Sengkang.com Forum Index
  
         
WP proposals on housing 'dangerous'
Goto page 1, 2  Next
 
Post new topic   Reply to topic    Sengkang.com Forum Index -> PROPERTY TALK
View previous topic :: View next topic  
Author Message
Zeny
Honorary Member


Joined: 09 Aug 2006
Posts: 23539
Location: Compassvale Dr

PostPosted: Thu Apr 21, 2011 2:08 pm    Post subject: WP proposals on housing 'dangerous' Reply with quote

ASIAONE NEWS SINGAPORE

WP proposals on housing 'dangerous'
my paper
Thu, Apr 21, 2011

National Development Minister Mah Bow Tan (pictured) yesterday responded to some of the points raised by the Workers' Party on public housing. This is an edited version of Mr Mah's response.

The Worker's Party (WP) has proposed to lower Housing Board flat prices by pricing public-housing land below its true value. It has also opposed the Government's asset-enhancement programme. The WP's views raise serious concerns that must be addressed.

The Government fully understands Singaporeans' concerns about rising housing prices.

Housing prices have risen due to our sharp economic recovery, as well as low interest rates and excess liquidity internationally.

We cannot artificially depress prices. But we can moderate the increases, by increasing supply and moderating demand. Prices and transaction volumes are showing signs of stabilising.

The Government will continue to ensure that HDB flats will be both a home and an asset for successive generations.

However, the WP's proposals are not in the interest of Singaporeans and are even dangerous, for three reasons.

Pricing new HDB flats lower than current levels

The WP's proposal to price new HDB flats much lower than current levels will devalue existing flats. If new flat prices are significantly lowered, more flat buyers will buy new flats instead of resale flats. This will cause prices of resale flats to fall.

First- and second-time home buyers who bought resale flats accounted for over half (17,000 out of 32,000, or 54 per cent) of total resale transactions last year. They were eligible to buy new flats from HDB.

If we depress new-flat prices, many of them will switch to buying new flats. This will lengthen waiting time for all new-flat buyers and depress prices of resale flats. This must impact the flat values of the existing one million HDB homeowners, and sooner rather than later.

WP is against asset enhancement policy

The WP blames HDB's upgrading programmes for pushing up flat prices. The People's Action Party's (PAP) home ownership and rejuvenation programmes have made the HDB an asset, whose value appreciates in tandem with our economic growth.

In recent years, the Government has incurred deficits of about $1 billion each year in the home-ownership programme and committed another $1 billion each year in rejuvenation programmes to benefit Singaporeans.

Why is the WP against upgrading programmes which enhance the value of Singaporeans' homes, and enable the people to enjoy the fruits of Singapore's progress? Why does the WP want to push down the value of all existing HDB flats?

Proposal to pay less for land

The WP's proposal to lower flat prices by paying less for the land is an illegal raid on our reserves. Under our Constitution, after every general election, the new Government is required to manage its expenditure based on its current revenue during its term in office. It cannot use assets which have been accumulated under previous governments, unless the Elected President (EP) agrees.

These assets are reserves protected by the EP for future generations of Singaporeans. This system was put in place to prevent a profligate government spending money which it had not accumulated.

State land forms part of the reserves protected by the EP. When the Government takes state land from the reserves to use, for the example, for public housing, it has to pay the full value of the land back into the reserves, to replace the land which it has used.

This land value is determined by the Chief Valuer, according to objective market conditions and established valuation principles. In this case, it is valued for public housing, which is already lower than for private housing.

The Government cannot arbitrarily price state land higher or lower as it pleases. Nor can it appoint a Chief valuer to do its bidding, because the Chief Valuer's appointment is protected, and subject to the approval of the EP.

Paying less for land to build flats is thus not a casual matter of "left pocket to right pocket" as the WP has put it, but of raiding our reserves (contrary to our Constitution), which are meant for future generations, and spending the money on ourselves now.

Not coincidentally, the WP manifesto also advocates abolishing the EP. Its motive is clearly to remove vital constitutional safeguards, so that it can raid the reserves to fund irresponsible spending.

