[Bigiron]

https://www.facebook.com/100044376341346...hW735AZKl/

[Bigiron]

HDB LEASES - BEYOND ZERO?

Starting with the Merdeka generation and every generation which followed, it was a matter of faith. Work hard, keep quiet, save for retirement and buy a HDB flat - getting on the housing ladder would lead to a better future and a comfortable, secure old age.

Today, retirement and housing has become like a game of snakes and ladders, but with more snakes and fewer ladders. Effectively, almost all HDB flats will turn into depreciating assets worth zero. This is the ticking time bomb of the lease decay.

Singapore’s globally envied public housing programme was built on land which must revert back to the government when the leases’ 99 years are up. There is no lease extension, and no compensation.

The government has said this is the only way to recycle land and provide affordable housing to future generations. If so, then why does the SERS, the Selective En bloc Redevelopment Scheme, pay market price as compensation? What makes only 5 percent of all HDBs SERS-worthy, has not been officially detailed. There is the VERS, the Voluntary Early Redevelopment Scheme, which is still being shaped, but the government has made clear it will be less attractive.

Fundamental policy changes which are transparent and equitable on public housing has become critical. The future cannot be a lottery at the whim of the government.

To this end, a transparent system that would enable lease extensions beyond the 99 years is not something so unthinkable. An equitable path is sorely needed to alleviate citizen anxiety, especially for senior citizens who have contributed so much to making Singapore what it is today.

In Hong Kong, a lease can be extended for 50 years and is subject to an annual rent of 3 percent rateable value of the property at the date of the extension. The UK already has a system for lease extension, and is putting through bold reforms to improve the system further. The changes make lease extension easier and, more importantly, fairer to leaseholders. Part of this reform includes a statutory lease extension calculator for greater transparency on value determination.

Is it so difficult for Singapore to study examples of these elsewhere, with a view to adopting some elements of the best ideas?

The refusal to even consider lease extensions makes hostages of the elderly who face being uprooted and downgraded to smaller flats, or perhaps even made homeless, the retirees who cannot pass on an inheritance to their children, the middle aged parents who still have loans left to pay.

The urgency now is on finding a long term fix to the HDB lease decay. Meanwhile, what a progressive, compassionate government would do is to enable lease extensions. If gaps need to be bridged, dip into those legendary reserves, or cut the GST. And give people more freedom with the money they put into the CPF.

It should not be an inevitable countdown to zero destroying the promised dream of a settled future for which Singaporeans have paid and kept paying all their lives, paid GST, paid into CPF, paid with obedience and acquiescence, and paid with votes in 2020.

Singaporeans, are you better off today than you were two years ago?

[toothpick]

HDB is to live till you die and return it. Worry about depreciation for what? Rich or poor nobody can take anything with them when they are dead.

[Sticw]

HDB is to live till you die and return it. Worry about depreciation for what? Rich or poor nobody can take anything with them when they are dead.

Agree that rich poor cannot take with you when you die. Can Mr and Mrs lhl together with all the ministers start distributing their wealth to all Singaporeans? Thank you.

[Blasterlord2]

I hold the same views as lhy. The lease decay is indeed a ticking time bomb. And you know who's the minister who first announced this time bomb? None other than LW, the PM-in-waiting. I don't see much will change under his governance.

Other countries, even China, has assuaged its population that the end of lease does not mean the end of their holding of properties. Only Singapore has not addressed this.

[Lukongsimi]

Can u outlive your flat it’s another question

[Sticw]

Based on the contractual agreement of the lease, doesn't matter HDB or private, it will tend towards zero at the end unless a top up of lease, en bloc or sers occurs.

Else why have the leasehold contract and agreement?

[Ernesto]

Simple la.First owner if still alive after 99 ,lease should have extended free.2nd buyer from the first , valuation should based on the remaining lease.Should have absolutely no extension. So before you pay for any above valuation remaining lease , you yourself must be responsibly accept the fate of zero value end of 99 years actual lease .

[Lukongsimi]

Simple la.First owner if still alive after 99 ,lease should have extended free.2nd buyer from the first , valuation should based on the remaining lease.Should have absolutely no extension. So before you pay for any above valuation remaining lease , you yourself must be responsibly accept the fate of zero value end of 99 years actual lease .

Those bought $1m flat turns zero cash after 99 years

[Ernesto]

Those bought $1m flat turns zero cash

Its their choice , right? Its chicken n egg. If its just 99 yrs ,they gundo pay overpriced , not our fault. Straight away save taxpayers money employing overpriced civil servants doing administrative work and implementing irrational policy  and stop speculation of public houses.

