Nov 13, 2010
MM: Don't sell your flat
HDB flat owners should not sell their flats, as they are assets that will appreciate in value year after year, said Minister Mentor Lee Kuan Yew on Saturday night.
Addressing some 500 residents at a constituency event in Tanjong Pagar GRC, he said: 'I urge you not to listen to the estate agents and sell it, and go and rent a flat because that's a stupid thing to do.
'You sell it, you may not get a rental flat for a long time. And you cannot gain from a rental flat... Please remember that.'
Mr Lee's call comes shortly after the Government took steps to address the trend of homeowners who - propelled by record selling prices - are trying to sell off their flats to make a quick profit.
To underline the need for financial prudence, the Housing Board on Nov 1 introduced a seven-day cooling-off period for people intending to sell their HDB flats.
Mr Lee was speaking at the annual Tree Planting Day in the group representation constituency. The event also saw a ceremony to mark the completion of a covered linkway in Jalan Membina in Tiong Bahru.
MM: Don't sell your flat
HDB flat owners should not sell their flats, as they are assets that will appreciate in value year after year, said Minister Mentor Lee Kuan Yew on Saturday night.
Addressing some 500 residents at a constituency event in Tanjong Pagar GRC, he said: 'I urge you not to listen to the estate agents and sell it, and go and rent a flat because that's a stupid thing to do.
'You sell it, you may not get a rental flat for a long time. And you cannot gain from a rental flat... Please remember that.'
Mr Lee's call comes shortly after the Government took steps to address the trend of homeowners who - propelled by record selling prices - are trying to sell off their flats to make a quick profit.
To underline the need for financial prudence, the Housing Board on Nov 1 introduced a seven-day cooling-off period for people intending to sell their HDB flats.
Mr Lee was speaking at the annual Tree Planting Day in the group representation constituency. The event also saw a ceremony to mark the completion of a covered linkway in Jalan Membina in Tiong Bahru.