Hi there - Anyone knows what happens to the residents when a block of HDB flat's 99 years lease period is up? Thanks in advance for your response.
becomes gov property
Some brilliant minister said in parliament that it becomes zero. so siao liao lor.
So, would they extend the "lease", ask to pay or just destroy and rebuild new ones? I am thinking, depending on the location, their plan, and how much they have in their reserve, they would either extend the lease or sell the land to private companies. Any clue? Mine still got 40 years to go...
Prior to that minister's announcement, there were cases when en-bloc exercises were done. People moved to new flats, topped up a little and the lease started over again
Ok, so it may not be a total loss after the lease. Who knows, maybe our gran kids could still get money out of it! Haha
I think HDB will find some way to extend the lease, if by that time, the block has not been en blocked.
My guess is that after 99 years the government will take back the HDB. HDB will demolish and rebuild to sell as affordable public housing again.
If the government were to en-bloc the HDB, they will not be able to rebuild and sell as affordable public housing. In Singapore HDB BTO flats are the most affordable homes Singaporeans can purchase. If HDB BTO prices were to go up, HDB resale market prices would also go up it will drive the whole property market in an upward spiral. Hence, I strongly believe that HDB after 99 years will go back to the government hands whether you like it or not. This is to keep our Singapore housing prices stable.
HDB have a restriction on how much CPF you can use if you are purchasing a HDB with less than 60 years lease. This is to discourage people from purchasing older HDB. Many buyers are inclined to purchase older HDB flats because they are very spacious as compared to the newer HDB. With this being said, for those people that have bought the HDB at record high prices it will just be too bad for them. They just have to return their flats once the tenure is up.
These are just my views. What do you guys think?
nothing. Just sell it through rentinsingapore.com
i agree with Luiscomeon
Hi there, here is some good info and tips about HDB that I think answers your question :) https://www.99.co/blog/singapore/category/buying-in-singapore/hdb/