Wednesday, April 24, 2013

Permanent Residents' (PRs) agenda in buying a resale Flat.

The PRs' agenda buying HDB resale flats..

by Patrick Lee Song Juan (Notes) on Wednesday, April 24, 2013 at 3:50pm

HDB resale flats has never been so expensive on the market even 8 years ago..Today, if you want to buy a 3-rm resale flat it would cost you $400,000 up from $170,000 only a few years ago...

Why is this happening to our resale flat price escalation?...This has to do with the PR foreigners which the govt indiscriminately gave them PR status..With that PR status...these foreigners can buy resale flats on the market. When the demand is high and supply low...the market price surged up and up. It is a normal phenomena..

But why has it got to do with the govt...?? It is a grey area to open the resale market to PRs to buy, hence the problem arises to uncontrollable proportion.

Many PRs after getting that status and surprisingly many are cash rich too, will go hunting for resale flats...And many would buy it with solid cash. Hence even the Cash over valuation (COV at one time surged to $50,000 and above with some even paying $100,000 COV for a 5 rm flat.

After buying  the resale flat, many do not stay in but rented it out to other parties and collect rent to service the monthly mortgage loan if they did not pay full cash  for the flat but took a loan...

Resale flats only can be sold off after 5 years...So, in the meantime this PRs worked in S'pore with monthly salary and rental to collect from their flats rented out...

The time comes for them to pack all and return to their own country after the mandatory 5 years ownership of resale flats..Many would sell them, took all their money and their savings from their work in S' the tune of more than 500,000 and others PRs may even amass $1,000,000 and bring it home to their country and start a rich ever after life..Singapore may even be a stepping stone to them for citizenship in the West...

In this case the suffering people are the citizens, due to their policy of PRs able to own resale flats, are screwed by this state of affairs...Statistics will show how many PRs have sold their resale flats after 5 years and returned home...Will the HDB furnish such statistics to the general public to see??

The suffering people are the citizens of S'pore.with resale flats going up the sky, have to wait for new flats..But many are not eligible anymore due to two times owning a new flat from HDB...And this time the citizens are being fucked not only by the govt but by the PRs also..

So, do PRs S'pore really boost up the economy of S'pore..Yes they do with the buying and selling..but the amount of money taken out of S'pore when they decided to give S'pore as just a stepping stone to better lives somewhere...our govt is really FUCKED by the many foreigners turned PRs then turned quitters after making good money in S'pore merely for 5, 10 years residence??

Does the PAP govt open their eyes and ears to hear the tales of successful rich PRs leaving S'pore as millionaires ??

Is it not time for the govt to change its policy on PRs buying resale flats?  Buying it but not allowed to rent  out for at least 5 years from the onset of ownership..

Either way...the govt has fcuked up themselves and citizens of S'pore are at the receiving end of HDB price escalation year after year...

Is there an end to the 'AFFORDABLE' public HDB price?...even the new flats built by HDB are not cheap anymore...

I bought my new 5rm flat near Bedok Reservoir area for S$170,000 in 1994 (lift to every floor and an area of 128 sq metres-1377sq ft)....Now everyone can only dream of that price in their reverie !

patrick lee song juan

My grand daughter Claire and me...Will she able to own a HDB flat in time to come.