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After months of denial, National Development Minister Mah Bow Tan finally admits that the prospects of a property "bubble" evolving in Singapore is very real indeed. During a feedback session conducted by REACH on PM Lee's National Day Rally speech, Mr Mah told some 100 Singaporeans present that the new rules introduced lately by HDB are necessary to curb excessive speculation in the property market. Owners of private properties now have to dispose them within six months upon buying a resale HDB flat whose minimum occupation period has been increased to five years. For those with existing mortgages who wish to purchase a second property, the downpayment is raised from the current 20 percent to 30 percent of the value of the property. "We think that if we do nothing, there's going to be a bubble. And when the bubble bursts - not if - there will be severe implications for individuals as well as for the economy as a whole," said Mr Mah. The prices of Singapore properties have sky-rocketed after a slight dip in 2008 due to the global financial crisis with that of resale HDB flats hitting an all-time high, caused partly by the relentless influx of foreigners in the face of limited supply of new flats. According to an Economist report, Singapore properties are overvalued by about 20 percent. Though the PAP regime announced its ambitious plan to increase Singapore’s population to 6.5 million people via immigration way back in 2005, the number of flats built between 2006 – 2008 is the lowest over the years. Only 3,183 flats were built in 2008 when Singapore accepted 20,000 new citizens and 90,000 PRs who were allowed to purchase resale flats in the open market by the PAP regime. [Source: HDB Financial Report 2008/2009] As there are insufficient new flats being built to meet the demands of both Singaporeans and the new citizens, many have to purchase flats in the resale market, thereby jacking up prices in the process. Below is a graph illustrating how the rise in the prices of resale flats coincides with the rise in the number of foreigners in Singapore between the years 2000 and 2008, courtesy of Kojakbt, the moderator of 3in1kopitiam: While Mr Mah has admitted he had been “caught off-guard” by the astronomical prices of HDB flats, he is adamant that they are affordable to Singaporeans and chided home-buyers for being “fussy” and having “unrealistic” expectations. The property bubble we are seeing today or in the future is largely the doing of Mr Mah. Had he built more flats during the years 2006 - 2008 to meet the growing demand fueled by immigration, we will not be seeing such ridiculously high prices now.   Debunking official myths of HDB flats series: 1 Myth 1: Singaporeans are “owners” of their HDB flats 2. Myth 2: HDB flats are “affordable” to most Singaporeans 3. Myth 3: Rising prices of HDB flats “generate” wealth for Singaporeans   Related articles: >> New rules to prevent private property owners from speculating in resale flats >> Mah blames Singaporeans for strong demand in public housing >> Mah: 16,000 BTO flats next year >> Median COVs hit a record high >> $300,000 for four-room BTO flats in Punggol >> Mah Bow Tan: HDB flats are still affordable to first time flat buyers >> Why Mah Bow Tan’s policy of high HDB flats is wrong >> Letter to Mah Bow Tan on HDB policies >> Singaporean want govt to allay anxiety over HDB leasehold >> Mah Bow Tan embarrassed by Reform Party’s Hazel Poa >> Mah Bow Tan: “Unrealistic” expectations to blame for unhappiness about flats >> Taiwanese PR paid record $ 650,000 for 4-room resale flat >> Grace Fu: PRs are helpful to HDB flat owners selling their flats >> HDB launches “traveling exhibition” to trumpet its achievements in the heartlands >> PAP to upgrade 12,000 HDB households ahead of next election >> Mah Bow Tan: We do not want flat prices to go down >> Prices of resale flats to rise further as PR quota reached >> Taiwanese PR offers $50k COV for resale flat >> Mah Bow Tan: PRs have minimal impact on resale flat prices >> No empirical evidence to