Joe. Just look at Hong Kong
Jden almost sold out? There are over 200 units on sale on property guru . Am I missing something? 😮
that one is just agents marketing, get u to contact them for it,
Public housing is a social good and should be used to meet the housing needs of the population, not profit-making for the government or citizens.
SDP Chee Soon Juan
Unbelievable Overpriced and people still pay 😐
This is why many local sg are moving out of the country
@@cocaineminor4420 but many foreigners coming in
When they birds can't build a nest, they will not lay eggs. Only stupid birds will lay eggs without a nest.
It's time for exclusive hdb to become norm and compete with private residential projects 😊😊😊
Singaporeans like to buy high sell low, because of "FOMO", resulting in narrowed considerations of feasibility to sustain the monthly loan repayment.
The Chinese population in Singapore 🇸🇬 is a *big problem* for Singaporean national security when they
- connect with the authoritarian expansionist regime in China and
- subscribe to their version of world views.
U are a racist. I reported u already.
ISA monitoring you LOL
CIA bot😂
Haven and will not reach the peak cos sky is the limit
Freehold is the way to go
Not so sure in 20-30 years time when the boomer gen dies off, releasing supply of HDBs into resale markets that can't be fully absorbed by the aging population. Most middle income Singaporeans probably won't need to touch freehold. The upside to freehold will likely depend on foreign buyers or immortals.
Doubtful about your home agent's valuation? Wondering about your neighbor's selling and rental price? Simplify cash proceeds and affordability calculations effortlessly! #HomerAI by #Ohmyhome
Do you trust your agent's home valuation? Ever wondered about your neighbor's selling and rental price? #HomerAI by #Ohmyhome
Waiting for the property market to crash!!!
The Singaporean government had known about Chinese 🇨🇳 money laundering organizations operating in Singapore 🇸🇬 for a long time but *quietly looked the other way.*
- Singapore only started investigating them when there were reports circulating around in the West.
and you know this how?
Are you confident in your home agent's valuation? Curious about your neighbor's selling and rental price? Need straightforward cash proceeds calculations and affordability insights? #HomerAI by #Ohmyhome
This gov cannot be trusted in HDB anymore