HDB Upgrading a Political Issue?
I'm utterly disappointed that MM Lee, a politician of high stature, has also resorted to using upgrading of HDB flats as a tool to get votes.
To me, the PAP should not only not use upgrading as a political tool but should upgrade the HDB flats for free. The reasons are:
1) It was their skewed housing policies that caused rife speculation of property in the early 1990s. Property prices then spiralled to form a bubble. When the bubble finally burst in the late 1990s, many private property owners lost their properties and became mired in debts. Though HDB flat owners didn't suffer as much, their HDB flats nonetheless depreciated 20% to 30% which was contrary to the 100% asset appreciation promised by the PAP. But as it is impossible to devalue the prices of flats, the only way the PAP can make good their promise of asset enhancement is to the HDB to upgrade all the flats and HDB estates free of charge.
2) It is widely believed that the HDB makes around 100% to 200% from the sale of flats. With that kind of indecent profits the HDB can well afford to upgrade the flats without charging the owners.
3) If the oppositions with limited resources were able to upgrade some of the flats in their wards without charging the people, I see no reason why the deep-pocket PAP are unable to do so.
To me, the PAP should not only not use upgrading as a political tool but should upgrade the HDB flats for free. The reasons are:
1) It was their skewed housing policies that caused rife speculation of property in the early 1990s. Property prices then spiralled to form a bubble. When the bubble finally burst in the late 1990s, many private property owners lost their properties and became mired in debts. Though HDB flat owners didn't suffer as much, their HDB flats nonetheless depreciated 20% to 30% which was contrary to the 100% asset appreciation promised by the PAP. But as it is impossible to devalue the prices of flats, the only way the PAP can make good their promise of asset enhancement is to the HDB to upgrade all the flats and HDB estates free of charge.
2) It is widely believed that the HDB makes around 100% to 200% from the sale of flats. With that kind of indecent profits the HDB can well afford to upgrade the flats without charging the owners.
3) If the oppositions with limited resources were able to upgrade some of the flats in their wards without charging the people, I see no reason why the deep-pocket PAP are unable to do so.
posted by locky2ky at 9:37 PM
3 Comments:
i am interested to find out where you got the information that the HDB makes a 100 or 200 percent profit on sale lf flats in singapore. As far as i am aware such information is not disclosed to the public.
it was reported in sammyboy forum and singaporeforum.
Actually its true. I have a frien in construction who once told me the material cost to build a unit of HDB is abt 40-80K. Coz they tender for the projects.
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