In Singapore, You Own Nothing, Not Your 500k Apartment, Not Your 100k Car, Nor Your CPF Retirement Fund.
In Singapore, You Own Nothing, Not Your 500k Apartment which probably cost no more than 30k each to construct in cost breakdown from any given decade or day, Not Your 100k Car where in other first world countries you get to buy 3 with that kind of money, Nor Your Retirement Fund for most folks who don't have even the minimum sum of some 160k least of all the amount above that can be withdrawn.
#Singapore #HDB #CPF #COE #Suckers #IWhoHaveNothing #PoorManNation
$$Your HDB Flat $$
You may paid out 200k/300k/400k/500k to be not the owner but legally as a leasee on a 99 years leasehold, not freehold from the asshold.
For most flats, the land will return to the State at the end of 99 years. HDB dwellers to note that Sers remains a highly selective scheme, with only 4 per cent of HDB flats, or 80 sites, chosen since the scheme started in 1995.
SERS- The Selective En bloc Redevelopment Scheme, or SERS for short, is an urban redevelopment strategy employed by the Housing and Development Board in Singapore in maintaining and upgrading public housing flats in older estates in the city-state.
On this point alone, the Singaporean man is already overly well qualified to hold the title for being the world biggest sucker as a people, as a nation, as an individual unto a own government which there has ever been the one and only since independent on Aug 1965 from an older asshold, the English.
Essentially, for most Singaporeans, once the 99 years leasehold period is up, your "property" goes into smoke.
Sources/References:
(http://www.straitstimes.com/singapore/housing/understanding-what-happens-at-the-end-of-a-99-year-lease)
(http://www.todayonline.com/singapore/not-all-old-hdb-are-eligible-en-bloc-lawerence-wong)
$$ Your Car and COE $$
For the price you have to pay for a typical sedan here, you'd think you are halfway owing a Maserati or Posche or something hot. As you already knew or should by now, not only you need a license to drive but you need a very fucking expensive license to own a car for a very short time called FCOE (Fucking Certificate Of Entitlement - I prefixed a "F" to it because it really need it to do it justice).
Average Cost of Car Ownership in Singapore. A new Toyota Corolla Altis costs S$104,998 as of April 2017. Every year, you might expect to pay an average of S$1,473 a year on car insurance, S$621 for servicing/maintenance costs, S$742 in road tax, and S$2,341 in petrol costs.
Singapore boasts of world class infrastructure but as the city's population has grown from 4.2 million to 5.3 million in just 10 years, it has led to overcrowding in trains, buses and on the roads. The government plans to boost the city's public transportation system to encourage less people to drive, but analysts said until those increased services become available, it will impact people's mobility.
Similar to your HDB Flat, your car, if you have one, has an initial 10 years lifespan. Unlike your HDB Flat however, you can throw your car an extended lifeline but you guessed it, at an exorbitant cost. Renew your COE for another 5 or 10 years or scrap the car and buy a new one, your call!
$$ Your CPF $$
CPF Minimum Sum, which was set up to provide members with a monthly income to support a modest standard of living during retirement. Cohorts turning 55 between July 1, 2014, and June 30, 2015, have to set aside $155,000 in their Retirement accounts to receive a monthly payout of about $1,200 when they turn 65. Come July 2015, the next cohort (those turning 55 between July 1, 2016 to June 30, 2017) will need $166,000. The amount, known as the Minimum Sum, is adjusted annually after taking into account inflation.
If you are unable to set aside the CPF Minimum Sum, you can only withdraw the first $5,000.
I used to have thoughts of moving to Singapore or at least living there for a while. The country seems very interesting and extremely prosperous to me. But reading articles like this, I realize that living in Singapore will cost me too much. Especially buying a car. I was looking at the prices of Car Insurance Singapore and on top of that the latest COE prices. And that's without how much a car will cost. I am not sure if I'll need a car, but it comes out very expensive.