there is profits to be made from optionality. kevin is right. public housing should not be for any form of investment, rental income especially. in fact, i think all public housing owners who have private property in their name should be forced to sell
I think you forgot about the 2013-2019 years when HDB prices were falling. Everyone was blaming Lawrence Wong. WP and SDP were criticizing the falling prices. You want to tell these people, our citizens, hdb not for profit? Difficult lor given that sinkies are so property hungry and 50% of their household wealth is locked up in properties
@@wtIUpITp1E0wMsydV19c0FUmIXvCU so? Public housing should remain as is. A public good. Those who wants profits can go for private condos and landed and leave it to market forces. Public Housing in Singapore is a basic need that should not be exploited for profits or recurring rental income at expense of the masses.
Fully agree with Kelvin, HDB should be for staying, not for investment or flipping. I feel gov should crawl back all subsidies, i.e. if gov provide 50% subsidy for BTO, they should also crawl back 50% from the resale price. In that way, the subsidy can be recycled back to benefit more people.
Public housing is for the general public, to ensure lower to middle income has a roof. It is not for investment. Subsidised housing is meant to support those in need. HDB should be managed separately from private. the restrictions should have been placed long ago. Think about those lower income, singles, divorced who really need the public housing support, yet HDB is priced out of their reach today. Very sad. I hope HDB will put more restrictions in order to really help those who need to apply for public housing.
I think you forgot about the 2013-2019 years when HDB prices were falling. Everyone was blaming Lawrence Wong. WP and SDP were criticizing the falling prices. You want to tell these people, our citizens, hdb not for profit? Difficult lor given that sinkies are so property hungry and 50% of their household wealth is locked up in properties
the level of entitlement Tay Chi Keng expresses is laughable. wants PLH with the subsidies, prime location but also want to be near parents and chinese good schools but dont want the MOP cos "人算不如天算‘。then in the first place dont get PLH la. get a housing near ur parents, how about having some realistic expectations or forward planning instead of lamenting the inflexibility. cmon la, be realistic. if u want all boxes checked, be willing to fork out the money and enter the private market. kelvin is offering a much more balanced viewpoint. GOVERNMENT property is not for flipping. want to flip, please go to the private market.
Back in 1970s, HDB is allocated by draw lot, and cannot sell at all.no such thing as MOP. Then government allows resale but notice those better locations fetch higher price. Government feels unfair so the HDB price is based on many factors when applying. Now government is rectifying a problem they themselves created
Exactly. Whole point of HDB is to help lower and middle income Singaporeans afford homes and not some get rich scheme. We have sort of lost our way in the last 10-15 years. Too much lottery effect and hoping to make a windfall gain with BTO. We need to go back to basics.
I think you forgot about the 2013-2019 years when HDB prices were falling. Everyone was blaming Lawrence Wong. WP and SDP were criticizing the falling prices. You want to tell these people, our citizens, hdb not for profit? Difficult lor given that sinkies are so property hungry and 50% of their household wealth is locked up in properties
@@wtIUpITp1E0wMsydV19c0FUmIXvCU they will be in for a rude awakening when the govt starts to collect back their HDB after 99 years at almost $0. Either way, the 4G govt is sandwiched between existing home owners and young voters looking to buy their first home. Good luck to them in the upcoming elections!
You can't have your cake and eat it too. As 1 of you said, if you aren't pleased with the PLH rules, then don't buy one. Easy. As for your kids' schools, look for a project that's near your preferred location. You should be thinking of these things before you have kids, not after.
Would we want hdb flats to be like HK. HK public housing is SGD 1.2mil for a 3rm flat.( only 2 bedrms and small too) So PLH is good. No lottery effect. You have a choice if you dont want it.
Go for 5-rm so don’t have to move when u have kids, also grandparents can stay to help look after kids. Don’t need to live near office cos got mrt and may change jobs. I stay in my house for over 30 years, don’t like to keep changing houses. In future if pay increases, then may consider to upgrade to private property
Without a mechanism to absorb excess liquidity, inflation could surge when wages rise, leading to uncontrolled price increases for other goods. In the past, the stock market has been volatile, with investors suffering significant losses. In contrast, property is often viewed as a safer investment option for many individuals. If banks were required to maintain extremely high interest rates (such as the 12.80% rate in October 1981) to combat inflation, it could have devastating effects on the local economy.
