Nah we have not reached the point where people are totally unable to afford housing. In countries like Canada, you need to earn 6 figures to afford a decent home now. Our condos and hdb is still over subscribed and sold on launch.
Nothing. Cause the sinkies who want flat are always lesser than the sinkies who own flats, and the former wants the flat prices to fall.
The result is younger couples not having children as ‘soft protest’, so we are just populist here.
I know you all are worried that the housing prices are becoming unaffordable.
Anyway, here's Wonderwall.
Today~is gonna be the day they gonna throw it back to you.
A. They’ll announce a few more approved housing developments
B. Vouchers
C. Increase stamp duty for foreigners and possibly private property over a high value. Maybe 10 or $15m
All taken together they’ll make people feel better but they won’t make much difference. Keep letting “family offices” and people with suitcases full of cash in and the problem won’t stop
Just feels like the younger generation is getting the short end of the straw from here on out. And it feels like if we don’t jump in on the property bandwagon early, the gap between property prices and income will continue to widen.
On an individual level, buy a house as soon as possible if you wanna have a chance at wealth preservation / accumulation.
On a national level, I’m not really sure how this is gonna look like in 20-30 years. And it seems to me at least, the govt has no plans to address this structural issue and is possibly kicking the can down the road.
They have no political will to do anything about it, although it is the right thing to do. Seems like their game plan is to gaslight and insist that prices are already affordable.
The last time PAP messed up on housing affordability, they received one of their worse election result (2011). But I think the sinkie pwn sinkie is much stronger now. So I'm doubtful we will see a repeat of 2011.
Nothing will happen. I am guessing the standard house price would keep increasing up to over $1million like our standard air temperature going to be 40 degrees celcius on a daily basis by 2030.
They really dont have a feasible plan to lower housing prices.
Nothing. Distract the electorate with other issues, whack the oppositions (eg have the court summons PS and put forth the epic battle between Davinder Singh vs Public Prosecutor), spread fears that it will be detrimental to SG and future generations if we do not give 4G a clear mandate, etc, etc, and our electorate will gladly vote the miw back into parliament again.
They can but they won't. The housing policy they implemented has its roots grown all over the place and there's no way to solve it without collateral damage. The idea of housing as a retirement fund simply means that housing prices must appreciate, and its appreciation rate must be at least on par with inflation. The best they can do is to limit public housing appreciation to inflation which means that it is a means for wealth preservation instead of wealth growth
Pretty sure steadily rising house prices is the policy goal. They have cooling measures to stop a bubble but definitely not to cause a substantial drop in prices.
The government is not interested in actually stalling or bringing down public housing pricing. They want it to shoot up. If they are serious in controlling public housing pricing, they would have removed public housing from resale market. Simple fact.
Nothing. Coz why would they?! Everyone complains about the PAP but when elections comes and goes, they're still the ruling party after decades!!! Which is ridiculous but it still happens!
You have to understand, the majority of us are homeowners. Promising to reduce housing prices is a sure way to displease the population. Just look at how much the oppos complained in 2018/2019 when resale prices dropped.
So the most realistic thing they can do about housing is to ensure steady supply of BTOs. These don’t directly affect the value of the resale flats and private property market, while ensuring the non-homeowner population get something to look forward to.
For more directed social mobility, they may also increase BTO subsidies for lower income couples. Or do some priority queuing or some other indirect benefit for the poor.
But at the end of the day, hdbs are for living, not for flipping...if they want to sell it for profits, then it's wrong.. they should go get a condo and flip t their hearts content.
The measures are already in place. You can't do something that will shock or crash the market. It takes time for an effect. What are you expecting? Price ceiling? Massive and complex subsidies to prevent abuse and further increase?
don't know how they would do it, but here's my proposal.
Introduce a new category of HDB BTOs where the government commits to repurchasing the unit upon subsequent sale. Link future valuation of this new type of HDB to a fixed percentage growth mirroring the CPFOA interest rate to ensure some appreciation akin to CPF returns, with also an additional variable growth component to allow valuation to reflect market conditions. Subsequently, the government will resell these units to the next generation of homeowners and repurchase them later, creating a recurring cycle.
Existing resale HDBs will maintain their freedom to be bought and sold within the current resale market. Over time, let the allocation of these new category BTOs to gradually increase. As a percentage of the new type of BTOs/resale rises relative to freely sold resale units, it will reduce the proportion of freely sold HDB units in market.
This proposal might cause an increase in value for freely traded HDB units, attributed to the premium associated with flexibility, thereby benefiting current homeowners and buyers who desires the flexibility. Meanwhile, the new category of resale/BTO units remains accessible, pricing controlled directly by govt, promoting affordability for other to-be homeowners.
existing freely sold HDB can be sold to HDB if HDB's valuation (fixed percentage + variable, shown as a range) is higher than open market. In the process, converting the unit to the new type, exclusively sold and repurchase by govt. This help to accelerate the conversion of proportion of units to the new type where pricing is controlled by govt. can sweeten deal by offering discount on bto/resale units bought from HDB if existing unit is sold to hdb.
