More stupid Sinkies HDB renters getting conned into "buying" HDB flats

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An honorable member of the Coffee Shop Has Just Posted the Following:

What the fuck? Pay $26 a month to rent a HDB flat not happy? Must go out and get into hundreds of thousands $ debt to "buy" one. Sinkies are really fuck useless.



SINGAPORE: The Housing and Development Board (HDB) has said more rental tenants are becoming home owners. Nearly 2,500 of them bought their first flats in the past four years from 2011-2014, through Build-to-Order (BTO) or Sale of Balance Flats (SBF) exercises.

HDB said at least 500 tenants have become home owners every year since 2011. Last year, it was 750, up from 600 in 2013. Around 70 per cent of them purchased either a two- or three-room flat, and 12 per cent received the maximum grant of S$60,000. HDB said such a grant is given to first time buyers from lower and middle income families.

Muhammad Faizal, a new HDB flat owner, made the switch to home ownership recently. He is now the proud owner of a new four-room BTO apartment in Bukit Panjang.

He said: "The reason I wanted to get my own place is because of my kids. To have an asset of my own, a property for my kids in the future, especially if there's any problem with me. So that's why getting a HDB flat is my first option."

Faizal was unemployed when they first moved into the rental flat. But his income has become more stable in the past few years, which is why he felt it was the right time to make the move into home ownership.

Faizal's children are also enjoying the extra space. Muhammad Solehan, Faizal's son, said: "This hall is a little bit bigger - then I can play, I can eat, I can watch TV ... in the hall."

Faizal and his family were living in a two-room rental flat in Outram for about eight years. Channel NewsAsia's news team visited the area, which the family said serves as a reminder of how far they have come.

"This is where I started off my life with my family, my first sheltered home. So it brings me a lot of memories and how I've overcome a lot of obstacles in order to get a HDB house," Faizal said:

The family was paying S$26 per month during their first two years in the rental flat, and they were also living in the same room. So they feel it is quite a change now - living with more space, but more importantly, in their own home.


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