Ridiculous HDB Prices

last SG · 2010-05-31T19:17:39+00:00

Wa, I read reports say resale prices will fall soon. They must be joking right? Don't scare me.

SevenEleven SG

Wah, even foreigners want a piece of the speculative bubble that is HDB flats.

when you are rich. the world is your playground

angel7030 SG

yes, but in the meantime, while waiting for your applicationa n HDB, come, vist our hotel cum motel cum backpack at Joo Chiat Road, we give good services at an affordable price, at least cheaper than HDB

charlize SG

when you are rich. the world is your playground

I wish I was rich.

Really.

βέτά SG

you foreigner? if you know what it is but you no hiu, you chose to ignore, but if you don't even know what it is, you are ignorant.

go property guru,haha, you really gia mm zai loh. you first time HDB buyer? go to HDB, visit hdb.com.sg, ask what are you eligible, what is available, and work from there. No need to pay property agent, most of them no good.

there is a house hold income ceiling for first time buyer of 2 rooms and 3 rooms flat. 3 room flat max income ceiling is $3000 per month, above which you buy from open market. CCK, Hougang and Punggol new 3 room standard HDB going for $164K onward.

If you take a loan of $200K for 30 yrs, your monthly repayment is $800, at current HDB interest of 2.6%, with household income is $3K, your CPF is $990, more than enough to pay month installment, no cash payment involved.

Listen to singaporean who are living in HDB, they don't stay in HDB but live on ikan bilis. Millions of singaporean are living in HDB, if they can manage their $3k a month, you can do better.

If you can buy cheaper and better houses elsewhere, go!!! too much demand for HDB has already pushed up the prices. but, do you noticed that many people are chewing sour grape when they realize that the lousy HDB flats are appreciating faster than the cheaper and better.

Its your choice, but put the money where your month is.

Is it possible to use 100% of your CPF contributions for HDB housing instalments?

For a below 35 years old, the CPF contribution of $990, 65.72% goes into Ordinary Account, 14.28% goes into Special Account and 20% goes to Medisave.

$990 x 65.72% = $651

For a 36 to 45 year old, the CPF contribution of $990, 60.01% goes into Ordinary Account, 17.14% goes into Special Account and 22.85% goes into Medisave.

$990 x 60.01% = $594

http://mycpf.cpf.gov.sg/Members/Gen-Info/Con-Rates/ContriRa.htm

charlize SG

Is it possible to use 100% of your CPF contributions for HDB housing instalments?

For a below 35 years old, the CPF contribution of $990, 65.72% goes into Ordinary Account, 14.28% goes into Special Account and 20% goes to Medisave.

$990 x 65.72% = $651

For a 36 to 45 year old, the CPF contribution of $990, 60.01% goes into Ordinary Account, 17.14% goes into Special Account and 22.85% goes into Medisave.

$990 x 60.01% = $594

Good point.

A lot of people don't realise that their monthly CPF money actually is split among the 3 accounts.

angel7030 SG

Good point.

A lot of people don't realise that their monthly CPF money actually is split among the 3 accounts.

What is there to realise when, at the end of the day, you may not even get to touch it, and there is no use calculating it, no only that the rules will change here and there, but for mere 35yo uncle, after calculating, it will demoralise him to work.

The system is clear here, you just work and we, the govt will take care of the CPF. Clear!

βέτά SG

Some folks have never even bought a flat or even started working, don't even know the contribution rates for the various accounts.

βέτά SG

Household income = $3,000 per month

Loan = $200,000

Interest rate = 2.6%

Repayment period = 30 years

Monthly repayment = $800 (approximately)

CPF (OA) = $651

Salary less CPF (20%) less $150 CPF loan repayment shortfall = $2,400 - $150 = $2,250 for your family.

Anyway for HDB 2 bedroom in Hougang, the latest resale price ranges from $264,000 to $300,000, lease commenced in 1985. It's not $164,000 for Hougang.

elindra SG

Household income = $3,000 per month

Loan = $200,000

Interest rate = 2.6%

Repayment period = 30 years

Monthly repayment = $800 (approximately)

CPF (OA) = $651

Salary less CPF (20%) less $150 CPF loan repayment shortfall = $2,400 - $150 = $2,250 for your family.

Anyway for HDB 2 bedroom in Hougang, the latest resale price ranges from $264,000 to $300,000, lease commenced in 1985. It's not $164,000 for Hougang.

Moral of the story:

It sucks to be poor in SG -_-"

βέτά SG

Moral of the story:

It sucks to be poor in SG -_-"

That I agree.

Singapore is a city for the rich.

elindra SG

That I agree.

Singapore is a city for the rich.

Definately since the most expensive house in SG right now is valued at SGD 90 million bucks

In the past 3k is a lot. These days, it's pittance

Hitman 778 SG

spore meant for rich dictators u mean.....well...cant help it if all of u keep silent like in a submarine....like that might as well buy a submarine n live near spore111anyone wants to buy one?????cheapQ!!!!!cheaper than a hdb flat!:)

angel7030 SG

i got one, battery operated, use to be my brother toys, i still play with it in my bath tub, there is also a dish called submarine special selling at MBS hotel, it kind of like a burger make into a big submarine. Not cheap tho

angel7030 SG

That I agree.

