Very interesting collection of
material from 2005, and shows the obvious greed that permeates the
minds of the Public Establishments by the obvious tacit approval
from the POWER OF ONE - to ensure Profitability from Public
Services.
Originally posted by ObviousMan:
No leh, we must listen to our ministers lah, becoz we are not as
smart as them mah.
HDB got discount or subsidy?
Got difference or not?
Don't ask me, i also don't know leh.
Minister sure know one mah, that's why can become minister!
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"Secondly, 1st-timer citizen households
will continue to enjoy generous housing subsidies. Singaporeans may
not appreciate how much they enjoy in housing subsidies, which are
in various forms. Let me elaborate. Those who purchase a resale
flat can obtain a CPF housing grant of $30,000/$40,000. Those who
buy a new flat will enjoy an even higher subsidy. As announced by
PM in the Budget Statement, we will also provide an additional CPF
housing grant of between $5,000 and $20,000 to 1st-timer households
earning below $3,000 per month. These are explicit and substantial
subsidies. They can amount to $60,000, which is as high as 40% of
the price of a 3R flat in a non-mature estate. In addition to the
upfront subsidy, 1st-timer households also enjoy an additional
subsidy by way of the HDB concessionary loan which they can apply
for to finance their flat purchase. For a $100,000 30-year loan, a
1% interest subsidy would mean a subsidy of more than
$10,000."
---- Mini Star Horse Treasure Mountain
Are there subsidies which is
subsequently taken back from the RESALE PRICE when the flat is sold
- (with interest payable?) ?
It is interesting to note that the HDB Subsidy Program was supposed
to have been withdrawn in progressive stages, and completely phased
out by 2005.
Somehow this is now revived with a burst of energy when PM LHL step
into the PM Office - as has been a slew of programs that involve
large financial handouts that were not available during LKY and GCT
term in office.
How much funds have been paid out by PM LHL since he came in, and
where are the source of funds from - when these funds were not
accumulated during his term in office ?
From the ST Dec 20, 2005:
NKF said it saved patients more than $3.5 million by offering them
lower drug prices and subsidies. This was not true. It made close
to $1 million each year, in 2003 and 2004, in gross profit from the
sale of such drugs.
The gross profit margin worked out to almost 40 per cent each year.
And that was because NKF did not pass on the rebates it got on its
bulk purchase of medicine.
For example, it said one drug cost $25. It gave patients a $13
discount and charged them $12. But NKF paid only $8.20 for the
drug. It pocketed a 46 per cent profit.
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From the ST 21 Dec 2005:
Instead, Mr Subramaniam, the accountant, said the way the NKF
treated the definition of subsidy and the way KPMG did were
from"different perspectives".
The NKF defined subsidy as the difference between the amount a
patient would pay for treatement and drugs elsewhere in Singapore
and the amount they paid the NKF. "In my understanding of NKF's
view, subsidy must be tested against the market rate and not the
net amount incurred."
It is very obvious that NKF has
taken a leaf out of the Ruling Political Party methods - in
non-transparent, clever juggling of numbers to ascertain costs so
as to justify the atrocious prices charged to the Public.
ALL DONE WITH PROFITABILITY IN MIND and NOT PUBLIC
SERVICE
The high cost of health and medical attention payable by
Singaporeans will wipe out the CPF Medisave Account and tax the
Medishielf Insurers, as well as the bank account of Singaporeans -
leaving little left for any second visits for repeat
attention.
It is interesting to note that the Medishield Insurers will not
accept any further policies from Senior Citizens over a certain age
- leaving the over taxed and hard pressed families to take over the
responsiblity of high costs to look after the very old.
When there is no longer any money to be made from individual
Singaporeans, it is left to the Families to take over the
responsibility, so as to open a new pipeline of funds for new
accounts to be sucked dry.
From the ST Aug 6, 2004:
HDB pricing keeps new flats affordable to most Singaporeans
I REFER to the letters, 'What goes into pricing of HDB flats' (ST,
July 23) by Mr Hiong Kum Meng and 'Subsidy should be based on
flat's building cost' (ST, July 27) by Mr Mohamed Rafiq
Hamjah.
Mr Hiong concluded that the increase in HDB resale prices has
outstripped wage growth, based on a comparison of changes in the
Resale Price Index with changes in average nominal wages between
1993 and 2003.
We would like to explain that resale flats are transacted in the
open market on a willing buyer-willing seller basis. The prices are
not set by HDB. Prices can fluctuate, depending on factors such as
the economic outlook, employment situation and sentiments in the
property market.
What is important is that HDB prices its new flats so that the
majority of Singaporeans can afford one. From 1993 to 2003, the
prices of new four-room flats increased by 2.6 per cent per annum,
below the annual increase of 5.3 per cent in average wages cited by
Mr Hiong. New-flat prices did not rise as steeply as resale-flat
prices, because HDB prices new flats below their equivalent market
price, that is, at a subsidy.
Mr Mohamed asked why HDB's subsidy for new flats is related to the
market price and not the building cost of a flat. Today, first-time
HDB flat buyers can buy either resale or new flats. Those who opt
to buy resale flats from the open market can take up a housing
grant of $30,000 or $40,000, which allows them to enjoy a discount
off the market price of the flat.
Those who opt to buy new flats from HDB also enjoy a discount off
the equivalent market price of the flat.
The difference between what the buyer pays HDB for his flat and
what it is actually worth in the market is a direct and real
subsidy provided by HDB to the buyer.
Like the housing grant for resale flats, the provision of such a
market-related subsidy in the case of new flats has enabled HDB to
keep its flats affordable for the majority of Singaporeans.
DESMOND WONG
Deputy Director (Marketing & Planning)
for Director (Estate Administration & Property)
Housing & Development Board
In a country that is dominated by
the POWER OF ONE, we would expect that trends will be set by the
POWER OF ONE.
When it benefit itself, the POWER OF ONE will let Singaporeans to
set the trend, and instead of playing the role entrusted to it - to
re-align misguided excesses to prevent speculations and allow long
term attainable progress - the POWER OF ONE will prefer to
participate in the greedy excesses of Singaporeans.
With Public Housing provided by HDB being priced a notch below
Private Housing, and with HDB Home Loans no longer available, is
there any program left for the Young Singaporean Families to
purchase their own Homes to start a Family ?
Controversial contradictions can be seen in the Public Policies of
the Government aka the Ruling Political Party in the manner in
which it governs Singapore - with its PROFIT ORIENTED POLICIES in
providing governmental and essential services to
Singaporeans.
Some may argue that Government should not operate into a deficit
position, but can anyone justify the runaway surplusses that recur
annually to boost the Government Treasury - that will be
transferred to the GIC and Temasek for their overseas "shopping
trips", and all done at the expense of hard pressed Singaporeans
trying their best to cope with the high costs of living
?
