REACH 464 - What are your views on the three public housing policy areas below that the Government has been relooking in ensuring affordability and accessibility for public housing?
(SK)
12 Jun 2023 (10am - 7pm)
REACH
[9:52 am, 14/06/2023] +REACH: Dear Contributors,
Welcome back! π
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Megan π
[10:00 am, 14/06/2023] +REACH: π’ Topic π’
Speaking at the Institute of Policy Studies’ 35th anniversary conference, Senior Minister of State for National Development Sim Ann said that the HDB efforts to meet the demand for public housing have begun to take effect. Ms Sim noted that almost 40,000 public and private homes are slated for completion in 2023 – the highest number in the last five years.
HDB will also set aside more temporary housing for families waiting for their new flats, doubling the number of interim rental flats to 4,000 over the next two years under the Parenthood Provisional Housing Scheme (PPHS). HDB had met its earlier target of increasing the supply of flats from 800 units in 2021 to 1,800 units in 2023. The scheme helps to temporarily house families as they await the completion of their new flats.
π¬ What are your views on the three public housing policy areas below that the Government has been relooking in ensuring affordability and accessibility for public housing?
Ms Sim laid out three policy areas that the Government has been revisiting in order to ensure public housing remains relevant.
1️⃣ Addressing Windfall Effects and Stratification
The prime location public housing model was introduced to address the issue of highly valued HDB neighbourhoods becoming stratified along income lines once units become available on the open market. With a longer minimum occupation period, restrictions on whom the owner can sell the unit to subsequently, and the recovery of subsidy, the model will help to keep neighbourhoods as inclusive as possible.
2️⃣ New housing typologies
With economy and lifestyles changing and an ageing population, HDB needs to evolve the public housing system. One example is through the introduction of a new housing typology, the Community Care Apartments (CCA). Introduced in 2021, CCA flats are tailored to meet seniors’ needs, with senior-friendly design and fittings inside the flat, and communal spaces for seniors to participate in social activities and interact with their neighbours.
3️⃣ How estates are classified
The Government is relooking how it classifies HDB estates, which are currently split into mature and non-mature estates. This is then reflected in flat prices, with those in mature estates generally being higher. This is as some locations within non-mature estates have amenities and connectivity that are as good as those in older town centres, while some locations within mature estates may be less sought after due to specific site characteristics.
π https://www.straitstimes.com/singapore/housing/hdb-to-double-interim-rental-flats-for-families-to-4000-units-over-next-two-years
π https://www.channelnewsasia.com/singapore/hdb-rental-flats-families-temporary-housing-sim-ann-3555726
π https://www.mnd.gov.sg/newsroom/speeches/view/speech-by-sms-sim-ann-at-the-institute-of-policy-studies-35th-anniversary-conference
-----
[10:01 am, 14/06/2023] +Uncle Law: As the value of flats goes up, resale levy should follow along
[10:02 am, 14/06/2023] +Uncle Law: 17 yrs ago the resale levy was revised.
[10:08 am, 14/06/2023] +Uncle Law: 17 yrs ago the resale levy was ard 12% of selling price
Today resale levy is ard 7% of selling price.
Taking ref from 4room
[10:09 am, 14/06/2023] +Rama: The issue of co share even with partition divide for rental flats is not healthy.
[11:50 am, 14/06/2023] ☸️ Danny εΏ:
1. My son and his fiancee are applying for a BTO 5 room HDB flat close to where the parents live - so that we can take care of their children upon marriage.
2. It is consider a mature estate and oversubscribed many times.
3. Look like the chances very slim.
4. Also prices on the high side - no choice the only way is to stretch the CPF loan to 25 years.
5. The only worry is whether successful in getting the flat amidst so high demand.
6. Tengah chances very high - but so far away, no way my son can put his children with the parents and get back in time for work.
It is one end to the other end, and then another end back to the other end.
From west to north east and then from north east back to the west.
[11:53 am, 14/06/2023] +Frankie Wee: one mature estate more available but more choice buy resale available and price costly.
[11:55 am, 14/06/2023] ☸️ Danny εΏ:
Sigh, but very inconvenience for my kid.
Need to work and yet how to shutter around to bring his child to parents when staying 30 km apart?
