31 August 2018

Is there a public housing crisis in Singapore? NDRS 2018 edition

After watching prime minister Lee Hsien Loong's 2018 National Day Rally speech, many Singaporean homeowners asked the question: Is it worth it to opt into the new housing improvement (HIP 2) and voluntary early redevelopment scheme (VERS)?

Yet his latest housing minister recently announced that the value of public housing will plummet to zero at the end of their 99 year lease. Are Lee's new schemes an exercise in futility in retaining the value of your Housing Development Board (HDB) flat? Or do they show up the ongoing "asset enhancement" schemes as doomed and misguided? Should Singaporean homeowners feel more secure after Lee's new promises, or more angry at the PAP's old promises?

More importantly, do Lee's new HDB schemes actually solve the public housing crisis in Singapore?