Is this what the WP means when it offers itself as a "responsible" alternative to the PAP?

The WP's proposal for public housing leave many questions unanswered. It aspires to be the government one day. It should spell out clearly what its proposals will mean for present and future generations.


For more my paper stories click here.

_________________
<a>Lilypie Second Birthday tickers</a>
Back to top
View user's profile Send private message
Zeny
Honorary Member


Joined: 09 Aug 2006
Posts: 23539
Location: Compassvale Dr

PostPosted: Thu Apr 21, 2011 2:09 pm    Post subject: Reply with quote

GB you share your view with WP izzt ? how come his idea/concept similar to yours :P
_________________
<a>Lilypie Second Birthday tickers</a>
Back to top
View user's profile Send private message
Solonavi
Platinum Member


Joined: 01 Jul 2005
Posts: 5327

PostPosted: Mon Apr 25, 2011 12:49 am    Post subject: Reply with quote

http://www.ge.sg/stories/elections2/v...s-more-candidates

Quote:
She said the proposals are confined to new flats, which cater to a limited market, and so will have limited impact.

The Workers' Party said its proposal to price new flats according to median incomes will have a "minimum impact" on the resale market, because the resale market attracts not just first-time homebuyers.

In addition, new HDB flats are subject to strict criteria before they can be bought and sold, which limits the spillover effect on resale prices.

In response to the charge that the party was merely out to win votes, Ms Lim said its proposal is based on real ground concerns.

"We decided to go into this issue because of real ground concerns of parents about their children in the future, whether their children could afford public housing," said Ms Lim.

She continued: "If you go back to the government's main role, as a provider of public housing, HDB, affordability should be the main thing they are concerned about.

"Let's go back to the fundamentals. You still have to come back to incomes, and to see whether people are able to afford the flats and how long it'll take for people to pay for those flats."

_________________
Our Earth Project:

Multiply
Back to top
View user's profile Send private message Visit poster's website Yahoo Messenger MSN Messenger
Bumblebee
Silver Member


Joined: 24 Jun 2008
Posts: 1215
Location: Singapore North

PostPosted: Mon Apr 25, 2011 12:04 pm    Post subject: Reply with quote

HDB flat pricings (market price, since when???) is a Drug.

HDB is the pusher.

HDB lessees are the drug addicts.

Who is/are the supplier/s? Sly

_________________
YourWordIsYourBond!
Back to top
View user's profile Send private message
Pel
Gold Member


Joined: 09 Jul 2003
Posts: 2605
Location: Anchorvale Place

PostPosted: Mon Apr 25, 2011 1:42 pm    Post subject: Reply with quote

Mr Mah thinks that housing will not be a make-or-break issue in this year's general elections. "There are so many other issues"...


http://www.straitstimes.com/GeneralEl...Story_660617.html

I don't know about you, but actually, housing is the MAIN issue that will affect the way that I will vote. Lips Sealed
Back to top
View user's profile Send private message
Zeny
Honorary Member


Joined: 09 Aug 2006
Posts: 23539
Location: Compassvale Dr

PostPosted: Mon Apr 25, 2011 2:38 pm    Post subject: Reply with quote

Pel wrote:
Mr Mah thinks that housing will not be a make-or-break issue in this year's general elections. "There are so many other issues"...


http://www.straitstimes.com/GeneralEl...Story_660617.html

I don't know about you, but actually, housing is the MAIN issue that will affect the way that I will vote. Lips Sealed


but you already own a HDB flat Lips Sealed

_________________
<a>Lilypie Second Birthday tickers</a>
Back to top
View user's profile Send private message
RN53
Super Member


Joined: 27 Oct 2004
Posts: 10837
Location: Hello, from WOODLANDS!

PostPosted: Mon Apr 25, 2011 3:23 pm    Post subject: Reply with quote

I want to sell my flat for US$500K, to be paid in Gold Bars! Nod

Any buyer, Mr. MBT?

