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The Straits Times
May 19, 2018
The focus of HDB should be on providing affordable homes. Singaporeans ought to understand that HDB flats are cheaper because the 99-year lease term allows the Government to redevelop and sell new public housing, possibly at subsidised rates, to the next generation. The Government may encourage speculation in HDB prices by extending lease terms at no or low cost or, worse still, over-compensating HDB owners with excessive Sers packages. While I understand that the older generation may want to pass their property assets to their descendants, this should not be at the expense of the affordability of housing for the younger citizens, nor should it be done with national resources. HDB has to make a clear stand that the residual value of a 99-year lease is zero. This is to ensure that Singaporeans no longer have misguided expectations of the investment returns of public housing.... Continue Reading