[11:58 am, 14/06/2023] +Frankie Wee: Some of them like you they said not easy bto ballon at Kallang oversubscribed. They willing to pay overprice.
[11:58 am, 14/06/2023] ☸️ Danny εΏ:
You mean they buy resale flats?
[11:59 am, 14/06/2023] +Frankie Wee: Discuss about resale overprice can ask for additional grant more maybe said $200k
[11:59 am, 14/06/2023] +Frankie Wee: Yes
[11:59 am, 14/06/2023] ☸️ Danny εΏ:
Resale flats at my place not practical because only left 60 years lease.
[0:00 pm, 14/06/2023] +Frankie Wee: 4room resale cost $700k and even more $1m I wonder why they willing to buy overprice
[0:00 pm, 14/06/2023] ☸️ Danny εΏ:
This price no way my son can afford.
[0:01 pm, 14/06/2023] +Frankie Wee: Ask govt suggest additional grant resale for 1st timers
[0:04 pm, 14/06/2023] ☸️ Danny εΏ:
But resale flat lease too short - 60 years old.
Cannot even reach old age for both my son and his fiancee.
[0:06 pm, 14/06/2023] +Frankie Wee: I think but fact we can’t read the future whether policy is revised renew lease HDB. But mindful stay in older flat can cost more maintenance fee. During leak break and poor structure.
[0:07 pm, 14/06/2023] ☸️ Danny εΏ:
Hmm ..
Don't know.
See how when the problem comes.
Can only take one step at a time.
[0:07 pm, 14/06/2023] +Smiley face: Govt should give priority or considerations to such family circumstances...
Either the parents sell their flats and relocate to their children/grandchildren. Or children given priority based on such genuine circumstances !
Thank you.
[0:09 pm, 14/06/2023] +Frankie Wee: Singapore older flat of them 60 years less balance left. See how the govt going to workout older flat within HIP
[0:09 pm, 14/06/2023] +Smiley face: June, 2023
"Reimagining a community living?"
Under one roof?
"Given the circumstances of the future of climate changes, population increases, ageing, and living conveniences... reimagining up to three basements of shops, stores markets and carparks, the sales revenue for these basement commercial units will cover more than a third of the costs of construction for a cluster of 10 blocks of flats. The sales price of flats would be kept affordable at the same time freeing up more ground space to build more flats and facilities."
- - anonymity
- - in progress - -
[0:10 pm, 14/06/2023] +Smiley face: No worries, it can be solved!
[0:11 pm, 14/06/2023] ☸️ Danny εΏ:
Have considered that, but my son say it will be too troublesome for us to sell our old flats and shift.
Also with shorter lease, not sure whether we can get good resale value to finance our new house.
Also even if we apply together, can we get flats very close to one another.
Too many unknown factors.
Also we are so used to all the amenities here as well as many old neighbours.
To uproot is a painful things.
My son and fiancΓ©e also like this place.
[0:11 pm, 14/06/2023] +Uncle Law: Where's yr location?
[0:11 pm, 14/06/2023] ☸️ Danny εΏ:
Serangoon North.
[0:12 pm, 14/06/2023] +Uncle Law: They likely right size from private, hv extra cash
[0:12 pm, 14/06/2023] +Uncle Law: I see.
[0:12 pm, 14/06/2023] +Frankie Wee: Yes agreed
[0:13 pm, 14/06/2023] +Uncle Law: How Abt sengkang or buangkok?
[0:13 pm, 14/06/2023] +Uncle Law: @☸️ Danny εΏ
[0:14 pm, 14/06/2023] +Frankie Wee: I want there visits it’s more forest nature and beautiful place. Feeling like home and affordable living.
[0:14 pm, 14/06/2023] ☸️ Danny εΏ:
He already applied to Serangoon North.
Got to wait for result.
Also buangkok and Sengkang - also quite far.
He work very late.
[0:15 pm, 14/06/2023] +Uncle Law: All the best
[0:16 pm, 14/06/2023] ☸️ Danny εΏ:
Thanks.
Hope for the best π
[1:21 pm, 14/06/2023] +Smiley face: "the Value is the unknowns and not the knowns nor knowing it"
- - anonymity
[1:32 pm, 14/06/2023] ☸️ Danny εΏ:
Could a 1-dollar Chinese adhesive defeat a billion-dollar US laser weapon?
Chinese researchers say their industrial resin mixture has enough heat resistance to protect ballistic missiles from laser attacks.
‘BPR-1’ and other advances in protective technology are pushing the arms race in directed energy weapons to a new stage, scientist says.
https://www.scmp.com/news/china/science/article/3223570/could-1-dollar-chinese-adhesive-defeat-billion-dollar-us-laser-weapon
[1:33 pm, 14/06/2023] +Rama: Amazing!
[1:35 pm, 14/06/2023] ☸️ Danny εΏ:
So be prudent.
A laser energy weapon air defense is touted as infinite supply of ammo to bring down offending missiles.
But a cheap adhesive coat on the missiles render the laser directed air defense impotent.
[1:38 pm, 14/06/2023] +Rama: Yankees got slapped by the Chinese wholesale!
[1:39 pm, 14/06/2023] ☸️ Danny εΏ:
The best, don't fight.
No sure winner.
[1:39 pm, 14/06/2023] +Rama: Agree
[1:40 pm, 14/06/2023] +Frankie Wee: It’s like move “star war” became fact weapon in future.
[1:40 pm, 14/06/2023] +Frankie Wee: It’s like movie “star war” became fact weapon in future.
[1:41 pm, 14/06/2023] +Rama: Yes
[1:42 pm, 14/06/2023] ☸️ Danny εΏ:
AI, quantum computing, laser guided weapons slowly move us into a star war scenarios.
Quantum computing will move AI many fold.
Essentially we could be moving into an Asura realm.
[1:45 pm, 14/06/2023] +Frankie Wee: Is there law on earth order not to develop advanced in laser weapon for use military force and command to destroy any other planet. What we have seek movie imagine exploring.
[1:45 pm, 14/06/2023] ☸️ Danny εΏ:
What happens if AI grows smarter than humans? The answer worries scientists.
https://www.popsci.com/science/ai-singularity/
[1:45 pm, 14/06/2023] ☸️ Danny εΏ:
Singapore identifies six generative AI risks, sets up foundation to guide adoption.
https://www.zdnet.com/article/singapore-identifies-six-generative-ai-risks-sets-up-foundation-to-guide-adoption/
[1:48 pm, 14/06/2023] ☸️ Danny εΏ:
Laser weapon currently not strong enough.
US laser weapon only 300 watts.
China tested 500 watts.
Very low energy.
Cannot burn through concrete much less a planet.
No risk yet.
The higher risk is AI - it can surpass human brain with the large neural network.
[1:49 pm, 14/06/2023] +Frankie Wee: Laser make from diamond this light up power
[1:50 pm, 14/06/2023] ☸️ Danny εΏ:
Huh???
[1:54 pm, 14/06/2023] ☸️ Danny εΏ:
Anyway AI with large and complex neural networks that comprise of sets of linear equations, and non-linear equations - produce results - that even AI experts and scientists are unable to decode how AI derive the answer.
To the point that AI scientist isolate every module of the neural network to compute and work backwards - it is not possible to derive the answers produce by the AI.
This is scary.
[1:55 pm, 14/06/2023] +Frankie Wee: I guess is wronged π
[1:55 pm, 14/06/2023] +Frankie Wee: https://www.cbsnews.com/news/defense-department-laser-beam-microwave-energy-weapons/
[1:55 pm, 14/06/2023] +Frankie Wee: Also US too
[1:58 pm, 14/06/2023] ☸️ Danny εΏ:
Currently AI is run by nividia GPU processor.
In future if quantum computing takeover to run AI in qubits superposition rather than the current binary forms - imagine the speed in which AI learn?
00+11+01+10 versus 0 or 1?
The speed and computational power that AI learn and process is exponential.
[2:00 pm, 14/06/2023] ☸️ Danny εΏ:
Well laser can have many potent applications.
Let see how it will further develop.