[mikotan]

Why think so far? Even with 50 years left, it should be enough to last your lifetime. Sometimes don't think too far. There are more unexpected things that can happen, like kenna cancer, accidents, etc

[victortan]

HDB is to live till you die and return it. Worry about depreciation for what? Rich or poor nobody can take anything with them when they are dead.

your kid live to see them been taken away dude...

that is the concern.

[winbig]

Fcuking retards, so many everywhere

How many times have I told you here

A BTO HDB flat is FREE Lifetime Public Housing + Nett Profits

No BTO HDB flat buyer will ever outlive the 99 years lease of his HDB home

And the HDB home owner who is able to keep his HDB flat the longest before he sells it or die

Extracts the most value from the 99 years leasehold flat

Get it you fcuking idiots!

kpkp for fcuk arh?

Just get married and apply for the most expensive BTO HDB flat in a mature estate

You will stand to gain the most

Farking jhk, stop trying to talk up the price of your HDB flat. It'll go to zero. I as a Singaporean accept that it'll go to zero. If u cannot accept this fact then fark back to jh. 

[winbig]

You treacherous ingrate

I knew you would come and smell my fart

Sibeh song to know you will self fcuk your own arsehole in pain

Everytime I make a comment in this forum

U r the real ingrate. Selfishly trying to talk up the HDB price so that future generations of Singaporeans will suffer from high property price.

[winbig]

Ladies and gentlemen

Why self fcuk your own arsehole like that mother fcuker winbig

Over my comments?

Knnbccb. 

[forum456]

https://www.facebook.com/LeeHsienYangSGP

[p1acebo]

Can sleep well tonite

[starbugs]

The HDB lease decay is just fear mongering. Even 99-year private condo has lease decay. Grave plot must also be exhumed eventually. There is no permanence in life (or death).

[[[ForeverAlone]]]

I got this " feeling HDB WILL RENT OUT HDB FLATS THEMSELVES TO Foreigners beside locals which already done "

You see they keep come out BTO flats claim to feed the " demand " but you go see those new BTO flats already finished , how many units are fully occupy what i mean here really got a family stay inside daily?

You see those blocks not entire blocks are occupy with People staying inside.

As usual, some got it just park there waiting MOP finish than sell high as usual in resale market beside rent out whole unit to foreigners coming in SG to work.

Some give up partly due to financial problem but HDB do re ballot these units.

I feel in future so call " over supply " HDB will take over rent out to foreigners coming in SG to work

just like how they take over the insurance plan.

[A2Z]

Biggest time bomb is all those 99 years leasehold shoebox condos. Also zero once up also return to SLA etc.

[Sentinel]

Lhy is deliberately missing the point!

It is not whether finally will depreciate or not

It is the commitment of his father LKY to provide affordable housing for all and as the lease expires, which they know way beforehand, there should hv been a fair and acceptable scheme to continue the lease without impact to all involved

Making it a leasehold changes nothing

In fact, it should hv been freehold or 9999 years in the first place, that is the immutability of the original housing provision by his father

If not, just VTO

Case closed

[Huliwang]

Seriously how many people can live longer than 99 years? I think can safely assume not more than 50 in a million. 

So to put the people's mind at ease and sleep well, HDB can generously offered "free housing" for anyone staying in the same flat for 99 years where the lease runs out and he or she is still alive. They will either be allowed to stay in their expired lease flat until they die or they will be moved to temporary flats to live out their life span all for free.

This should cost HDB peanuts.....

[singlon]

At the end of the day Singapore must be richer in order to continue.
I see great problem coming from sotong.
Renewals need money. Returning to Gov. at the wrong time causes her to be beri unhappy.
Once it becomes clear Value will drop.
Gov. only hope is to milk it until she can hand it to sotong U own nothing beri happy

[singlon]

Another 'HDB' scheme is born LONG COVID this time in the reverse
Gov Benefactor. People go for tests endlessly. Glorious revenues

[singlon]

[Scythian]

.

The moment there's drop of 30% in property market, the fairytale story ends.

[singlon]

Kimchuas si-lang chuas

[toothpick]

your kid live to see them been taken away dude...

that is the concern.

Kids? House taken? They probably thank god the gov is dealing with it instead of them.

Kids only want the money, they have no sentiments with the house dude.

[p1acebo]

Anyone got the inside scoop of why he had to leave singtel? Cos of one of his indiscretions right?

[winbig]

Lhy is deliberately missing the point!

It is not whether finally will depreciate or not

It is the commitment of his father LKY to provide affordable housing for all and as the lease expires, which they know way beforehand, there should hv been a fair and acceptable scheme to continue the lease without impact to all involved

Making it a leasehold changes nothing

In fact, it should hv been freehold or 9999 years in the first place, that is the immutability of the original housing provision by his father

If not, just VTO

Case closed

People are concern about the $$ lah. How much the property is worth after the lease expire.