Singapore Property Update

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A nightmare scenario: Ang Mo Kio emptying out in 20 years

At the 2018 National Day Rally, Prime Minister Lee Hsien Loong highlighted efforts by the Government to rejuvenate and redevelop older HDB towns to avoid the situation where entire towns were built in a rush in the 1970s and 1980s from recurring.

PM Lee explained: “If we do not plan ahead, 99 years later, all the leases in such towns will expire around the same time, and all the flats will be returned to the state within a few years.

“We will have to find new homes for a lot of people at once. HDB will have to tear down and rebuild the old flats in a hurry … I do not think that is a good idea. The towns will become construction sites all over again, with cranes all over the place.”

The large-scale planned redevelopment of older HDB estates, whether through the Voluntary Early Redevelopment Scheme (VERS) or otherwise, is important to prevent a sudden shock to public housing prices, when the removal of a large number of old housing flats from the public housing market creates a huge supply shortage.

Read more here.

Updated: September 23, 2018 — 10:22 am
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