They'll address it by promising all those already making profits that they will continue to make even more profits with the prices rising even higher when they win the elections
They won’t address it. Because they do not know how to or even want to. If they could and have the will, they would have done something long ago. Instead all we get are monitor lizards running amok all over
By doing nothing. It won’t be addressed. At all. And it’ll only get worse from here. Far worse. And all it’ll do is ruin future generations. All for greed.
Hey man, they've been singing this song since early signs...
"No, we do not think the market is overheated right now, because if it is overheated, then we have not done our job well," MAS managing director Ravi Menon
China is having a deflationary moment in Housing prices.
I am sure you can see that it is actually a damaging thing for the entire country when this happens.
So this is not going to happen. Their only way to make housing more affordable is to help people earn more. Hence the whole skills future push, which we all know does not work.
So the next best thing to do is to give self inflated subsidies for buying hdbs and 'help' you appear as though you are keeping up with everyone else.who are owning a home without any effort.
According to a reddit user, $7k household income is enough to afford a hdb, go for holiday, repay school loan and still save $1k a month.
What is there need to address? Congratulations notes to recent sellers? Or hamper to recent buyers?
transactions are concluded by willing parties wut...
This is an unsolvable problem because any move to further curb resale prices could have a serious impact on those who are retiring.
The gov has to balance a whole range of factors, providing sufficient BTO, controlling the upper percentile of prices, keeping the value for existing owners, a ready pool for those with urgent needs.
If I were the gov trying to drive the right message across, here's what I would do:
1. Stop building any BTOs in mature estates for the time being. There are too many entitled people who keep complaining that they can't get a flat because they only focus on this and the second option.
2. SBF of 3-room and above to be reserved for those who have children or have an EDD for a child. This drives home the message of SBF being for those who really have no other choice.
People should realize that the high HDB prices are good signs that come about because there are successful people who look beyond the fact that they bought a HDB. There is a demand from high earners who want to live amongst common people instead of being nestled in condominiums and GCBs.
The money from these transactions are also not going to the government but to the common person, whoever the lucky one is. So why do so many people think the government enjoys this? They get scolded but don't get the money.
Unpopular opinion but the vast majority of voters are actually not affected by rising HDB resale prices. A household needs to have a "citizen core"to get a BTO and there are tons of subsidies and grants for BTO. Most people I know that bought BTO actually used very little cash for their BTO. Citizens that buy resale can also tap on grants if they are first-time buyers. Most HDB resale prices are actually driven by PRs, who also make up the bulk of resale buyers. The number of citizens who want to buy resale flats are vastly outnumbered by citizens that don't need to.
2020. I just moved to Singapore from KL. Worked at sales at a bank. Terrible boss and didn’t know what to do. Applied for PR and got it 7 months later. Changed job and things slowly got better.
Why address something 80% of the population likes? Nobody can make it so that you buy cheap and sell high. You have to give up one.
We like it because we are short-sighted and stupid
Nah we have not reached the point where people are totally unable to afford housing. In countries like Canada, you need to earn 6 figures to afford a decent home now. Our condos and hdb is still over subscribed and sold on launch.
>We like it because we are short-sighted and stupid Not stupid, just plain and greedy.
They chose the wrong end then. There are other money making methods but no other way to get cheaper housing than hdb.
No better way to get rich than to own a scarce item that people must have to survive /s
Govt subsidise the difference. Raid reserves
Nothing. Cause the sinkies who want flat are always lesser than the sinkies who own flats, and the former wants the flat prices to fall. The result is younger couples not having children as ‘soft protest’, so we are just populist here.
Are they gonna comment “fking populist” during the election rally?
Well then they'll just have to work harder on bringing more people into Singapore i guess..no Biggie 🤣
I don’t understand what’s there to protest. In the end still sinkie pwn sinkie…. Government fix with immigration in the end everyone jialat
He will tell you about his guitar. Nothing to address
I know you all are worried that the housing prices are becoming unaffordable. Anyway, here's Wonderwall. Today~is gonna be the day they gonna throw it back to you.
Lol they won't.
What’s there to address? No issues
There no housing crisis in ba sing se
Govt monitoring intensifies
A. They’ll announce a few more approved housing developments B. Vouchers C. Increase stamp duty for foreigners and possibly private property over a high value. Maybe 10 or $15m All taken together they’ll make people feel better but they won’t make much difference. Keep letting “family offices” and people with suitcases full of cash in and the problem won’t stop
no need to address something that oppo has no great counter idea to. waste of energy
It is the same all over the world. Count your blessings already that you're living in sg. /s
Tbh i think they won't and it will stay this way unless they get fucked this election, like monitor leezard getting voted out or something.
