The best part of this video was bringing out the key message that HDB is public housing not some investment tool. Govt should not allow multiple property owners to still hold on to their HDB flats. Once they are forced to sell your supply will be relieved and more importantly greatly reduce the speculative greed that has fueled prices to unrealistic levels.
As an outsider watching living in an extremely overpriced housing market, I can't even fathom the thought of people in their 20's and 30's buying a home. This was very interesting. Nice work!
Good financial planing starting from first job, our Central Provident Fund system plus housing grants from government are our key factors in achieving 90% of Singaporeans owning a HDB flat. For those westerners who are spendthrift and not having habit of saving for future definitely have difficulty understanding our public housing system.
The supplies are on their way... those who can wait should do so. BTO is definitely a better deal than resale for several reasons: first, they're new and have never been occupied before, which means they're cleaner; second, they generally comes with newer and better designs and prices; third, appreciation for most BTOs is almost guaranteed, whereas resales are very risky, if you want to have like 100k to 200k extra cash after MOP, you should definitely go for BTO.
Hi Mothership. It is a very interesting video on the current public housing issues for couples. Will you have 1 video that may be catered for Singles also based of current measures? Thank you.
Ya lor. Singles who are not married have 0 chance to ballot, unless over 35 or have exceptional circumstances, and when they finally have the chance, they need to compete against other categories of first time buyers, for certain categories of flat. But, I doubt Mothership would do that video.
Mothership needs to ask why when Singaporean are hardly replacing themselves we are seeing the super inflation on the housing, and chasing the HK as the target that one of PAP MP is comparing. So population must be increasing much faster than the houses can be built. How can we have an exploding population that drive up the housing so much that the government could plan? Who has opened the flood gate again? There is no way PAP can deny away they have caused the very problem. We have one of the lowest birth rate in the world, even lower than Japan.
So you have to wait 4 or 5 years, what if you divorce before you get the house? you have to apply again as single or wait until 35? what happen if you gay or trans and you can't marry? you have to live with your parents until you 35?
Singapore is small, and boring country, and with all shoebox boring flats looking are the same. As long I get a flat, I don't care the location its doesn't matter as long its affordable and cheap as possible. probably only gonna to avoid living in Yishun, since I read much news about "nut" cases happening there. We can't be too picky IMO of course, travel much overseas, and we have to be grateful we have we have. Though hope the HDB public housing system can be improved and review to keep up with recent changing social trends.
The HDB concept, like all good ideas, was easier to execute at the beginning, but gets more complicated as time passes and conditions change. Granted the HDB needs to keep up with the times, but let's not forget that for good intentions and ideas to work, there are not only many stakeholders' needs and wants to be catered to, but that each stakeholder is also responsible to keep up with the times by adapting to the changes. Comparing successful results in the past with difficulties encountered in the present, without taking into consideration all the different changes in conditions through time, does not address the reality of real world systemic conditions. Many of us would naturally like to enjoy the cheap conditions of what our elders enjoyed in times passed, but are we willing to forgo the convenience and comforts we enjoy today, relative to those experienced in the good old days? The world is changing very rapidly and conditions will get worse and better whether we want to embrace or even admit to this reality. But in the end, it is not rhetorics and narratives of what we prefer our future to look like that will determine where our fortunes will end up in the future, but how we adapt to the reality now and into the foreseeable future that determine the outcome. So, do we continue to complain, backbite, debate till the cows come home, or shall we knuckle down and do what is necessary towards our future?
The system reward ppl for staring family or supporting family by living w parents. The alternative is single people getting houses while couples planning to have children or have children not getting instead Up to your values this is good or bad
Given that the target market for BTO flats are young couples who have just gotten married to form a family cluster, how many of these couples would be earning more than $7,650, and also have $121,000 for the down-payment? While for housing loans granted by the Housing Development Board (HDB), HDB will introduce an interest rate floor of 3% for computing the eligible loan amount from 30 Sept onwards. This means that the interest rate used to compute the eligible loan amount for HDB’s concessionary housing loan will be the higher of 3% p.a. or 0.1%-point above the prevailing CPF Ordinary Account (OA) interest rate.