I think you forgot about the 2013-2019 years when HDB prices were falling. Everyone was blaming Lawrence Wong. WP and SDP were criticizing the falling prices. You want to tell these people, our citizens, hdb not for profit? Difficult lor given that sinkies are so property hungry and 50% of their household wealth is locked up in properties
PLH just makes it harder to sell & "upgrade". Basically, a barrier for people to get richer. PLH is here to stay, and it will get even more restrictive decades down the road as property prices continue to rise.
I think it is the right move. Govt don't need to help people to get rich through BTO. To get rich work hard and smart, invest not wait for handout like this, do business, be innovative, etc.
@@NK-uf5tf maybe so. But this will also cause the wealth divide to get worse. Amongst those who already own multiple properties before the ABSD increase and profited massively from developments like Duxton's pinnacle, and people trying to build wealth today.
@@SeanFooGold No choice. The policy made now cannot affect decisions made before the policy. The government can increase anunnal property tax for high annual value properties and non owner occupied, and transfer this taxes to low income earners. And in the end once all the property's lease reach, it will all return to the government and be subjected to the same PLH laws.
Thank you for your honesty, Kelvin. Say housing should not be for any form of investment but ownself want to sell at record price. Like that how price drop? 🤣🤣
With the prosperity of Singapore, people are more educated and are increasingly self-interested. The original purpose of providing subsidized housing to ensure all Singaporeans have a roof over their head seems to have changed. Back in the 80s, people didn't prioritize prime locations or proximity to certain schools when it came to finding housing. They were content with what they were given. Also, in terms of starting a family, they didn't necessarily consider their earnings. For instance, my dad, as the sole breadwinner for our family of 6, was only taking home 3k. Raising a child was definitely not easy, but it was seen more as a personal choice rather than something pegged to income. However, in our current generation, such decisions are often driven more by self-interest and income considerations. Nowadays, it seems that HDB BTO flats have become a stepping stone for the current generation to leverage and profit from every 5 years, rather than serving their original purpose.
You can move by renting out your present flat and rent the area around your Kid school. Along the way, someone have to make some sacrifices. If you have more that 2 kid, one kindergarten and 1 primary school, wife working place and your working place all different. Where should you shift? when should you shift? There is no ending to these sort of situation.
The govt is limiting the ability to make money from properties across the board. I foresee singaporeans will be better off making investments elsewhere.
I think the flexibility to move is not the priority here and not many cases for those move for schooling. To the govt, all schools are the same. The priority is housing availability and affordability. The government can formulate further down the road once the PLH policy is in place with more feedback.
To save precious time from commuting to and from work , excel at work , time to prepare own healthy meals , time to live your lives , enjoy your hobbies passions projects activities and events with families and friends. The choice is clear
PLH will bring the neighbourhood riff raff into the pristine city areas. The CBD will not feel so awesome anymore. Mixing social classes doesn't work. See what happens when they mix 2 room or rental flats with the 5 room flats. Already in those places, the whole common areas downstairs become covered with litter, PMD riders, and other forms of unpleasantness. The lowest factor will often overwhelm everything. Why not mix the lowest performing students (e.g. EM3/ITE) with the highest performing (EM1/RJC) in the same class and insist that all curriculum taught must be limited to the ability of the lowest performing ones? Is this good for society's progress? It will only limit society to the lowest level. Some social stratification is natural and healthy, and happens for a reason.
most RJC students do not live in HDB. If you're as competent as you claim to be, why are you not earning enough to get a private? why stick to public housing?
@@SGMaleKaren-si3gw u gotta work on your reading comprehension skills hahah In general, there's always a choice to go private and u won't have to "bear" with the 2 room-ers. If you can't afford to do so, that's on you. Don't blame the government for ur incompetency
@leonardTsn your responses are mind-blowing to me for the 2 points highlighted below. Is it even medically possible that there is anything between your ears? 1. No where has it ever been mentioned that I live in either private or public housing. Where did that come from? Your "comprehension skills" or lack thereof? 2. If your solution of escaping the unpleasantness of estates with 2-room HDB is to "go private", it means that what you said in fact *supports* my original concern about how PLH will desecrate the good "private" areas. Or did you fail to comprehend that in my original comment too? Don't forget, you started the personal attacks first. Now you have ended up looking silly. So next time, don't start a debate that you lack mental capacity to handle. 🤡
@@SGMaleKaren-si3gw wow i didn't know that my words can be so powerful such that it can blow your mind so easily hahah Let me know if you need help putting your brain back together oops. Did you not notice the quotations around the word "bear"? Or do u not understand the use of quotations? By the way, who's looking silly? U ownself judge ownself happy? okay u win lorh congrats on winning the "he looks so silly" award
By the way it's a myth that food is always cheaper in the outskirts - just look at what hawkers and coffee shops in Sengkang/Punggol/Buangkok want for their offerings.