suggest that public housing is affordable in Singapore >> When will Singapore’s property bubble burst? >> Why HDB is unable to reveal break down costs of new flats now >> HDB to consider introducing rules to curb property speculation >> HDB blames Singaporeans for not selecting flats when given the chance >> Singaporeans worried about retirement after depleting CPF to pay for over-priced HDB flats >> Mah Bow Tan acknowledged that rising HDB flat prices has sparked “fresh concerns” >> PM Lee: Govt does not have control over prices of resale flats” >> COVs of resale flats shooting through the roof >> HDB resale price index hit record high in 2009 >> Singaporean wants PRs to live in rented flats instead of buying resale flats >> Singaporeans wants PRs to be banned from selling HDB flats at a profit >> Shanmugam: Singaporeans likely culprits for driving up HDB flat prices >> Mah Bow Tan: HDB flats remain affordable >> Means testing for PRs to buy resale flats >> Immigration and public housing: should the govt or people plan ahead? >> Grace Fu: hard to predict demand for housing >> Indonesian PR bought 4-room flat at $653,000 >> Mah Bow Tan asks home buyers to be realistic >> PAP MP blames young couples who cannot get a flat for not planning ahead >> Home affordability: HDB versus the public >> Demand vs supply: so many applicants, so few flats >> Number of applicants exceed number of flats >> HDB to increase supply of flats >> Mah: don’t compare with prices in the past >> ERA: 40 per cent of HDB flat buyers are PRs     Please join our Facebook discussion on this article here and invite your friends to do so as well to raise awareness among fellow Singaporeans.  Read More →

Despite the feeble attempts of Prime Minister Lee Hsien Loong to reassure Singaporeans that their interests still come first for his government, the foreigners issue continue to crop up during the two feedback sessions conducted by REACH and People's Association Youth Movement (PAYM) in the aftermath of his speech. According to a Straits Times report today, many Singaporeans who attended the two dialogue sessions yesterday remained sceptical of the PAP's pro-foreigner and ultra-liberal immigration policies which have changed Singapore's demographics beyond recognition within the span of a few years. The present immigration policy is the brainchild of PM Lee who announced his ambitious plan to increase Singapore's population via immigration to 6.5 million people in 2003. All of the sudden, the floodgates were flung opened and Singapore is swarmed by foreigners from all over the world who now make up more than a third of the population. PM Lee spent more than half his speech during the National Day Rally to press his case for Singapore to stay "open" to immigrations. He claimed that Singaporeans stand to "gain" from the continued inflow of foreigners without providing any concrete evidence to substantiate his claims. During the PAYM dialogue session, one 27 year old project engineer Lu Qi Min wondered if the immigrants can ever be integrated into Singapore society: "When you know that the foreigners are here to compete with you for a job, the mindset of integrating them into society has already disintegrated. As long as the bread and butter issues and the competition for jobs remain, it will be very difficult to integrate with them," he was quoted as saying in the Straits Times. Mr Lu's sentiments is echoed by the majority of netizens as evidenced by the views expressed in the internet forums and blogs, many of which are adamantly against the current rate the PAP is bringing in the foreigners and "converting" them into new citizens. As one netizen Donovan Baine puts it succinctly on TR Facebook: "The relationship between government and the people is like husband and wife relationships. just give her a lot of household expenditure money and ignore her completely, she will look for someone esle to make her happy. You must do things for her, buy her presents, show her that she is important to you. I see that government know how to do that, but for another women (the foreigners). That is why the foreigners despise us." Perhaps it  is about time that Singaporeans consider casting their votes to another party which will put their interests ahead of the foreigners.   