Parc Greenwich EC

[sgpropertyblog]

tenet
provence

Trilliant
citylife

 

[sk0065]

Trilliant
citylife

Bishan Loft

 

[DevilPlate]

Esparina one of the earlier few EC that is near MRT

 

[elvintay07]

what is worrying is the amount of people who do not think the government will allow people to be homeless when the 99 HDB lease is up - there will be a back up relocation plan by the G or SERS.

And even at SERS, they expect to make a good profit otherwise they will KPKB like the recent AMK one.

Personally I think it won’t happen. There is definitely a way to solve this. Quite likely government will extend lease by 10-20 years on rolling basis or likely enblock. 50 years from now the world will change dramatically. Maybe they can tear down and build a 30 storey building in 1 year. I don’t think Singaporeans will have a chance to be homeless la. LKY created this HDB ownership and the future leaders won’t dare to destroy this. If all lease runs out, u kick ppl out, this may become huge social unrest

 

[DevilPlate]

Personally I think it won’t happen. There is definitely a way to solve this. Quite likely government will extend lease by 10-20 years on rolling basis or likely enblock. 50 years from now the world will change dramatically. Maybe they can tear down and build a 30 storey building in 1 year. I don’t think Singaporeans will have a chance to be homeless la. LKY created this HDB ownership and the future leaders won’t dare to destroy this. If all lease runs out, u kick ppl out, this may become huge social unrest

I also feel it is vy unlikely to happen to HDB flats…..cannot say the same for 99LH pte property tho

 

[saikangwarrior]

I also feel it is vy unlikely to happen to HDB flats…..cannot say the same for 99LH pte property tho

I don’t understand why people say HDB cannot seiwhen they have done it before. Singapore government is not a charity organization. if you become homeless, they can probably put you up in 1br rental unit.

if your lease not up and governement want to give SERS, you can kpkb because it was an unexpected event; but if you know lease agreement already stated clearly 99years, then you really only have urself to blame


https://mothership.sg/2020/11/hdb-lease-or-own/

 

[DevilPlate]

I don’t understand why people say HDB cannot seiwhen they have done it before. Singapore government is not a charity organization. if you become homeless, they can probably put you up in 1br rental unit.

if your lease not up and governement want to give SERS, you can kpkb because it was an unexpected event; but if you know lease agreement already stated clearly 99years, then you really only have urself to blame


https://mothership.sg/2020/11/hdb-lease-or-own/

only time will tell

 

[saikangwarrior]

only time will tell

Hopefully we will still be around to see it. For the 60yo lease, we alr saw the government already took it back.

have to see for the 99yo ones. But that’s 30years later

 

[elvintay07]

I don’t understand why people say HDB cannot seiwhen they have done it before. Singapore government is not a charity organization. if you become homeless, they can probably put you up in 1br rental unit.

if your lease not up and governement want to give SERS, you can kpkb because it was an unexpected event; but if you know lease agreement already stated clearly 99years, then you really only have urself to blame


https://mothership.sg/2020/11/hdb-lease-or-own/

This kind of assessment even write in exam will fail. Lol! Ok, let me try to probe some thinking highlighting some points. All quoted in the article so need to think deeply

(1) here is the fact that first-hand owners at Geylang Lorong 3 paid a relatively affordable sum for their homes — just S$4,850 for each unit, according to ST.

According to an inflation calculator by the Monetary Authority of Singapore (MAS), that works out to around S$18,000 in 2019.

Which is, in today's currency, paying S$25 per month to live in a landed terrace house.

(2) It's quite a steal, but it should be seen in context of how these houses were built to accommodate those whose homes burnt down in a fire at Kampung Kuchai in the 1950s, ST reported.

(3) Extensions of leases have only been allowed in the case of en bloc redevelopments, with the requirement that developers top up an amount for the lease extension.

(4) "In land-scarce Singapore, the leasehold system allows land to be recycled and re-developed, to meet the needs of future generations of Singaporeans," says a 2020 Gov.sg article, with a self-aware quip that it was a "re-lease" of the facts.

In that vein, the current homeowners at Geylang Lorong 3 will have to give way for new public housing, with SLA touting the new development as one that would meet the needs of Singaporeans, "especially those who wish to live near the city centre."

(5) Under the Selective En bloc Redevelopment Scheme (SERS), launched in 1995, flat owners from selected older HDB estates are relocated to new flats with new 99-year leases.

