HDB’s 99 Years Lease Expiry

I am a retiree living in a HDB flat that is over 30 years old. Recently 2 events happened that explicitly illustrated the catastrophy that will happen to owners of aging HDB flats.

1.My friend who is also a retiree tried to sell his 5-room HDB flat at Telok Blangah after having a new retiree flat. His 5-room flat is over 40 years old. His agent has been advertising the flat for sale for 18 months with very few enquiries received and with ZERO viewing by prospective buyer.

2.My wife, a property agent, has been advertising a 4-room flat for sale in the same vicinity for 6 months with ZERO enquiries received

Although my flat is only 30+ year old I am extremely worried that should I need to sell it in 10 years time I will face the same problem as my friend. Most flat owners still seemed to be not worried about the lease expiry time bomb thinking that the government will fix the problem in due time. Will they?

 

Ricky Tan

 

 

 

Sponsored Content

49 Responses to “HDB’s 99 Years Lease Expiry”

  • cb:

    Fix who..who fix..cPeeF not pupils $$$
    Bt Bodok love it,hooray
    Knnbccb

    GD Star Rating
    a WordPress rating system
  • PAP don't Build a Nation:

    I very firmly believe PAP will extend the lease to another 50 years in the DAYS BEFORE GE 2020 – to extend their power over another generation of dafts who undoubtedly presumably will thank the PAP as God.

    GD Star Rating
    a WordPress rating system
  • LIONS:

    Sell back to HDB,THEY promised current market price as THEY COCK$URE HDB FLAT IS AN ASSET.
    Thats WHY those buying 99 years CONDOs in CENTRAL AREA might as well consider to buy LANDED WITH FREEHOLD in suburban districts instead.

    Be wise.

    GD Star Rating
    a WordPress rating system
  • Really bad joke:

    I dread the old skeletons in our HDB backyards.
    Are they the ones they’ve been hiding in our own closets all these years?

    GD Star Rating
    a WordPress rating system
  • Dont worry, Ricky:

    What is his asking price? A million dollar?
    Unfortunately, it is not a private property, otherwise, he can make a windfall through enbloc.
    The problem is that Singaporeans scrimp and save to buy as big a flat as possible, hoping for capital appreciation. Now your friend is trying to take a second bite by buying a retiree flat and sell his 5 room flat for a profit.
    You can imagine the younger generation now, they have to pay over $700,000 for a new flat at Clementi, not Telok Blangah. How much saving they will have in their cpf and how much profit, if any, they can make from their flat in 30 years time?
    Condo prices may go up because of enbloc fever, rising government land sale prices and rising prices of old properties in the vicinity.
    Don’t worry, prices of properties, be it HDB flat or private property, PAP will not allow prices to drop too low, otherwise, properties companies and banks will have less business and profit, and there will be a huge political backlash and PAP will be voted out through a “freak” GE.
    The only problem is that HDB flat owners have to sell their flats when they get the keys for their new flat.
    Contrary to what many fear, PAP will have no choice but to extend the lease of HDB flats when the lease expires, with a certain fee, like the private property enbloc having to pay for development charges, except that flat owners do not make as much money, if any, as the private property owners.
    PAP will import more FTs and billionaires to support prices, and there will be trickle down effect on HDB flat owners, because thousands of new PRs will queue up to buy your resale flat.
    Soon, you will be able to retire, voluntarily or otherwise, maybe earlier than you expected.
    PAP control both the supply as well as the demand!

    GD Star Rating
    a WordPress rating system
  • Property guru:

    @LIONS

    Agreed.
    Many landed around Sg still under-valued like Serangoon area or Punggol in N-E .
    I would rather look at older landed terrace houses rather than over-priced “99″ YEARS LEASE CONDOS in central or town area.

    Freehold is still the best,you can pass it down to your children or even granchildren.

    Condos are over-valued as compared to landed terrqce as the govt restrict PRs from buying.

    So,better off younger sgs should look out for FREEHOLD LANDED VIS-AVIS 99 YRS CONDOs

    GD Star Rating
    a WordPress rating system
  • Bapak:

    Yes, then after the election they will revert back to status quo. LL.

    PAP don't Build a Nation:
    I very firmly believe PAP will extend the lease to another 50 years in the DAYS BEFORE GE 2020 – to extend their power over another generation of dafts who undoubtedly presumably will thank the PAP as God.

