Senja Green , HDB August 08 BTO

@sinny>> Yeah~~ Truly Soccer babe~~

@Chris>> new BTO 2nd to 5th level already 210K rite??

My god ... Boon lay so expensive yet soooooo popular .. everyone grab~~ (somemore the wndow layout so funny de)
 


nah, co2fan, im not really a fan of soccer.. but he is...
anyway the only thing i can appreciate is the players scoring a goal... haha.
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Some Quick impt figures that caught my attention :

- The profit from Building and selling of HDB flats give rise to $65m gross profit ( so there's profit la )

- Other Income $3,069.6m of which largest 3 items are
- Interest Income - $1,341m ( I assume mainly from HDB loans, could include financial interest income )
- Rental and other related income - $896m
- Car Park income $488m ( think of all ur season parking and parking summons too perhaps ?)

- Single largest expense item is the provision for foreseeable Loss/unrealised loss for property under development / for sale - $1,236m - makes me wonder, HDB property got impairment or loss meh ? In the greatest financial recession since great depression, HDB price still can climb. Seriously got impairment or loss meh ? Especially when, they are the one who decide how much will the value of HDB flats BE !! They release the price of new flats, based on mkt value, Which will cause mkt price to escalate further, and create a vicious cycle.

-manpower cost $429m.

Will like to see more on the provision for loss/unrealised loss. As we know, foreseeable can become unforseeable , and end up reversing the provision.

Did not read the entire report, dunno if the CPA firm address the issue of basing new flat price on mkt price, causing escalation of resale flat, and kicking off a vicious cycle.
I think, if the audit partner really got balls, will address this under " Risk of creating a vicious cycle causing escalation of HDB prices" Haha...

I guess this is not covered in any of the SFRS and hence, not a financial risk at all. I guess this is the loophole they found. And the foreseeable loss provision, must be some loophole in the FRS.
 
hmmm..
I find it shocking when i saw the news on the papers.
Will tt be even possible ?
They report losses coming from lesser ppl renting flats as new flats are much more available..

Goooosh stonefish..
I doubt Audit Co will put put tt statments! haha..
 
@~%Sasa%~>> Ya .. Luck i guess becoz every ID say their own grape is sweet~~ Nobody wants to admit there are sour grapes once a while. So we look at cheap and reliable JB contractors like i said~ Local ID cannot make it liao .. all look at your budget 1st~~

@~<wiwiwi>~>> Your erotic flen, Florence know my ex-colleague leh~~ What a small world!!
 
@co2fan-> eh...world is very the small wan la...who knows we r oso dunoo whose whose fren link tgr n we are future neighbor lor...
 
Affordable means 30% of your monthly pay for installments.
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If you take 4rm flats, its 30% of 8k, which is 2.4k per mth over 30 years. Around 600k + interest?
 
If you live until 80 years old ...then affordable lor ..
If you live until 60 years old then juz nice lor~~
Logic?? Yeah man~~ my math good hor~~
 
~<_$<%@joshua@%>$_>~ Wahaha~~ as if stay in Queenstown sure live until 100 yrs old like Queen Elizabeth~~
Why so expensive?? Why these stupid people willing to fork out 600+K to buy so old?? (Although a big makeover coming soon and maybe its a realistic investment)
But i know the place well (coz i used to study in New Town Secondary School) and that area always gives me a peaceful feeling (i think Queentown also good fengshui dragonland like BP) Its really fast going to Chinatown or Orchard from Queenstown~~ A lot of private housing around also~~ Hmm~~ i think the area will boom~~
 
keiko> get well soon!

I think the sails and ripples is to match with 'waterfront' living... even though i doubt they see any water...
 
sinplyme >> Choi!

sandy >> Monsoon season liao... Anyway it rains only in the afternoon when we're in office... So still not that bad.
 
@Sandz>> Monsoon Rain~~

@Joshua>> Yeah man ~~ How you know i am spy?? My ringtone James Bond 007 leh~~

@Sinny>> I also scare scare ... earthquakes are ever changing~~ Scaly the bukit we are living on becomes the first volcano in Singapore~~ Dragonland leh .. should have volcano nearby~~
 
Hey Fred ..
Yea man..! Not much changes.. Maybe more bigger bricks and stones.

Plus the weather will sure sure sure slow down the construction..
 
Thanks fred!

Yeah not much changes... Maybe they are concentrating on the piping and cabling now I guess. I've been past the road several times, and there are always some cabling work done.
 
Yesterday went to the site with my wife .. so messy and not much progress .. so disappointing~~ Think i long time never go down supervise~~ kekeke~~
I also noticed our kopitiam the ~cookfry~ very good business leh .. maybe becoz its the only makan place within 200m radius. I think when our nest ready, its even more crowded~~ Problem~~
 
The duck rice there seems good also.
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Anyway, from http://www.channelnewsasia.com/stories/singaporelocalnews/view/1016660/1/.html

"Mr Mah said the HDB makes a loss each time it gives out subsidies to first-timer home buyers, and when it sells flats lower than their cost price. The reason for the high deficit was because more flats were offered for sale last year, compared to the year before.

