PM confirms HDB 99-year lease?

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Is the ‘HDB asset enhancement’ policy the greatest contributor to inequality?

I refer to the article “Tackling inequality: Social attitudes just as important as government policies, says PM Lee” (Today, Oct 23).

It states that “Also, social attitudes are just as important as government policies, he pointed out.”

As to “He also reiterated the explanation on why the Government has to take back a public flat at the end of its 99-year lease.

“You have got 99 years of use out of it. The Government gets back the land, recycle and redevelop for somebody else… that is fair,” he said. “I think that is the fundamental point which we have to understand because if we made it forever, or if we said at the end of 99 years, you give me back the house, I give you back your dollars. Then what about the years when you have been living in the house?”” – this is arguably yet another confirmation that your HDB flat may decline to zero value.

Since many Singaporeans use the bulk of their CPF and cash for their HDB (mortgage, renovations, upgrading, service and conservancy charges, property tax, etc) – isn’t it arguably this ‘asset enhancement’ policy that may cause the greatest inequality – when your HDB declines in value to zero?

Leong Sze Hian

About the Author

Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.