{"id":96333,"date":"2018-08-20T10:02:08","date_gmt":"2018-08-20T03:02:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/pm-lee-sheds-more-light-on-99-year-leases-for-hdb-flats\/"},"modified":"2018-08-20T10:02:55","modified_gmt":"2018-08-20T03:02:55","slug":"pm-lee-sheds-more-light-on-99-year-leases-for-hdb-flats","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pm-lee-sheds-more-light-on-99-year-leases-for-hdb-flats\/","title":{"rendered":"PM Lee sheds more light on 99-year leases for HDB flats"},"content":{"rendered":"


\nPM Lee noted that Singapore would run out of land for new public housing if the government sold HDB flats on a freehold tenure.
\nWith over 80 percent of the population living in Housing and Development Board (HDB) flats and the recent questions on the flats\u2019 depreciating value, Prime Minister Lee Hsien Loong explained why HDB flats would have to be returned to the government after 99 years, reported Channel NewsAsia.
\n\u201cThere is one fundamental reason why,\u201d said PM Lee during his National Day Rally speech on Sunday (19 Aug). \u201cWe need to be fair to future generations \u2026\u00a0 After (99 years), the flat comes back to the state, the government redevelops the land, and builds new flats for future generations. This is the only way to recycle the land, to ensure all our descendants can buy new BTO (Build-To-Order) flats of their own.\u201d
\nMore: Home buyers looking for HDB flats may like to visit our\u00a0Listings
\nHe noted that if the government sold flats on a freehold tenure, the time would come when it would \u201crun out of land to build new flats\u201d.
\nThe owners of such flats would pass them down to their descendants, while those not lucky enough to inherit a home would get nothing.
\n\u201cOur society would be split into property owners and those who cannot afford a property. That would be most unequal, and socially divisive,\u201d he said, while adding that this is the reason 99-year leases also apply to private housing.
\nHe also explained why the government cannot extend the leases.
\n\u201cIf you look at older buildings today, some look rather worn, even before they are 50 years old. After a century, I am sure the mechanical and electrical systems will be obsolete. The concrete will have deteriorated in our tropical climate,\u201d said PM Lee.
\n\u201cAnd even if we could fix all that, the recurrent maintenance costs would be very high.\u201d
\nThus, it would be better to let the lease expire, demolish the blocks taken back and build new ones that are more suited to the needs of the future generation, he said.
\nMoreover, 99 years is a very long time, he noted.
\n\u201cVery few of today\u2019s HDB owners will outlive their leases. HDB estimates that it will happen to less than two percent of households.\u201d
\nWhile it could not happen to your children, this should not be a problem \u201cif your children buy their own BTO flat, with its own 99-year lease, as many do. Because then an inheritance for them would be a gift and a bonus\u201d, he added.
\nFor those living in resale flats, PM Lee said they still have \u201cquite a long time\u201d to enjoy their homes given that the oldest flats in Singapore have at least 47 years left on their lease.
\nThey also need not worry once the time comes that they would have to return the flat to the state. This comes as the government would help them secure another flat to live in.
\n\u201cIt may be a BTO flat from HDB with a fresh 99-year lease \u2026 It may be a resale flat on a shorter and cheaper lease. Or it may be a two-room Flexi flat for retirement \u2013 different options depending on your needs and what you can afford,\u201d he said.
\n\u201cBut whichever option you choose, you will have to pay for the lease\u2026This is only fair, because you bought the original flat knowing when the lease would run out, and knowing that the flat would then have to be returned to HDB.\u201d
\nMore: Can you afford an HDB flat? Check your\u00a0affordability\u00a0now.\u00a0
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…PM Lee sheds more light on 99-year leases for HDB flats<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PM Lee noted that Singapore would run out of land for new public housing if...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-96333","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-p3L","jetpack-related-posts":[{"id":96740,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pm-lee-home-ownership-gives-singaporeans-a-stake-in-the-country\/","url_meta":{"origin":96333,"position":0},"title":"PM Lee: Home ownership gives Singaporeans a stake in the country","date":"August 27, 2018","format":false,"excerpt":"\r The government has pursued home ownership as a key national policy as it gives Singaporeans a stake in the country, explained Prime Minister Lee Hsien Long. \u00a0Speaking at a book launch held at the National University of Singapore, PM Lee noted that home ownership allows Singaporeans be a part\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96301,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-improvement-programme-to-be-expanded-to-benefit-230000-hdb-flats\/","url_meta":{"origin":96333,"position":1},"title":"Home Improvement Programme to be expanded to benefit 230,000 HDB flats","date":"August 19, 2018","format":false,"excerpt":"\r View of HDB flats in Toa Payoh. In his National Day Rally speech on Sunday (19 Aug), Prime Minister Lee Hsien Loong said the Housing and Development Board\u2019s Home Improvement Programme (HIP) will be expanded soon to cover HDB flats built between 1987 and 1997. Started in 2007, HIP\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95785,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pm-lee-praises-kampung-admiralty-as-model-for-future-public-housing\/","url_meta":{"origin":96333,"position":2},"title":"PM Lee praises Kampung Admiralty as \u201cmodel for future public housing\u201d","date":"August 10, 2018","format":false,"excerpt":"\r Kampung Admiralty features housing for the elderly, a medical centre and childcare facilities. Source: HDB Prime Minister Lee Hsien Loong lauded Kampung Admiralty as a \u201cmodel for future public housing\u201d during his National Day Message on Wednesday (8 Aug), reported Channel NewsAsia. Located next to Admiralty MRT station, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":138882,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-launches-plus-prime-and-standard-bto-flats-singles-can-soon-buy-2-room-flexi-flats-across-singapore-and-more\/","url_meta":{"origin":96333,"position":3},"title":"HDB Launches Plus, Prime, and Standard BTO Flats, Singles Can Soon Buy 2-room Flexi Flats Across Singapore, and More","date":"August 21, 2023","format":false,"excerpt":"\r HDB Launches Plus, Prime, and Standard BTO Flats, Singles Can Soon Buy 2-room Flexi Flats Across Singapore, and More15 to 21 August 2023 HDB has introduced a new BTO classification system, replacing the long-standing mature and non-mature estate labels. Meanwhile, singles aged 35 and above will be allowed to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/08\/plantation-weave-parc-meadow-tengah-may-2023-bto-launch-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":96393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lease-buyback-scheme-to-be-extended-to-all-hdb-flats\/","url_meta":{"origin":96333,"position":4},"title":"Lease buyback scheme to be extended to all HDB flats","date":"August 21, 2018","format":false,"excerpt":"\r Elderly owners of large Housing and Development Board (HDB) flats can look forward to monetising their flat by selling part of their remaining lease to the government. \u00a0This comes as the Lease Buyback Scheme (LBS) will now be extended to all HDB flats, including five-room and bigger units, to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121092,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-launch-over-17000-bto-flats-next-near-says-desmond-lee\/","url_meta":{"origin":96333,"position":5},"title":"HDB to launch over 17,000 BTO flats next near, says Desmond Lee","date":"July 27, 2021","format":false,"excerpt":"\r HDB to launch over 17,000 BTO flats next near, says Desmond LeeDespite construction delays brought on by the COVID-19 pandemic, HDB is set to launch at least 17,000 BTO flats in 2022. The Housing and Development Board (HDB) is set to launch over 17,000 Build-to-Order (BTO) flats in 2022,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/feb-2021-bto-bidadari.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/96333"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=96333"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/96333\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=96333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=96333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=96333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}