[2:00 pm, 14/06/2023] +REACH: π’ Topic π’
Speaking at the Institute of Policy Studies’ 35th anniversary conference, Senior Minister of State for National Development Sim Ann said that the HDB efforts to meet the demand for public housing have begun to take effect. Ms Sim noted that almost 40,000 public and private homes are slated for completion in 2023 – the highest number in the last five years.
HDB will also set aside more temporary housing for families waiting for their new flats, doubling the number of interim rental flats to 4,000 over the next two years under the Parenthood Provisional Housing Scheme (PPHS). HDB had met its earlier target of increasing the supply of flats from 800 units in 2021 to 1,800 units in 2023. The scheme helps to temporarily house families as they await the completion of their new flats.
π¬ What are your views on the three public housing policy areas below that the Government has been relooking in ensuring affordability and accessibility for public housing?
Ms Sim laid out three policy areas that the Government has been revisiting in order to ensure public housing remains relevant.
1️⃣ Addressing Windfall Effects and Stratification
The prime location public housing model was introduced to address the issue of highly valued HDB neighbourhoods becoming stratified along income lines once units become available on the open market. With a longer minimum occupation period, restrictions on whom the owner can sell the unit to subsequently, and the recovery of subsidy, the model will help to keep neighbourhoods as inclusive as possible.
2️⃣ New housing typologies
With economy and lifestyles changing and an ageing population, HDB needs to evolve the public housing system. One example is through the introduction of a new housing typology, the Community Care Apartments (CCA). Introduced in 2021, CCA flats are tailored to meet seniors’ needs, with senior-friendly design and fittings inside the flat, and communal spaces for seniors to participate in social activities and interact with their neighbours.
3️⃣ How estates are classified
The Government is relooking how it classifies HDB estates, which are currently split into mature and non-mature estates. This is then reflected in flat prices, with those in mature estates generally being higher. This is as some locations within non-mature estates have amenities and connectivity that are as good as those in older town centres, while some locations within mature estates may be less sought after due to specific site characteristics.
π https://www.straitstimes.com/singapore/housing/hdb-to-double-interim-rental-flats-for-families-to-4000-units-over-next-two-years
π https://www.channelnewsasia.com/singapore/hdb-rental-flats-families-temporary-housing-sim-ann-3555726
π https://www.mnd.gov.sg/newsroom/speeches/view/speech-by-sms-sim-ann-at-the-institute-of-policy-studies-35th-anniversary-conference
[2:11 pm, 14/06/2023] +Frankie Wee: Looking at population growth how many families live in each household when their child want move live own place either some of them stay with parent. If Singapore population growth more then building more homes. Unaffected population will increase equal unsold old flat age lease.
In 2000s many of HDB unsold left over because economy crisis.
[2:48 pm, 14/06/2023] +Smiley face: June 14, 2023
"Peek-a-boo? The Equilibrium of Supply and Demand"
All things aside?
When supply exceeds demand, any goods or services, all price increases and changed in the rules of the economic game of shortage...(demand side)
When supply exceeds demand by a tenth or more, the price of such a good or service will drop by as much as 10% due to fluctuation and fear....(supply side)
It is even more necessary to ensure smoother circulations of all basic goods and services. Or face the multiple effects of the expected and the unintended consequences.
"The Value is the unknown, not the knowns nor the knowings"
- - anonymity
So how to derive equilibrium?
Is there a formula that balanced the supply and the demand with 95% accuracy? And a 5% buffer for …
[2:54 pm, 14/06/2023] +Smiley face: 14 June, 2023
"The Speed of Countings and more...!"
- - anonymity
The Knowns:
Lightning speed = 300,000,000 meters/s
Lazer speed = 300,000 km/s @ vacuum
Light speed = 343 m/s @20c
The Knowings?
So what is a Lazer beam, besides it is a focal point of energy?
An ething/litho , a dimensional cutter? Particles science?
The Unknowns?
How to distort a laser? It has to be lightning fast! How to create lightning?
- - in progress - -
[3:06 pm, 14/06/2023] +Wai Xin: i think the last one refers to speed of sound at 20 degC atmosphere not speed of light
[3:22 pm, 14/06/2023] +KL: Is it speed of sound 343 m/s at 20 degree???? Uncle never study but don’t really understand how these physics formula do with hdb ????
