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Business Times
8 hours ago
- Business
- Business Times
Transactions of million dollar or more HDB resale flats brings many positives
[SINGAPORE] Looking for a five-room Housing & Development Board (HDB) resale flat on a high floor that is under ten years old in the Queenstown area? You may need to budget about S$1.5 million. A search on HDB's data showed a premium loft unit on the 22nd to 24th story of Block 92 Dawson Road, with remaining land lease of over 89 years and size of 122 square metres (sq m), was transacted in June at about S$1.66 million. Meanwhile, several five-room flats along Dawson Road, with remaining land lease of over 94 years and size of 107 sq m, were transacted at S$1.4 million or more each this year. One unit on the 28th to 30th story of Block 79 Dawson Road fetched around S$1.47 million. In perspective, paying S$1.5 million for a home works out to around 6.3 times the annualised average monthly household income including employer CPF contributions of the eighth decile of resident employed households of S$19,948 in 2024. Certainly, very few HDB resale flats fetch close to S$1.5 million each. And one may need to budget S$1.5 million for a resale condo unit of around 70 sq m near Dawson Road. Still, HDB resale flats have generally gotten far pricier these days. The HDB Resale Price Index – which tracks the overall price movement of resale flats – rose by 52.9 per cent from 131.5 in Q4 2019, pre Covid-pandemic, to 201 in Q1 2025. And the proportion of resale flats transacting at over S$1 million dollars each is generally rising, with some analysts expecting up to 1,500 such deals this year. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Is a strong HDB resale market, with more transactions of at least a million dollars, a cause for consternation or celebration? I see various positives to having a buoyant HDB resale market. Wealth effect One, many Singaporeans are HDB homeowners who intend to live in their homes for years with no intention to sell, even if they are constantly pestered to do so by overzealous property agents. An owner occupier of an HDB flat, which appreciates in value, will enjoy a positive wealth effect and be able to consume with greater confidence. In turn, private consumption is a key driver of the economy. Think of the many food and beverage sector jobs, for example, that are supported by local residents dining out. Or how the spending of local residents on everything from home improvement and wellness to enrichment classes supports jobs. Also, robust HDB resale flat prices help provide a strong base for the housing pyramid here. Ultimately, having firm housing prices in general helps ensure a healthy financial system as home loans are a vital part of the loan books of major lenders here. Importantly, Singapore is a global city that attracts numerous wealthy people from Asia and elsewhere, many of whom go on to become its permanent residents (PRs) and citizens. Letting many Singaporeans enjoy asset appreciation from their HDB homes can help locals deal with possible issues of envy and resentment that may arise from living in a city where some experiences are well beyond the financial reach of the general public. Condo upgrading Two, a strong HDB resale flat market supports many locals in pursuing their condo ownership dreams. That many young locals aspire to own condos is positive. After all, economic growth is driven by people working hard to chase material aspirations instead of lying flat and being content. Many Singaporeans use gains from selling an HDB Build-To-Order (BTO) home after the minimum occupation period to help buy condo homes. Indeed, for some young locals, recycling gains from selling a BTO home to buy a condo home can help them catch up with peers who received parental help to get into condo ownership. Moreover, the economy gains when there is healthy demand for new condos as this supports the livelihoods of developers, contractors and property agents, among many others. The state, too, benefits from selling land for building private homes, with proceeds from state land sales accruing to past reserves. Funding for retirement Three, the owned-HDB flat is the single most important financial asset for many Singaporean households. The fact that HDB flats rise in value and have a ready market of buyers gives owners financial options. For example, a flat can be sold to raise funds to deal with a family emergency, fund a business venture or finance a child's higher education overseas. Crucially, with rising life expectancy, seniors can raise funds by selling their HDB home to better ensure financial adequacy in their retirement years. For one, an elderly person will likely raise a substantial amount of cash by selling a four- or five-room HDB home and buying a short-lease two-room flexi flat or community care apartment from HDB. Meanwhile, elderly HDB flat owners who aim to leave a financial legacy to their family members, can draw much satisfaction from knowing that they are gifting a valuable flat upon their demise. Doubtless, rules governing the eligibility of buyers of HDB resale flats can be tightened if the goal is to bring down HDB resale flat prices and improve their affordability. Should PR households be restricted from buying HDB resale homes? What about imposing an income cap on buyers of all HDB resale flats? Or instead of possibly relaxing the wait-out period, applying a much longer wait-out period before former private homeowners can buy an HDB resale home? Nonetheless, while many people may hope for cheaper HDB resale flats, I think having a strong HDB resale flat market offers various positives and is well worth cherishing. May the HDB continue to provide many locals a good start in their homeownership journeys with affordably priced BTO homes in a wide range of locations including centrally located ones. Concurrently, may HDB flat owners enjoy the wealth effect and the greater financial options afforded that come with owning a home which rises in value despite its remaining land lease gradually running down.
