Tag Archives: KHAW BOON WAN

FRAUD EXPOSED: THE DIRTY ROY NGERNG SCHEME TO TRICK SINGAPOREANS

This is going to be lengthy but this needs a rebuttal because there are things that the author intentionally excluded which makes it malicious. I’m referring to the article “Truth Exposed: The Dirty CPF-HDB Scheme To Trick Singaporeans“. I am not a fan of the CPF because I eschew the fact that it is only a good tool for people who are actually earning enough but does not compensate for the low income earners. I question the economic efficiency of having a large reserve in the form of CPF and the risk of it been siphoned off without the necessary safeguards. But I’m not going to spread lies about it and then weave it into some conspiracy theory. I don’t believe that the provident fund is the best model for Singapore at this point but given the political economic structures in place, it might be the only appropriate model in the foreseeable future. So let me take apart Mr Roy Ngerng malicious article

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Is it true that HDB does not help home owners who are facing financial difficulty?

HDB recognises that flat owners in financial difficulties usually face various problems, beyond housing alone. In addition to providing these measures, we also work with other government agencies, Community Development Councils, Voluntary Welfare Organisations, and Family Services Centres to help tackle their problems holistically. Housing counsellors, who are trained to provide financial counselling to household in arrears, are also deployed at all HDB Branches.

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Why does HDB call it “home ownership” when it is essentially a 99-year lease “rental” arrangement?

Think about it. If you claim you do not really own your flat, then how is it possible that you are able to derive proceeds from the subsequent sale of your flat?Rather than rental flats, 99-year leasehold flats give flat owners greater permanence and even monetary yield in the long run, which can be monetised for one’s old age, if need be.Properties with 99-year leases are also common in the private housing market and their owners do not see it as a rental arrangement. The 99-year lease on HDB flats confers on their owners similar ownership rights and responsibilities as other properties.

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Since the Government owns State land, why can’t HDB acquire land at a cheaper price, so that flat prices can be lowered?

HDB buys land from the Government to develop public housing. Some claim that this is merely a transfer of funds from one pocket to another. But that doesn’t mean that the land therefore loses its value, simply because it is sold from one state agency to another. All land in land-scarce Singapore come with a certain value. Land may have been acquired, or it may have been reclaimed. But it commands a definite value, and all State land forms part of this country’s national reserves.

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IT IS NOT EASY TO PROFIT FROM YOUR HOME ANYMORE.

People who think that they can make some cash out of their HDB flat have probably forgotten one important thing: HDB is a government home ownership scheme to meet the housing need of Singaporeans. It is never meant to be sold as an asset for investment or for speculation. There is definitely no guarantee that owners can ‘make a profit’ when they sell it one day. Over the last few decades, the housing market has benefited from the rapid growth of Singapore’s economy. Prices of private properties have increased by leaps and bounds. The costs of HDB flats have followed suit. However, Singapore has long passed the stage of growing from a developing to a developed country. It is therefore unrealistic for anyone to expect the value of properties to jump tenfold like those flats bought by Singaporeans decades ago.

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SINGAPORE TRIVIA: THE FIRSTS AND LASTS

December 1936 – First Public Housing.The first block at Tiong Bahru, Singapore’s first public housing built by the Singapore Improvement Trust (SIT), was completed and occupied by December 1936. Mainly three- to five-storey tall, the Tiong Bahru pre-war flats still exist today. One of them, Block 78 at Guan Chuan Street, also possesses Singapore’s sole remaining public air-raid shelter.

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PROPERTY AGENT: “WE DON’T HAVE STABLE INCOME EVEN IN GOOD MARKETS AND NOW, IT’S EVEN WORSE.”

Agents often outnumbered viewers at showflats. In one case, there were at least 15 agents in attendance but only two families turned up over one hour. At another, 20 agents stood around with only a family of five at the showflat in over an hour. Mr Ng said he has encountered buyers who want multiple viewings at showflats without real intentions to commit. Another agent, Ms Loh, said: "Agents don't have a stable income even in good markets and now, it's even worse for us."

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HEALTHCARE ISSUES ARE KEY TOPICS AT GOVERNMENT FORUM

THE affordability of health care and the hospital bed crunch were the key concerns of participants at a government feedback forum yesterday evening.Health Minister Gan Kim Yong assured the audience of mainly senior citizens and young professionals that health care will remain affordable, but reminded them that staying healthy is the key to keeping costs low. Speaking at the session at the Health Promotion Board building, Mr Gan said the Healthcare 2020 Masterplan is "not enough".

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DEAR HDB: IF THE RESALE PROCEDURE ISN’T BROKEN, DON’T FIX IT!

HDB’s resale procedure change could wash away hopes of buyers and sellers to get a fair deal. Instead of buyers and sellers negotiating a price that benefits both parties, HDB has changed the resale process into a game of chance. Now, either the seller benefits from a low HDB valuation/high sale price, or the buyer benefits from a high HDB valuation/low sale price. There is no middle ground.

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Khaw Boon Wan: HDB moves to reduce focus on COV

To reduce the focus on Cash-Over-Valuation (COV) in negotiations during the sale of a flat, the Housing and Development Board (HDB) will only accept valuation requests from resale flat buyers after they have been granted an Option to Purchase by flat sellers.

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