Singapore is a city for the rich.

And for those who are not rich and called themselves poor, it is of a blessing that you are living in Singapore, it is better to ride along with the richs than with the poors.

"Our poors are much richer than other country poors, and some are consider rich by those poor countries" MP

angel7030 SG

Household income = $3,000 per month

Loan = $200,000

Interest rate = 2.6%

Repayment period = 30 years

Monthly repayment = $800 (approximately)

CPF (OA) = $651

Salary less CPF (20%) less $150 CPF loan repayment shortfall = $2,400 - $150 = $2,250 for your family.

Anyway for HDB 2 bedroom in Hougang, the latest resale price ranges from $264,000 to $300,000, lease commenced in 1985. It's not $164,000 for Hougang.

aiyo, u keep calculating for what?? people here are working all the times, got no time to calculate all these sum of CPF and housing, I bet if you go to HDB and see those people getting or applying for flats, they never calculate all these nonsense, all just sign a few hundreds pages of rules and regulation, takes the keys and happily move house or get a traditional marriage on the run, and all end up living in a box of concrete with a metal gate same same as changi prison.

If everyone is to calculate like you, HDB prices will go down, most will end up living in ECP or West coast or Changi beach...submarine

charlize SG

http://www.temasekreview.com/2010/11/17/affordability-of-hdb-flats-%E2%80%93-a-response-to-minister-of-national-development/

sgdiehard SG

If you are first time HDB buyer, 3 room standard is available in new area below $200K. If you are second time buyer, and have to buy from open market at $250K to 350K, but you already have a base with your existing flat, so the calculation is not the same.

The fact remains, you don't have to earn $7730 to afford a 2 room flat, but of course you need that to stay in a studio apartment in orchard road. It is also true that with the income ceiling of $2000 for 2 room flat and $3000 for 3 room, we don't see singaporean sleeping in changi beaches.

The one who are really having problem now are the sandwich class. Young graduates got married late, when over 30 their combined income goes near $10k, cannot buy HDB, have to pay over $1 million for a simple 3 room condo, they can punch a hole in their calculator but still will have difficulty.

sgdiehard SG

http://www.temasekreview.com/2010/11/17/affordability-of-hdb-flats-%E2%80%93-a-response-to-minister-of-national-development/

interesting the reform party talks only about "strengthen our decision making process by listening more intently to the voices of the people, and qualifying our national policies accordingly." nothing is said about what they intend to do to make housing more affordable.

charlize SG

Then again, if any opposition party could come up with any workable plan, the incumbent would quickly say it is not good and then implement it quietly a few years later.

Yes, and claim credit for it.

deathmaster SG

hmm, i am interested in MM Lee's comment.

if HDB is not an asset, why is the government so concern with raising the value of hdb, striving to increase "the asset value of hdb houses"?

i think this mindset works for the baby boomer generation, but it sure is irrelevant for the younger generation.

The old conventional wisdom:

Step 1: Save $6k, buy house. (1990 price, 4 room flat $60k, 10% downpayment at 6k, full repayment under 10 yrs, household income 2.5-3k/month, 30 yrs old)

Step 2: wait for house to increase in value, sell house, top up more money to upgrade to bigger house. (cough up extra 40k to upgrade to bigger house, 40 yrs old)

Step 3: Repeat Step2 until you are satisfied with your house. (50 yrs old)

Step 4: age 60, Sell house, downgrade or live with children, and use profits for retirement.

_____

today:

Step 1: save $30k, buy house (2010 price, 4 room flat $350k, 10% downpayment at 30k, 30 years for full repayment, household income 4-5k/month, 30 yrs old)

Step 2: Wait for house to increase in value, sell, and top up 100k to upgrade to next bigger units. (and wait, new units are smaller than older ones. e.g. 2010 5-rm flat = 1990 4rm flat)

Step 3: Keep paying and paying until age of 60. full stop.

Step 4: Sell house, downgrade, live off small profit. live with children, if there's any children, or if they have a house of their own to let you live in.

________

i foresee that future singaporeans will be asset rich, each living in million-dollar properties, but cash-poor, with little or no money in their bank.

how many people now will have the minimum sum of 100k in their cpf ordinary account when they retire? Note that quite a sizeable amount of cpf monies is spent on housing, and you definitely cannot liquidate your house, which leave you with nowhere to stay.

even with cpf money, can you survive on $200-600++ payouts given the high cost of living? if you can't, so does your parents, who also might not have finish their housing payments after retirement.

in the end, whatever that is left of your salary after cpf deductions will be divided among your parents, your wife's parent, your wife, your children and yourself. and grandparents if there's any.

can you afford to spend so much on housing?

« Previous Page Next Page »