Yahoo
12-03-2025
- Business
- Yahoo
Who's in Elon's ear — and DMs
Unlike traditional Washington power players, Elon Musk doesn't have a deep bench of policy wonks, think tank researchers or Hill veterans feeding him white papers to bone up on policy — not unlike President Donald Trump during his political debut. From the corridors of the West Wing to the steady drum of right-wing voices on his X feed, Musk has assembled a makeshift brain trust of Silicon Valley loyalists, Trump world heavyweights and online ideological allies who have helped shape his worldview. His most trusted advisers remain a tight-knit group of executives who have followed him from his companies but lack political experience, according to two people familiar with Musk's circles. Among them are Musk's long-time friend Antonio Gracias, former Boring CEO Steve Davis and his wife, Nicole Hollander, the former head of real estate at X, and vice president of people operations at SpaceX, Brian Bjelde. Among the politicos, Musk is particularly close with his top political advisor, Chris Young, the former GOP field organizer who was originally brought in to advise Musk during Trump's campaign and currently serves as treasurer of America PAC. Young has turned into Musk's right hand on all things Washington — from penetrating the Consumer Financial Protection Bureau to handling personal logistics. Upon Musk's request, Young procured a massive TV for Musk's office in the Eisenhower Executive Office Building so he could play video games, according to a person familiar with the situation granted anonymity to speak freely. Musk is also advised by Katie Miller, who served in Trump's first administration, and he maintains a close relationship with Generra Peck, Musk's contact on Florida Gov. Ron DeSantis' presidential campaign. Peck, DeSantis' former campaign manager, ran America PAC last summer and continues to oversee it. Musk has had a non-traditional political education devoid of experienced bureaucrats or Washington insiders. But that ad hoc approach, combined with personal circumstance and his experience leading Tesla through the Covid-pandemic, is what continues to inform the Musk we see today. 'I think he worries that meritocracy and western liberalism are under assault,' said Ryan Girdusky, a pro-Trump conservative strategist. 'He sees himself as a force to save it, along with countries throughout the West, by supporting populist parties. He finds himself concerned that liberty and prosperity created in the West will die as birth rates wither and wokeism becomes the state religion. Yet his business and life experiences clearly conflict with some of those opinions and his political philosophy is clearly a moving target, but there's something there.' When it comes to learning the world of politics, just as Musk learns any other new domain, he is shaped most by reading or having a direct conversation, said a person who has worked with him directly at one of his companies granted anonymity to discuss him. 'He's extremely skeptical of getting information from people he believes have an ulterior motive,' this person told West Wing Playbook. 'So I would often be very reticent to try to sort of teach him. It was almost always better for me to point him in the direction of reading about something or talking to sort of a primary source.' Inside the Trump White House, Musk leaned on some of the administration's most ideological hardliners to get up to speed on how Washington works. Stephen Miller and Russell Vought, both long-time proponents of dismantling the administrative state, helped brief Musk, the New York Times reported. Musk also spent a significant amount of time at Mar-a-Lago during the transition, participating in discussions about how to assemble Trump's Cabinet, and forging relationships with influential figures like Charlie Kirk. While Musk doesn't have particularly close personal relationships with most White House officials, he's been building rapport by attending dinners with some of the key players — sometimes bringing along his DOGE staffers. He's become close friends with Vice President JD Vance, who he pushed Trump to choose as his running mate, according to a person familiar with their relationship. There's close ideological alignment between the two on issues including rehiring a DOGE employee who resigned after racist comments, questioning the judiciary's authority to serve as a check on executive power, and criticizing Romania's decision to cancel its presidential election in December. Perhaps Musk's most unconventional advisory board is his X feed, an online ecosystem of Tesla fans and right-wing influencers and media voices, some of whom have developed personal relationships with Musk and have a direct impact on his decision-making. One of Musk's closest ideological allies in that space is Ben Shapiro. The two share a mutual distrust of government overreach and an affinity for culture war politics. A few months after Hamas' Oct. 7 attack, Musk traveled with Shapiro to the Auschwitz concentration camp in Poland, as well Israel, to study Jewish history and the Holocaust, an experience he digested onstage with Shapiro. 