It is considered unlawful to declare that Housing Development Board buyers have no legal rights over their flats because they are just plain renters, explained by Lawrence Wong, the Minister of National Development.
The legitimate reason is that all leasehold property buyers, either public or private have a legal ownership straight directly to the property while it is still under lease period.
Also, the properties can be sold and thus they will enjoy any upside it yielded. Another option is that they can have it rent it out if they wish, he shared during Peak Forum for real estate professionals held at HDB Hub, September 20.
Mr Wong emphasized the government’s opinion that the idea regarding the leasehold of the property is not new to the Singaporean public.
From way back 1967 when all government property sales over private residential areas were sold on basis of leases not exceeding to 99 years.
” Our land area is not getting wider, thus it is a must to recycle land to build more housing for the next generations,” he added.
Or else, Singapore will experience the danger of being like some cities where due to the difficulty in recycling the land, housing shortage tool place thus it will have a domino effect in property development, housing would be pricey and unaffordable.”
Mr Wong further added that any opinion, suggestion and recommendations related to public housing are welcome in the government more so that the said topic is the concern of most Singaporeans.
He said, ” But the argument should be based on shreds of evidence, not from half-truths and hearsays.
He tried not to mention any specific commentators, but the prestigious The Strait Times divulged a commentary last August 14 of Ku Swee Yong, the chief executive of International Property Advisor, who suggested that ” We must be true to ourselves and accept the fact that we are just a lessee who rents HDB units according to their rules and terms.”
After 10 days, Lee Hsien Loong, the brilliant Prime Minister, opposed the concept declaring lease as simply an extended rental and never a sale.
On Tuesday, the great Mr Wong revealed the other side of housing rules and legalities where the public have different reactions, and that is accepted.
This includes the best approach to assimilate sold and rented flats around HDB blocks, the amount of subsidy which must be given and the guarantee for fiscal sustainability.
These are rule issues having difficulty in regulating trade-offs, and diverse inputs are welcome so we can gather diverse range remedies or approaches to somehow improve housing rules and policies,” he told.
During the forum, Mr Wong revealed the newest design guide to assure unique district identities in the future.
He also allowed around 400 participants to have an ocular visit at first housing areas for the upcoming luxurious forest town right in Tengah and introduced a refreshed exhibition over Housing Board Development’s significant event held around Toa Payoh’s HDB Hub.