_________________
Pick Your Best Apartment!
Back to top
View user's profile Send private message Send e-mail
Garu Boy
Honorary Member


Joined: 22 Aug 2005
Posts: 20369
Location: @ Atrina @

PostPosted: Thu Apr 28, 2011 1:23 pm    Post subject: Reply with quote

Zeny wrote:
GB you share your view with WP izzt ? how come his idea/concept similar to yours :P

got similar meh. Hur?

Mine proposal is housing sale tag with birth rate.

_________________
Life is fragile, Spent wisely, Love generously.
Back to top
View user's profile Send private message Send e-mail MSN Messenger
Zeny
Honorary Member


Joined: 09 Aug 2006
Posts: 23539
Location: Compassvale Dr

PostPosted: Thu Apr 28, 2011 1:24 pm    Post subject: Reply with quote

Garu Boy wrote:
Zeny wrote:
GB you share your view with WP izzt ? how come his idea/concept similar to yours :P

got similar meh. Hur?

Mine proposal is housing sale tag with birth rate.

got... to me lah Very Happy Very Happy

_________________
<a>Lilypie Second Birthday tickers</a>
Back to top
View user's profile Send private message
Pel
Gold Member


Joined: 09 Jul 2003
Posts: 2605
Location: Anchorvale Place

PostPosted: Sat Apr 30, 2011 1:02 pm    Post subject: Reply with quote

Here's a recent article from Kim Eng Research. After looking at the figures, I just wonder how much our children have to pay for public housing in 10 years' time...


http://www.kimengresearch.com.sg/Down...Lunch%20Bites.pdf
Back to top
View user's profile Send private message
Zeny
Honorary Member


Joined: 09 Aug 2006
Posts: 23539
Location: Compassvale Dr

PostPosted: Sat Apr 30, 2011 3:10 pm    Post subject: Reply with quote

last time ppl earn $2K and pple say woah woah woah...
but now pple earn $5K is no big deal Lips Sealed

_________________
<a>Lilypie Second Birthday tickers</a>
Back to top
View user's profile Send private message
Huan
Titanium Member


Joined: 27 Dec 2005
Posts: 9364

PostPosted: Mon May 02, 2011 9:29 pm    Post subject: Reply with quote

children getting flat near to parents will get HDB grant. why parents moving near to children qualified for the same grant as well?
_________________
Back to top
View user's profile Send private message MSN Messenger
MeDiC
Gold Member


Joined: 01 Jul 2007
Posts: 2059
Location: AnchorVale Lane

PostPosted: Mon May 02, 2011 9:41 pm    Post subject: Reply with quote

Huan wrote:
children getting flat near to parents will get HDB grant. why parents moving near to children qualified for the same grant as well?


to maintain the nuclear unit of the family...what's your view on this?

_________________
<a>Lilypie Angel and Memorial tickers</a>
Back to top
View user's profile Send private message
Archenemy
Senior Member


Joined: 24 Feb 2010
Posts: 514
Location: 213A Compassvale Pearl

PostPosted: Mon May 02, 2011 10:26 pm    Post subject: Reply with quote

vote wisely people....if you think your life is gonna improve looking forward..then of course then continue....

but if you think that you life is gonna get more and more difficult...do something different. you got nothing to lose anyway...

if you have never eaten ding tai fung...you will always think that the factory produced khong guan pau is the best pau.
Back to top
View user's profile Send private message MSN Messenger
Zeny
Honorary Member


Joined: 09 Aug 2006
Posts: 23539
Location: Compassvale Dr

PostPosted: Mon May 02, 2011 10:59 pm    Post subject: Reply with quote

Archenemy wrote:


if you have never eaten ding tai fung...you will always think that the factory produced khong guan pau is the best pau.
Very Happy Very Happy

Ding tai fung pau nice meh Lips Sealed

_________________
<a>Lilypie Second Birthday tickers</a>
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Sengkang.com Forum Index -> PROPERTY TALK All times are GMT + 8 Hours
Goto page 1, 2  Next
Page 1 of 2

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum
 

Hosting by Xssist Group Pte Ltd.     Powered by phpBB © 2001, 2005 phpBB Group