    GD Star Rating
    a WordPress rating system
  • N.Jungne:

    The Tor-tei Kong says $0/= value after 99yrs.

    GD Star Rating
    a WordPress rating system
  • En bloc:

    It is difficult to resist the impression that the current government is switching out of the Asset Enhancement promises of earlier governments. It may be recalled that even the late Minister Mentor LKY had been exhorting people to hold on to their HDB flats. Now, following minister Lawrence Wong’s curt announcement (in 2017) about Sers (Selective En bloc Redevelopment Scheme), it appears that HDB flats that are older than 40 – 60 years, depending on location, may not have a resale market. In which case, at some point in the future, it may become necessary for the govt to reconsider its Sers policy so as to follow the lead of the private sector in what is being hailed as a market mechanism for urban renewal or regeneration: en-bloc sales and redevelopment.

    In today’s Straits Times (April 11, 2018, p. A16), in a column by Grace Leong (“En bloc effect: Smaller shoebox units?), Mr Ku Swee Yong (CEO of International Property Advisor) is being quoted as saying that developers are adopting a “disposable goods” mentality, i.e. building homes that last no more than 20 years since these can be redeveloped en bloc once deterioration sets in.

    Mr. Ku is also being quoted as saying: “Our en bloc rules may encourage developers to reduce quality to the specifications required. There is no love for good quality build such as the Fullerton Hotel building.”

    That would suggest a future where most of our private residences, e.g. condos, would be continually recycled (like our cars through the COE mechanism), whilst some 80% of the population would be confined to aging public (HDB) flats which would be pulled down at the end of their 99-year lease, with no residual value!

    GD Star Rating
    a WordPress rating system
  • Follow the rich and powerful:

    Do our PAP Ministers like Lawrence Wong, Khaw Boon Wan, Mah Bow Tan live in HDB flats or private properties?
    So, do not get upset when private property prices rise while resale HDB flat prices decline, because the rich and powerful always take care of their wants first.
    If you have the means, follow the rich, buy a private property. If you buy a “subsidized” government flat, you have to abide by the rules that can be modified from time to time, at the whim of the government.
    Most people are conned by all the promises (no GST increase, no displacement of Singaporeans by immigrants, affordable housing)of PAP which won the 2015 GE by 69.9%.
    We sheep cannot hurt their pockets because PAP set the rules and pay themselves millions, reward their cronies. We can only hit them where it hurts them, vote against PAP.
    By the way, wonder how much is the asking price of Ricky’s friend’s flat? Is it more affordable than the “affordable” new flat?

    GD Star Rating
    a WordPress rating system
  • Anonymous incognito:

    And this explains both the shortage of living quarters and the lack of affordability.
    If the govt wasn’t both the landlord and landowner these distortions wouldn’t happen.
    This’ll end very badly

    GD Star Rating
    a WordPress rating system
  • oxygen:

    @ LIONS

    YOU THINK PAPpys DO BUYBACK of aged HDBs? I am sure you are joking.

    LIONS: Sell back to HDB,THEY promised current market price as THEY COCK$URE HDB FLAT IS AN ASSET.

    New citizens and PRs who bought from the HDB resale market all kanna fiacked – left, right and centre – never mind if it is Pennis-on-Duxton or anywhere else. The values gonna fall down the slide ride only after a few years of staying in. Even natives got fiacked.

    cyberblogger:We were told to own a property and treat it as an asset when we retire. No one really question the 99 lease and what will happen to the asset after 99 years. Now 53 years on, I realise this asset is not really an asset as proclaimed. I bet Singaporean HDB owners feels conned.

    https://sg.yahoo.com/finance/news/hdb-chief-suggests-home-seekers-163219150.html

    Second tier condos in suburban 99-yr lease will see the same fast ride down the slide. No more 5-rm HDB upgraders to buy their cheap sale in price support. That will fall too along with the rest of the condo market with 60 yr plus leases remaining.

    The top end of the condo market – even at Sentosa Cove and waterfront at Tanjong Rhu have long punctured.

    PAPpys has got NO SOLUTION to this bubble burst and A LOT of their diehard supporters heading for the abattoir awaiting slaughtering.

    That is to say, the canopy collapse first followed by the bottom support. YET THERE ARE IDIOTS STILL CHASING EN-BLOC SALE WHICH ARE EXPENSIVELY PRICED TO FIND SUCKERS.

    There will be a lot of fun when the global economy tumble next. I am watching a movie of “wealth creation” by living on a debt binge.