Their compensation may even include cash, if their previous home is assessed to be worth more than the replacement.

(5) derivative Voluntary Early Redevelopment Scheme (VERS) was introduced in 2018 for those who, together with their neighbours, opt to surrender their flats to the government early in exchange for less-generous compensation.

(6) The specifics of VERS have yet to be announced, given that it will not start for another few decades or so.

But what happens if the owners in aging estates reject VERS by voting against it? Presumably, they will be left on their own, to wait for their leases to run down.

This is not difficult to imagine, given the fact that compensation under VERS will be less generous than that under SERS.

At these moment till here. Actually another 10 points in the article. Need to read and ponder not read then conclude. I wished life is so simple. Haha

 

[saikangwarrior]

This kind of assessment even write in exam will fail. Lol! Ok, let me try to probe some thinking highlighting some points. All quoted in the article so need to think deeply

(1) here is the fact that first-hand owners at Geylang Lorong 3 paid a relatively affordable sum for their homes — just S$4,850 for each unit, according to ST.

According to an inflation calculator by the Monetary Authority of Singapore (MAS), that works out to around S$18,000 in 2019.

Which is, in today's currency, paying S$25 per month to live in a landed terrace house.

(2) It's quite a steal, but it should be seen in context of how these houses were built to accommodate those whose homes burnt down in a fire at Kampung Kuchai in the 1950s, ST reported.

(3) Extensions of leases have only been allowed in the case of en bloc redevelopments, with the requirement that developers top up an amount for the lease extension.

(4) "In land-scarce Singapore, the leasehold system allows land to be recycled and re-developed, to meet the needs of future generations of Singaporeans," says a 2020 Gov.sg article, with a self-aware quip that it was a "re-lease" of the facts.

In that vein, the current homeowners at Geylang Lorong 3 will have to give way for new public housing, with SLA touting the new development as one that would meet the needs of Singaporeans, "especially those who wish to live near the city centre."

(5) Under the Selective En bloc Redevelopment Scheme (SERS), launched in 1995, flat owners from selected older HDB estates are relocated to new flats with new 99-year leases.

Their compensation may even include cash, if their previous home is assessed to be worth more than the replacement.

(5) derivative Voluntary Early Redevelopment Scheme (VERS) was introduced in 2018 for those who, together with their neighbours, opt to surrender their flats to the government early in exchange for less-generous compensation.

(6) The specifics of VERS have yet to be announced, given that it will not start for another few decades or so.

But what happens if the owners in aging estates reject VERS by voting against it? Presumably, they will be left on their own, to wait for their leases to run down.

This is not difficult to imagine, given the fact that compensation under VERS will be less generous than that under SERS.

At these moment till here. Actually another 10 points in the article. Need to read and ponder not read then conclude. I wished life is so simple. Haha

Catch no ball what you are saying? So Govt will extend lease or take back after 99years.

 

[elvintay07]

Catch no ball what you are saying? So Govt will extend lease or take back after 99years.

Expect me to spoon feed you meh. Do a scenario planning and see which scenario u believe la. Want to know what the scholars are thinking, need to do it the scholar way

All these government sector do a lot of such study, not so simple

 

[saikangwarrior]

Expect me to spoon feed you meh. Do a scenario planning and see which scenario u believe la. Want to know what the scholars are thinking, need to do it the scholar way

All these government sector do a lot of such study, not so simple

I think you overthink already. From the article I can’t gleaned any further insight. Unless you are like LMW can know the inner thoughts of the national development minister

 

[elvintay07]

I think you overthink already. From the article I can’t gleaned any further insight. Unless you are like LMW can know the inner thoughts of the national development minister

I don’t think all the HDB lease will run to 0 and all becomes 0. They can do it for geylang because only a handful of units are affected. If today 5000 household are going to be affected, will government allow this to happen?

Off my head (no referencing)
In 2013, LKY did talk about HDB prices. This cause a lot of greedy folks to take things for granted.

