4 days ago
- Business
- Independent Singapore
'Salty' high earner's complaint over missing out on BTO ‘lottery money' draws criticism from fellow HENRYs
SINGAPORE: A 'salty' high-income earner's complaint about being unable to secure a Build-To-Order (BTO) flat due to income caps has drawn criticism from fellow 'HENRYs'—high earners, not rich yet—after he compared the potential profits from flipping a BTO flat to winning hundreds of thousands in the lottery.
Posting on r/SgHENRY, he asked if other high earners like him also felt upset about missing out on what he described as 'state-sponsored moneybags of a couple hundred grand.'
'Yes, on one hand, we will benefit over the long run because of our higher earning capacity, but I still feel frustrated that the government didn't hand me a couple of hundred thousand dollars, too. I worked hard for years to get to where I am today, while others receive a few hundred thousand for free. If I had taken it easy instead, I might be worth as much now as if I had just gotten a BTO,' he said.
He further lamented having to pay much higher income tax compared to those who can get a BTO, take on higher housing debt, and serve as 'exit liquidity' to these BTO owners. 'Am I crazy or entitled to feel this way?' he asked.
While the responses came quickly, many did not share his view.
One commenter wrote, 'This is like me driving a Porsche, and I complain that petrol prices are super expensive, not subsidised by the government. How come the people getting public transport can get subsidised fees? If only I am poorer and don't buy a car, then I can enjoy the subsidy!!'
Another commenter admitted feeling 'salty sometimes' but called it a matter of entitlement. 'It is a privilege to be earning higher income. I don't know about you, but if you are above the income ceiling, you probably don't have to look at the price tag at most places you eat. This is something that I greatly appreciate. The extra disposable income for you to invest and save is exponentially higher than others, too; what you save in a year may take someone up to 10 years to save.'
Meanwhile, another remarked that just like how luck played a role for BTO flippers, luck played a role in his situation, too. 'You're salty because you feel your high earnings were a product of your hard work, while the BTO flippers just got lucky. You need to realise how much luck was involved as well for you to be a high earner — from the family you were born to to the environment or opportunities you had.'
He added that way more people work as hard but have never earned as much. 'Once you stop thinking your earnings are all your hard work, then it's just a different lottery that you won, so why again are you salty about others winning when you won as well (and arguably it's way better to be a high earner than a one-time BTO profit),' he added.
He also pointed out that not all BTO flippers make hundreds of thousands flipping, adding that the majority do not make such an amount, and this is after years of holding their flats.
Last year, the Housing and Development Board (HDB) announced that from October 2024, new BTO projects launched would be classified as Standard, Plus, or Prime flats, based on their location and features.
While Singaporean technopreneur and 1M65 movement founder Loo Cheng Chuan said Standard flats generally bring higher profits, he noted that returns still depend on location, with some expensive flats reselling at high prices but making lower profits of under S$100,000.
Last month, under the current BTO income ceiling, another Reddit user asked if anyone had ever quit their job just to qualify for housing, though most responses advised against it. /TISG
Read also: 'We're fast becoming like Hong Kong now': Wing Tai Holdings' 88% sold River Green condo draws flak over 'very small' 980 sq ft four-bedders
