Why Singapore has the lowest home ownership rate in the world

According to numerous sources, Singapore’s home-ownership (HO) rate is almost at the top in the universe.


The PAP government has managed to achieve this impossible feat in less than 50 years. But as we all know, if something is too good to be true, it probably is.

This has been achieved by redefining the conventional meaning of ‘owner’, ie a HDB lessee in Singapore is an owner.​
Under the Singapore Statutes, ‘owner’ is defined below:

hdp ownership

As should be obvious to even an idiot, a purchaser of a flat cannot sign simply an ‘agreement for a lease’ and automatically becomes an owner. If this is possible, every rental company will go pock kai. One could become a car owner by simply signing a lease with XYZ car rental company.

Increasing HO rate by ramping up public housing construction.

International media and organisations have been misled because our statistics on housing are fed to them by the PAP. Really got to congratulate PAP for pulling this one off, fooling the whole world. πŸ™‚

HDB flats form 80% of resident households and contribute to a large proportion of the 90.9% HO rate (table below). (Less than 6% of public housing are rental flats.) By ramping up HDB construction, our HO rate has overtaken every country except one.






If we strip the 80% of HDB flats – assets which are owned by the HDB – from the 90.9% HO rate, our HO rate will fall to below 20%.

HDB flat buyers should not continue to ignore this fact:

link to earlier post

On every legal instrument, we – HDB flat buyers – are clearly stated as ‘lessees’.

Even on HDB’s website, the words ‘sublet’ and ‘subtenant’ are used when it comes to renting out the whole flat or rooms, again confirming our ownership status.

There is no mistake by HDB as it is aware of its own status as the only owner of all public housing flats.

All $192,500 a year MPs – many are lawyers – have pretended to be dumb on this issue and they have a reason. If this owner-is-actually-lessee thingy is exposed, this may cause the property market to collapse. But the longer we delay, the worse it will get.

The majority of Singaporeans have been willing to play along with the HO scam because they have been blinded by greed. But with fast-ageing public housing and Minister Lawrence Wong confirming HDB flats are worthless at the end of the 99-year lease, the HO scam may soon be exposed.

With elected MPs complicit in the mother of all scams, PAP may be able to continue fooling Singaporeans for many decades to come. However, it should not hope that this scam will never be uncovered by the foreign media.

PAP should take pre-emptive action and not count on more state propaganda to delay the inevitable. PAP can’t fool all the people all the time.

Propaganda in the MSM.

Reducing HDB flat property taxes to zero eventually is cold comfort to lessees – not owners – who have been ripped off for decades.​

As can be seen from the above, if pseudo ownership of HDB flats is excluded from our HO rate of 90.9%, our HO rate is …er … too pai seh to say.

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8 Responses to Why Singapore has the lowest home ownership rate in the world

  1. sgplblog says:

    This is just stupidly pedantic, a 99-year lease is effective ownership in most ways and helps prevent housing prices in Singapore from approaching London and other large city levels,

    • higgon says:

      Urmm, how does a 99 yr lease helps prevent high housing prices? No link at all.

      • sgplblog says:

        It prevents NIBYMS and others from holding back development and extorting huge prices for the creation of new homes. In places such as London and new york a lot of entrenched homeowners create sky-high rents and a stratified society where only the well established and rich are able to pay to afford rents and mortgages

    • abc says:

      Many of London’s residential properties have been sold on leasehold for many decades already. Today almost 50% of new London properties are on 99yr or 100yr leasehold basis. And yet London home prices are still among the world’s highest.

      But you know what?!?! The biggest joke is that although 90% of Singapore’s homes are leasehold or HDB lease, Singapore’s home affordability on local purchasing power basis is still worse than London’s.

      Maybe we should all be on 10-yr lease — that includes all so-called private properties too. No more freehold. This should make it real affordable for everyone to have a roof above his head, including that fellow who is earning $1,000/month. And turn the PAPies from being liars to truth tellers.

  2. Sinkie says:

    sgplblog — you don’t know the difference between HDB lease and private leasehold?!?!

    Anyway anyone who has bought property in SG whether HDB or private will want the SG property fantasy to continue, as they have already committed too much into the game.

    This is the main reason why Sinkies are able to tolerate a very high amount of nonsense & shenanigans from PAPies, just as long as their property prices don’t crash.

  3. Andrew Tung says:

    As can be seen from the above, if pseudo ownership of HDB flats is excluded from our HO rate of 90.9%, our HO rate is …er … too pai seh to say.

  4. Rachel W says:

    Very thought provoking post. I have read another interesting post that compares Singapore with other world cities. You should check it out.

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