In case you’re too busy trying to recover from all the gambling sessions and house visits over Chinese New Year and have not been following the Housing Debate Motion in Parliament, can lao niang introduce you all my latest hero?
He is none other than Leong Mun Wai from Progress Singapore Party (PSP)!
In Parliament on 6 February, Leong Mun Wai calls for the Gahmen to review its housing policies because he claimed that HDB flats are no longer affordable and accessible to Singaporeans.
My hero Leong Mun Wai boldly suggested that the Gahmen make Build-To-Order (BTO) flats cheaper for Singaporeans by removing the HDB land cost FIRST when he or she buys a flat from HDB, and then pay it back later when the person decides to sell the flat after the Minimum Occupation Period (MOP).
Actually, last year Leong Mun Wai suggested that the Gahmen take out land cost completely lah but now he said to include land cost but can defer for a period of time. Hmm a bit of a flip-flop here but it’s okay de! Because it does not change the fact that this uncle is so brave for making bold suggestions! Lao niang want to give him a standing ovation for his boldness sia!
Do you know what this means or not? His proposal means hor for example:
Xiao Ming applied for a BTO and he bought his HDB flat in Ang Mo Kio at $150,000. After 5 years, Xiao Ming decided to sell his HDB flat. At this point, Xiao Ming will need to fork out say $400,000 to pay back for the land cost now with accrued interest.
- His proposal will deter those Singaporeans who are hoping to make a windfall from selling their HDB flats after the MOP because their profit will be lower!
- This will also mean that nobody will want to sell their HDB flats, and the resale market will ki-siao and go haywire. The property agents can also zap lap (close shop) go find other jobs liao!
- The newer generation of Singaporeans will be stuck in a rental with no asset appreciation in the resale market because everyone will be waiting for a cheaper and newer sale.
- Leong Mum Wai’s proposal will stop people who always want to change and upgrade their flats. What’s so good about social mobility ah? Just stay put in the same HDB and die there cannot meh? When we die, we also stay in the same place what?
Actually, lao niang really thinks that Leong Mun Wai’s proposal makes a lot of sense hor.
What do you all think of his proposal? Cheap BTO price killing resale market, as no one will want to buy an older resale flat. All our flats will never appreciate in price.