    GD Star Rating
    a WordPress rating system
  • Papaya - Pls Pay Again:

    -
    The meter is ticking down – pls Top UP ! :(

    GD Star Rating
    a WordPress rating system
  • What to do?:

    Both Wong n Pinky should have the answers! Please write an open letter to both of them?

    Ask them what to do?

    GD Star Rating
    a WordPress rating system
  • NotMyProblem:

    @Ricky, so you believed PM Goh’s asset enchantment during his time. Did you also believed on the Swiss Standard of Living too? You may still be thinking HDB belongs to you as owner!

    Just to wake you up. 10 or 15 years ago a lot of PRC Chinese came here to buy up houses with dirty money they don’t even look at the house, they just buy! These PRC already left with their money.

    Now, because of Chairman Xi and better housing in other countries, these Chinese shifted their interest from Singapore.

    This day you see more India Indian and Myanmar. These people are not as rich as the PRC. They preferred rental than purchase.

    Finally, stop believing the PAP. Feng Shui master could cheat you at most 10 years, but PAP cheats you more than 50 years.

    GD Star Rating
    a WordPress rating system
  • Selfish Sinkie Syndrome:

    See this Ricky…another with typical Selfish Sinkie mentality. No problems and be a “silent majority” until his own HDB lease expiring, now then come out to TCSS say he very worried and want gahmen to do something.

    Has this Ricky been asked who he had voted for in the past 50 years?

    When your fellow citizens can cheated into this 99 year lease, you keep quiet say gahmen the best, but now when your turn comes up for lease expiry, then time to make a whole lot of noise?

    Isn’t is a bit too late now that the ticking time bomb of HDB is coming soon?

    2nd question for Ricky the worried retiree, is who is he going to vote for in the next GE?

    Maybe, if gahmen extend his lease free of charge, he will surely go back to vote pay and pay? No wonder Selfish Sinkies are all doomed and they fully deserve it.

    GD Star Rating
    a WordPress rating system
  • opposition dude:

    It will be interesting to see what tricks PAP will come up with for those flats which are 40 years and above. Quite a number of flats in Toa Payoh, Queenstown, Marine Parade and Bedok South fall into this category already with more from HDB estates built in the 80s like Bt Batok, Tampines and Yishun to follow as 2030 approaches.

    Will be an interesting time.

    GD Star Rating
    a WordPress rating system
  • Kick Them All Out:

    You kick out PAP and get oppositions in to form new government to get the HDB lease renewed. PAP cannot solve the issue because they are greedy and they have a huge CPF hole to cover. A new government will help sinkies to get back all the money from those thieves.

    GD Star Rating
    a WordPress rating system
  • You Die Your Problem!!:

    Not too late, vote wisely in the next GE!

    The new Gahment may just amend the rules to our advantage.

    As for this Gahment, don’t even think about it!

    GD Star Rating
    a WordPress rating system
  • Migrated:

    My free standing double storey 4 bedroom house with garage on a freehold land is cheaper than a resale 5 room flat in mature estates.

    Property guru:
    @LIONS

    Agreed.
    Many landed around Sg still under-valued like Serangoon area or Punggol in N-E .
    I would rather look at older landed terrace houses rather than over-priced “99″ YEARS LEASE CONDOS in central or town area.

    Freehold is still the best,you can pass it down to your children or even granchildren.

    Condos are over-valued as compared to landed terrqce as the govt restrict PRs from buying.

    So,better off younger sgs should look out for FREEHOLD LANDED VIS-AVIS 99 YRS CONDOs

    GD Star Rating
    a WordPress rating system
  • Blur sotong we are:

    Any public statement forthcoming from Goh Chok Tong – who promulgated to us people our quickly increasingly expensive roof-over-the-head hdb units as enhanced assets?

    GD Star Rating
    a WordPress rating system
  • LIONS:

    oxygen:
    April 11, 2018 at 3:58 pm (Quote)
    @ LIONS

    YOU THINK PAPpys DO BUYBACK of aged HDBs? I am sure you are joking.

    LIONS: Sell back to HDB,THEY promised current market price as THEY COCK$URE HDB FLAT IS AN ASSET.