Some en block projects caused some owner’s head to swell and walk with air with big compensation. I think government don’t like this

In 2017, Minister of National Development did hinted that some of these HDB may not be enblock. This struck fear into a group of HDB owners but got some hard ball ones and pro PAP supporters refused to believe

Later on the geylang incident struck more fear into these hard balls and PAP supporters. All of them suddenly realised government is not talking cock

Fast forward I believe government will do more 杀一儆百 to warn the HDB folks. When everyone has the fear, then ppl will be grateful to government when they implement any policy

Imagine this: 2050 comes and government say ok, Lim peh enblock for you but no compensation. I think the owners will kneel down and thank government. Of even this. Government may say you top up $200k for another 20 years lease. The owners may kneel down and thank them also. All these scenarios are better than “no homes”

I doubt the new government will want to destroy hdb which is an icon of SG. Else SG will become like hk

Lastly, those staying in HDB no need to worry for those staying in condo (Parc Greenwich includes) because

(1) Private owners got money. They can move, migrate
(2) They also can top up lease
(3) They can also imitative an enbloc (private property)

Therefore HDB owners no need to worry for private property owners because they can handle all these themselves and private property owners don’t really care about what happen to hdb. If government keep importing the atas folks, private property self sustainable.

Just my cock assessment after a night of KTV and Thai disco. Can take it as talking cock also

 

[Clazav]

I think you overthink already. From the article I can’t gleaned any further insight. Unless you are like LMW can know the inner thoughts of the national development minister

This is not over think ba. Property in SG is always like a lifeline, as it is linked to CPF saving. If mishandle, SG will go downhill. Of course it all depends on the current government of the day, it may not be PAP, it may be PAP. If the new party doesn't make the scholars overthink, I think we all gone case.

 

[Clazav]

Personally I think it won’t happen. There is definitely a way to solve this. Quite likely government will extend lease by 10-20 years on rolling basis or likely enblock. 50 years from now the world will change dramatically. Maybe they can tear down and build a 30 storey building in 1 year. I don’t think Singaporeans will have a chance to be homeless la. LKY created this HDB ownership and the future leaders won’t dare to destroy this. If all lease runs out, u kick ppl out, this may become huge social unrest

You just need to start 'educating' the new generation early, before the time's up for more leasehold properties. Keep publishing and warning the public from time to time, and also make sure not so many leasehold properties go to zero years in one shot (as it will greatly reduce the vote for the incumbent). This will also reduce the price of old properties significantly until they wouldn't kbkb so much will the time is up.

 

[saikangwarrior]

You just need to start 'educating' the new generation early, before the time's up for more leasehold properties. Keep publishing and warning the public from time to time, and also make sure not so many leasehold properties go to zero years in one shot (as it will greatly reduce the vote for the incumbent). This will also reduce the price of old properties significantly until they wouldn't kbkb so much will the time is up.

Third order thinking tells me that when the time comes for end of lease of 99yo leasehold, how many will still be original owners.

If you are an inheritor of the property, and govt offer a lease buyback, will you choose to sell it and realise some cash, as opposed to it going to zero

 

[Clazav]

Third order thinking tells me that when the time comes for end of lease of 99yo leasehold, how many will still be original owners.

If you are an inheritor of the property, and govt offer a lease buyback, will you choose to sell it and realise some cash, as opposed to it going to zero

Don't think many will be original owners at the end of the lease. So the warning must be obvious to the 2nd or subsequent owners, make sure they see eyes big big before they signed.

Inheritor of property, depends on the stage of life he is in. If 40 plus years old and already have a home, then sell it. If 20 plus years old without a home, then see if gov offers good price or whether worth to buy another one.

For Vers, the chance of success is low, as the old residents are probably not willing to have the hassle to sell, buy, move house.

 

[elvintay07]

A lot of times ppl expect too much due to greed. Take the geylang example. Bought the place for $4,500 which is $18,000 in today’s value. At that kind of price, u expect government to pay you based on today’s market rate to enbloc you, My mathematics is **** but let’s assume that place can build up to level 5. That means government is losing opportunity cost of 4 floors (terrace house is 1 floor). let’s say this house is super tiny and based on geylang psf, we conservatively say that place is worth $1m, they expect this kind of compensation from how much they buy the house?

If government is so dumb to enbloc them then pay then compensation, then I worry. ! I would say most ppl who know mathematics would have already moved out. Probably a small minority who doesn’t know mathematics or business like me will demand government compensating them. Preferably $1m or more based on the market rate.

 

[sk0065]

This is good academic discussion.

but out of topic.
This is a pgw thread.

Take the good critic elsewhere leh

 

[elvintay07]

This is good academic discussion.

but out of topic.
This is a pgw thread.

Take the good critic elsewhere leh

It is related to Parc Greenwich 99 year lease mah.