Please join our Facebook page here and invite your friends to do so to create awareness of the current affairs affecting Singaporeans. Please use our online web form to contact us.   PM Lee’s National Day Rally: >> Reform Party's response to PM Lee's National Day rally speech >> PM Lee's $9,000 carrot an insult to all NSmen >> $9,000 for every NSman >> Owners of resale flats must now dispose private properties >> PMLee’soutoftouchNationalDayRallyspeech >> Immigrants will prepare young Singaporeans for more competition >> Singaporeans must accept controlled flow of foreign talents >> Netizens unimpressed by PM Lee’s National Day Rally speech >> Mass immigration won’t affect ethnic composition   The UBS Series: >> Part 1: Singapore has lowest wages and domestic purchasing power among Asian Tigers >> Part 2: Moving towards a Russian standard of living >> Part 3: Why Singaporeans are paupers in a first world economy   Related articles: >> Urgent need for population debate in Singapore >> The fallacy of using lax immigration policies to solve low fertility and aging population issues >> PAP mass-recruiting Taiwanese PMETs to compete with Singaporeans >> Halimah Yacob: Not true that employers hiring foreigners over Singaporeans >> Conversation with a PRC prostitute given Singapore PR by the PAP >> Teo Chee Hean: PAP’s immigration policy has always been “strict” >> How the PAP allows foreigners into Singapore to compete with locals for jobs >> Why Singaporeans ‘fear’ of new immigrants is absolutely rational >> SM Goh reassures immigrants that they are still welcomed in Singapore >> Singaporean working in China lashed out at grouses of Singapore PRs >> Eight reasons why foreign workers will be preferred over local ones >> Declining wages of Singaporeans and the continued denial by PAP leaders >> Halimah Yacob refutes UBS study findings >> Halimah Yacob: Productivity drive will be derailed if foreign worker challenge not addressed  >> Exposing the six major flaws in the PAP’s immigration policies >> Wong Kan Seng promises to tighten immigration policies >> SM Goh: Foreign workers numbers may still rise >> Malaysian car mechanic applying for Singapore citizenship >> PAP launches Singapore Citizenship Journey to help new citizens integrate >> Compulsory for new citizens to attend “sharing sessions” with grassroots leaders >> Wong Kan Seng urged Singaporeans to be more tolerant of foreign workers >> Tharman: Foreign workers increase income of low-income families >> Sylvia Lim: Pace and influx of foreigners over last few years is wrong >> Amy Khor urges Singaporeans to welcome foreigners >> PAP MP wants more money to be spent to make new citizens feel welcomed in Singapore >> Shanmugam: Foreigners generate jobs for Singaporeans >> Vivian happy there are 4,500 new citizens serving as grassroots leaders >> Cosmetic changes made to immigration policy >> SM Goh: New immigrants needed to make up population shortfall >> PAP ministers hailed contributions of foreigners >> SM Goh expressed support for Zhang Yuanyuan >> State media: citizens have more rights over PRs >> Zhang Yuanyuan got her Singapore PR in only 2 months >> Official reply from government on the Zhang Yuanyuan fiasco >> Singapore PRC PR proclaimed loyalty to China publicly >> PRC resident hung China flag to celebrate its National Day >> PRC student in Singapore wants more scholarships for foreigners >> PRC prostitutes solicit for customers on Singapore’s cyberspace >> ERA: 40 per cent of resale flats buyers are PRs  Read More →

作者:李卖蚬 李总理说：‘我们独有的新加坡精神 -- 团结合作，不怕艰难，理智果断，并且让全民分享成果，是让新加坡建国45年来赢得崇高国际声誉的最关键秘诀，这样的精神必须一直传承下去。。。。’ (1)团结合作 - 不要唱反调，不要公开批评PAP。 (2)不怕艰难 -  我引进更多外来人口来“刺你的皮”是为了要你继续“更便宜、更好、更快”（Cheaperer，Betterer, Fasterer)。 (3)理智果断 -  我说了算，如果做了错误决定，全新加坡人要替我埋单，还要回到（1）。 (4)并且让全民分享成果 -  如果贫富差距有日益严重的现象，那..too bad, it happens. (5)这样的精神必须一直传承下去 - 我演讲中提到新加坡也应该想广东省一样“腾笼换鸟”，你们可别误听为“腾龙换鸟”哦! 呵呵。。 大马论坛  Read More →