Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
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Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
TODAYonline | Voices | Let's talk about property
Let's talk about property
For all the gripes about high COVs, no one complains when they're selling ...
Letter from Lulu See 05:55 AM Apr 13, 2010
Sunday's inaugural episode of Singapore Talking - the new live talk show shown at 10.30pm on MediaCorp Channel 5 - saw MP Lim Wee Kiak (Sembawang GRC), PropNex CEO Mohamed Ismail and struggling househunter Iris Lim go back-and-forth on the issue of whether escalating property prices are making housing increasingly out-of-reach for the ordinary Singaporean. This letter was sent in response to the topic.
I AM Singaporean, but seriously, sometimes I think Singaporeans just want to complain.
On the gripe about high COVs (cash-over-valuation): Though we are all complaining about the high COV, when we have a unit for sale, I am sure all will do the same - ask for a high COV. The current property system has proven a godsend to many. How many of us will be able to make $100,000 off a single transaction? Many of us, no matter how hard we work, will never be able to save that sort of money. It is only through selling and buying wisely that we will be able to make that first bucket of gold, and thus improve and upgrade our lifestyle.
Then, there are those who say they are unable to get a flat. There are many options available for newlyweds, single parents, and so on. However, most insist on getting what they want. Let's say I can only afford a $250,000 flat, but insist on buying one in a neighbourhood like Bishan, Toa Payoh, Clementi, Holland or Queenstown. I want it on a high floor, a corner unit, and it must be close to an MRT station.
If I can never find one that fits my bill and my budget, is that then HDB's fault?
Even those with bigger budgets claim there are no options available to them. But look at Iris, who appeared on Singapore Talking and who earns more than $8,000 a month. HDB flats - especially newly-built ones - are meant to help those with low incomes, or who are just starting a family. If you are earning more than $8,000, it is a happy problem. Besides, I've found that the HDB is quite gracious - you can always write in and explain your situation. My partner and I earn more than $8,000, but we were allowed to buy a unit at The Pinnacle after they reviewed our request.
Really, it's just a question of looking for a place you can afford. We should always live within our means and not ask for the sky.
The only change I would suggest is that the income cap should be raised for "premium" new flats - say those worth $450,000 of more - to ensure that buyers don't run into problems paying their instalments.
TODAYonline | Voices | Let's talk about property
Let's talk about property
For all the gripes about high COVs, no one complains when they're selling ...
Letter from Lulu See 05:55 AM Apr 13, 2010
Sunday's inaugural episode of Singapore Talking - the new live talk show shown at 10.30pm on MediaCorp Channel 5 - saw MP Lim Wee Kiak (Sembawang GRC), PropNex CEO Mohamed Ismail and struggling househunter Iris Lim go back-and-forth on the issue of whether escalating property prices are making housing increasingly out-of-reach for the ordinary Singaporean. This letter was sent in response to the topic.
I AM Singaporean, but seriously, sometimes I think Singaporeans just want to complain.
On the gripe about high COVs (cash-over-valuation): Though we are all complaining about the high COV, when we have a unit for sale, I am sure all will do the same - ask for a high COV. The current property system has proven a godsend to many. How many of us will be able to make $100,000 off a single transaction? Many of us, no matter how hard we work, will never be able to save that sort of money. It is only through selling and buying wisely that we will be able to make that first bucket of gold, and thus improve and upgrade our lifestyle.
Then, there are those who say they are unable to get a flat. There are many options available for newlyweds, single parents, and so on. However, most insist on getting what they want. Let's say I can only afford a $250,000 flat, but insist on buying one in a neighbourhood like Bishan, Toa Payoh, Clementi, Holland or Queenstown. I want it on a high floor, a corner unit, and it must be close to an MRT station.
If I can never find one that fits my bill and my budget, is that then HDB's fault?
Even those with bigger budgets claim there are no options available to them. But look at Iris, who appeared on Singapore Talking and who earns more than $8,000 a month. HDB flats - especially newly-built ones - are meant to help those with low incomes, or who are just starting a family. If you are earning more than $8,000, it is a happy problem. Besides, I've found that the HDB is quite gracious - you can always write in and explain your situation. My partner and I earn more than $8,000, but we were allowed to buy a unit at The Pinnacle after they reviewed our request.
Really, it's just a question of looking for a place you can afford. We should always live within our means and not ask for the sky.
The only change I would suggest is that the income cap should be raised for "premium" new flats - say those worth $450,000 of more - to ensure that buyers don't run into problems paying their instalments.
Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
Then, there are those who say they are unable to get a flat. There are many options available for newlyweds, single parents, and so on. However, most insist on getting what they want. Let's say I can only afford a $250,000 flat, but insist on buying one in a neighbourhood like Bishan, Toa Payoh, Clementi, Holland or Queenstown. I want it on a high floor, a corner unit, and it must be close to an MRT station.
If I can never find one that fits my bill and my budget, is that then HDB's fault?
whahahaha i think is HDB fault..
is tat terry in red shirt @16min33sec?Mockngbrd;534959 said:
Then, there are those who say they are unable to get a flat. There are many options available for newlyweds, single parents, and so on. However, most insist on getting what they want. Let's say I can only afford a $250,000 flat, but insist on buying one in a neighbourhood like Bishan, Toa Payoh, Clementi, Holland or Queenstown. I want it on a high floor, a corner unit, and it must be close to an MRT station.
If I can never find one that fits my bill and my budget, is that then HDB's fault?
whahahaha i think is HDB fault..
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chicane
Well-Known Member
Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
I watched it live and it was rather painful to see the MP trying to explain himself, getting all frustrated (since the host and Iris doesn't buy it) and needing that PropNex fella to rescue him a couple of times.
This Iris better make sure she dun end up staying in Sembawang GRC, if not water and electricity will get cut for nothing!
I watched it live and it was rather painful to see the MP trying to explain himself, getting all frustrated (since the host and Iris doesn't buy it) and needing that PropNex fella to rescue him a couple of times.
This Iris better make sure she dun end up staying in Sembawang GRC, if not water and electricity will get cut for nothing!
Slater
Well-Known Member
Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
the host was terrible. kept on interrupting when guests were speaking. mid way through i felt like strangling him.
not sure what the lady was complaining about. COV 50k cannot take out then buy what HDB flat? before getting married do some financial planning.
want cheap and want green.
the host was terrible. kept on interrupting when guests were speaking. mid way through i felt like strangling him.
not sure what the lady was complaining about. COV 50k cannot take out then buy what HDB flat? before getting married do some financial planning.
want cheap and want green.
ktnpl
Well-Known Member
Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
As usual lah, the truth is somewhere in between. New buyers need to do financial planning but prices are also escalating too fast.
Although like many in the land, I have already secured a nest and car at reasonable prices, I still feel for the new owners hoping to get a choice home or even a car without paying a ransom's price. For those of us who are not rich enough to stock up properties for our children, it will pain us when they face the crunch when their time comes to look for their own nests.
The current state of flying prices is certainly both unpalatable and unsustainable. Hopefully the economy will take care of itself with a price correction in second half of the year, as some analysts predicted.
As usual lah, the truth is somewhere in between. New buyers need to do financial planning but prices are also escalating too fast.
Although like many in the land, I have already secured a nest and car at reasonable prices, I still feel for the new owners hoping to get a choice home or even a car without paying a ransom's price. For those of us who are not rich enough to stock up properties for our children, it will pain us when they face the crunch when their time comes to look for their own nests.
The current state of flying prices is certainly both unpalatable and unsustainable. Hopefully the economy will take care of itself with a price correction in second half of the year, as some analysts predicted.
Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
Imagine a typical male Singaporean, NUS/NTU grad, starting work at 25. At 30, he decides to marry his 27-year-old GF. Both have worked for 4-5 years, but realistically, how much CPF/savings would they have?
I have personally interviewed some young graduates, and after 3-4 years of working, many are still struggling within a bracket of $3-5K. If the couple qualifies for a flat as a family below $8K combined income, the upfront payment to HDB + COV plus plus plus might not be small figure at all.
How much is upfront? $30K to 50K? What's plus plus plus? A simple renovation is easily $30K and above. Furniture and appliances will be $20K at minimum. Not to mention wedding expenses and what not.....
So, the final number looks like $130-150K at least for the couple to tie the knot and have their own roof.
No solution, cause leverage is not encouraged.
More expenses to factor in, if family planning is projected in 3 years time, when the lady hits 30.
Zheng Hu says solution is to apply for BTO flat..... so couple has to plan ahead. Either plan it when you started working - which is ridiculous, or plan it when you are ready. But that means you have to wait again. Take an assumption of 5 years. The man will be 35, she will 32.......
No wonder birth rates have been going down......
