Tag Archives: HDB

Debunking the official myths about HDB flats (Part 2): HDB flats are affordable to the most Singaporeans

By Eugene Yeo, Consultant Editor

[In this 3-part series, Eugene Yeo sets out to debunk the three most pervasive misconceptions of HDB flats: – 1. Singaporeans own the flats, 2. The flats are affordable and 3. Their rising prices will lead to wealth creation]

MYTH #2: HDB flats are affordable.

TRUTH: HDB flats are affordable only to a minority of Singaporeans and is increasingly priced out of the reach of the average worker.

In spite of the relentless rise in HDB prices lately, the government insists that HDB flats remain affordable to the masses.

Recent pronouncements by the Minister of National Development Mah Bow Tan and HDB officers in replies to concerned citizens in the Straits Times Forum have largely sticked to the official stance: that the government will not intervene in the market to bring the prices down.

Minister in the Prime Minister’s Office Lim Hwee Hua maintained that HDB flats are affordable to ordinary Singaporeans as they cost no more than 30% of their monthly pay. Continue reading →

Debunking the official myths about HDB flats (Part 1): Singaporeans are owners of their HDB flats

By Eugene Yeo, Consultant Editor

[In this 3-part series, Eugene Yeo sets out to debunk the three most pervasive misconceptions of HDB flats: – 1. Singaporeans own the flats, 2. The flats are affordable and 3. Rising prices lead to wealth creation]

MYTH #1: Singaporeans owns their HDB flats.

TRUTH: Singaporeans are merely renting these 99-year leasehold properties from HDB at exorbitant prices.

The Housing Development Board was set up in 1960 during a time when large numbers of people are living in squatter settlements and slums around the city centers.

Under the then indefatigable Minister for National Development Mr Lim Kim San, HDB began the task of solving Singapore’s housing crisis and resettling the squatters. Continue reading →