What actually happens when HDB confiscates your flat?

[ER-3682]

HDB pay you almost half a million in 2040? means you live there for FREE?

 

Wait long long ah!!!

 

likely you get almost zero or a nominal sum.

Like those in Upp Boon Keng Rd Case...60 Years up left nothing.

[BanCoe]

Also for HDB flats you don’t get the Original Title Deed ( only Duplicate) which is also perplexing ..... but for private 99 Year leasehold you get the Origina Title Deed

[Ysc3]

In short is 0 value!! Dang!! I thot someone says our hdb value will go up and can keep.... buy hdb!!!

you know the saying : what goes up, must come down !

Like those in Upp Boon Keng Rd Case...60 Years up left nothing.

 

that's why it fascinates me why some people will to fork out around a million or more to lease a 99 yr condo unit ??

 

for a swimming pool or gym that you might use once in a blue moon or just to make jobs for security officers ?

just like we don't own our life... can be taken away anytime

take  my life  ... just don;'t take away my freedom ...

[Icedbs]

You don't own the flat, you are a lessor. You only own the right to hold the physical property, which is the lease from HDB, but you do not own the physical property. So whatever is sold related to the physical property is when you hold the lease, and based on that lease you hold.

You can only hold the physical property based on the lease issued by the HDB only, because the HDB flats are under the assets of HDB. If you don't have the lease issued by the HDB, you can't hold the physical HDB flat. You cannot just claim ownership just as whatever you want.

You don't sign a sales contract with HDB, you sign a lease agreement. Technically, you are just a lessor.

HDB has the right to repossess the flat as and when they want. They do not en bloc to buy back your flat because the flats are their assets, not yours.

You can't do whatever you like after you got the flat. You have to subject to their terms and conditions, rules and regulations if you want to do anything you want with the flat, like rent out immediately, sell immediately, etc. So technically it's not true ownership, it's basically a lease with extended conditions.

 

Bro..if you go with the above argument, then nobody is really a house owner in Singapore including those on freehold.

 

Because private owners are subjected to URA rules, they also cannot do anything they like. 

 

And  all homewowners, 99 years or freehold, private or HDB are subjected to Land Acquisition Act.  If the state deem that they needed your land/property, they will just pay you a fair value and they will re-possess that land/property.

 

So I think we cannot go into such strict definition otherwise nobody is really a owner. 

Edited January 2, 2018 by Icedbs

[DACH]

Bro..if you go with the above argument, then nobody is really a house owner in Singapore including those on freehold.

 

Because private owners are subjected to URA rules, they also cannot do anything they like. 

 

And  all homewowners, 99 years or freehold, private or HDB are subjected to Land Acquisition Act.  If the state deem that they needed your land/property, they will just pay you a market value and they will re-possess that land/property.

 

So I think we cannot go into such strict definition otherwise nobody is really a owner. 

If you talk about land, yes, no one is the true owner of the land. However unlike 99 years leasehold land, freehold land has an unknown or rather unlimited certainty that the land will be claimed by the SLA, thus freehold land holds more value than leasehold land.

 

However on top of the land, private property owners has the ownership of the building (e.g. detached house, bungalow), and for private high rise apartments, strata title ownership. URA rules for private housing are more broad based unlike HDB housing which is not only under the preview of URA but also HDB. We can't deny this definition because everyone who signed on the dotted line of the HDB lease agreement are subjected to this black and white legal document. 

[Spidey10]

The point here is that when the lease is up...you get nothing back and will need to look for a new place and start paying all over again.

 

If you have finished paying, good for you, your next gen will have sometime to save and probably the next gen will have to pay again....if you plan to hold on for 99 years.

[Spidey10]

you know the saying : what goes up, must come down !

 

that's why it fascinates me why some people will to fork out around a million or more to lease a 99 yr condo unit ??

 

for a swimming pool or gym that you might use once in a blue moon or just to make jobs for security officers ?

take  my life  ... just don;'t take away my freedom ...

 

So once there is a precedence on how the G treat a 99 yrs expiring lease....I guess the market will react!

say the owners get "0" value when the lease expires and asked to vacant, then I believe the market value of these lease hold properties will fall!

People will then "see" these properties not an asset anymore...

and those which are 70 or 80 years old HDB blocks will have totally 0 value already as balance of 20-30 years is just too short to plough your hard earned money into these temp assets.

The problem currently general pple is facing is there is no precedence of what G does when the lese expires? I haven't read in the news that HDB asked owners to vacant enblock...and ask them to sleep on the streets...

