Responses to LHL’s NDR speech on cost of living

[janet88]

this rally is a waste of time. our MIWs will never understand because they are living in ivory towers.

[starlight1968sg]

Many bosses are living in their own world too

[janet88]

starlight1968sg:

Many bosses are living in their own world too

bosses want things done and enjoy the same profits. this is the reality of life.
but I really wonder how HIP 2 can give life to 70 year old flats? it's just like a car about to be scrapped. would the owner do an overhaul and give it a good polish to make it look new?

[Zappy]

janet88:

starlight1968sg:

Many bosses are living in their own world too

bosses want things done and enjoy the same profits. this is the reality of life.
but I really wonder how HIP 2 can give life to 70 year old flats? it's just like a car about to be scrapped. would the owner do an overhaul and give it a good polish to make it look new?

The only thing I can think of is to make it more \"livable\" even though cannot really sell anymore?
Else it would not be livable nor saleable.
So the owners can live there till end of lease even if cannot sell/ cash out anymore.

[tree nymph]

I also don’t understand how they can preserve the value with HIP 2 when the value of the HDB set to zero when it reaches 99 years old. So we dump in more money to upgrade and renovate the flat to for it to get zero value in almost 30 years time?

[sharonkhoo]

I expect that the HIP2 expenditure and works will not be very extensive, but enough to keep the places livable for another 20 yrs or so. 20 yrs is not that short a period, and we would normally still maintain and repair items with 20% of their life-span to go as long as the cost is not too much compared to getting a new one. For those in that phase, the cost-benefit analysis would be between HIP2 and remaining in that flat vs the cost of buying or renting somewhere else for those 20 yrs.

[janet88]

tree nymph:

I also don't understand how they can preserve the value with HIP 2 when the value of the HDB set to zero when it reaches 99 years old. So we dump in more money to upgrade and renovate the flat to for it to get zero value in almost 30 years time?

for those who are very comfortable with their flats and have no intention to move out, they would probably stay on.
let's say couples are in their 20s now when they buy the 30 year old flat, they would be around 60+ when the flats reach 70 years old. couples at this age would not want extensive & expensive repairs but a place to stay without the place falling apart.

[floppy]

This NDR is like selling you a dream with 3 important caveats (which aren't really mentioned):


The dream takes place 20 to 30 years into the future and in order to fulfill the dream, you must:
1. Vote for the PAP
2. Hope that the future Singapore leadership takes it up
3. Pray that nothing changes or derails this dream

Unfortunately, we have been sold these dreams too many times before. And if history is a guide, the details are really inconsequential since they will most like change to beyond something recognisable when the time comes. TBH, it's hard to take the NDR seriously anymore

[tree nymph]

janet88:

tree nymph:

I also don't understand how they can preserve the value with HIP 2 when the value of the HDB set to zero when it reaches 99 years old. So we dump in more money to upgrade and renovate the flat to for it to get zero value in almost 30 years time?

for those who are very comfortable with their flats and have no intention to move out, they would probably stay on.
let's say couples are in their 20s now when they buy the 30 year old flat, they would be around 60+ when the flats reach 70 years old. couples at this age would not want extensive & expensive repairs but a place to stay without the place falling apart.

That is true. But it is really quite heartache to know that the money you used to buy the flat will be zero. In this example, the couple cannot even do reverse mortgage to have some money for their retirement.

I think the govt will also need to plan well for HIP II and Vers, otherwise the money will be wasted.

I also wonder how this is going to impact the retirement funds that we need to set aside in CPF with the old HDB...