Heng – who is widely expected to become Singapore’s next Prime Minister – made this claim as he responded to a question by PropNex Realty CEO Ismail Gafoor who asked him about the lease decay issue of HDB flats, which has become“absolutely”.“At the age of 85, you decide whether you want to pass on the property to your children. You decide what you want to do with it. There is still value in the property. It is not going to go to zero when you are 85.
Heng Swee Keat’s claim that the flat will not go to zero value when the Singaporean becomes 85 is only under the assumption that the Singaporean is able to purchase a brand new HDB flat at the age of 25. If he purchases a resale flat, which is more affordable, the value of his property may plummet significantly by the time he turns 85.
The Minister also fails to mention is that there are several government policy restrictions which suppresses the attractiveness and value of older HDB flats to buyers.
Wong warned that not all old flats will be automatically eligible for the Selective En bloc Redevelopment Scheme and that only 4 per cent of HDB flats have been identified for Sers since it was launched in 1995. The Minister’s warning was followed by HDB chief executive Dr Cheong Koon Hean’s comments in April this year that the value of aging HDB flats will indeed decline over time. Dr Cheong’s comments sparked a massive uproar among Singaporeans, with many likening the housing scheme to a “
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