Plh makes all the current older prime flats so much more attractive. These flats will continue their bull run. Abit unfair imo these Huat kuehs continue to huat
love how eric compares MY travelling time vs SG's... 1hr travelling time vs most crowded cities of 2-3hrs.. lol.. even in london, need 40min-1hr to travel to town from greater london.. Sinkies really in own bubble world and first world problems. n00b indeed
I see nothing wrong with paying a million for a excellent location, high-floor, resale HDB, but only to elderly singaporeans owners. Do not pay such high price to young, entitled, complacent singaporeans who want to cash-out at MOP. Many greedy young singaporeans forgot that property prices rise only because of excellent education, labour, urban planning, environment, defence and Foreign Direct Investment policies from the govt.
Well, i feel that there are far too complaints about this scheme from people who cannot afford housing in this area anyways. It represents a chance for them to get it. Can't see why people are complaining. Think it should be another way, everyone should be given a chance to buy such a flat if they meet the conditions since most will want to stay in say tiong bahru. Why give advantage to some and disadvantage others
Yes,this policy is a mess. Bidadari 4rm selling at 1mil, McPherson before Covid sells at 650k, now 1mil also. And the buyer who got the BtO are making double of their purchase price with a profit of $500k, insane!
Disagree as they mixed the topic up. They should be discussing Standard, Plus and Prime model. Prime is old PLH model, nothing to discuss anymore as there is no change in this policy.
HDB is not an investment and it is meant for own stay. For investment, focus on buying stocks, reits and bonds and tbills. For PLH I agree with the points raised by Eric and CK, too much restriction meaning the potential of appreciation in value will be a lot lower, so for those who are looking for price appreciation should stay away. There is nothing to complain because if PLH is not for you, just buy somewhere else 😆
As usual. Too many complaints. If one day HDB really implement 0% profit policy. I am sure the same people will also complaint. Relax la. Willing seller willing buyer. No need red eye.
As I listen on to this video, I realised that some of you wrongly presume that PLH is applicable only to town areas etc. its not. a BTO in woodlands (300m) within MRT can also be classified under PLH 😅
CK despite being the youngest among all has a very forward and mature thinking. He has the capability to connect life and economics. Me being at his age can't think that far! Kudos to the four and thank you for the useful content ❤ CK and the rest gambateh!
The old 1960 HDB policy was changed to become a profitable asset was a political move to shift votes. This become a vicious cycle thru the past 64 yrs and aggravated in the last 5 - 10 yrs with resale prices sky rocketing like crazy. It is now impossible to revert to original policy. So the PL HDB may not work if Singaporeans & PRs still want a good profit after MOP or if real need arise to move nearer to parents, etc. New BTO flats are not cheap either easily $600K. The land costs especially for SERS location was already paid for in the 1st round and demolishing it & building over at same location has negligible land cost.
Couples who plan to settle down, should have a plan in place already if they have decided on the PLH or Plus location to stay. If unsure, a standard hdb is the go to. If they have the $$, then go for private.
I think you Millennials or GenZ are out of touch with reality: the median gross monthly wage is S$4100 hor. Salary ceiling of S$14k is very generous. And you forgot that the recent price inflation is due to GenX singaporean parents turning 55 and being able to gift cash from their CPF to their kids. And maybe the Merdeka Generation who enjoyed the enbloc fever of 2017 - 2018 also contributed to the post-covid inflation. Inflation is always caused by excess liquidity, low interest and FOMO.
if the MOP condition is 10 years, then buyers beware... the T&C is already set upfront then buyers don't KPKB about cannot sell the unit within 10 years... if scared of the 10 years restriction then don't buy it lah... simple!
@@pathfinder1672 whether it's 10 or 14 years is not the point, the timeline is spelt out upfront so the buyer needs to consider if he can wait that long or not. If he can't wait, then don't buy. So simple!
haha at 25.11 "not my type" and ya to Kelvin. Usually for the girl, is will need to upgrade from cai fan to cafe. not cafe to cai fan. Your cases (cafe to cai fan) are maybe less than 5% only 😂😂
btw the inflation in HDB flats and COE is always caused by too much cash, easy loans and fomo. These past few years, GenX has been turning 55 and have access to the fat cash in their CPF savings. Many GenX parents are gifting cash to their kids. Remember that inflation is always caused by excess liquidity, easy credit and fomo + greed. We got all these conditions from late 2021 - 2023.
