Finally, here comes the long awaited compensation
Someone knocked on my door at around 8pm on the 9th Nov 2022 evening.
There were 2 young ladies dressed in blue T-shirt with some paper binders on their hands.
After acknowledging I am the owner of the unit, one of them proceed to show me the amount that I got from HDB.
The breakdown
There were 2 portions in the letter – Market Value and Reasonable Expenses.
For a flat that is left with 56 years of lease, I am not sure if $432K is a fair value. I am no experts.
But since HDB gave me that amount, it must be fair right? Afterall, they were also the same bunch of people that told us resale and BTO HDBs are AFFORDABLE; even though resale had crossed $1M and new BTO are already close to $1M as well.
In Singapore, I guess we just have to suck thumb since asking million dollar ministers about affordability issues is like asking a colour blind person to describe colors in which they can’t distinguish.
But I do know one thing for sure, with a sum of $449,900, if I do not wish to top up any cash for the new 99-yr BTO at Ulu AMK Drive, minions like us will have to either opt for a 4-room at lower floors or downgrade from my current 4-room to 3-room. So much for “thank you for contributing to the nations all these years” and the “More Good Years” bullshit.
And not to mention all the renovations needed at the new home in the face of high inflation and the PAP’s great 9% GST gift. As if our lives are not tough enough in 2022.
Well, in the end, beggars can’t really choose.
Well coordinated effort to say only the good stuffs
Man that was quick. Good news sure spread fast. Shortly I got my compensation letter, Shit Times Straits Times already published online indicating the SERS residents of AMK got a 7.5% higher compensation than estimate.
The speed at which the news was published was even faster than my doggie trying to finish her favourite small bowl of potato carrot soup. LOL.
Ang Mo Kio Sers: Despite higher-than-estimated compensation, residents call for more transparency in how HDB derived sums
Naturally in such a SERS exercise, there will always be 3 groups of people – those that are happy with the compensation, those that are indifferent and lastly those that are not happy with the amount.
And people like to compare. Who you have more meat than me? I got less vegetables leh etc.
Conclusion
Unlike private properties, ALL dwellers in HDB are just leasee from HDB.
You can be the fool that paid $1M for the HDB or the budget conscious prudent person that pay just the right amount to get a roof over the head. It makes no different. When your lease started decaying, unless you had already offload your million dollar flat to the next fool waiting in line, it’s value in the final years will be in the same downward trajectory path as your next door unit that initially paid only $500K.
As such, I will just take the money and fully pay for the new 99-yr HDB just to get a roof over my head. Any access amount saved today will be used to invest and generate more wealth so that I can travel and see the world without a worry about servicing any monthly loans.