'I must admit to being somewhat frankly naive to [antisemitism],' Musk said on stage at a conference organized by the European Jewish Association. 'It's like an absurdity at least in my friend circle, but looking at the pro-Hamas rallies in vast numbers that took place in almost every major city in the West blew my mind, including on the elite college campuses that are supposed to be enlightened.' (However, Musk on Inauguration Day made a hand gesture widely interpreted as a Nazi salute. Musk has dismissed the connection.) Policy ideas from Musk's X feed are making their way into the White House, although it is uncertain yet whether they'll be adopted. Just weeks ago, anti-woke investor James Fishback posted an idea about DOGE issuing dividend checks — a plan to send rebate money back to taxpayers from federal budget cuts. Musk saw the post, responded that he would 'check with the president,' and within days, the idea was being seriously discussed inside the White House. 'Like the president, Elon Musk respects a strong idea, no matter where it comes from,' said Fishback, who lobbied Musk in person on the sidelines of CPAC. 'When we met, I reiterated the how and why of the DOGE Dividend. That's the way to pitch Elon.' The dramatic shift in ideology for Musk, who used to fundraise for Barack Obama, began in earnest in 2020. During the pandemic, he railed against Covid lockdowns, fueling a pivot that only accelerated when his transgender daughter transitioned. Musk blames the 'woke mind virus' for 'killing' his child, and has since turned cultural issues into a cornerstone of his political identity. Musk's evolution hasn't been confined to American politics. He's now boosting right-wing political movements in at least 18 countries, per NBC News, forming personal connections with leaders like Argentina's Javier Milei, Italy's Giorgia Meloni and El Salvador's Nayib Bukele. For those who knew him in his earlier years as a Democratic-leaning donor, Musk's political arc is jarring. 'Fast forward to today, where Elon is basically the de facto co-president, or certainly the vice president, it's shocking to all of us,' said a person who has worked with him at one of his companies. Like this content? Consider signing up for POLITICO's West Wing Playbook: Remaking Government newsletter.
Politico
12-03-2025
- Business
- Politico
Who's in Elon's ear — and DMs
Unlike traditional Washington power players, Elon Musk doesn't have a deep bench of policy wonks, think tank researchers or Hill veterans feeding him white papers to bone up on policy — not unlike President Donald Trump during his political debut. From the corridors of the West Wing to the steady drum of right-wing voices on his X feed, Musk has assembled a makeshift brain trust of Silicon Valley loyalists, Trump world heavyweights and online ideological allies who have helped shape his worldview. His most trusted advisers remain a tight-knit group of executives who have followed him from his companies but lack political experience, according to two people familiar with Musk's circles. Among them are Musk's long-time friend Antonio Gracias, former Boring CEO Steve Davis and his wife, Nicole Hollander, the former head of real estate at X, and vice president of people operations at SpaceX, Brian Bjelde. Among the politicos, Musk is particularly close with his top political advisor, Chris Young, the former GOP field organizer who was originally brought in to advise Musk during Trump's campaign and currently serves as treasurer of America PAC. Young has turned into Musk's right hand on all things Washington — from penetrating the Consumer Financial Protection Bureau to handling personal logistics. Upon Musk's request, Young procured a massive TV for Musk's office in the Eisenhower Executive Office Building so he could play video games, according to a person familiar with the situation granted anonymity to speak freely. Musk is also advised by Katie Miller, who served in Trump's first administration, and he maintains a close relationship with Generra Peck, Musk's contact on Florida Gov. Ron DeSantis' presidential campaign. Peck, DeSantis' former campaign manager, ran America PAC last summer and continues to oversee it. Musk has had a non-traditional political education devoid of experienced bureaucrats or Washington insiders. But that ad hoc approach, combined with personal circumstance and his experience leading Tesla through the Covid-pandemic, is what continues to inform the Musk we see today. 'I think he worries that meritocracy and western liberalism are under assault,' said Ryan Girdusky, a pro-Trump conservative strategist. 