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Over the last few years I have written several articles on the HDB issue, the last ones being on 10th and 11th December 2018 but as this hot topic arose again while I was at Hong Lim and on my threads recently, I want to take you back to them.
The first, and one of the biggest parts of the HDB saga since Lawrence Wong let the cat out of the bag that contrary to years of promises of them being your share in the growth of the nation and a long-term investment your HDB is on a limited lease and will go to zero, is the plainly false justification of why it has to be a 99 year lease.
We were told by the PM at the last National Day Rally that it is because land is limited so we have to reserve it for future generations so let’s look at that more closely.
My father in law had paid off his mortgage, was getting ready to retire when his HDB was compulsory purchased for redevelopment. This was around 2002 and his estate was on Alexandra Road prime plots of land. After the purchase HDB tore down the flats, planted grass, then left the lot empty for at least 4-5 yrs. Then they divided the land and sold the plots to the private sector. And what do we have today? Condos.
Specifically:
• The Metropolitan (TOP 2009)
• Ascentia Sky (TOP 2014)
• Echelon (TOP 2016)
• Alex Residences (TOP 2017)
• Artra (construction started 2017)
And many these are owned by foreigners.
More at https://tinyurI.com/y9zr6ugn
The first, and one of the biggest parts of the HDB saga since Lawrence Wong let the cat out of the bag that contrary to years of promises of them being your share in the growth of the nation and a long-term investment your HDB is on a limited lease and will go to zero, is the plainly false justification of why it has to be a 99 year lease.
We were told by the PM at the last National Day Rally that it is because land is limited so we have to reserve it for future generations so let’s look at that more closely.
My father in law had paid off his mortgage, was getting ready to retire when his HDB was compulsory purchased for redevelopment. This was around 2002 and his estate was on Alexandra Road prime plots of land. After the purchase HDB tore down the flats, planted grass, then left the lot empty for at least 4-5 yrs. Then they divided the land and sold the plots to the private sector. And what do we have today? Condos.
Specifically:
• The Metropolitan (TOP 2009)
• Ascentia Sky (TOP 2014)
• Echelon (TOP 2016)
• Alex Residences (TOP 2017)
• Artra (construction started 2017)
And many these are owned by foreigners.
More at https://tinyurI.com/y9zr6ugn
