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MND to consider suggestions to tackle HDB lease decay

PropertyGuru
MND to consider suggestions to tackle HDB lease decay

The government will consider proposals and suggestions for external parties to manage HDB flat leases.

Minister for National Development Lawrence Wong has responded to two separate policy proposals, saying that all alternative suggestions and ways to manage HDB flat leases will be considered by the government.

Like many condominiums in Singapore, all HDB flats in Singapore are built and sold with initial 99-year leases. The oldest HDB flats in Singapore, in Queenstown and Toa Payoh, have just under 50 years of remaining lease.

To rackle the issue of HDB lease decay and the decreasing value of old flats The Workers Party suggested an alternative scheme to the present Selective En bloc Redevelopment Scheme (SERS), called SERS Plus, reported The Straits Times.

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Under this proposed scheme, affected residents will be guaranteed units in existing Build-to-Order (BTO) as well as Sale of Balance Flats (SBF) exercises, while the government need not secure a replacement site prior to the launching of SERS.

Architect Tay Kheng Soon, economist Yeoh Lam Keong and property consultant Ku Swee Yong, on the other hand, proposed a one-time automatic lease top-up for ageing flats and a government-funded rebuilding of HDB flats every 100 years.

In his blog post, Wong said the Ministry of National Development (MND) will “consider all such feedback and ideas, and study them in greater detail”.

He noted that the two proposals recognised “the need for urban renewal in our land-scarce city” where “land can be recycled and new flats built for future generations”.

“This is the reason why so much of our land is on a leasehold basis, be it for private or public residential properties,” he added.

RECOMMENDED ARTICLE: The decaying HDB lease. Myth or reality?

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg