When one is making a complain or asking for help, it would be
best if he is honest and straightforward, with full facts.
Otherwise it would seem to be mischief being played.
I would give benefit of doubt to the threadstarter and blame it
on ignorance then. Symphathies of 'old age, poor, etc' will only
get you so far. But it is TRUTH that will set you free. Here are
some facts:-
1. According to HDB,annex D of the SERs(enbloc) states clearly
that:-
(f) Exemption from the payment of resale levy for the existing
flats;
So what is levy are you harping about?
2. Should you buy another new flat of your choice, with HDB
subsidies, in an area of your choice, there will be a resale levy,
as it is a flat of your choice and not a 'replacement' unit for
you. And that levy is only $15,000 for a 2room flat and between
$30,000 to max cap $50,000 for other room types.
But if you buy in the open market, you need not pay the
levy.
3. I know not where you stay, but basing on the current
Commonwealth SER programme, the valuation of a flat there is
between $200,000 - $230,000.
Owners are asking at a premium - $300,000 for their
flats.
Assuming you sold yours at $$270,000, you would have
made an investment return of $170,000:-
-initial capital = $100,000
-sold = $270,000
-cash on hand = $170,000
-in your CPF kitty = $100,000
Total asset value = $270,000 ( to buy new flat anywhere, putting
$100,000 of your CPF as deposit and loaning the balance, eg:-
Resale 3rm flat in CCK = $200,000
less deposit = $100,000 deduct from CPF
loan = $10,000 loan over 30 years = est $694/mth (
depending on interest)
But take note: you would still have $170,000 CASH ON HAND. with
an asset value of $200,000, HDB home, with a 99 years lease, not 30
year lease, at current market value, which will grow at 10%
per year.
So, you are not as 'poor' or 'destitute' as you want us to
thank. And this you would have to thank our founding fathers for
making us owners of properties, a security for ourselves.
Americans and other envious people would prefer us to take on 30
year leasses, but the 99 year lease came at a time when leaders
were more generous. Don't ever make them change to 30 years lease,
it would be a business decision most leaders would want, but
citizens will only suffer at old age.
Xtreyier
You are not quite right.
The above law only applies to the residents who are original buyers
from HDB. In other words, those first residents who purchased
direct from HDB and who are currently still the owner of the flats
are exampted from paying the levy.
However, for those who have bought the current flat on the
resale market and who have previously bought a direct flat
from HDB, these group of ppl are not exampted from paying
levy.
For this group of ppl, I pity them. They can be caught in the
cycle of selling low and buying high and when they are caught in
the Enblock stuff, they are financially unprepared .
Also, if anyone, original owner or subsequent owner, who owns a
private property besides the current flat, will be asked to pay the
replacement flat at the full cost (ie no subsidy).