Erm what is Eric talking about? The govt does OWN the land & hence HDB which is PUBLIC housing....we are all tenants since it is LEASEHOLD 99 years lol....LHL even said once it reaches 99 years, value = $0
FYI, what current PM Lawrence Wong said in the past when he was in MND [SINGAPORE - National Development Minister Lawrence Wong has cautioned home buyers not to assume that all old Housing Board flats will be automatically eligible for the Selective En bloc Redevelopment Scheme (Sers). He said in a blog post on Friday (March 24) that the Government will continue to maintain the strict selection criteria for blocks eligible for Sers, noting that only 4 per cent of HDB flats have been identified for Sers since it was launched in 1995. Mr Wong was responding to a Lianhe Zaobao report on March 15 which highlighted the high prices of several short-lease HDB flats in the resale market. "While resale flats are transacted on a willing buyer-willing seller basis, I was concerned by the suggestion that some buyers are forking out high prices for older flats, in anticipation of the benefits of Sers," he wrote.]
totally agree. if they are trying to cap the gain, they should just set a cap to how much the house is bought, the sold price should be within the 10% range. HDB BTO is not for flipping but so many have been flipped. what if u r a couple, getting married at 40 (both husband and wife), do you think both of you will be making less than 7K by then? becos of that, can you still buy through BTO? this salary cap, is somewhat discriminative as well. and resale market is really expensive. who does the gain go to? I think the housing policy really needs to be relook. similarly for Car, if you want to encourage young families, how realistic it is to for them to own a car and have 2 kids, without helper, while both parents are working? and if they cant afford a PLH house, then living in Jurong west or punggol, unless they are so lucky to work in TUAS or CHangi, how are they going to rush home to pick up their kids from office without a car? can we then remove COE and charge people for their road usage? while they can buy more affordable cars and only use it on weekends or weeknights within their town to do grocery shopping, taking their kids out.
HDB next to GCB / landed may create stratum discrimination. Parents living in landed / GCB may tell their kids, if u don’t obey your parents, they will live in HDB. That will be disastrous parenting & bad for the kids & our social fabric.
I think is navie to think HDB resell prices will go up permanently. We should witness a slump in property prices across the HDB flats when Singapore’s economy falls into recession by end of 2024.
You guys are mixing up PLH model with the NDP 2023 announced new model which consist of 3 type of BTO models - Standard, Plus and Prime (replaces PLH model). Standard: These flats form the bulk of available BTO units and come with standard subsidies and restrictions, like the existing 5-year MOP. Plus: Plus flats are located in more attractive areas within each region, typically near MRT stations or town centers. Buyers will enjoy more subsidies compared to standard flats, but with tighter restrictions (this is the new model you should be discussing) Prime: Prime flats are in the most coveted locations, usually closer to the city center. These flats receive the most subsidies but come with the strictest resale conditions, including a 10-year MOP and income ceilings for resale buyers (this is no change from existing PLH model launched in Nov 2021).
The old 1960 HDB policy was changed to become a profitable asset was a political move to shift votes. This become a vicious cycle thru the past 64 yrs and aggravated in the last 5 - 10 yrs with resale prices sky rocketing like crazy. It now impossible to revert to original policy. So the PL HDB may not work if Singaporeans & PRs still want a good profit after MOP or if real need arise to move nearer to parents, etc will be problematic
All the govt need to say is to tell those older prime flat owners that if they sell the house, the house owner of next purchase will not be entitled to any enbloc etc. So people will pay reasonable price for the outstanding lease... if they dont come out with PLH, the new better locations will ask for the same high value $ as of the people now its now no more 1 mil but eg liked 1mil 200k etc for those that are selling prime location. They already benefited from the gd lottery sys n still want to sell high within 5 yrs or so means they r no need of a home in a way... SG how big? Go to inlaw place etc so far?
PLH MOP of 10yrs is not only for BTO buyers. Subsequent buyers purchasing these flats from the open market will also have to wait for another 10yrs of MOP. This will really narrow down the pool of buyers.