    New citizens and PRs who bought from the HDB resale market all kanna fiacked – left, right and centre – never mind if it is Pennis-on-Duxton or anywhere else. The values gonna fall down the slide ride only after a few years of staying in. Even natives got fiacked.
    =============================================================================

    hi sir,
    you are right.

    asset enhancement of 99 yr leasehold HDBs is disastrous to peasants.

    in any case,see more poverty among older sgs at the rate the intern gahmen are going?

    cheerio.

    GD Star Rating
    a WordPress rating system
  • rayburn:

    what’s in it for ppl like me who bought a BTO 2rm?
    intend to pay in full once collect key 2nd half next year.

    are we seeing a meltdown like subprime or Dubai?

    oxygen: Second tier condos in suburban 99-yr lease will see the same fast ride down the slide. No more 5-rm HDB upgraders to buy their cheap sale in price support. That will fall too along with the rest of the condo market with 60 yr plus leases remaining.

    The top end of the condo market – even at Sentosa Cove and waterfront at Tanjong Rhu have long punctured.

    GD Star Rating
    a WordPress rating system
  • Python 5:

    can the flats themselves physically last 99years?
    will be like some slums already.

    they might demolish it before lease is up and compensate you less than the pro-rated residual value of the flat.

    99 years cost 100k lease.
    49 years cost 50k lease, but they short change you and give you only 20k?

    opposition dude:
    It will be interesting to see what tricks PAP will come up with for those flats which are 40 years and above. Quite a number of flats in Toa Payoh, Queenstown, Marine Parade and Bedok South fall into this category already with more from HDB estates built in the 80s like Bt Batok, Tampines and Yishun to follow as 2030 approaches.

    Will be an interesting time.

    GD Star Rating
    a WordPress rating system
  • Mainstreet Citizen:

    Zero enquires for 4-room flat in telok blangah after 6 months of advertising? Time to change agent and review the rocketed asking price.

    GD Star Rating
    a WordPress rating system
  • rukidding:

    Short and simple answer :…..Lee Con you !

    Remeber ?….he called you guys “Daft” ??

    Seek redress ?

    He gone ardy ….

    Only when Opposition become “Government of the day”…will all those “secrets and skeletons” be “uncovered” !

    Thats inclusive of your “coffin $$$”….our C=pf monies !!

    GD Star Rating
    a WordPress rating system
  • Paying the piper:

    Soon it will be time to pay the piper.
    When Mahbot Tan switched HDB from cost subsidy to unheard off market subsidy for clueless Papigs2.0 to implement so-called asset enhancement –it created the Biggest Pyramid Scheme in mankind history.
    We know how all pyramid scheme ends; you can try 6.9mil or 10 mil to push the can down the road—but you will run out of economically-capable suckers very soon.
    So not only was Maboh Tan drunk; the whole Papigs 2.0 including old man were drunk.
    The true father of Singapore Goh Keng Swee just left the Cabinet then; thus all wisdom disappeared from Cabinet!

    opposition dude:
    It will be interesting to see what tricks PAP will come up with for those flats which are 40 years and above. Quite a number of flats in Toa Payoh, Queenstown, Marine Parade and Bedok South fall into this category already with more from HDB estates built in the 80s like Bt Batok, Tampines and Yishun to follow as 2030 approaches.

    Will be an interesting time.

    GD Star Rating
    a WordPress rating system
  • HarderTruths:

    Who did you vote for?

    GD Star Rating
    a WordPress rating system
  • nizhemoshou:

    PAP don't Build a Nation:
    I very firmly believe PAP will extend the lease to another 50 years in the DAYS BEFORE GE 2020 – to extend their power over another generation of dafts who undoubtedly presumably will thank the PAP as God.

    the heartless mercenary pap leeders will consider this option only if the owners pay market rate for the extension.

    GD Star Rating
    a WordPress rating system
  • retired teacher:

    Property guru:
    April 11, 2018 at 1:55 pm (Quote)
    @LIONS

    Agreed.
    Many landed around Sg still under-valued like Serangoon area or Punggol in N-E .
    I would rather look at older landed terrace houses rather than over-priced “99″ YEARS LEASE CONDOS in central or town area.

    Freehold is still the best,you can pass it down to your children or even granchildren.

    Condos are over-valued as compared to landed terrqce as the govt restrict PRs from buying.

    So,better off younger sgs should look out for FREEHOLD LANDED VIS-AVIS 99 YRS CONDOs

    ————–
    hi well said,cant agree more.

    this government is not only uncaring,it is greedy to the core.

