Due to constant propaganda by PAP, HDB flats appear to be affordable.
But once buyers become aware that we are merely lessees and work out the actual cost of the 99-year very long-term lease, we begin to understand just how costly and risky committing to a HDB lease really is.
The unethical part about buying a HDB flat is the inclusion of land cost when strata titles are not transferred to buyers. Although PAP has refused to disclose the land cost component, it is estimated to be about 60%.
A new 5-room flat costing $400,000 therefore includes $240,000 in land cost. Using our CPF to pay for housing would mean the loss of investment return on $240,000, a substantial amount.
If land cost is not included, $240,000 plus 2.5% interest earned over 3 decades add up to $503,416, more than sufficient for one’s retirement.
Including land cost in HDB flats is unethical when all property ownership rights remain with HDB.
CPF members lose big time as retirement savings are channeled to the state or financial institutions instead of long-term investments.
likedatosocanmeh 
There are 4 room that costs 600k now.
HDB used to be ethical in the 60s & 70s when they only charged for construction costs.
One way for PAPies to return CPF monies to citizens is to allow HDB dwellers to enbloc just like condo. Afterall they paid for the land.
If PAPies insist that the land cost is subsidised then have modified enbloc where the developer pay 40% or 50% to govt. So the HDB dwellers still get $800k or $1.1m instead of the full $1.5m or $2m.