Confirming that the government will confiscate the HDB flat when the lease expires, Prime Minister Lee Hsien Loong said at his National Day Rally speech that Singaporeans and their children do not have to worry because “99 years is a very long time”:
“You bought the flat knowing how much the lease is. You will have to return to HDB after the lease ends… 99 years is a very long time… You have enough for your children, but your grandchildren will buy a new BTO by then… (For those who bought resale flats) The oldest flat is (currently) 42 years old, you still have 57 years, which is a very long time.”
The dictator Prime Minister told Singaporeans not to worry about their children because the future generations do not want to live in an old flat that is 100 years old, and they will have to buy a new flat from HDB. Lee Hsien Loong said if Singaporeans cannot afford a new flat, they can always seek government assistance and live in rental flats.
Henceforth, Singaporeans will be repeating a lifetime of 30-year mortgage debt every generation.
Lee Hsien Loong then featured a young couple who recently paid more than S$350,000 for a 4-room HDB flat in Punggol, and repeated his claims that “99 years is a very long time”.
At his rally, the PM also announced a new HDB policy, called Voluntary Early Redevelopment Scheme (VERS) – that would not take effect until twenty years later on 2038 – and a renewed HDB upgrading program, called Home Improvement Programme 2 (HIP2), that would upgrade HDB flats built before 1997. Lee Hsien Loong however warned that the VERS program will not be compensated “generously” like the SERS program (Selective En Bloc Redevelopment Scheme), and that the residents can vote if they want to continue sell off their remaining lease to the government or have their homes confiscated when the lease expire.