[3:24 pm, 14/06/2023] +Wai Xin: i also dunno why haha
[3:24 pm, 14/06/2023] +Wai Xin: maybe noise level
[3:24 pm, 14/06/2023] +KL: Building F-58 ?
[3:24 pm, 14/06/2023] +KL: Lol need to achieve 1 Mach
[3:24 pm, 14/06/2023] +KL: Aka sonic boom ?
[3:27 pm, 14/06/2023] +KL: Better resolve the country problem before moving to physics.
[3:27 pm, 14/06/2023] +Rama: ππ
[3:28 pm, 14/06/2023] +Smiley face: Temp @20c,... Hi Uncle Law!
[3:29 pm, 14/06/2023] +Smiley face: Another energy force...
[3:29 pm, 14/06/2023] +Smiley face: Sound, speed, and spectrum...
[3:30 pm, 14/06/2023] +Smiley face: Yes, Wai Xin;.. hello!
[3:31 pm, 14/06/2023] +Smiley face: Commercial flights @35,000 ft, the outside temp is -35c..
[3:32 pm, 14/06/2023] +Smiley face: troposphere, stratosphere, mesosphere, thermosphere and exosphere.
[3:35 pm, 14/06/2023] +Smiley face: How electromagnetism works/reacts under sub-ZERO environment...one element to create lightning ...
[3:36 pm, 14/06/2023] +Smiley face: Electromagnetism and anti gravitational, includes multiple directions...
[3:37 pm, 14/06/2023] +Smiley face: From ground effects into the 5 spherical elements plus one outer space....
[3:38 pm, 14/06/2023] +Smiley face: Outer space, at certain times and lapses can become non vacuum and gravitational too!
Timeline and dimensional measurements!
[4:01 pm, 14/06/2023] +REACH: π’ Topic π’
Speaking at the Institute of Policy Studies’ 35th anniversary conference, Senior Minister of State for National Development Sim Ann said that the HDB efforts to meet the demand for public housing have begun to take effect. Ms Sim noted that almost 40,000 public and private homes are slated for completion in 2023 – the highest number in the last five years.
HDB will also set aside more temporary housing for families waiting for their new flats, doubling the number of interim rental flats to 4,000 over the next two years under the Parenthood Provisional Housing Scheme (PPHS). HDB had met its earlier target of increasing the supply of flats from 800 units in 2021 to 1,800 units in 2023. The scheme helps to temporarily house families as they await…
[4:21 pm, 14/06/2023] +Smiley face: 14 June, 2023
Housing A Population - Yesterday, Today and Tomorrow
Reimagining a community living?
If the housing prices of tomorrow will be higher than today. It is timely now to address the issue of affordable price of HDB homes and start replanning for our immediate needs and importantly, our future generations to arrive.
It's more happenings underground?
"Given the circumstances of the future of climate changes, population increases, ageing, and living conveniences... reimagining up to three basements of shops, stores, cinemas, bowling, library, markets and carparks, the sales revenue for these basement commercial units will cover more than a third of the costs of construction for a cluster of 15-20 blocks of flats. The sales price of flats would b…
[4:21 pm, 14/06/2023] +Rama: Psychological effects of underground living!?
[4:22 pm, 14/06/2023] +Smiley face: Psyche of the past lockdowns, a global perspective?
In many shopping malls, there are two or three basements, isn't it?
Thank you, Andrew!
[4:23 pm, 14/06/2023] +Rama: Depths of basement car parks is negligible to housing
[4:28 pm, 14/06/2023] +Smiley face: Then multi story carpark that...fumes, noises and space?
[4:28 pm, 14/06/2023] +Rama: Both have their pros and cons !
[4:30 pm, 14/06/2023] +Smiley face: Up to five basements for economic use...
Can these basements add more strength to the foundation of the buildings above so that we can add up to 10 more floors of sellable flats?
Using the commercial space sales to subsidise the above ground flats so as to keep in check the affordable prices over a time line?
Thank you, Andrew!
[4:31 pm, 14/06/2023] +Rama: Deeply thinking and consideration have been going on for some time now
[4:34 pm, 14/06/2023] +Smiley face: Viable...when was this deep thinking initiative started?
Thanks.
