According to the latest propaganda fake news published by Straits Times, a HDB spokesperson wrote a media release saying that Singaporean HDB lessees are “owners”. HDB contradicted itself saying that “owners” have a tenancy:
“Purchasers of HDB flats are owners of their property. Flat owners enjoy rights to exclusive possession of the flat during the tenure of the flat lease. They can sell, let out, and renovate their flats, within the guidelines specified in the Lease and Housing and Development Act. The name of each HDB flat owner is reflected in the title deed, the original of which is kept with the Singapore Land Authority, as part of the central and comprehensive record for all properties in Singapore. This confirms his or her ownership of the property.”
According to Minister of National Development Lawrence Wong, a HDB tenant will have his HDB apartment confiscated by the government once the tenancy is finished. The Singapore government will not make any compensation to HDB tenants, hence invalidating the definition of “ownership”.
Most HDB tenancy are for sale at 99-year contract, but some resale flats today see as little as 36 years left in tenancy.
The HDB tenancy model has resulted in devastating Singaporeans’ retirement plans and also entraps a Singaporean family into poverty as younger Singaporeans are unable to inherit any wealth. Unlike other countries, HDB property is a liability and diminishes in property value over the years towards the end of its tenancy.
However, the Singapore Government prefers to lie to the public by insisting Singaporean HDB tenants are HDB owners.