Those mountain cave singaporean never travel much enough to know that actually wherever u live in singapore is convenient, because its so small. Try sitting in mrt for 2 hours or more just to get to central. Thats japan, korea, australia for u. Want to live near central for what? As if a person have the money to spend in central everyday zz
Contrary to popular belief, prime location resale flat is usually a bad investment. Prime location bto is a toto. And actually ulu location bto is usually a good investment. Take that as your first home, sell at mop, get the $200k profit and buy your dream home is a better strategy for young couples who are not born with a golden spoon.
Nice Video. I got my BTO in mature estate (Woodleigh) (waited for 6 years) on the first try because i give up having 4 room which is oversubscribed, i choose 3 room instead which guarantee a place 0.8:1.
How the heck is HDB affordable when you include the land costs The definition of DSR is all costs related to housing, such as mortgage, maintenance, property taxes, insurance, utilities, etc, and not just the mortgage repayments, as a percentage of net income and not gross income. Also, the use of “averages” is meaningless for the lower-income. Moreover, the very concept of average affordability is flawed because those who cannot afford to buy or cannot afford to continue to pay, will not be included in the “average affordability” statistics. Has the very high utilisation of CPF for housing contributed to Singapore’s very poor scores in the Global Pension Index 2010 - country with the lowest score for ‘minimum retirement income as a percentage of average income’ and ‘net replacement rate’?
This is the video we need to debunk all the fearmongering people. Everyone wants Good Cheap and Fast. So true. Especially when people want to use BTO as investment to sell after 5yrs. All aim for prime location and 5room flat. This is something Mothership not convenient to say in case hurt viewers' feelings but my comment doesnt care about that.
Elderly wants to sell their bigger units for good return when down grading yet they can't imagine their grandchildren who are purchasing their first home in the near future.
@@tommywong9056 will you buy a high price unit? If not who will. Sell high buy cheap is impossible if everyone want to buy cheap. Will u want price of your flat to drop? If not why ppl want to have low buy in price?
@@Shinichiakiyamaaa if the overall price I'm resale makert I'd high. Then is high. Depend on valuation and the average selling price in market. Of cos I hope to buy cheap and sell high. If u said one day the selling price is cheaper Then pls recheck the average market price at that period and it valuation.
I think young people are too spoilt nowadays. I belong to Gen Y and grew up in a poor family. I spent more than half of my life growing up in non matured estates. Never had a problem with "cheap" and "fast". I worked hard over the years and finally bought my first resales hdb flat at tiong bahru. And some years later, we have moved to a condo in kallang. I believe that there are many stories like mine all over Singapore. We have a highly successful public housing policy. Please do not break what works. Have patience and gradually work your way up!
@smling11 All of us face different challenges at different time. There are affordable options out there. As what the video said, the hdb in non mature estates are "cheap" and "fast". So there is no housing affordability crisis in Singapore.
im also gen y; let me tell you, young people old people - not much difference. it is not as if young people have smaller heads or are less motivated than the older generations - making this claim is very bold bc there is no biological evidence for it. what changed is the environment. the older folks experienced a different set of challenges than the younger generation. Search on youtube for Lord David Willetts to expand your understanding of how younger generations will always be at the losing end of a system that is built for boomers. what has worked for you, or a bunch of you, may not work for the rest, then is it a good system? No one is saying to break the entire system no one is saying that there is a crisis (yet)- that's a false dichotomy, but more to change to what is severely needed in the current housing climate to avert a disaster.
@Cher in every society, there will always be winners and losers. It is naive to think that we can build a truly equitable society. This is not unique for Singapore. This is the reality in every country out there. What differentiates Singapore from most other countries is that we provide options to a quality living in a highly urbanised environment. Whether you stay in yishun or tiong bahru hdb, you can still live a dignified life with equal access to quality education, public transports and medical care. But it s naive and irresponsible to ask for universal affordability in hdb regardless of locations.
@@soonglinhao according to HDB, their mission is to provide affordable housing to all. Are you saying HDB is naive and irresponsible? And no one ever mentioned anything about locations and prices - this video was merely indicating a mismatch of demand and supply. Hard to rebutt arguments that come out from thin air even though I can guess the gist of what you are saying. while you may have already found success, and while the system may work for the winners-losers jsut have to work harder or suck thumb-the bad state of the current housing situation has to be acknowledged as fact. the government has already acknowledged this and intro-ed cooling measures months ago to address it. Meanwhile, self-loving gen-y winners like yourself are condescendingly putting salt on wound on anyone who is caught knee's deep in this big game called the housing market. Truly regrettable!
Affected owners must then, in such cases, be compensated with a flat of equivalent use value and location - similar to the provision under the current SERS - in order to safeguard the quality of housing provided to HDB owners. The experts also proposed that HDB should also ensure “a sufficient stock of transparently means tested, affordable, good quality subsidized low rental flats” for the bottom 30 per cent of wage earners in Singapore, as the income group are unlikely to obtain “sufficiently secure long term employment to afford and service a mortgage even for 10 years”, especially in an “increasingly unstable gig economy of the future with a much higher likelihood of technology-disrupted unemployment”.
2013 - 2019: HDB prices have crashed. We can't sell and make money 2020 - ? : We just sold but can't afford current HDB prices And so the cycle of complaining continues ....if only singaporeans are as smart as HKies in making money and do things the other way round
Hk ppl living spaces is far smaller. U wan to live that too? Wan to try sub unit? A usual size of 5 rm ..110 sq m can divide to 3 group of family to live in. Condo unit shoes box size of 1 carpark.
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. “This immediately addresses the problem of declining residual values of old HDB flats with short remaining leases,” the paper read, adding that the lease top-up “should be automatic” and should be provided “at an affordable fee”. The Singapore Land Authority (SLA) however, should retain land ownership and reserve the right to redevelop the flats at any time via the HDB should it wishes to do so.
The best part of this video was bringing out the key message that HDB is public housing not some investment tool. Govt should not allow multiple property owners to still hold on to their HDB flats. Once they are forced to sell your supply will be relieved and more importantly greatly reduce the speculative greed that has fueled prices to unrealistic levels.
As an outsider watching living in an extremely overpriced housing market, I can't even fathom the thought of people in their 20's and 30's buying a home. This was very interesting. Nice work!
Good financial planing starting from first job, our Central Provident Fund system plus housing grants from government are our key factors in achieving 90% of Singaporeans owning a HDB flat. For those westerners who are spendthrift and not having habit of saving for future definitely have difficulty understanding our public housing system.
The supplies are on their way... those who can wait should do so. BTO is definitely a better deal than resale for several reasons: first, they're new and have never been occupied before, which means they're cleaner; second, they generally comes with newer and better designs and prices; third, appreciation for most BTOs is almost guaranteed, whereas resales are very risky, if you want to have like 100k to 200k extra cash after MOP, you should definitely go for BTO.
Hi Mothership. It is a very interesting video on the current public housing issues for couples. Will you have 1 video that may be catered for Singles also based of current measures? Thank you.
Ya lor.
Singles who are not married have 0 chance to ballot, unless over 35 or have exceptional circumstances, and when they finally have the chance, they need to compete against other categories of first time buyers, for certain categories of flat.
But, I doubt Mothership would do that video.
Mothership needs to ask why when Singaporean are hardly replacing themselves we are seeing the super inflation on the housing, and chasing the HK as the target that one of PAP MP is comparing. So population must be increasing much faster than the houses can be built. How can we have an exploding population that drive up the housing so much that the government could plan? Who has opened the flood gate again? There is no way PAP can deny away they have caused the very problem. We have one of the lowest birth rate in the world, even lower than Japan.
Disagree with the good cheap n fast diagram
Yes, how is Yishun Nov22 BTO classify as "cheap and fast" when the estimated completion date is 7 years
So you have to wait 4 or 5 years, what if you divorce before you get the house? you have to apply again as single or wait until 35? what happen if you gay or trans and you can't marry? you have to live with your parents until you 35?
Singapore is small, and boring country, and with all shoebox boring flats looking are the same. As long I get a flat, I don't care the location its doesn't matter as long its affordable and cheap as possible. probably only gonna to avoid living in Yishun, since I read much news about "nut" cases happening there. We can't be too picky IMO of course, travel much overseas, and we have to be grateful we have we have. Though hope the HDB public housing system can be improved and review to keep up with recent changing social trends.
No. Singapore is not a boring country and some flats even look like condominiums.
Why doesn't the government reduce the income ceiling for those who want good and fast BTO?
Win : Win for all level.
No it is not it still has flaws
Kudos to mothership for this innovative way of presenting this issue.
fantastic video! love the skit in front. the editing makes it easy to follow too
We appreciate your effort and hard work. God bless everyone.
The HDB concept, like all good ideas, was easier to execute at the beginning, but gets more complicated as time passes and conditions change.
Granted the HDB needs to keep up with the times, but let's not forget that for good intentions and ideas to work, there are not only many stakeholders' needs and wants to be catered to, but that each stakeholder is also responsible to keep up with the times by adapting to the changes.
Comparing successful results in the past with difficulties encountered in the present, without taking into consideration all the different changes in conditions through time, does not address the reality of real world systemic conditions.
Many of us would naturally like to enjoy the cheap conditions of what our elders enjoyed in times passed, but are we willing to forgo the convenience and comforts we enjoy today, relative to those experienced in the good old days?
The world is changing very rapidly and conditions will get worse and better whether we want to embrace or even admit to this reality. But in the end, it is not rhetorics and narratives of what we prefer our future to look like that will determine where our fortunes will end up in the future, but how we adapt to the reality now and into the foreseeable future that determine the outcome.
So, do we continue to complain, backbite, debate till the cows come home, or shall we knuckle down and do what is necessary towards our future?
Well presented in a natural accent and with effective graphics 👍🏼
People are never talking about buying HDB as a single lol. Why must wait till 35?
The system reward ppl for staring family or supporting family by living w parents.
The alternative is single people getting houses while couples planning to have children or have children not getting instead
Up to your values this is good or bad
Given that the target market for BTO flats are young couples who have just gotten married to form a family cluster, how many of these couples would be earning more than $7,650, and also have $121,000 for the down-payment?
While for housing loans granted by the Housing Development Board (HDB), HDB will introduce an interest rate floor of 3% for computing the eligible loan amount from 30 Sept onwards.
This means that the interest rate used to compute the eligible loan amount for HDB’s concessionary housing loan will be the higher of 3% p.a. or 0.1%-point above the prevailing CPF Ordinary Account (OA) interest rate.
Those mountain cave singaporean never travel much enough to know that actually wherever u live in singapore is convenient, because its so small. Try sitting in mrt for 2 hours or more just to get to central. Thats japan, korea, australia for u. Want to live near central for what? As if a person have the money to spend in central everyday zz
I worried more that theres lesser land when i grow to my 20s
its very unlikely that Singaporeans have a "forever home", given that property is considered as a profitable investment in Singapore.
My priority is good location. Cheap or fast is a bonus.
Contrary to popular belief, prime location resale flat is usually a bad investment. Prime location bto is a toto.
And actually ulu location bto is usually a good investment. Take that as your first home, sell at mop, get the $200k profit and buy your dream home is a better strategy for young couples who are not born with a golden spoon.
Nice Video. I got my BTO in mature estate (Woodleigh) (waited for 6 years) on the first try because i give up having 4 room which is oversubscribed, i choose 3 room instead which guarantee a place 0.8:1.
Great
How the heck is HDB affordable when you include the land costs
The definition of DSR is all costs related to housing, such as mortgage, maintenance, property taxes, insurance, utilities, etc, and not just the mortgage repayments, as a percentage of net income and not gross income.
Also, the use of “averages” is meaningless for the lower-income. Moreover, the very concept of average affordability is flawed because those who cannot afford to buy or cannot afford to continue to pay, will not be included in the “average affordability” statistics.
Has the very high utilisation of CPF for housing contributed to Singapore’s very poor scores in the Global Pension Index 2010 - country with the lowest score for ‘minimum retirement income as a percentage of average income’ and ‘net replacement rate’?
Because land cost is tie to reserves?
And why the poor insist to live in prime location? There are plenty of affordable bto in the OCR, which are usually of good appreciating value.
D'not look infront table,something behind plans.
7:07 Typo of "Enchanced" heehee.
This is the video we need to debunk all the fearmongering people. Everyone wants Good Cheap and Fast. So true. Especially when people want to use BTO as investment to sell after 5yrs. All aim for prime location and 5room flat.
This is something Mothership not convenient to say in case hurt viewers' feelings but my comment doesnt care about that.
Elderly wants to sell their bigger units for good return when down grading yet they can't imagine their grandchildren who are purchasing their first home in the near future.
It affects and it costly. Inflation too
the system will never be perfect and make everyone happy. know your priority and choose it.
Some people somehow still get everything
For those whom have no flat, they want cheap.
For those whom had a flat, they don’t want cheap.
Buy cheap sell expensive.
@@tommywong9056 Sell to who?