    GD Star Rating
    a WordPress rating system
  • MarBowling:

    Paying the piper:
    April 11, 2018 at 11:13 pm (Quote)
    Soon it will be time to pay the piper.
    When Mahbot Tan switched HDB from cost subsidy to unheard off market subsidy for clueless Papigs2.0 to implement so-called asset enhancement –it created the Biggest Pyramid Scheme in mankind history.
    We know how all pyramid scheme ends; you can try 6.9mil or 10 mil to push the can down the road—but you will run out of economically-capable suckers very soon.
    So not only was Maboh Tan drunk; the whole Papigs 2.0 including old man were drunk.
    The true father of Singapore Goh Keng Swee just left the Cabinet then; thus all wisdom disappeared from Cabinet!

    Response: great comments. Btw what happen and where the Hell is this Smiling Tiger Bluest-eye Boy of Lee Kayu MarBok Tan Bugger NOW? Understand upon his retirement from the Coverment, he has invested about $28 millions or 0.008% of his savings into an development company to further grow his bird nest and retirement fund!

    GD Star Rating
    a WordPress rating system
  • Python 5:

    before election, they sing about extension of the lease. (like upgrading).
    after election, they tell you to pay for the extension. (like upgrading).

    nizhemoshou: the heartless mercenary pap leeders will consider this option only if the owners pay market rate for the extension.

    GD Star Rating
    a WordPress rating system
  • What can they not do?:

    @retired teacher
    Freehold can change to leasehold whenever they decide with a stroke of the pen. Possible? So don’t be too secure about your freehold properties.
    In the name of progress and socialism and public benefits, the Land Acquisition Act was applied.
    Good and bad?
    Land Acquisition Act (they can use it any time as necessary) can take over your land and property (has been going on for decades) and they manage convert to leasehold 99 years (public housing) and look at the prices of public housing now, or commercial 33 years, or for whatever period as they decide, and they retain and are in control forever.
    What is the percentage of land now under their control? Check that out.
    Check out with some old folks sitting in the heartland kopitiam sadly saying “you know that plot of land over there once belong to my grandfather but not anymore, imagine if we still own it”. Check out such “stories” and you decide.
    Who benefitted?
    The administrators (they pat themselves and pay themselves well for managing the acquired estates) and the developers and the bankers, they are enjoying enriched by this perpetual merry-go-round.
    Good or bad?
    Fair or unfair?
    Estate death duty now abolished.
    The old folks in the kopitiams are still sucking their thumbs.

    GD Star Rating
    a WordPress rating system
  • Expanding the scam:

    PAP don't Build a Nation:
    I very firmly believe PAP will extend the lease to another 50 years in the DAYS BEFORE GE 2020 – to extend their power over another generation of dafts who undoubtedly presumably will thank the PAP as God.

    At what price? Greedy, self-serving PAP does not believe in “free”. So HDB flats are not only over-priced but you eventually have to pay the high price TWICE. HDB is indeed the “mother-of-all” scams in Singapore thanks to LHL. Note PAP no longer says public housing is “affordable and subsidized” because it knows that this would be “fake news”.

    GD Star Rating
    a WordPress rating system
  • Your wife not performing:

    @ Mainstreet Citizen

    Seconded.

    Fire the wife since she not performing.

    Drop price by 10 – 20% sure can one.

    GD Star Rating
    a WordPress rating system
  • Rabble-rouser:

    A simple answer with a simple solution to the problem. All it require is a Yes or No answer!
    Gather an En bloc of HDB voters & go confront your GRO or meet the MP/Minister at the meet-the-MP session just before 2020 GE & ask, “Will you resolve the matter of HDB leases?” Just a Yes or No answer is sufficient – if Yes, we’ll vote for you but put it in writing (through the Media) so that we can either sue you or bring to International Arbitration if you default; if No, we vote for Opposition En Bloc!
    Watch how many Ministers would ‘jump’ to preserve their high paying jobs. They don’t want to be the next George Yeo or Lim Hwee Hua who were put out to early pasture after they had lost the Aljunied GRC to WP.
    Good idea? – Yes or No answer, please!

    GD Star Rating
    a WordPress rating system
  • Rabble-rouser:

    p.s. The power is in your hands in 2 years time ie. 2020 GE. If you don’t act, the stupidity is yours to bear, not the PAP! Time to give them gastric ulcers; if not, the gastric ulcer is yours to bear! Tio Boh?
    Or else, the voters get the govt they deserved!