I think it is a valid concern for many young couples.Slater said:
Imagine a typical male Singaporean, NUS/NTU grad, starting work at 25. At 30, he decides to marry his 27-year-old GF. Both have worked for 4-5 years, but realistically, how much CPF/savings would they have?
I have personally interviewed some young graduates, and after 3-4 years of working, many are still struggling within a bracket of $3-5K. If the couple qualifies for a flat as a family below $8K combined income, the upfront payment to HDB + COV plus plus plus might not be small figure at all.
How much is upfront? $30K to 50K? What's plus plus plus? A simple renovation is easily $30K and above. Furniture and appliances will be $20K at minimum. Not to mention wedding expenses and what not.....
So, the final number looks like $130-150K at least for the couple to tie the knot and have their own roof.
No solution, cause leverage is not encouraged.
More expenses to factor in, if family planning is projected in 3 years time, when the lady hits 30.
Zheng Hu says solution is to apply for BTO flat..... so couple has to plan ahead. Either plan it when you started working - which is ridiculous, or plan it when you are ready. But that means you have to wait again. Take an assumption of 5 years. The man will be 35, she will 32.......
No wonder birth rates have been going down......
wt_know
Well-Known Member
Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
the answer is to have "buffer". other countries maybe cannot afford but spore definitely can.
current problem is demand > supply (how many times?). each bto how many times oversubscribed ?
i recall a post rebute mbt saying there are enough flats in the market.
another honest mistake of under-projection of flats to accomodate the increased of population ?
as a result, buyer (pr or sporean) is fighting / outpay cov for flats
the answer is to have "buffer". other countries maybe cannot afford but spore definitely can.
current problem is demand > supply (how many times?). each bto how many times oversubscribed ?
i recall a post rebute mbt saying there are enough flats in the market.
another honest mistake of under-projection of flats to accomodate the increased of population ?
as a result, buyer (pr or sporean) is fighting / outpay cov for flats
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wt_know
Well-Known Member
Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
kenn is DA MAN !!! will ask talking point to invite kenn as guest ... then i'll call in for a solution that i want big flat condo quality AND cheap price
that's my expectation .. i always strike to be World 1st ... don't mitigate my expectation hor ....
back to the interview .... striking to be World 1st does not mean you can have everything la .... i like propnex ceo answer ... right flat for right people.
kenn is DA MAN !!! will ask talking point to invite kenn as guest ... then i'll call in for a solution that i want big flat condo quality AND cheap price
that's my expectation .. i always strike to be World 1st ... don't mitigate my expectation hor ....
back to the interview .... striking to be World 1st does not mean you can have everything la .... i like propnex ceo answer ... right flat for right people.
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Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
I have seen many young couples jumping on to condo, instead of a new HDB flat, as their first property purchase. What they have missed, is free subsidy from transitional property from government.
How much is that worth? Well, anything between $50K to $150K at least, I reckoned?
No no no, but I think expectation of upmarket lifestyle is a major worry for younger crowd here.wt_know said:
I have seen many young couples jumping on to condo, instead of a new HDB flat, as their first property purchase. What they have missed, is free subsidy from transitional property from government.
How much is that worth? Well, anything between $50K to $150K at least, I reckoned?
wt_know
Well-Known Member
Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
miss out the free subsidy for 1st time purchase = PLAIN STUPID ..... !
get a bto or new flat ... after 5 years ... $100K richer (minimum) ... simple sense
and fresh graduates cannot see this coming ... what do they study in uni nowadays huh ?
even though cannot cash out ... that's additional boost that help you to upgrade to condo .... duh !
miss out the free subsidy for 1st time purchase = PLAIN STUPID ..... !
get a bto or new flat ... after 5 years ... $100K richer (minimum) ... simple sense
and fresh graduates cannot see this coming ... what do they study in uni nowadays huh ?
even though cannot cash out ... that's additional boost that help you to upgrade to condo .... duh !
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longhorn
Well-Known Member
Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah
OT here. Sorry I don't understand this BTO thingy. You mean the Sporean couple applies to HDB and then HDB builds the flat? I thot HBD works by releasing certain numbers of flats, then you go and ballot for one?
kenntona;534988 said:
wt_know;534996 said:
OT here. Sorry I don't understand this BTO thingy. You mean the Sporean couple applies to HDB and then HDB builds the flat? I thot HBD works by releasing certain numbers of flats, then you go and ballot for one?