There should not be any form of speculation or investment from public housing. They should have allowed only buy and sellback to HDB (but that would anger lots of boomers cos they had previously bought the property at market value)
At the end of the day, PLH most likely for couples (Age 35 above) since financial wise they are more capable and also those who wan to settle down. Selling will always be their second priority. Normal young folks will always choose normal HDB to begin with (unless they are rich enough). Regardless normal or PLH HDB, Both will also make money when MOP is over. There are always buyer and seller in this market. So you will always make money in BTO just that how much only. In term of flexibility, regardless u stay.. Singapore is just a small country. Go where also near and public transport is good enough. Having stay in prime doesn't mean is a plus point in term of travel. Unless you stay in Punggol but work in Tuas that kind of stuff. It could still happen but depend on your job nature. Having kids or not, well all come to your own personal view also. All need planning in advance and what are the main priority in your mind. Conclusion, There is no right or wrong in choosing BTO , all come to own personal view only and a lot of unforeseen scenario happen along your journey.
not 100-150k per year lah. BTO takes 3-4 years to build, and MOP 5/10 years. So flipping after 9/14 years, it is not possible to get 100-150k per year regardless how big the flat you are buying. if you are lucky enough, it is possible to achieve 100-150k/year by buying a 4rm condo after 3-4 years. but the risk is higher
Actually, people forgotten that HDB BTO prices are pegged to resale HDB prices. Whoever suggested HDB flats cannot be sell at open market for buyers to make a profits, should asked whether does HDB accept it. As if HDB buyers are forbidden to sell the HDB flat they owned, those who already have their HDB flat will not be able to buy 2 room flexi retirement flat from HDB, then what will have to HDB? No income 😂😮
gone are the days ppl plan for families, a youngster now only plans for retirement (funded contendment), and that is provided one finds a suitable job that holds posterity. thanks to Nixon and the lot.
Were any of you working and own property during the 1997 asian currency crisis? Did you live through the HDB bubble of 1995 - '96 and witness when prices dropped 35% after 1997 asian currency crisis and 2003 SARS?
I've never understood the "close to school" argument, maybe becos i'm not a parent and also cos i grew up Can your kids not take public transport to go to school? For younger kids, the plan is always to fetch them right? it's not like you're expecting them to walk back home alone. Unless you WFH 5 days a week, fetching your kid from school near your house vs not so near, the advantage seems marginal.
HDB is 5yrs then can move. not 3yrs. $100k plus to move every 5yrs? thats depending how capable that family make from job? waiting for lottery probably better to work for more
Is renting the airspace of Singapore from HDB. The ceiling , left wall , right wall , flooring is sharing with others people. Top tier and bottom tier always has somebody. You can’t own it forever 😂
The only one responsible is MINISTER Mr DESMON ...make it short. and he needs create more ideas even if some doesnt work ... he will still have backup from our Gov.....and one more thing ..even the worst area and unit will also be taken up ...
Our gov always make lots of money from us ...but they do helps when matters we need to solve but not money ...so pls plan well or will suffer when years to come if choose wrong homes with lots of restriction policies.. anyway not loaded better think twice
Does the young host not know of the current reality? Parents drive kids to sch everyday. And if 人算不如天算，10 years or 5 years don’t really matter, smth could happen within a year. Just don’t buy plh.. u can buy resale flat and stay almost immediately instead of waiting for the built of plh and kpkb abt the 10 year mop. You want plh enjoy good location stay near good sch and also want flexibility (prefer 5year mop).. for whatever reason that the younger host mentioned, it doesn’t hold water. 🤷🏻♀️
The trouble started when allowing either of the couple who is PR to purchase HDB. There must a strict rule that both couple must be a SC before they are eligible to purchase HDB. This will stamp out these foreigners in purchasing HDB for profits. Unfortunately these PR are precious vote supporter for the SG ruling party.
He has a lot of "whatif" scenarios that affect people in 'special' circumstances. (kid going to Chinese schools, aged parents that need special care, etc) How big is Singapore even if locked in during MOP ... or like that the other guy said, just don't consider PLH
Not sure what is Kelvin's intention for making such HDB remarks, trying to gain more "eyeballs" by making populist remarks despite knowing that it is falsehood? While it may seems like HDB owners are "renting" the flat from HDB Board but one must understand that HDB empowers the owner to sell the flat for any profit/loss. A typical true blue tenant will never have the legal rights to sell the flat. Assuming if Kelvin's warped logic is true, then all 99 years private home buyers are also tenants because the land has to return to the govt at the end of 99 years land tenor.
