Without a doubt, an increasing number of HDB lessees will eventually realise they have been taken for a ride.
Although PAP has factored market-rate land cost into the price of HDB flats – up to 60% – it has refused to provide a cost breakdown for decades.
An important question which flat buyers have yet to ask, perhaps afraid of facing reality:
PAP hopes that by not discussing this issue publicly, HDB buyers will forever remain goondus. But as more awaken from the HDB lessee nightmare, a political price will be exacted on PAP for this scam.
By factoring land cost into every HDB flat, PAP has been able to increase billions in government revenue. This is because land sales revenue is transferred to GIC for investing in risky foreign assets. Part of the earnings from GIC’s investments is used to supplement the budget.
Since land cost eventually end up as government revenue, isn’t this a form of taxation?
If PAP has not done anything wrong, why fear disclosing the cost breakdown of HDB flats?
Should HDB flat buyers pay for land which we don’t even own?