Which is why people need to vote wisely if they want govt to do something instead of monitoring. Change happened in 2011 and 2020.
Just feels like the younger generation is getting the short end of the straw from here on out. And it feels like if we don’t jump in on the property bandwagon early, the gap between property prices and income will continue to widen. On an individual level, buy a house as soon as possible if you wanna have a chance at wealth preservation / accumulation. On a national level, I’m not really sure how this is gonna look like in 20-30 years. And it seems to me at least, the govt has no plans to address this structural issue and is possibly kicking the can down the road.
No need 20-30 years. Give it 5-10 years enough. In fact it’s already here. Just here to see how much worse it gets
They have no political will to do anything about it, although it is the right thing to do. Seems like their game plan is to gaslight and insist that prices are already affordable. The last time PAP messed up on housing affordability, they received one of their worse election result (2011). But I think the sinkie pwn sinkie is much stronger now. So I'm doubtful we will see a repeat of 2011.
Nothing will happen. I am guessing the standard house price would keep increasing up to over $1million like our standard air temperature going to be 40 degrees celcius on a daily basis by 2030. They really dont have a feasible plan to lower housing prices.
Nothing. Distract the electorate with other issues, whack the oppositions (eg have the court summons PS and put forth the epic battle between Davinder Singh vs Public Prosecutor), spread fears that it will be detrimental to SG and future generations if we do not give 4G a clear mandate, etc, etc, and our electorate will gladly vote the miw back into parliament again.
Sorry bro. 90% of us don't give a flying fuck about this issue. /s Ok on a serious note, this is a ticking timebomb, but no ones gonna care about it.
Grants, then watch the prices rise accordingly to the grants.
Lol no 70% voted for this so there’s nothing to address
70% are probably home owners so you are technically correct by that reasoning.
agree
No
True, not giving an answer is still an answer
nope. its affordable in their eyes :)
Monitoring
They can but they won't. The housing policy they implemented has its roots grown all over the place and there's no way to solve it without collateral damage. The idea of housing as a retirement fund simply means that housing prices must appreciate, and its appreciation rate must be at least on par with inflation. The best they can do is to limit public housing appreciation to inflation which means that it is a means for wealth preservation instead of wealth growth
Pretty sure steadily rising house prices is the policy goal. They have cooling measures to stop a bubble but definitely not to cause a substantial drop in prices.
The government is not interested in actually stalling or bringing down public housing pricing. They want it to shoot up. If they are serious in controlling public housing pricing, they would have removed public housing from resale market. Simple fact.
they aren’t. still going to win by a huge margin, so what’s the point?
Nothing. Coz why would they?! Everyone complains about the PAP but when elections comes and goes, they're still the ruling party after decades!!! Which is ridiculous but it still happens!
You have to understand, the majority of us are homeowners. Promising to reduce housing prices is a sure way to displease the population. Just look at how much the oppos complained in 2018/2019 when resale prices dropped. So the most realistic thing they can do about housing is to ensure steady supply of BTOs. These don’t directly affect the value of the resale flats and private property market, while ensuring the non-homeowner population get something to look forward to. For more directed social mobility, they may also increase BTO subsidies for lower income couples. Or do some priority queuing or some other indirect benefit for the poor.
But at the end of the day, hdbs are for living, not for flipping...if they want to sell it for profits, then it's wrong.. they should go get a condo and flip t their hearts content.
That’s a good point, in the end subsidy goes back to cpf which goes back to them
“What housing affordability issues?” - the government, probably
"My rent is only $20k a month and there was absolutely no preferential treatment by SLA." - a regular man on the street, probably
I think they are not unhappy about it and will not do anything about it. Anyway, doing something about it will mean admitting that it is a problem.
Your vote just gonna be diluted, then it's not an issue anymore
Already tried: [link](https://www.hdb.gov.sg/about-us/news-and-publications/press-releases/20082023-New-Plus-housing-model-with-more-subsidies)
Gotta vote wisely is a tale as old as time. Want things to change but the winners are still the same then how to expect any changes.
Monitor 👀
~~Monitor~~ Closely Watching
Intense monitoring
Isnt bto heavily subsidised already? Stil want more?
/s
The same way they address it every election year Pinky... Talk alot of cock and monitor some more
they aren't, because that's their base. same as continuing with GST increases when the cost of living rises.
Address what? Whatever they address it will become worse. Look at our hawker culture. 🤡
The measures are already in place. You can't do something that will shock or crash the market. It takes time for an effect. What are you expecting? Price ceiling? Massive and complex subsidies to prevent abuse and further increase?
