Saturday, October 27, 2007

Deferment payment scrapped. So what??

I refer to the previous post on the overblown property market. Finally the government has decided to cut off the deferment payment scheme for Singapore properties, effective immediately. I've ranted about the overblown property market since last July!

That only proves one thing. The people up there has no idea what is happening down there. Not on the ground, not knowing what's happening, and relying all on "figures". Being reactive instead of being proactive.

HDB resale prices blowing upwards, HDB not building cheap housing for the masses, and instead shrinks from its responsibilities by out-sourcing their job to private developers. Look at the most recent development in Telok Blangah Towers. Minimum pricing for 3 room flat is $187,000. Household income cap is $3,000! Can you tell me if a person with a $3,000 household income can afford to pay $187,000 for a 3 room flat? Not to mention that the ceiling for the 3 room flat is $238,000! Since when HDB has a new vision of providing retirement homes for the rich??

The writing is already on the wall since the start of the year that there will not be enough housing for this year and the next year. Yet, HDB did nothing! It's time to change the vision of HDB. It's no longer in providing affordable homes. Strike that one out. They need to re-look at their vision.

And we gave these people a raise???

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