I have written numerous posts on the status of HDB flat buyers: we are not owners but merely lessees.
Many concerned citizens have also raised this issue in the past but the majority of ‘homeowners’ have refused to accept they have been fooled by PAP.
The status of our non-ownership has now been confirmed by a real estate expert and I hope readers will help share this post. That is if we don’t want to be perpetually fooled.
I will quote from Nicholas Mak, SLP International executive director and head of research and consultancy in the article “Perils of owning ageing leasehold properties“. (21 April, The Edge Property)
On the issue of who owns a HDB flat:
“There is a fundamental difference between public housing and private, and that is in the ownership title”.
“It’s not like a private condominium, where upon completion — Temporary Occupation Permit and Certificate of Statutory Completion — the developer will transfer the strata titles over to the individual buyers.”
“For public housing, the property title remains with HDB“.
Some 20 years ago, a group of HDB dwellers in three housing blocks banded together in an attempt at a collective sale.
“As HDB dwellers, they own just the right to use that box in the sky.”
Why should citizens be forced to pay for land which doesn’t belong to us?
HDB lessees could continue to pretend we are owners and allow PAP to continue fleecing us. Or we could hold PAP accountable and force the government to return our CPF money paid for HDB land cost. (“Return our CPF paid for HDB land cost” protest rally?)
The amount paid for land cost is not peanuts: the land cost component of a 5-room HDB flat is at least $200,000.
If the $200,000, or more, had not gone into government coffers, wouldn’t that provide more than sufficiently (compound interest) for retirement?
Since our shameless elected MPs have no wish to rock the boat and hold PAP accountable, hopefully opposition MPs like Dr Chee, Kenneth J, Tean Lim, Tan Jee Say and others will be able to raise public awareness.
Time for another protest rally at Hong Lim Park? 🙂