'He sees himself as a force to save it, along with countries throughout the West, by supporting populist parties. He finds himself concerned that liberty and prosperity created in the West will die as birth rates wither and wokeism becomes the state religion. Yet his business and life experiences clearly conflict with some of those opinions and his political philosophy is clearly a moving target, but there's something there.' When it comes to learning the world of politics, just as Musk learns any other new domain, he is shaped most by reading or having a direct conversation, said a person who has worked with him directly at one of his companies granted anonymity to discuss him. 'He's extremely skeptical of getting information from people he believes have an ulterior motive,' this person told West Wing Playbook. 'So I would often be very reticent to try to sort of teach him. It was almost always better for me to point him in the direction of reading about something or talking to sort of a primary source.' Inside the Trump White House, Musk leaned on some of the administration's most ideological hardliners to get up to speed on how Washington works. Stephen Miller and Russell Vought, both long-time proponents of dismantling the administrative state, helped brief Musk, the New York Times reported. Musk also spent a significant amount of time at Mar-a-Lago during the transition, participating in discussions about how to assemble Trump's Cabinet, and forging relationships with influential figures like Charlie Kirk. While Musk doesn't have particularly close personal relationships with most White House officials, he's been building rapport by attending dinners with some of the key players — sometimes bringing along his DOGE staffers. He's become close friends with Vice President JD Vance, who he pushed Trump to choose as his running mate, according to a person familiar with their relationship. There's close ideological alignment between the two on issues including rehiring a DOGE employee who resigned after racist comments, questioning the judiciary's authority to serve as a check on executive power, and criticizing Romania's decision to cancel its presidential election in December. Perhaps Musk's most unconventional advisory board is his X feed, an online ecosystem of Tesla fans and right-wing influencers and media voices, some of whom have developed personal relationships with Musk and have a direct impact on his decision-making. One of Musk's closest ideological allies in that space is Ben Shapiro. The two share a mutual distrust of government overreach and an affinity for culture war politics. A few months after Hamas' Oct. 7 attack, Musk traveled with Shapiro to the Auschwitz concentration camp in Poland, as well Israel, to study Jewish history and the Holocaust, an experience he digested onstage with Shapiro. 'I must admit to being somewhat frankly naive to [antisemitism],' Musk said on stage at a conference organized by the European Jewish Association. 'It's like an absurdity at least in my friend circle, but looking at the pro-Hamas rallies in vast numbers that took place in almost every major city in the West blew my mind, including on the elite college campuses that are supposed to be enlightened.' (However, Musk on Inauguration Day made a hand gesture widely interpreted as a Nazi salute. Musk has dismissed the connection.) Policy ideas from Musk's X feed are making their way into the White House, although it is uncertain yet whether they'll be adopted. Just weeks ago, anti-woke investor James Fishback posted an idea about DOGE issuing dividend checks — a plan to send rebate money back to taxpayers from federal budget cuts. Musk saw the post, responded that he would 'check with the president,' and within days, the idea was being seriously discussed inside the White House. 'Like the president, Elon Musk respects a strong idea, no matter where it comes from,' said Fishback, who lobbied Musk in person on the sidelines of CPAC. 'When we met, I reiterated the how and why of the DOGE Dividend. That's the way to pitch Elon.' The dramatic shift in ideology for Musk, who used to fundraise for Barack Obama, began in earnest in 2020. During the pandemic, he railed against Covid lockdowns, fueling a pivot that only accelerated when his transgender daughter transitioned. Musk blames the 'woke mind virus' for 'killing' his child, and has since turned cultural issues into a cornerstone of his political identity. Musk's evolution hasn't been confined to American politics. He's now boosting right-wing political movements in at least 18 countries, per NBC News, forming personal connections with leaders like Argentina's Javier Milei, Italy's Giorgia Meloni and El Salvador's Nayib Bukele. For those who knew him in his earlier years as a Democratic-leaning donor, Musk's political arc is jarring. 'Fast forward to today, where Elon is basically the de facto co-president, or certainly the vice president, it's shocking to all of us,' said a person who has worked with him at one of his companies. Like this content? Consider signing up for POLITICO's West Wing Playbook: Remaking Government newsletter.