    GD Star Rating
    a WordPress rating system
  • I Second that:

    A lot of Singaporeans are naïve to think freehold is better. Most 99 years lease are situated on amenities area. Rather buy a 99 lease hold than most free hold that are situated in ulu ulu land. Anyway, how long can a freehold condo lasts? I doubt your descendants can stay there after 50 years due to wear and tear. And even that laws may change as ‘What can they not do?’ already explained.

    @retired teacher
    Freehold can change to leasehold whenever they decide with a stroke of the pen. Possible? So don’t be too secure about your freehold properties.
    In the name of progress and socialism and public benefits, the Land Acquisition Act was applied.
    Good and bad?

    GD Star Rating
    a WordPress rating system
  • Asd:

    What is there to fix ? 99 years u get out that’s it…. You voted for it… Don’t you remember ?

    GD Star Rating
    a WordPress rating system
  • opposition dude:

    Python 5:
    can the flats themselves physically last 99years?
    will be like some slums already.

    they might demolish it before lease is up and compensate you less than the pro-rated residual value of the flat.

    99 years cost 100k lease.
    49 years cost 50k lease, but they short change you and give you only 20k?

    I don’t know if they can stand for 99 years, I only know that the earliest flats built by HDB in the 60s are still standing and those would be close to or at least 50 years old by now.

    If HDB does do massive demolition of flats built in the 60s and 70s there will be plenty of homeless people around since Lawrence already said a small percentage are selected for SERS. Whatever value given to you for the remaining lease of your flat won’t be enough to cover a new BTO for sure which makes it look like you have to pay for a flat twice.

    So just sit back and enjoy the show, PAP has all the book smart scholars and it will be interesting to see what smart ideas they come up with.

    GD Star Rating
    a WordPress rating system
  • opposition dude:

    Paying the piper:
    Soon it will be time to pay the piper.
    When Mahbot Tan switched HDB from cost subsidy to unheard off market subsidy for clueless Papigs2.0 to implement so-called asset enhancement –it created the Biggest Pyramid Scheme in mankind history.
    We know how all pyramid scheme ends; you can try 6.9mil or 10 mil to push the can down the road—but you will run out of economically-capable suckers very soon.
    So not only was Maboh Tan drunk; the whole Papigs 2.0 including old man were drunk.
    The true father of Singapore Goh Keng Swee just left the Cabinet then; thus all wisdom disappeared from Cabinet!

    With us having the benefit of hindsight we can conclude that PAP was, as usual, telling us what they want us to hear. That the values of our HDB would increase substantially and that this so called “nest egg” would fund our retirement. Ah, what a nice fairytale it makes when it’s mentioned by PAP isn’t it?

    Not to mention that they so proudly took the opportunity to always mention and remind us all that “More than 80% of Singaporeans own their flats” ha ha ha ha ha! It sounds so funny when I say that these days and even daft PAP knows that the game is up. What the newspaper dares not print is questions from HDB owners asking what the government is doing ever since Lawrence Wong’s “revealation” of flats going back to the state.

    Not surprisingly, we have not heard anything about this issue. This will be something major when the time comes, it could singlehandedly make PAP into an opposition party overnight if the kiasees are angry enough.

    GD Star Rating
    a WordPress rating system
  • IB trying hard:

    with 10 million coming in, which part of island can be ulu ulu?

    Law may change to acquire freehold but no need change to take back leasehold. So easy, so readily available.

    Don’t even have to wait 99 years, after 50 years no bank will loan money for anyone to buy your house. Your land also no value.

    If only want it to stay for 50 years, afraid of wear and tear, why even buy? just rent.

    I Second that: A lot of Singaporeans are naïve to think freehold is better. Most 99 years lease are situated on amenities area. Rather buy a 99 lease hold than most free hold that are situated in ulu ulu land. Anyway, how long can a freehold condo lasts? I doubt your descendants can stay there after 50 years due to wear and tear. And even that laws may change as ‘What can they not do?’ already explained.

    @retired teacher
    Freehold can change to leasehold whenever they decide with a stroke of the pen. Possible? So don’t be too secure about your freehold properties.
    In the name of progress and socialism and public benefits, the Land Acquisition Act was applied.
    Good and bad?

    GD Star Rating
    a WordPress rating system
  • Python 5:

    “More than 80% of Singaporeans own their flats”

    The flats are leased from the govt for 99 years.
    They belong to the govt. Just like a business lease a copier machine from Canon or FJX. The business does not depreciate the value of the copier in its accounting books.

    LEASE
    a contract by which one party conveys land, property, services, etc.
    to another for a specified time, usually in return for a periodic payment.

    ASSET
    an item of property owned by a person or company,
    regarded as having value and available to meet debts,
    commitments, or legacies.

    GD Star Rating
    a WordPress rating system
  • Ricky Tan:

    Further to my posting ‘HDB 99 years lease expiry’ I would like to make a few clarifications to various replies posted by readers:

    1. I have voted for opposition for the last 3 elections.
    2. Like the vast majority of Singaporeans I can only afford HDB housing so it
    was not a choice but a necessity to own a HDB flat.
    3. The price my friend paid for his 2-room retiree flat with 30 yrs lease is
    PROPORTIONATELY more expensive than a 3-room flat with 99 yrs lease. So my
    friend did not actually get a second bite of the cherry.
    4. Both the 5-room flat and 4-room flat was advertised for sale without
    mention of seller’s asking price.

    GD Star Rating
    a WordPress rating system
  • Geylang old hand observer:

    Robin Hood acquires take land for masses public good in the beginning. For affordable public housing and necessary infrastructures. Hurray good move.
    Everybody almost sure support.
    But that was then scenario.
    Far sighted Robin Hood, limit land use to leasehold and hype up eventual retirement benefits. First 40 years nobody bothers. Now different situation looming. Ending up zero value after lease 99 expires.
    But Robin Hood keeps ownership in perpetuity, permanently.
    Old rich no voice no speak, at that time old rich agreeably sacrifice for good of all, now sit in corner suck thumb trying to figure out what had swept them, what had happened, felt got played out now, and too late to do anything anyway.
    The new rich are those who administer manages the vast land rewarding ownselves handsome high pay for job well done as they see it, and with kakis developers and bankers and attracting rich foreigners and inner circles, built business around land/properties speculating indulging and multiplying and hoarding and enriching themselves, they are now the new elitist untouchable permanent rich weaving in property market casino.
    And as if that is not enough, they scrap cancel the death estate duties. Insatiable greed!
    Will not that tax could at least help the poor.
    So role reversal clear now; the old rich and descendants (many don’t know what and where they stand today) left bewildered sucking thumbs. Only can boast “my grandfather was once very rich you know”.
    Classics transfer movement of land wealth.
    Planned strategy?
    Fair or not?
    You figure it out.
    The new rich emerges, carve out and conquer the riches out of the land acquired.
    The old rich where got chance, even at that time they got smacked down with heavy estate duties. They got to sell remaining properties and borrow heavily to settle the huge taxes imposed on them back then.
    Earlier days Robin Hood kept public housing affordable and kept everybody happy, smiling.
    Not anymore.
    Now different story, look at the pricings today, you groan you slog a lifetime paying for roof over head, and in the end zero value for you hahahaha. Can’t help laughing being told again and again before that that’s your retirement nest egg.
    The new rich are improving their accounts by the day and cooperating vigorously to protect their turf. Obviously.
    Study carefully the happenings, stretch your thinking, and analyze the landscape of this “leegal wealth transfer”.
    So did the masses “secured” in long run?
    So the new rich with their multiple freehold and leasehold private properties stay happily permanent freehold rich.
    The 99 years title holder of public cubicles, what about them?
    Robin Hood changes course?
    Who dare to ask dig questions!
    Would have been better if public housing be design on…

    GD Star Rating
    a WordPress rating system
  • Geylang old hand observer:

    …….rentals?
    Pay as you earn/afford.

    GD Star Rating
    a WordPress rating system
  • oxygen:

    @ Geylang old hand observer

    CELEBRATE FOR THOSE 70% DUMBFARKED PEASANTS – they keep putting back the monkeys in white on the imperial throne who are sly cunning of bait-and-switch asset enhancement politics scam.

    At every erection, the monkeys are laughing at these stupid peasants – THEY GOT RAPED THE LAST ROUND AND KEEP COMING BACK FOR MORE!!

    Now they woke up too late discovering that

    - they must sell their HDB before 25 years and live in the circus zoo like caged animals, otherwise difficult to find buyers thereafter. It is NOT their retirement saving nest egg, the farking s*ake have eaten it long ago already with their ingenious SUB-PRIME FINANCING PACKAGE of letting you “borrow” your CPF (got to pay them interest for that) to pay for over-inflated public housing (that includes the land but not acknowledged in the lease contract as well). PAPpys invented sub-prime public housing EVEN BEFORE sub-prime rotting destroyed the US/EU housing sector and nearly destroyed the global economy in the last GFC.