[4:34 pm, 14/06/2023] +Smiley face: What are the advantages of multi story CP?
[4:35 pm, 14/06/2023] +Rama: At least ten years or more ago
[4:35 pm, 14/06/2023] +Smiley face: Then... today any idea?
[4:37 pm, 14/06/2023] +Smiley face: Architect Lim Chong Keat?
Prof Liu Thai Ker?
Alan Choe?
William Lim?
[4:37 pm, 14/06/2023] +Rama: Awaiting next update from government
[4:37 pm, 14/06/2023] +Rama: π€·♂️
[4:38 pm, 14/06/2023] +Smiley face: How did the Japanese done with their deep MRT systems given the existential threats of big earthquakes?
[4:39 pm, 14/06/2023] +Rama: Government has been looking at all angles and possibilities
[4:40 pm, 14/06/2023] +Smiley face: Underground mini sized reservoirs to capture heavy rainfall?
Not too big!
[4:41 pm, 14/06/2023] +Smiley face: Sewages too...
[5:32 pm, 14/06/2023] ☸️ Danny εΏ:
https://ieatishootipost.sg/is-chicken-rice-in-singapore-safe-to-eat/
Is Chicken Rice in Singapore Safe to Eat?
Almost half infected by E Coli.
[5:44 pm, 14/06/2023] +Smiley face: 163 dengue cases detected last week, up 50% from the week before: NEA
https://www.straitstimes.com/singapore/163-dengue-cases-detected-last-week-up-50-from-the-week-before-nea
[6:46 pm, 14/06/2023] +REACH: Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan π
[6:59 pm, 14/06/2023] +Smiley face: 14 June, 2023
To: Our Distinguished Leaders and All Honorable Members
Housing A Population - Yesterday, Today and Tomorrow
Reimagining a community living?
If the housing prices of tomorrow will be higher than today. It is timely now to address the issue of affordable price of HDB homes and start replanning for our immediate needs and importantly, our future generations to arrive.
It's more happenings underground?
"Given the circumstances of the future of climate changes, population increases, ageing, and living conveniences... reimagining up to three basements of shops, stores, cinemas, bowling, library, markets and carparks, the sales revenue for these basement commercial units will cover more than a third of the costs of construction for a cluster of 15-20 blocks of flats. The sales price of flats would be kept affordable at the same time freeing up more ground space to build more flats, facilities, greenery and waterways."
- - anonymity
"Who are your primary competitors and how your consumers' behave and react each time you introduce a new way of buying your products?"
- - anonymity
Mechanisms:
1) First Timers Discount from 10% to 35% (10% for PLH flats )
2) Seniors Discount up to 35%
3) Resale Tax from 5% to 10% applied to MOP based on original price before discount and the capital gain from sales.
4) Extended (2X) MOP Incentives with no resale tax and/or enjoys half of the discount for subsequent as Second Timers
5) Second Timers will enjoy Half the Discount based on fullfillment of the extended MOP
6) Exceptions given to all flats owners; to sell the flats during the MOP or into the period of the extended MOP downgraders for reasons of matrimonial, medical, demise of owner or one of the co-owner, financial difficulties with legitimate proves. All of these "circumstances" sales subject to the final approval of HDB.
How?
An easier and affordable means by discount ranging from 10% to 35% based on income level and types of flats. It further reduces the initial outlay of money to the original purchase price thus increases the accessibility of all first time applicants of BTO flats.
*For second time buyers, the discount will be half from the initial purchase discount only after fullfiling the extended MOP. Thereafter, income criteria applies to all applicants.
**EXCEPTION, if a flat owner length of stayed is twice the MOP, it means 10 years for matured/non-matured estate and 20 years for PLH estates.
No resale tax for these extender of MOP after fullfiling 10 years of stay or 20 years of stay.
This incentive reward of no resale tax is to prolong the dwellings from selling after the MOP to achieve a more resource based equilibriums and more manageable and plannings of new BTO projects (supply) matching the future new buyers of BTO (demand).
"Giving discounts is like redefining the price structure of your products with your competitions in mind without compromising your quality, image and your competitors at check!"
- - anonymity
Seniors & LWW?
Seniors 65 years above and LWW entitled to 50% discount
for 2 BD or 3BD for LWW household with monthly family Income under $4,000.
