The full article can be found in Lianhe Zaobao, Singapore Section, Page 5, 16 July 2018.
There is still demand for flats with 50 to 60 years of remaining lease as long as its location is attractive. A young couple recently purchased a three-bedroom flat in Tiong Bahru for S$630,000, despite only 49 years of lease remaining.
The couple originally wanted to buy a private condominium in the East, but they learned from one of their friends’ relative that they were going to sell their unit. After viewing the unit, the couple decided to purchase the unit due to the location, which was close to their workplaces in Henderson and Tanjong Pagar.
According to Housing & Development Board (HDB), out of the 1 million HDB flats, 70,000 are 40-years old, and 280,000 HDB flats are between 30 to 40 years old.
Just a few months ago, Minister for National Development, Lawrence Wong, said that the 99-year lease for HDB can cover two generations, with the oldest HDB flat today is around 50 years old, and majority of the HDB flats have more than 60 years left on their leases.
Nicholas also agreed that ageing flats are still liveable for the next few decades, and buyers of ageing flats do not need to worry too much.
He mentioned that the Government should be working on and handling this issue properly, so owners of flats with expiring lease will still have other options.
Click here to read the full article in Chinese.