The ticking time bomb of the 99-year-leasehold HDB flats

[micromachine]

A letter published in the Straits Times claimed recently that the promise of owning a 99-year-leasehold HDB (Housing & Development Board) flat as an investment for old age is no longer valid today. The letter writer, Ronnie Lim Ah Bee, pointed to the announcements by National Development Minister Lawrence Wong to bolster his claims.


Writing for his Ministry’s blog in March last year, Mr Wong asked HDB flat owners to not assume that all old HDB flats will become eligible for Sers (Selective En bloc Redevelopment Scheme). He said that “only 4% of HDB flats have been identified for SERS since it was launched in 1995”, and that “it is only offered to HDB blocks located in sites with high redevelopment potential”.


About 70,000 flats (of the 1-million HDB flats) are more than 40 years old, and almost 10 percent of flats will face lease expiry in 50 years. The Minister’s announcement essentially means that such flats will have zero value once it reaches 99 years and owners will have to vacate their homes. Most owners will see the land their flat was on being returned to the State at the end of the 99-year-leasehold.


The letter writer said that “many seniors who want to downgrade to Built-To-Order studio apartments for the elderly are in a fix as they are unable to sell their old flats”, and that many such seniors “stand to lose their deposits on their new flat if they cannot sell their old flat.”

More at https://shrtcô.de/d5gPkC

 

[laksaboy]

The term 'homeowner' is already a misleading, disingenuous term intended to deceive. A home is a concept, an idea. You cannot buy or own one.

You can be a 'flat owner' or 'house owner' instead.

Then there's the other debate whether you actually 'own' a HDB flat at all.

 

[myfoot123]

LAWRENCE started the HDB depreciation value, he should END it. This should be made into daily discussion until the next GE. See what he has got to say. Knowing Singapore will not progress under the same old speaker, I will NOT VOTE FOR HIM.

 

[mahjongking]

its a matter of national security, those who talk about it will be arrested. and charged under the ISA....haha
pap only hoping that these oldies uplorry asap and everything will be swept under the Istana carpet

 

[Boliao]

LAWRENCE started the HDB depreciation value, he should END it. This should be made into daily discussion until the next GE. See what he has got to say. Knowing Singapore will not progress under the same old speaker, I will NOT VOTE FOR HIM.

What depreciation? HDB resale has been breaking the $1m over the and over again

 

[batman1]

After the expiry of your 99 year leasehold hdb flat,the value of your hdb flat will be zero. If the govt take back the hdb flat from u, Where will u stay ?

 

[Hypocrite-The]

After the expiry of your 99 year leasehold hdb flat,the value of your hdb flat will be zero. If the govt take back the hdb flat from u, Where will u stay ?

It's your probably..

 

[millim6868]

It's a joke all can't even last 99 yrs ,n inorder to have cash cow ,they will take back maybe after 40yrs then ask u to get another one to continue service loan with average amt paid,its like MLM ,u need suckered,lol

 

[mojito]

LAWRENCE started the HDB depreciation value, he should END it. This should be made into daily discussion until the next GE. See what he has got to say. Knowing Singapore will not progress under the same old speaker, I will NOT VOTE FOR HIM.

Pls lah he did not start it. He merely wake u up from your fantasy. Car after 20 years still got scrap value. Your flat smash into cement and rubble got what value?

 

[mojito]

The term 'homeowner' is already a misleading, disingenuous term intended to deceive. A home is a concept, an idea. You cannot buy or own one.

You can be a 'flat owner' or 'house owner' instead.

Then there's the other debate whether you actually 'own' a HDB flat at all.

A HDB flat is worse than a private property equivalent in every way except for price. Even condos also not guaranteed to enbloc how people can jump to conclusions about sers I can never understand.

 

[mojito]

After the expiry of your 99 year leasehold hdb flat,the value of your hdb flat will be zero. If the govt take back the hdb flat from u, Where will u stay ?

Old fucks home lor. All so can check in early at Mandai Columbarium the niche quite affordable for your budget huh.

 

[syed putra]

Those old folks should just get a freehold unit in JB. The most, you lose on currency depreciation.

 

[mahjongking]

Those old folks should just get a freehold unit in JB. The most, you lose on currency depreciation.

some old fucks have assets, die already if nobody claim pap can claim and act blur... pap dont want them to bring assets to JB

 

[Hypocrite-The]

Those old folks should just get a freehold unit in JB. The most, you lose on currency depreciation.

And the fact that it's basically unsellable

 

[borom]

Broken social "contracts" like can withdraw ALL CPF at 55, HDB will always appreciate in value, nobody will be left behind,ect2 will worsen until they are voted out.
Look at Shan , even POFMA when said he may retire ,so ONLY ALTERNATIVE is to make them into an opposition party and let then taste their own medicine

 

[syed putra]

And the fact that it's basically unsellable

You want to sell for wot. Stay until somebody finds your skeleton 50 years later.