atans1

Will this resale flat buyer vote for PAP in next GE?

In Political governance, Property on 07/11/2018 at 4:19 pm

After reading this post, tell me if you think Jun Liang, the resale flat buyer, will vote for the PAP in the next GE.

Further to Will resale flat owners still vote for PAP in next GE? where I reported that the value of the homes has been falling even as prices of private dwellings rebounded over the past five quarters, leading to a 13.8 points gap in their price performance, the widest in more than a decade. Private home prices rose 0.5% in the third quarter, after climbing 3.4% in the previous three months here’s a really sad story

🤑🤣😛😢😪😂😝😜

“I bought in the resale market when the prices were quite high some years back,” said Jun Liang, 42, whose apartment is in a 55-year-old block called Selegie House. “When I look at the value now, it would not have appreciated — in fact, after renovation costs it could even be a small loss.”

[…]

Home-owner Jun and his wife bought their apartment in one of the oldest HDB blocks in 2013 after getting married, spending about S$700,000 on the property and another S$100,000 to renovate. Now, they have thoughts of upgrading to a private condo. But, looking at their budget, the couple wonder if they’ve any chance of getting the home they want.

https://www.bloomberg.com/news/articles/2018-10-25/singapore-s-public-housing-envy-of-the-world-hits-rough-patch

I think he’s deluded about a small loss taking into account renovation costs. Remember prices for flats like his took a dive after Lawrence Wong’s warning about the govt taking back the land when the leasehold expires: Why 30-year old HDB flats difficult to sell.

And it’s going to get worse. 🤑🤣😛😢😪😂😝😜

Nicholas Mak, executive director and head of research at real estate firm ZACD Group said:

HDB resale prices may fall 1 percent to 2 percent this year, according to Mak.  In the long term, besides undermining public sentiment, declines could threaten demand for private housing, since fewer people will feel wealthy enough to upgrade to condominiums, according to Cushman & Wakefield Inc.

https://www.bloomberg.com/news/articles/2018-10-25/singapore-s-public-housing-envy-of-the-world-hits-rough-patch

Who asked Jun Liang and his wife to believe PM and his ministers on asset values? Exposed: Flaws in PM’s HDB spin 

🤑🤣😛😢😪😂😝😜

And Jun Liang should also worry about the trade war between China and Trump because a slow down in China is terrible for us: we more affected than the rest of Asean:  PAP needs strong Chinese economic growth.

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  1. The flats in Selegie House are the small types. The one in question probably a 806sqft 4-rm flat.

    If really need to sell today, unlikely to get serious offers much above $500K. Buyers will need big chunks of cash onhand to pay.

    Even if SERS, the compensation by HDB based on market valuations will be a big % loss of what he paid, and certainly not enough to buy any replacement new 4-rm flat in city centre area, even if its a subsidized BTO as part of SERS package.

    If there’s SERS, HDB might offer them BTO replacement flats in a slightly cheaper district such as Kallang River / Mountbatten area. This was what they did for the Rocher Centre residents when it got torn down for the N-S Highway.

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