    - their CPF savings is gone by the time they hit 60 years of age and their HDB is a fraction of its BTO purchase. And of course, PAPpys be happy to offer you a 35 year 2-rm flexi for another inflated price more expensive per square ft than a 99-yr lease of 3 rm flat.

    - there is a second bite at the cherry to sweeten that sweetheart deal – only peasants got this backside juicing exclusively – you pay capital gain tax called resale levy whilst PAPpys obliterate their estate duties and hand down wealth underservingly they got to their next generation tax free.

    - old retiring uncle and old ladies now can squeeze their pr*vate parts in anguish, too late to change the outcome and can’t even vote for change for their children because the white monkeys have found a lot more stupid gullible naive sheep to con by effective brainwashing practised in the last 52 years. Only they are allow to publish fake news and all disgreeing must be nailed to crime.

    SO BE HAPPY FOR NOW, THE 70% DAFT SINKIES PEASANTS TOO STUPID TO EVEN BEGIN TO DISCOVER THEY ARE STUPID TO IMPOSSIBILITY AT LEAST GOT WHAT THEY BARGAINED AND VOTED FOR.

    What a shame of bitter irony if this lot didn’t get what they voted for – imagine the anguished injustice they would be enduring now. Their poverty-stricken children desplaced by cheaper FTs have every reason and also will be very proud of their stupidity having been conned for 5 decades at least. Even better if their children who got sucked in and bought property at the top end of the market and trapped with underwater mortgage never to recover.

    THE WORLD IS FAIR, THE SMART OUTWIT THE DUMB.

    GD Star Rating
    a WordPress rating system
  • Python 5:

    extend the lease just before GE to another 50 years.
    but the value of the flat still goes to $o.oo after 99years.
    then after GE retract that 50year extension.

    PAP don't Build a Nation:
    I very firmly believe PAP will extend the lease to another 50 years in the DAYS BEFORE GE 2020 – to extend their power over another generation of dafts who undoubtedly presumably will thank the PAP as God.

    GD Star Rating
    a WordPress rating system
  • nihon:

    the white scums will blunder on this by digging their own graves. and end their hegemony.

    GD Star Rating
    a WordPress rating system

Leave a Reply

 characters available


Loading...
Member Services
Members LoginSelf-ClassifiedsSelf-Support
Sponsored Advertisement
Search On TR Emeritus
Sponsored Advertisement



Most Recent Comments
  • never voted pap: someone told us in Aljunied coffee shop pap PA chairman very angry with pap IB CI for not able to...
  • never voted pap: we never trusted pap. never. when singtel tv braodcast Al Jazeera, we paid for the broadcast. we are...
  • LIONS: When they subsidise F1,got ask about salary or not?
  • PAP.Guarantee.Win.GE2020: Dear Oxygen, You claim to be doing well in OZ, so please go back OZ and stop instigating...
  • l'ingenieur: Chris Bong: A vote for PAP, means you are selling out your future and that of your children. This...
  • Haigen-diaz: PM Lee is still following the path of his father’s legacy but through an intense program of kakistocracy...
  • world shift to Authoritarian: The world is moving towards conservatism and authoritarianism. This is thanks to screw...
  • Ferrari Saw CB: Is SMRT stand for SMART? STUPID or smart?
  • Rabble-rouser: : I went to SIM Lim recently, a shock of my life, almost 90% are foreigners. Where have the locals...
  • Thor long: This how washing machine works.
  • 3 crabs: 3 crabs salary is very high, equivalent or higher than CEO salaries in small companies. A VP in a GLC may...
Announcement
Support TR Emeritus
Support TR Emeritus:
Other Amount:
Advertisement
Advertisement
TRE Classifieds
  • Bitmain Antminer S9 13.5 TH/s + PSU APW

    Brand new never opened still under warranty Antmin...
    [Read more]

  • Apple Music Subscription

    Apple Music allows you to stream our catalog of 45...
    [Read more]

  • iTrack GPS

    Rest easy and never worry about your car being s...
    [Read more]

  • Neck Relax

    Tired of neck pain? Immediate relief, wherever you...
    [Read more]