Let's talk about ..... Budget for "a better Singapore"

[ManWearPants]

For the kampong spirit of CS, let's stick to the budget and not start any political discussion.

A lot of news to digest. In general is a very generous budget - a more progressive taxation system, giving more opportunities and increase wages to lower skilled local workers, attempt to create a more pro-family environment, etc. How will the market react to the policies? We are already seeing reaction in the automotive industry. Let's try to dissect the respective policies and programmes further and discuss.

 

[Bukitimah]

So far, I am not aware of any significant impact for me when budget was announced. It is almost status quo for me. I wonder how it affect the others. Of course those buying big tickets items may differ.

This morning on 93.8, a gentleman 'Max' said about HDB. Well said, that will help average Singaporean maintain a normal life style, not so much on the budget.

 

[ManWearPants]

So far, I am not aware of any significant impact for me when budget was announced. It is almost status quo for me. I wonder how it affect the others. Of course those buying big tickets items may differ.

This morning on 93.8, a gentleman 'Max' said about HDB. Well said, that will help average Singaporean maintain a normal life style, not so much on the budget.

I think you are in the sandwiched middle class who earns above $4k so will benefit least and yet don't own luxury cars nor properties so don't get increased taxations.

Tharman already acknowledged that they will fix the problems in housing and transport. I have yet to read in details so unable to comment. What did Max said about HDB?

 

[Halfmoon]

I just wait for 2016 and hope we can save Singapore.....

 

[ahboy168]

I budgeted $X for hobby every year, but i have surplus almost every year because i never spend it.
Hey, I say it is only a budget, doesn't mean i will have to spend it right.

Ok ok, this year i will spend it. Maybe i can reallocate some of my budget for some other things as well.
Hey, this is just a budget planning. Eventually, i can change my decision anytime of the year right.

 

[cks2k2]

I budgeted $X for hobby every year, but i have surplus almost every year because i never spend it.
Hey, I say it is only a budget, doesn't mean i will have to spend it right.

Ok ok, this year i will spend it. Maybe i can reallocate some of my budget for some other things as well.
Hey, this is just a budget planning. Eventually, i can change my decision anytime of the year right.

govt budget has to be spent.
and can't simply change if it has been passed by parliament.

 

[Bukitimah]

I think you are in the sandwiched middle class who earns above $4k so will benefit least and yet don't own luxury cars nor properties so don't get increased taxations.

Tharman already acknowledged that they will fix the problems in housing and transport. I have yet to read in details so unable to comment. What did Max said about HDB?

One of biggest ticket items by Singaporean is housing. Everyone needs a roof over his head. He suggests the government not to mix public housing with private. This has caused inflation and also affect our fertility rate. Citizen are artificially enriched in asset. They are chasing an empty dream.

There absolutely no reason to sell HDB at today's pricing even those direct purchase from HDB. If HDB is selling at $80k who will buy resale market at $500k? In 1970, you get a HDB 3-rm at less than $6k. In 1990, the same flat is $30k? Now? Cost of construction went up that much?

If you have $500k or $1 million, buy a private property. We cannot reset the sale value now. We can maintain and ensure no further increase. That would be the best budget I like to hear. Keep inflation down not giving out goodies.

 

[Canonised]

Usually the main problem for the ruling government in a RICH nation is that whatever and however they manage the Nation's wealth, it will always be perceived as they are making it a better place for the rich and elite classes, and the gap between the rich and poor will be wider and the middle class will forever be squeezed harder and harder ....

how i see is that if you are rich or poor, stay in Singapore and enjoy the wealth of the nation. And if you are the middle class, and if you can lower your expectation, stay, and if you want to enjoy life with your "stagnant and limited wealth", move elsewhere and achieve your objectives (with 7m and limited spaces, don't think you will get any better quality lifestyles in the next 20 years!).

 

[9V-Orion Images]

If you have $500k or $1 million, buy a private property.

HDB resale just hit S$1.01 million at Bishan Street 13 for an executive maisonette.

Song ho, sell HDB apartment can become instant millionaire liao.

 

[ManWearPants]

One of biggest ticket items by Singaporean is housing. Everyone needs a roof over his head. He suggests the government not to mix public housing with private. This has caused inflation and also affect our fertility rate. Citizen are artificially enriched in asset. They are chasing an empty dream.

There absolutely no reason to sell HDB at today's pricing even those direct purchase from HDB. If HDB is selling at $80k who will buy resale market at $500k? In 1970, you get a HDB 3-rm at less than $6k. In 1990, the same flat is $30k? Now? Cost of construction went up that much?

If you have $500k or $1 million, buy a private property. We cannot reset the sale value now. We can maintain and ensure no further increase. That would be the best budget I like to hear. Keep inflation down not giving out goodies.

Yes, I agree with what Max said. Public and private housing prices should be de-linked. Some people just want a roof over head. The government can limit owners to only 2 times to purchase from HDB. The 3rd time will have to be private property to curb speculation instead of allowing HDB to be speculated.

OTOH, I have had a chat with a PRC. She said this in a good way (not sneering at us). She told me Singaporean complain this and that. In some cities in China, property prices are even more expensive than Singapore. There is no public housing nor any kind of grant and assistance. Either you can afford it or not. If cannot afford, go stay far far away from city center or away from prosperous neighbourhoods and squeeze in public transport every morning to work. Maybe this far far away place is JB / Iskandar which the SG governmment is preparing.

HDB resale just hit S$1.01 million at Bishan Street 13 for an executive maisonette.

Song ho, sell HDB apartment can become instant millionaire liao.

I can understand why people fork out 1 million for EM in Shunfu and Bishan under the current climate. These families probably have children attending schools nearby. 2 MRT lines crossed this town. 2 expressways are accessible within minutes.

 

[Halfmoon]

HDB resale just hit S$1.01 million at Bishan Street 13 for an executive maisonette.

Song ho, sell HDB apartment can become instant millionaire liao.

Sell already stay where???

Buy a new one will just be expensive..... unless you cash out of Singapore.....

It is just too ridiculously priced......

 

[Bukitimah]

HDB resale just hit S$1.01 million at Bishan Street 13 for an executive maisonette.

Song ho, sell HDB apartment can become instant millionaire liao.

This is the biggest danger and exactly what most Singaporean thing that they have suddenly become rich. Think again, if you sell your HDB higher than what you have paid for, your next one will now cost even more. Either you are in debt or your next generation will be. Simple, your house now cost more!

After selling, even if you are not buying another HDB (staying with your children), your children will be paying more for their HDB. Sooner, it will takes 2 generations to pay for a 99 lease hold HDB.

For PR, that is a totally different story. They sell and take the $$ back to their home land. They are the biggest winners. We stayed back to enjoy the inflated assets. Rich in paper, many millionaires!

 

[pinholecam]

One of biggest ticket items by Singaporean is housing. Everyone needs a roof over his head. He suggests the government not to mix public housing with private. This has caused inflation and also affect our fertility rate. Citizen are artificially enriched in asset. They are chasing an empty dream.

There absolutely no reason to sell HDB at today's pricing even those direct purchase from HDB. If HDB is selling at $80k who will buy resale market at $500k? In 1970, you get a HDB 3-rm at less than $6k. In 1990, the same flat is $30k? Now? Cost of construction went up that much?

If you have $500k or $1 million, buy a private property. We cannot reset the sale value now. We can maintain and ensure no further increase. That would be the best budget I like to hear. Keep inflation down not giving out goodies.

Personally, I'd be willing to loose all this 'false gain' in property price for the sake of posterity.
Or maybe accept a 20-30yr lease extension to my current flat per ~$100K lost in a price adjustment downwards so that my children may benefit.

 

[Yutaka Go]

SG gov will pay 40% of your pay raise

If you get $50 increment again this year ( like what you got every year ) Gov will pay for $20 of the increment

 

[9V-Orion Images]

This is the biggest danger and exactly what most Singaporean thing that they have suddenly become rich. Think again, if you sell your HDB higher than what you have paid for, your next one will now cost even more. Either you are in debt or your next generation will be. Simple, your house now cost more!

After selling, even if you are not buying another HDB (staying with your children), your children will be paying more for their HDB. Sooner, it will takes 2 generations to pay for a 99 lease hold HDB.

For PR, that is a totally different story. They sell and take the $$ back to their home land. They are the biggest winners. We stayed back to enjoy the inflated assets. Rich in paper, many millionaires!

Absolutely agree, many of us are asset rich and cash poor. On one hand we are often fortunate at times but can't feel disgruntled as well also at some of the existing policies in place. Though I do find it ironic that those flats was build before the MRT started operating, people was shunning those apartments just because they are built above a former cemetery with a bad feng shui.

Who knows, perhaps Lim Chu Kang New Town will be the next Bishan in three to four decades? :bsmilie:

 

[Yutaka Go]

Absolutely agree, many of us are asset rich and cash poor. On one hand we are often fortunate at times but can't feel disgruntled as well also at some of the existing policies in place. Though I do find it ironic that those flats was build before the MRT started operating, people was shunning those apartments just because they are built above a former cemetery with a bad feng shui.

Who knows, perhaps Lim Chu Kang New Town will be the next Bishan in three to four decades? :bsmilie:

True. In the future, Singaporean may be living in HDB flat that worth 1 million dollars but don't have enough cash to buy a 2nd hand lens in Clubsnap BnS :bsmilie:

You my encounter lowballers, who live in one million dollars flat, that will ask you to sell your L-lens to him for $50.

 

[ricohflex]

For the kampong spirit of CS, let's stick to the budget and not start any political discussion.

Any country's budget statement is essentially a political-financial issue that is delivered, debated in Parliament (of a country's equivalent of) and approved as part of the political process.

Just watch the news coverage. Got enough discussion and analysis on CNA, Channel 5, Channel 8 etc....

 

[milez]

Yes, I agree with what Max said. Public and private housing prices should be de-linked. Some people just want a roof over head. The government can limit owners to only 2 times to purchase from HDB. The 3rd time will have to be private property to curb speculation instead of allowing HDB to be speculated.

OTOH, I have had a chat with a PRC. She said this in a good way (not sneering at us). She told me Singaporean complain this and that. In some cities in China, property prices are even more expensive than Singapore. There is no public housing nor any kind of grant and assistance. Either you can afford it or not. If cannot afford, go stay far far away from city center or away from prosperous neighbourhoods and squeeze in public transport every morning to work. Maybe this far far away place is JB / Iskandar which the SG governmment is preparing.

I can understand why people fork out 1 million for EM in Shunfu and Bishan under the current climate. These families probably have children attending schools nearby. 2 MRT lines crossed this town. 2 expressways are accessible within minutes.

Not sure if the PRC told you that all communist party employee (aka Chinese civil servant) are given an apartment (or sold to them at highly subsidized rate). Those who work in private sector are the ones who gets nothing and compete in open market.

Back to Singapore public housing. I do agree that national development ministry should seriously consider pricing their HDB flat especially for first time buyers, more generously. It's after all, government subsidized flat. The additional stamp duty (buyers or sellers) collected in 2012 from their cooling measures amounting to almost $2b should be used back to help those who qualify for HDB housing (within the income ceiling). Not pocket it. They budgeted surplus of $1+b, becomes surplus of $3.9b.... So there are more than enough surplus to spread the wealth in the country among Singaporean.

Also, these generous pricing for first time buyers should only be given to those who are born and bred in Singapore, and those who served the NS. Not for the adopted citizens, who should join the queue with the second time buyers. Unless they served NS.

 

[Yappy]

I just wait for 2016 and hope we can save Singapore.....

pse see remarks by TS. Nothing potilical!

Sick of seeing this remarks!

 

[DM101]

The new car buying policy seems like a well thought one.... it

1. shows we are not out to make $ from COE at all cost
2. at the same time cap car population @ 0% growth
3. less incentive for those paying high COE to scrap the cars (unless you are fine to take new loan, plus cash top -up)

Of course some things got to give..... 2nd hand car sales will be hit which means selling one's new car cannot command much "premium"