"The question is of course, should HDB be making a loss? The answer is yes," said Mr Mah. "It is making a loss and the government gives it grants every year to cover the losses, mainly because we're giving subsidies to people to buy flats to make flats affordable to first timers. That is why we're making a loss." "

Lets see our Senja Green's BTO.

$103.90 million contract for 771 units, including 297 units for 1-2room rental flats, and 474 are sold as flats.

2-room (96) $82,000 - $106,000
3-room (94) $138,000 - $170,000
4-room (284) $211,000 - $270,000

Average of $94,000 for 96 2rms = $9,024,000
Average of $154,000 for 94 3rms = $14,476,000
Average of $240,500 for 284 4rms = $68,302,000

Total "revenue" = $91,802,000

So Senja Green lost around $12 million tax dollars!

But of course, we have 297 units of rental flats, so our BTO is maybe one of the few BTOs that "lost" money.

But, what I did is just to compare the housing's construction costs vs price of flat sold. Land cost and other construction costs like cabling, surveying the land, piping and etc, are not included.
 
If goberment not willing to close one eye on these small losses, they'll lose even more instantly coz flat too expensive nobody buying liao. Mathematically, it looks like theres some losses but in the long run? (Have Marble Tan forgotten about the interest we need to vommit out for the HDB loan?)
Maybe he'll say "Not counted"~~
 
I also didn't calculate the "subsidies" they gave, like AHG...

But I also think its a case of left pocket to right lah... They lost money in HDB, but earned back in SLA.
 
Harlow everybody.. Been busy.. Got to buy bed and wardrobe for my ILs house coz will be staying there after my AD. Anyone knows of anywhere selling reasonable bed (frame and mattress) or wardrobes? I dun really need a very expensive one coz its only for a couple of yrs depending on how fast our flats are built.
 
Joshua :

Extract from my earlier post :

The profit from Building and selling of HDB flats give rise to $65m gross profit ( so there's profit la )

- Other Income $3,069.6m of which largest 3 items are
- Interest Income - $1,341m ( I assume mainly from HDB loans, could include financial interest income )
- Rental and other related income - $896m
- Car Park income $488m ( think of all ur season parking and parking summons too perhaps ?)

- Single largest expense item is the provision for foreseeable Loss/unrealised loss for property under development / for sale - $1,236m


Looking at the big picture, the combine effect of all the BTO,SERS etc. HDB is a profit making organisation. It is run like a PMO,works like a PMO and pays even better than a PMO

1.3B of interest income,
1.2B of provision for losses, which I highly doubt the nature.

Its a case of $$ flows from the citizen's pocket, to the right pocket , before ending up in the left pocket. hurhur.
 
christie >> I'm also looking for a bed! But I'm planning to shift it from my house to the new place when its done, so am thinking of getting something good... However I can take my time coz the AD is only late next year.

stonefish >> Sigh.. we can only guess because there is no transparency in the system... $$ flow everywhere, except into our pockets. Hahaha...
 
Mr Marlboro Tan said the government will continue to monitor the property market closely to assess the market’s response to the measures introduced before deciding whether further measures are needed.

"Our key interest is to ensure that property prices and rentals remain competitive and move in line with economic fundamentals. We want to curb erratic spikes in prices due to excessive speculation, inaccurate information or market manipulation," MahBo Tan said.

"But we must let market forces determine prices, based on genuine demand from home—buyers and investors."



Full fresh news here:

http://sg.news.yahoo.com/cna/20091123/tap-979-measures-cool-property-market-ap-231650b.html
 
"The idea ... is to cool the market, not crash it," Mr Mambo Tan said.

The above meaning .. to keep complains down and maintain their shrewd way~~
Another words .. if water is leaking then fix the tap if not leaking too bad then continue using it~~

Am i rite huh?
 
co2fan >> they have already set the wheels in motion le.

1. Increasing property tax
2. Increasing the number of HDB available from next year.

Oh yea, I agree that Ikea have got cheap bed frames also... But beware of creaking when you do activities on bed... Don't wake your ILs up! Hahaha...

Another place you can visit is the furniture shops near Sungei Kadut area, if your ILs are staying near BP/CCK. There are alot of choices available too.
 
@#{`jOsHuA')#@>> Ah Ha~~ You meant Pillow fighting and Tampoline jumping rite?? Ya hor .. very noisy de~~

@\~|,ChRiS`|~/@>> Muz choose "silent mode" beds or "Di Lumps" .. and remember to sound proof your door~~(IKEA also selling these door sealers) kekeke~~~

Next time we can passby and shop shop at Sungei Kadut during cycling trip.
 


We are looking now at those neighbourhood shops with ok pricing for furniture... Ikea cannot lah.. later do activity suddenly collapse how? No good.. =P
 
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