Jim Lion said:
I remember having debates with colleagues in the 1980s whether the HDB flats will worth zero when the 99 lease is up.
Most have unquestioned faith that the PAP government will take care of them in their old age n will never let this happen.
If you dig out videos on LKY, he did sell us at many different times that the prices of HDB flats will continue to rise forever.
This fed their faith n the cycle went on. It was only recently that the Minister bursted this bubble in Parliament.
Suddenly Sinkies woke up to the realities which they should have known all along:
1. The PAP government is deadset against welfare n has always been hard headed when money is concerned.
2. It should common knowledge on the law of how leases work.
3. Sinkies must be able to think for themselves n not be too reliant on the government to make financial decisions for them as SG has never been n will never be a welfare state.
4. Knowing that so many Sinkies rely on the government, the PAP should not have made those rosy promises about HDB flats.
5. The day of reckoning is approaching when the 99 year lease is up n the land will return to HDB n flat is worth zero. All their monies poured into the flat is gone, which is the worst investment in their lives.
6. Unless there is a drastic change, on the present course I see disaster n crisis ahead for millions of flat owners n their progeny as I have foreseen more than 30 years ago.
MY COMMENT:
I am afraid that the outcome will be even worse than painted by Jim.
I agree with him that HDB flats will have $0 at the end of the 99 year lease.
Here is a worse situation - the current prices are inflated, and higher than their true value. The owners have paid too much for an asset that will have no value in a definite time in the future.
This is what happens when people rush to invest in a financial bubble. It is rather sad that the HDB flats, the bedrock of Singapore's success, turns out to be a bubble.
Tan Kin Lian
I remember having debates with colleagues in the 1980s whether the HDB flats will worth zero when the 99 lease is up.
Most have unquestioned faith that the PAP government will take care of them in their old age n will never let this happen.
If you dig out videos on LKY, he did sell us at many different times that the prices of HDB flats will continue to rise forever.
This fed their faith n the cycle went on. It was only recently that the Minister bursted this bubble in Parliament.
Suddenly Sinkies woke up to the realities which they should have known all along:
1. The PAP government is deadset against welfare n has always been hard headed when money is concerned.
2. It should common knowledge on the law of how leases work.
3. Sinkies must be able to think for themselves n not be too reliant on the government to make financial decisions for them as SG has never been n will never be a welfare state.
4. Knowing that so many Sinkies rely on the government, the PAP should not have made those rosy promises about HDB flats.
5. The day of reckoning is approaching when the 99 year lease is up n the land will return to HDB n flat is worth zero. All their monies poured into the flat is gone, which is the worst investment in their lives.
6. Unless there is a drastic change, on the present course I see disaster n crisis ahead for millions of flat owners n their progeny as I have foreseen more than 30 years ago.
MY COMMENT:
I am afraid that the outcome will be even worse than painted by Jim.
I agree with him that HDB flats will have $0 at the end of the 99 year lease.
Here is a worse situation - the current prices are inflated, and higher than their true value. The owners have paid too much for an asset that will have no value in a definite time in the future.
This is what happens when people rush to invest in a financial bubble. It is rather sad that the HDB flats, the bedrock of Singapore's success, turns out to be a bubble.
Tan Kin Lian
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