Property Views

[hquek]

MrsKiasu:

This is interesting..what will happen to the unit, if 99 years LH is up?

A friend stayed at a shophouse near to where Bugis is today. The 99 year lease was up and the family had to leave the shophouse but govt let them select new HDB flat. That was many years ago. If it's the same now, basically no compensation since the lease was exhausted.

[MrsKiasu]

hquek:

MrsKiasu:

This is interesting..what will happen to the unit, if 99 years LH is up?

A friend stayed at a shophouse near to where Bugis is today. The 99 year lease was up and the family had to leave the shophouse but govt let them select new HDB flat. That was many years ago. If it's the same now, basically no compensation since the lease was exhausted.

You mean there is not a cent of compensation but only given priority to select new HDB flat :nailbite:

[pirated]

MrsKiasu:

This is interesting..what will happen to the unit, if 99 years LH is up?

For cars at the end of COE there is scrap value. For 99 year L/H, it is worse, no scrap value

[MrsKiasu]

pirated:

MrsKiasu:

This is interesting..what will happen to the unit, if 99 years LH is up?

For cars at the end of COE there is scrap value. For 99 year L/H, it is worse, no scrap value

How about our HDB, any idea?

[Coolkidsrock2]

Lease re-set under SERS.

[pirated]

MrsKiasu:

pirated:

[quote=\"MrsKiasu\"]This is interesting..what will happen to the unit, if 99 years LH is up?

For cars at the end of COE there is scrap value. For 99 year L/H, it is worse, no scrap value

How about our HDB, any idea?[/quote]If you hold it till end of 99 years, no scrap value too

Plus you can't call for enbloc unless the HDB select it for enbloc - SERS

[MrsKiasu]

pirated:

MrsKiasu:

[quote=\"pirated\"]
For cars at the end of COE there is scrap value. For 99 year L/H, it is worse, no scrap value

How about our HDB, any idea?

If you hold it till end of 99 years, no scrap value too

Plus you can't call for enbloc unless the HDB select it for enbloc - SERS[/quote] :thankyou:

[MrsKiasu]

Coolkidsrock2:

Lease re-set under SERS.

I guess that is because during SERS we will get new flat and therefore lease will start all over again?

[hquek]

Yes. becos for sers, they pay you for your old flat and you get a brand new.


That's why I love staying in HDB.

[jetsetter]

MrsKiasu:

Coolkidsrock2:

Lease re-set under SERS.

I guess that is because during SERS we will get new flat and therefore lease will start all over again?

Yesh, u get a new home with a fresh 99-year lease in the same familiar neighbourhood.

Here you go, the model answer from KBW:
[quote]VALUE OF HDB FLATS ON 99-YEAR LEASES AND FLATS UNDERGOING REDEVELOPMENT UNDER THE SERS PROGRAMME (Parliamentary Debates, 20 January 2014)

7 Mr Gerald Giam Yean Song asked the Minister for National Development (a) how many HDB blocks are more than 40 years into their 99-year lease; (b) what will be the value of an HDB flat once it reaches the end of its 99-year lease; (c) what is the average number of flats undergoing redevelopment under the Selective En Bloc Redevelopment Scheme (SERS) each year for the past 10 years; and (d) whether the pace of SERS is fast enough to redevelop all HDB blocks before they reach the end of their lease.

Mr Khaw Boon Wan : The Selective En bloc Redevelopment Scheme (SERS) is part of the Government’s estate renewal strategy for older estates. It allows intensification of land use and revitalises such estates through new developments. At the same time, it offers an opportunity for flat owners to buy a new replacement flat with a fresh 99 year lease.

In the last 10 years, SERS has benefitted the owners of about 18,000 flats. As the name suggests, the identification of suitable precincts for SERS is selective. The selection of sites and pace of SERS will depend on factors such as their redevelopment potential, and the availability of replacement sites for rehousing and other resources.

Currently, there are about 300 HDB blocks with 31,000 flats which are more than 40 years into their 99-year flat leases.

Like all leasehold properties, HDB flats will revert to HDB, the landowner, upon expiry of their leases. HDB will in turn surrender the land to the State.[/quote]
+++

Oh and don't forget there's the Lease Buyback Scheme (LBS) option too for retirees who cannot meet CPF min sum. :evil: :evil:

KBW tells u if you wish to terminate the lease prematurely, you can:
•\tReturn the flat to HDB
•\tReceive a refund for the remaining lease pro-rated on a straight-line basis

If you were to outlive the lease of your flat, you will not be left homeless. G will look into the circumstances of your case, considering your family support, health condition and financial status to determine the appropriate housing arrangement for you.

+++

In general,

The G’s policy is to allow leases to expire without extension. In land scarce Singapore, we are told we need to recover land upon lease expiry to re-allocate it to meet fast changing socio-economic needs.

Nevertheless, G will consider extension of State leases on a case-by-case basis where they are in line with planning intention and help to further specific economic and social objectives.

My sense is G will dangle carrots to get pp to get the hell out of their 99yo flat prematurely, so they can demolish them and rebuild 50-storey flats to fill in more people cos we target to hit 6.9 million population mah! :siam: