Minister reminds property developers of EC's policy intent


ricohflex

Senior Member
Feb 24, 2005
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#2
Late developer's son infamously said [Greed is good for you].

Low class tricks to "chow" 炒 the market, such as getting someone to buy 1 unit at ridiculously high price; have been done recently.

Unlike Hong Kong, the big developers do not have our PM (for HK it is CE) in their pocket; because our PM does not take week long luxury cruises on board the developer's luxury yacht or rent a luxury penthouse at a bargain rate. So Singapore is still alright. In HK the big developers call all the shots + continue to build shoebox units, which Liew M L has correctly described as "inhumane".
 

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Yutaka Go

Senior Member
May 22, 2010
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#3
They release the units in stages so that supply cannot meet demand and result in high price and bigger profit for them :(

Some one must make a law that state all units built must be sold within 6 months or else they will be sold at 10% of the price for low income Singaporeans.
 

Bukitimah

Senior Member
Nov 28, 2010
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#5
For the developer, "policy intent" more important or profit more important?

EC developers must remember policy intent of such apartments: Khaw
I thought all development plans need to clear with URA before 'Work Permit' is issued? How come got penthouse Minister is kept in the dark? In the first place, why EC and why ceiling cap to make citizen not eligible to buy BTO? Why BTO, nobody buying HDB?

Somehow the ministry is getting more and more 'innovative' in making $$. URA needs to wake up. Where is the 10-year master plan? :sweat:
 

ManWearPants

Senior Member
Jul 14, 2008
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#7
I find it strange that Minister has to remind developer of policy when EC falls under public housing. Just stop the developer from selling at that kind of prices. If HDB still do not take a firm stand on public housing prices and continue to let market dynamics determine the prices, then scrap the term "public housing" and "HDB flats" (BTO, EC and whatever abbreviations) . There are no affordable public housing for the masses these days.
 

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An drew

Senior Member
May 27, 2005
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#8
I find it strange that Minister has to remind developer of policy when EC falls under public housing. Just stop the developer from selling at that kind of prices. If HDB still do not take a firm stand on public housing prices and continue to let market dynamics determine the prices, then scrap the term "public housing" and "HDB flats" (BTO, EC and whatever abbreviations) . There are no affordable public housing for the masses these days.
Please let me know if you run for election one day.
 

hanzohattori

Senior Member
Apr 16, 2010
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#9
An drew said:
Please let me know if you run for election one day.
Will you support by donating your pants? :bsmilie:
 

kiwi2

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Feb 4, 2003
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#12
I find it strange that Minister has to remind developer of policy when EC falls under public housing. Just stop the developer from selling at that kind of prices. If HDB still do not take a firm stand on public housing prices and continue to let market dynamics determine the prices, then scrap the term "public housing" and "HDB flats" (BTO, EC and whatever abbreviations) . There are no affordable public housing for the masses these days.
You have made a very good, intelligent assessment of the situation. Unfortunately, it's also a very innocent one. Not your fault. Consider the following and I hope it can answer your questions. (Read more online blogs and news. What I am about to say is a compilation of what I've read and also some of my own opinions.)

I think this government is shrewd. It's obvious. And there's no hiding. It's a personal opinion which has built up from the way I see things unfold in the last few years.

The same thing happened to the very expensive DBSS flats. I'm not sure if you recall many people expressing their displeasure at how expensive these HDB flats are.

Mah Bow Tan, the then minister for National Development, said calmly there are couples who like such condo-like flats without the facilities. Till today, I can't figure out if he told the truth or just tried to conveniently cook up a poor excuse. Did he do any formal research or survey to come to that conclusion? If he did, it was not presented anyway.

People here then continued to make noise about how expensive DBSS flats are. The government didn't care. I think it was Khaw Boon Wan then who came out to say, "Look, if it's too expensive you can walk away. No one is forcing you to buy."

Fast forward. The developers saw it was good to chop more people here. The last straw was when I think the Tampines DBSS was priced almost at $900k!!! This time round, those take-it-easy ministers knew they couldn't leave the situation resting or come out with more lame excuses and they immediately stopped DBSS for good.

When people complained why DBSS flats are so expensive, Khaw gave the apologetic look and said "But the government can't do anything! It's part of the contract that states the developer can choose to price the flats as they desire."

FANTASTIC! You sell the land to the private guys, you are the controlling body GAHMEN who is like God here, and you are telling us you cannot control the prices??? Wasn't it you who write the contract in the first place?

It's not as if you are selling the land for private property development. For goodness sake, it's HDB flats which many have been queuing for ages to buy unsuccessfully!

So now with the ECs, I think the same thing is being done. This Khaw Boon Wan comes out, like so concerned, telling developers, Hey hey hey... Please remember what EC is about. To me, this is just "wayang" to show to the public he is trying to do something but actually, it's nothing.

I think it's a big dumb joke. The land now belongs to the private guys. Making profits is their goal. You think they would care, Oh, let's make less profits. Let's heed Khaw boon Wan's call to think about the purpose of EC. Bull... They will still carry on with their master plans. And at the end of it, there will still be (rich) people buying the ECs. After all, I've already heard a few real cases where China and other foreign PRs actually used cold hard cash to buy resale HDB flats costing $600,000!!! Who or which common Singaporean has such money here?

Unfortunately, the end result is that property prices keep on rising. It benefits the rich. If condos increase from $1 mil to $2 mil within a year, what do the rich care? It's probably just one year of their salaries. But if the government directly or indirectly causes HDB flats to jump in prices so rapidly, it's not a joke. As we have already seen, many low to middle income earners have been affected. And all they can tell us is, It's affordable LAH! You can take 30 years loan MAH! *DUHHHH*

When you question the government, Eh, how come HDB flats so expensive? Can't the government control it? They simply shrug their shoulders and say, "We can't. We have NO part in it. It's the market that controls the prices."

BRAVO!!! Look at the above paragraphs again and can you truly say the government did not cause the property prices to shoot up so rapidly in recent years? Don't even get me started on how they did a poor job in controlling the number of foreigners coming in here and easily get their citizenships! If many of these foreigners don't live in HDB flats and also cause the demand to shoot up while supply is stagnant, then where is the source of it?
 

Bukitimah

Senior Member
Nov 28, 2010
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#14
I hope some ministry is reading this. HDB is for citizen housing not income or investment. Many citizen buy to stay for all their life without selling nor renting out.

Because of some, these poor guys now have to keep paying more tax for no reason. Why can't they assess only those who rent? Of course I do know that rental tax is 14% but don't make every suffer!

Although some has rent their HDB for $3k but for those that continue to stay, whether it is $3 k or $200 make no difference.
 

ahboy168

New Member
Mar 30, 2009
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#15
Bukitimah said:
I hope some ministry is reading this. HDB is for citizen housing not income or investment. Many citizen buy to stay for all their life without selling nor renting out.

Because of some, these poor guys now have to keep paying more tax for no reason. Why can't they assess only those who rent? Of course I do know that rental tax is 14% but don't make every suffer!

Although some has rent their HDB for $3k but for those that continue to stay, whether it is $3 k or $200 make no difference.
They just DON'T CARE.
Hdb staffs also stay in hdb lar ... U think they don't know.
 

Shizuma

Senior Member
Mar 19, 2012
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#16
Yesterday news say increases property tax again ...
property tax computed based on estimation of annual rental yield. in an environment of escalating property prices including prices in the rental market, the estimate would surely be higher.
 

ahboy168

New Member
Mar 30, 2009
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#17
Shizuma said:
property tax computed based on estimation of annual rental yield. in an environment of escalating property prices including prices in the rental market, the estimate would surely be higher.
Not fair to those who just need a shelter.
We need to renew 1 year "COE" to have a home !
 

scanner

Senior Member
Jan 24, 2002
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#18
Interesting issue is, you think they don't know the issue on the ground?
I believe they need to generate hugh amount of revenue and how to do it? Sell more land at high price to developers and HDB.

IT is always great to milk everyone!
 

#20
Hello, HDB themselves blatantly said they are selling subsidised apartments at a loss since CPF cannot see nor touch. How to invest and make a profit if you can't even cover costs? :bsmilie:

Deficit of several billion Singapore Dollars (SGD) as highlighted in their annual reports, ok? :bsmilie:
 

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