@@Shinichiakiyamaaa resale market
@@tommywong9056 will you buy a high price unit? If not who will. Sell high buy cheap is impossible if everyone want to buy cheap.
Will u want price of your flat to drop? If not why ppl want to have low buy in price?
@@Shinichiakiyamaaa if the overall price I'm resale makert I'd high. Then is high. Depend on valuation and the average selling price in market. Of cos I hope to buy cheap and sell high. If u said one day the selling price is cheaper
Then pls recheck the average market price at that period and it valuation.
Limpeh now only need save up $$ first lmao…
I think young people are too spoilt nowadays. I belong to Gen Y and grew up in a poor family. I spent more than half of my life growing up in non matured estates. Never had a problem with "cheap" and "fast". I worked hard over the years and finally bought my first resales hdb flat at tiong bahru. And some years later, we have moved to a condo in kallang. I believe that there are many stories like mine all over Singapore. We have a highly successful public housing policy. Please do not break what works. Have patience and gradually work your way up!
No one complain if their situation is the same as your very good time. Before you try to shape your narrative, do some very basic homework.
@smling11 All of us face different challenges at different time. There are affordable options out there. As what the video said, the hdb in non mature estates are "cheap" and "fast". So there is no housing affordability crisis in Singapore.
im also gen y; let me tell you, young people old people - not much difference. it is not as if young people have smaller heads or are less motivated than the older generations - making this claim is very bold bc there is no biological evidence for it. what changed is the environment. the older folks experienced a different set of challenges than the younger generation. Search on youtube for Lord David Willetts to expand your understanding of how younger generations will always be at the losing end of a system that is built for boomers. what has worked for you, or a bunch of you, may not work for the rest, then is it a good system? No one is saying to break the entire system no one is saying that there is a crisis (yet)- that's a false dichotomy, but more to change to what is severely needed in the current housing climate to avert a disaster.
@Cher in every society, there will always be winners and losers. It is naive to think that we can build a truly equitable society. This is not unique for Singapore. This is the reality in every country out there. What differentiates Singapore from most other countries is that we provide options to a quality living in a highly urbanised environment. Whether you stay in yishun or tiong bahru hdb, you can still live a dignified life with equal access to quality education, public transports and medical care. But it s naive and irresponsible to ask for universal affordability in hdb regardless of locations.
@@soonglinhao according to HDB, their mission is to provide affordable housing to all. Are you saying HDB is naive and irresponsible? And no one ever mentioned anything about locations and prices - this video was merely indicating a mismatch of demand and supply. Hard to rebutt arguments that come out from thin air even though I can guess the gist of what you are saying. while you may have already found success, and while the system may work for the winners-losers jsut have to work harder or suck thumb-the bad state of the current housing situation has to be acknowledged as fact. the government has already acknowledged this and intro-ed cooling measures months ago to address it. Meanwhile, self-loving gen-y winners like yourself are condescendingly putting salt on wound on anyone who is caught knee's deep in this big game called the housing market. Truly regrettable!
Affected owners must then, in such cases, be compensated with a flat of equivalent use value and location - similar to the provision under the current SERS - in order to safeguard the quality of housing provided to HDB owners.
The experts also proposed that HDB should also ensure “a sufficient stock of transparently means tested, affordable, good quality subsidized low rental flats” for the bottom 30 per cent of wage earners in Singapore, as the income group are unlikely to obtain “sufficiently secure long term employment to afford and service a mortgage even for 10 years”, especially in an “increasingly unstable gig economy of the future with a much higher likelihood of technology-disrupted unemployment”.
2013 - 2019: HDB prices have crashed. We can't sell and make money
2020 - ? : We just sold but can't afford current HDB prices
And so the cycle of complaining continues ....if only singaporeans are as smart as HKies in making money and do things the other way round
Hk ppl living spaces is far smaller. U wan to live that too? Wan to try sub unit? A usual size of 5 rm ..110 sq m can divide to 3 group of family to live in. Condo unit shoes box size of 1 carpark.
The HDB has issues they need to be fix which the government didn’t
dont bluff them ley, they claim it to be the BEST*
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.
“This immediately addresses the problem of declining residual values of old HDB flats with short remaining leases,” the paper read, adding that the lease top-up “should be automatic” and should be provided “at an affordable fee”.
The Singapore Land Authority (SLA) however, should retain land ownership and reserve the right to redevelop the flats at any time via the HDB should it wishes to do so.