Examples:
3 BD...35% discount
4BD....25% discount
5BD....15% discount
All PLH Flats type ...10% discount
Resale Tax after MOP:
5% for 2BD
6% for 3BD
7% for 4BD
8% for 5BD
These resale tax is collectible based on the difference from the original purchase flat price before the discount and the resale price of the flat.
Before MOP:
Resale Tax 50%, unless exception cases.
Modellings:
3BD model:
The original 3BD flat purchase price after discount was $180,000 and the resale price is $400,000.
The resale tax will be ($400,000 - $180,000) x 6%
= $13,200 payable to MOF/HDB
4BD model:
The original 4BD flat purchase price after discount was $300,000 and the resale price is $750,000.
The resale tax will be ($750,000 - $300,000) x 7%
= $31,500 payable to MOF/HDB
5BD model:
The original 5BD flat purchase price after discount was $500,000 and the resale price is $1,200,000.
The resale tax will be ($1,200,00 - $500,000) x 8%
= $56,000 payable to MOF/HDB
4BD model PLH:
The original 4BD flat purchase price after discount was $700,000 and the resale price is $1,500,000.
The resale tax will be ($1,700,00 - $700,000) x 10%
= $100,000 payable to MOF/HDB
Afterwords:
"Topping up the wallets or the opposite that is Emptying the wallets?"
- - Anonymity
Shorter Leases with Discounts?
Just like LBC, SD, ABSD, TDSR, GST or bank financing rates; each has its impact to the household disposable incomes, affordability and the ecosystem of the property markets.
Besides location, the selling or reselling price of any property is based on the title itself, is it a freehold or 999 years or a shorter lease of 99 years, 60 years or 35 years? All of these variables will impact the sales price of a property and the direct impact on the buyer's decision and budget to acquire a property.
Equality and Ratio?
A new flats with a 60 years lease is priced 35% compared to a 99 years lease flats, size to size and estate to estate, equal comparison. The 35 years 2BD flats for Seniors age 60 years and older, the price of these new flats should be 35% of the 99 years lease flats. All living amenities and facilities are comparably equal to the 99 years lease flats all within the vicinity. It's a sizing game and price ratio for the sake of equality.
Affordable and Achievable?
HDB should contingently consider lowering the present 99 years to introduce two more leasehold models that is 60 years and 35 years prioritized to seniors age 60 years old for their retirements stay. While the 60 years lease should benefit those who are age 35 onwards to reconsider their current needs and financial abilities over their future wants to purchase a 99 years lease HDB flats. In here, we are referring to the first time buyers of a Public housings property option to choose either a 60 years lease or 99 years lease.
Lastly, pairing two Seniors to live in a flats will be harder to achieve. To begin, people have different living habits and different lifestyles. In the case of seniors, they have lived their ways for five decades or more! How to reconnect and rehabilitate two strangers to shake hands and live under one flats?
It's a transformation, an adaptation and mindsets of the Asian conservatism. It needs more thinking and new methods to persuade more seniors to take up this new revelation of co-living.
" A simple Policy turning into politics and lastly becoming highly political to solve and many challenges ahead?"
- - anonymity
Comparative economics in the context of external markets as a whole, Is Singapore competitive compared to the top five mega cities from Asia to America?
Yes, we will be alright so long we continue our journey of growth, higher relevancy, politically stable and importantly, a Stable and an Enable nation; a once in a lifetime chance to get it right.
What is a stable and enable Country?
Let's talk about this big and crucial concept in the next discussion. Many developed G20 countries have failed if not could not achieve either one of it! Is it so tough to get it? NO!
Summary:
Three prongs approach to prepare and to buffer the future high prices of the Public housing that is the first timers, the second timers and the vulnerables, up to 90% of our population. Just in case, the resale markets of the HDB flats continue to escalate with an annual growth of 3%-5% or higher compounded over the next 10 to 15 years horizon. By the market forces, the BTO of tomorrow may have to be priced accordingly on an upward trajectory, though unstoppable but stable prices, that will affect all categories of property.
- - in progress - -
[6:59 pm, 14/06/2023] +REACH: Dear Contributors,
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan π
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