HDB owners are shocked to learn that the value of their flat, which they have paid a enormous price, will fall rapidly after a certain age and will eventually be nil on expiry of their lease.
PM Lee has announced the voluntary enbloc redevelopment scheme (VERS) and a 2nd round of upgrading (HIP) during its tenure. It does not address the underlying problem. The flat will have no value on expiry of the lease. The problem is that the owner paid a high price of the flat.
SDP (Singapore Democratic Party) has proposed a solution to this problem a few years ago. It is a sensible solution.
SDP proposed that a new class of flat, called the NOM (non open market value) flat be sold based on cost. Existing owners who have bought their flat at a high price can opt to convert their flat to NOM and get a refund of the difference.
It is a good approach. It shows that there are intelligent people outside of the establishment who can provide better alternatives.
You can read more detail here:
https://yoursdp.org/publ/sdp_39_s_alternatives/housing/32
PM Lee has announced the voluntary enbloc redevelopment scheme (VERS) and a 2nd round of upgrading (HIP) during its tenure. It does not address the underlying problem. The flat will have no value on expiry of the lease. The problem is that the owner paid a high price of the flat.
SDP (Singapore Democratic Party) has proposed a solution to this problem a few years ago. It is a sensible solution.
SDP proposed that a new class of flat, called the NOM (non open market value) flat be sold based on cost. Existing owners who have bought their flat at a high price can opt to convert their flat to NOM and get a refund of the difference.
It is a good approach. It shows that there are intelligent people outside of the establishment who can provide better alternatives.
You can read more detail here:
https://yoursdp.org/publ/sdp_39_s_alternatives/housing/32
Should we help people who are Stupid to buy resale flat(asset for the seller) at 1 million and later complain that the lease expires in 60 years.Should we help him by increasing GST .HMM.
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