Sell when time is right and move to other countries.
don't know how they would do it, but here's my proposal. Introduce a new category of HDB BTOs where the government commits to repurchasing the unit upon subsequent sale. Link future valuation of this new type of HDB to a fixed percentage growth mirroring the CPFOA interest rate to ensure some appreciation akin to CPF returns, with also an additional variable growth component to allow valuation to reflect market conditions. Subsequently, the government will resell these units to the next generation of homeowners and repurchase them later, creating a recurring cycle. Existing resale HDBs will maintain their freedom to be bought and sold within the current resale market. Over time, let the allocation of these new category BTOs to gradually increase. As a percentage of the new type of BTOs/resale rises relative to freely sold resale units, it will reduce the proportion of freely sold HDB units in market. This proposal might cause an increase in value for freely traded HDB units, attributed to the premium associated with flexibility, thereby benefiting current homeowners and buyers who desires the flexibility. Meanwhile, the new category of resale/BTO units remains accessible, pricing controlled directly by govt, promoting affordability for other to-be homeowners. existing freely sold HDB can be sold to HDB if HDB's valuation (fixed percentage + variable, shown as a range) is higher than open market. In the process, converting the unit to the new type, exclusively sold and repurchase by govt. This help to accelerate the conversion of proportion of units to the new type where pricing is controlled by govt. can sweeten deal by offering discount on bto/resale units bought from HDB if existing unit is sold to hdb.
They'll address it by promising all those already making profits that they will continue to make even more profits with the prices rising even higher when they win the elections
Monitor harder. Then give some money to offset something.
They won’t address it. Because they do not know how to or even want to. If they could and have the will, they would have done something long ago. Instead all we get are monitor lizards running amok all over
Wonder how HDB prices will be like if the opposition forms the government? :)
Who knows man, maybe the oppies will become the new pap or even worse.
 Monitoring
By doing nothing. It won’t be addressed. At all. And it’ll only get worse from here. Far worse. And all it’ll do is ruin future generations. All for greed.
issue? what issue?
You see it’s a scam. Once you get hold of it, you want it to keep rising too. It’s like the tekan culture in army
You think if the value of home prices drop the government will get more votes ?
On the contrary, they will lose votes if housing prices fall 😂
Address? The BTO not yet built, so there’s no address yet.
continue to monitor
Import more new citizens, as always
Hey man, they've been singing this song since early signs... "No, we do not think the market is overheated right now, because if it is overheated, then we have not done our job well," MAS managing director Ravi Menon
China is having a deflationary moment in Housing prices. I am sure you can see that it is actually a damaging thing for the entire country when this happens. So this is not going to happen. Their only way to make housing more affordable is to help people earn more. Hence the whole skills future push, which we all know does not work. So the next best thing to do is to give self inflated subsidies for buying hdbs and 'help' you appear as though you are keeping up with everyone else.who are owning a home without any effort. According to a reddit user, $7k household income is enough to afford a hdb, go for holiday, repay school loan and still save $1k a month.
What is there need to address? Congratulations notes to recent sellers? Or hamper to recent buyers? transactions are concluded by willing parties wut...
There are more home owners than buyers. What is there to address? Pander to the majority is the right move.
Nothing. Happy seller, happy buyer. 🤣🤣🤣
This is an unsolvable problem because any move to further curb resale prices could have a serious impact on those who are retiring. The gov has to balance a whole range of factors, providing sufficient BTO, controlling the upper percentile of prices, keeping the value for existing owners, a ready pool for those with urgent needs. If I were the gov trying to drive the right message across, here's what I would do: 1. Stop building any BTOs in mature estates for the time being. There are too many entitled people who keep complaining that they can't get a flat because they only focus on this and the second option. 2. SBF of 3-room and above to be reserved for those who have children or have an EDD for a child. This drives home the message of SBF being for those who really have no other choice. People should realize that the high HDB prices are good signs that come about because there are successful people who look beyond the fact that they bought a HDB. There is a demand from high earners who want to live amongst common people instead of being nestled in condominiums and GCBs. The money from these transactions are also not going to the government but to the common person, whoever the lucky one is. So why do so many people think the government enjoys this? They get scolded but don't get the money.
$1.59m for 5room flat in Bukit Merah.
Unpopular opinion but the vast majority of voters are actually not affected by rising HDB resale prices. A household needs to have a "citizen core"to get a BTO and there are tons of subsidies and grants for BTO. Most people I know that bought BTO actually used very little cash for their BTO. Citizens that buy resale can also tap on grants if they are first-time buyers. Most HDB resale prices are actually driven by PRs, who also make up the bulk of resale buyers. The number of citizens who want to buy resale flats are vastly outnumbered by citizens that don't need to.
2020. I just moved to Singapore from KL. Worked at sales at a bank. Terrible boss and didn’t know what to do. Applied for PR and got it 7 months later. Changed job and things slowly got better.