I bought a 4 room HDB Flat in the late 80s. By early 1990, I paid fully the flat with my CPF savings. Then in late 90 there was a great big bubble in property prices fuelled mainly by the influx of Hong Kong residence fleeing the hand-over of British HK to China. Fearing that China will eat them up.
LKY with his brilliantly stupid ideas opened our doors wide open to them. He must have thought that it can kill two birds with one stone. Firstly, to maintain the status quo of the demographics racially and second to draw cash rich Hong Kong migrants with their money. True enough they came and they gobble up the HDB and private properties here. This created the bubble in the late 90s.
I was fearful for my children then. With 6 of us in a 4 room HDB flat and the prospect of the children having problems buying such expensive HDB flats in future. I took the misstep of selling my 4 room flat and upgraded to a jumbo. I thought the extra rooms can help house my children when they grow up should the prices of housing be prohibitive for them.
It was a very big mistake. Within a few months the Bubble burst and the property prices tumbled. This was mainly due to Mah Bow Tan's introduction of measures to curb the escalating prices. Suddenly, almost over night, I and about 20% of HDB flat dwellers we in a negative asset position.
This is another example of the PAPs lame management of our lives. Putting us in trouble with their myopic policies twist and turns.
With the cut in CPF contribution for 50 and later 55 year olds, I am now faced with topping more than three quarters of my mortgage payments with cash out of pocket.
Now the bubble is here again. Stopping the FT influx will definitely burst this bubble. Can we live with it?
YES WE CAN. I HAVE AND AM GOING THRU IT even with out PAPs help. Its better this then the corruption of the Singapore Identity and the damage, the mass influx of FT will do to our future generations.
Its a small price to pay. And if WP or any non PAP government is formed, I will surely anticipate that they will try to help us to tie over this bad patch with the compassion of a caring government. One who cares for their citizens.
VJ Kumar
TRS Contributor