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Public housing will be strengthened by new government initiatives, Minister Wong assures Singaporeans
11 September 2018
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In Indonesia(30 years lease renewal) , Hongkong (60 or 70 years leases are also renewal) and even communist China ( 70 years leases are renewal) subject to lessees are citizen but not for foreigners. . If the aforesaid countries leases can be renewed , how come our 99 years lease cannot be renewed. Don forget when HDB lessees bought the flats 40 years ago , there were no amenities such as wet market, food courts, bus depots, schools , MRT and many others facilities. Unfortunately ,after staying for so many years when abundant amenities sprout up and the land value had increased tremendously due to many amenities conveniently available, all of a sudden the gov. tells us it will be zero upon expiry of the leases. Hitherto, Singapore newspapers are praising the gov. day-in and day-out that Singaporeans who possessed HDB flats have the best of both worlds when gov. introduced HIP, HIP2 and VERS. What is there to praise when the flats ultimately trickled to zero in value. In short, we have been brain-washed and indoctrinated by the gov. for the past 40 years. Maybe we have to vote-in a new government so that our leases can be renewed like other countries.The above narratives are just my two cents worth of opinion.
Whichever way you look at it it is still a Lease. Go look at the HDB title deed. It is stated very clearly that it is lease. It is a 99 year lease. Upon reaching 99 years it reverts back to the state. Unlike a private condo though it may be a 99 year leasehold condo you see that there is this thing call share value stated. In short the owner of a private condo owns the building plus the land it sits on. For HDB lease you own only the building and there is no share value attached to it. Besides HDB have its own rules and guidelines on eligibility. Of course you can sell your HDB flat but within HDB guidelines.
Zero value means zero value after 98 year lease expired. 4 to 5 months variables bonus Bird Collect even trying to give assurance. You wont be there when 98 yrs is up. Talk cork you the best
I still don't believe it is Home Ownership, and firmly believe it is leasing. PAP just want to take back the land and earn another round to rip our money.
The worst thing is that we will not have meaningful inheritance offered to our children when we leave this world.
Some years ago, when I switched on my TV, I overheard someone said that our government is not a charity organizations. From there onwards, I think I knew what kind of government we are having now, and I don't think I can trust them for doing good for the citizens. That 'someone' is presently our like to cry to get pity votes PM.
When you have been selling the idea that, no matter what, you will gain a lot with HDB purchase for the last 40 years, you now face the backlash of all the people who believed you.
Now the reality that their investment will be zero at 99 years, the people are not happy and why there is a need to change the narrative. Instead of relentless asset appreciation, they now focus on maintaining value. Yet they continue to be silent on the fact that it will be zero at 99 years. They want to address the next 10 to 20 years to ensure they continue to be in power and they need to defuse this bomb which actually its their own doing. Now they talk about VERS. No matter what the value when reach last 20 to 30 years, you should expect a linear drop to zero. That's why they want to delay it by coming up with VERS. Make no mistake, it will be at zero when it reaches 99 years.
Basically once your flat is 50 years, few takers; the values start to decline. This issue is sugar coated by SERS and VERS but ultimately it is the buyers to pay. Whether SERS or VERS, the fundamental issue is yout cant afford to pay to top up the lease!!!
Assert enhancement is a big mistake set by the government of GCT and champion by the Mah. The cpf money to purchase house become a lost bet for most people. Now retirement also have problem when the money paid to the house. I suggest government pay all Singapore born singaporean at age of 50 years old and above this year 200k to compensate this group of people buying a house so high. At least compensation be given and for tge new buyer, the current hdb price should be 20 percent of the private 99 lease hold price currently selling.
Well...The HDB were land were 'bought' from our own Gov then sold at a price determined by the same Gov then using the same CPF retirement money (so call....) to finance it then charge a interest for the loan on that CPF money by the same Gov and finally taken back by the same Gov that sold the HDB to us. Even we resell it, some of our fellow Singaporean bought it and go thru the same cycle..... End of the day...It seem to me that we got nothing in reality and everything took from us. That's my commoner point of view.
Hi, the minister should back with statistics and data to prove that old flats do havw values. My suggestion: follow what the Hong Kong do, allow the owners to top up land lease. Let's say after the upgrading, owners vote not to sell it back to the HDB, then perhaps extend the lease from the remaing 29 years to 50 years at subsidised rate.
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