HDB pigeon holes ....Foreigners driving the price up

From: baldeagle
On Dec 19, 2:00 am, Zanzibar wrote:

> On Dec 16, 11:45 am, "truth" wrote:

> > The 3,4,5 rooms pigeon holes of today are so much more
> > expensive. In addition, they are so much smaller compared
> > to older pigeon holes.
> > Singaporeans are beging ripped off in two direction
> > 1. price
> > 2. floor area.http://business.asiaone.com/Business/My%2BMoney/Property/Story/A1Stor...

> In the next few years it will cost even more. This is becasue more and
> more foreigners who got their Marlene Dietrichrs are buying up resale
> HDBs.

> Many of them will bring in their "illegal" money which they earned
> "disportionately" into singapore. Many will qualfied their purchase by
> meeting the minimun income rating.

> But they will bring in their cash to pay up the flat in full, as many
> of them do not qualify for bank loan, given that they don't have
> income tax to prove for a loan of it.

> The majority of these people will be from China ad India. Ha ha ha, as
> a mtter of time, Singaporeans will be "evicted" by them, sooner than
> later, when they sell their flat to them and then downgrading to a
> "cheaper" flat. The "cheaper flat" will have also proportionately
> risen as well to the market pricing of the flat.

> Eventually, Singapore wil "shoot" its foot because of this
> policy...

There are now almost a million foreigners living in Singapore.
When foreigners become citizens and PRs, they can buy or
rent HDB flats. It means...there is a demand for at least 250,000
HDB resale flats (assuming a family of fours stay in one flat),
over the next 5 to10 years.
It means...every year there is a added demand of at least
25,000 flats.

Is the government building 25,000 HDB flats a year ?
No.
When supply cannot meet demand, prices will rise.

For Singaporean who upgrade to condo...it is good
news...as they can sell their HDB at a much higher price.

For young Singaporeans couples (who plan to get married)
and other first time buyers, they will have to pay much
higher prices for their flats...and have to wait much longer.
My neighbour's kid has waited for 4 years...and is still
waiting to buy a flat near Bedok or Tampinese.

Foreigners are driving HDB prices up, take over good
jobs from Singaporeans...

Yes, PM Lee and MM are saying that foreigners are good
for Singapore ! They think that Singaporeans are fools...
They are not honest.