"Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset,” he said.
Asserting that Singaporeans can enjoy good facilities, such as schools, hawker centres, and leisure & sports facilities, no matter which neighbourhood they live in, the head of Government said that the authorities will also build a comprehensive transportation network to facilitate convenient travel.
He added, “Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset.” Just before the General Election in 2011, then-National Development Minister Mah Bow Tan told Singaporeans: “We’re proud of the asset enhancement policy. has given almost all Singaporeans a home of their own… that grows in value over time.”
The Minister’s warning was followed by HDB chief executive Dr Cheong Koon Hean’s comments in April 2018 that the value of ageing HDB flats will indeed decline over time. During the Q&A segment, the head of Government was asked: “Generally people agree that we need to recycle land, so that the future generation have equal opportunity to buy flats. But people are also upset that HDB flats have zero value at the end of the 99-year lease – meaning that the CPF used to pay off the flat also disappears and they have little left for retirement. Your comments please.”
Asserting that a new 99-year flat will be “enough for you to live in for free for the rest of your life. Plus extra!” he added: