This morning was chatting with a housewife friend. She has more knowledge of property than me. She told me recently in the news, there is a luxury condominiums about to be OTP. The developer slashed the stamp duties to attract buyers. When the reporter interviewed the property director to the property market, Incidentally, he spilled out that the property is actually meant for foreigners not for Singaporeans. Mostly this kind of luxury units, cost million of dollars, even Singaporeans work hard, they cant even afford to buy a HDB flats unless you are a millionaire or working as a director, thats a different story. They want to invite many foreigners to come in to invest on the property. Our land is limited, and our flats are getting smaller and smaller but the price is exorbitant. I relate what she told me. Recently, our HDB Minister KBW was on the news. She related KBW said a lot of the old people have approached him that they have not enough money to service their HDB loans. So he has suggested that the old people sell the bigger house to a smaller unit so they can cash out so money for retirement. And he decided that the down payment for the flat is 5% instead of 10%. So people can afford the down payment. But he never mention to the people that if you sell your house, you have to pay the levy to the Govt depends on the size of the HDB you are selling. Most old people are the first timer when they purchased their flats in the 80s which was a few 100% cheaper and the living space is so spacious unlike the current new flats. No matter what types of flats you sell, you have to pay levy to the Govt. For example, you have a 4 room flat, you want to change to a smaller unit, the levy is 40K, 3 rooms is 30K and so forth. So do you think our Govt is so considerate and good? The amount of levies they collected is much more than the new flats they sell. Please advice those senior not to fall onto their traps unless they scrap the levy which is very unlikely. So This is how our Govt take care of the pioneer generations. I would suggest they rented out the room to collect rental better still.
Posted on: Tue, 30 Sep 2014 05:23:44 +0000
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