During the 1980s to 2000s, PAP kept harping on Asset Enhancement Scheme and did not mention much on expiring leasehold of 99 Years Leasehold houses. AES went against the logic of declining leasehold principle and lower home values. It was artificial and pure propaganda which could not be sustain.
This lead to intense housing speculation for 20 years until even low cost housing like HDB started having COVs of $100,000 and $ 1 million dollars resale value. This lead to the new generation of Singaporeans incurring deeper housing loans and deeper housing debts regardless buying within their means or not.
Now PAP face the inevitable of declining housing leasehold and lower home values and all the talk about Asset Enhancement Scheme had stopped. Now plenty of propaganda about declining leasehold, lower home values and not PAP's fault.
Without AES propaganda, housing prices would have risen anyway with inflation in a slow and steady manner and housing prices will be more realistic. AES only benefited people who own more than one house and frequently make money from trading houses.
PAP in the rush to win votes from 1980s-2000s had played with Singaporeans life savings. It was pure evil and not responsible.
https://www.straitstimes.com/forum/l...b-lease-expire
Fair for Govt to let HDB lease expire
National Development Minister Lawrence Wong said that there would be serious implications if the lease of HDB flats were extended (Lease extension a complex issue, says Lawrence Wong; May 18).
I would like to add that it is only right for the Government to let the lease expire after 99 years.
The Government has taken this stance with private property, where the first batch of affected owners will have to vacate their homes in 2020 (Govt taking back 191 homes in Geylang when lease ends; June 21, 2017.)
Why, then, should taxpayers bail out Housing Board flat owners upon expiry of their lease, when owners of HDB flats have already enjoyed generous subsidies?
There should not be dual standards between owners of HDB flats and private homes in this respect.
Buyers of both types of property are aware that the lease will expire eventually for leasehold developments.
Buyers could have paid more if they wanted a freehold property, for which the lease will never expire.
Lee Yong Se