[13177]

Sooner or later there will have HDB flats reached 99 years old and residents have to look for a new place to move, cause HDB not possible to enblock all the current old flats.

[kdash]

Sooner or later there will have HDB flats reached 99 years old and residents have to look for a new place to move, cause HDB not possible to enblock all the current old flats.

yes we will know when the time comes.

[13177]

yes we will know when the time comes.

But i think the oldest hdb flats here only about 50 year old, which have at least another 49 years to go before reaching 99 year old lease. Dont think i am able to see it to happen lo. Lol.

[Sdf4786k]

Valuation - not market price - in 2040 will definitely be different from 2018 ... Further more, flats older than 50years command lesser price also.

 

its because of the bank loans as well as the length of lease.

 

And if you lucky enough and kanna enblock after buying, you probably sitting on a liability.

[Jman888]

a lot of above 40 years going into SERS program to get a replace flat, and in 50 years time maybe half of the earth people stay on Mars liao    

[kdash]

a lot of above 40 years going into SERS program to get a replace flat, and in 50 years time maybe half of the earth people stay on Mars liao

SERS is very costly to HDB and not fast enough to cater for the bulk of the old flats approaching 99 years. so far HDB has offered the lease buyback scheme for the senior citizens, but think still need something more...

[Kusje]

a lot of above 40 years going into SERS program to get a replace flat, and in 50 years time maybe half of the earth people stay on Mars liao    

 

My MIL's place was built in 1940s still no SERS leh. 

 

Wait till neck long long already and most of the elderly there can't climb the stairs (no lift upgrading hor). The chap on the 2nd floor is the most poor thing because he is wheelchair bound. Think he doesn't get to go out of the house more than once a year. Actually, not sure if he is still alive cuz I haven't been there in a while.

 

Why no lift upgrading? Dunno. Ask ah gong. Must have been too busy writing his memoirs to give a damn 

[Leo72]

So once there is a precedence on how the G treat a 99 yrs expiring lease....I guess the market will react!

say the owners get "0" value when the lease expires and asked to vacant, then I believe the market value of these lease hold properties will fall!

People will then "see" these properties not an asset anymore...

and those which are 70 or 80 years old HDB blocks will have totally 0 value already as balance of 20-30 years is just too short to plough your hard earned money into these temp assets.

The problem currently general pple is facing is there is no precedence of what G does when the lese expires? I haven't read in the news that HDB asked owners to vacant enblock...and ask them to sleep on the streets...

The first case of lease expiring already reported in the news, they're not going to get anything back from their current 60-years old lease so called private house. They're being asked to purchase HDB flat from HDB.

 

As for HDB flat, there is still many years till the first case of HDB flats lease expired and many things can happen from now till then. Nothing is certain The only thing is that our so-called public housing (HDB Flat) is almost half the price of a private condo.

[DACH]

a lot of above 40 years going into SERS program to get a replace flat, and in 50 years time maybe half of the earth people stay on Mars liao

Only selected precincts are chosen to undergo SERS program, not all.

They have already said before.

[Jman888]

My MIL's place was built in 1940s still no SERS leh. 

 

Wait till neck long long already and most of the elderly there can't climb the stairs (no lift upgrading hor). The chap on the 2nd floor is the most poor thing because he is wheelchair bound. Think he doesn't get to go out of the house more than once a year. Actually, not sure if he is still alive cuz I haven't been there in a while.

 

Why no lift upgrading? Dunno. Ask ah gong. Must have been too busy writing his memoirs to give a damn 

 

 

 

which estate?

 

some estate that people prefer to remain its nostalgia feel like Tiong Bahru, majority opt to preserve and not upgrade 

[Spidey10]

The first case of lease expiring already reported in the news, they're not going to get anything back from their current 60-years old lease so called private house. They're being asked to purchase HDB flat from HDB.

 

As for HDB flat, there is still many years till the first case of HDB flats lease expired and many things can happen from now till then. Nothing is certain The only thing is that our so-called public housing (HDB Flat) is almost half the price of a private condo.

 

Referring to HDB flats.....hence no precedence yet with the 99 yrs lease coming to an end! So when the time comes....is like go get another flat or you are out in the streets!

that will jolt the pple up and realized that their assests are no longer assets.

 

Majority of us are living in HDB, you do it once, you do it for all.....i will be surprise if they have different level of treatment...

I am staying in a 20 plus yr HDB flat, hence, my kids will probably enjoy the stay but not sure what will happen to thier kids...:-(

 

I am sure by that time, it would be definitelty in millions...

yes we will know when the time comes.

yes, we will know...but definitely I won't be around! aahhah