Source: Channel NewsAsia

Is there a role for Singapore’s Housing and Development Board (HDB), now that the entire population has been housed?

Prime Minister Lee Hsien Loong said the answer is “Yes” as the HDB is still responsible for providing good public housing and fostering social integration.

Speaking at its 50th anniversary, Mr Lee also revealed that the board will celebrate half a century of achievements by building its one millionth flat this year.

The HDB is a central part of the Singapore Story, said Prime Minister Lee. Over half a century, it housed a growing population and was integral in nation—building.

Mr Lee said: “Two generations of Singaporeans have grown up in HDB flats. Public housing helped to mould our unique national identity and collective experience as Singaporeans. It created and shaped our communities and provided the foundation for our social stability and economic growth.”

But Mr Lee noted that the environment has changed and the aspirations of Singaporeans have risen sharply.

He added: “Finding a roof over our heads is no longer the pressing requirement. The HDB flat is not just a shelter but also a key investment asset. People have many considerations in choosing their flats — they want the right flat, in the right locality, at the right time and at the right price.

“Such high expectations are understandable since buying a flat is a major commitment for a young couple setting up a home together.”

And HDB is committed to providing high quality housing, even though it cannot accommodate every preference or expectation.

The prime minister also emphasised a point expressed several times by other ministers and very much an ongoing concern amongst flat buyers in the rising property market. And that is the government’s commitment to keeping HDB flat prices affordable for Singaporeans.

But Mr Lee said the government has less control over prices in the resale market.

He explained: “These resale prices are set by individual households who transact flats on a willing—buyer, willing—seller basis, and are affected by movements and sentiments in the wider economy, including in the private property market.

“Hence, resale prices of HDB flats will fluctuate from year—to—year. But over the long term, the value of HDB flats depends on the strength of the Singapore economy.”

So provided Singapore continues to do well, Mr Lee is confident the flats will maintain their value and Singaporeans can enjoy an appreciating asset.

Source: Straits Times Forum

Foo-Ho Yoke Ming (Mrs)
Deputy Director (Branch Operations)
Housing & Development Board

I REFER to Ms Mary Tan’s letter last Tuesday, ‘Subletting – Relaxation of rules works against genuine residents’. HDB flats are primarily meant for owner-occupation.

Each household can own only one HDB flat at any one time. However, we recognise that some flat owners may need to sublet their rooms or flat to meet their financial needs.

Therefore, flat owners can sublet their flats if they meet the HDB’s policy requirements. Flat owners who wish to sublet their whole flat must obtain approval from HDB and fulfil the minimum occupation period. HDB’s approval is not needed to sublet room(s) within a flat.

From Feb 1, owners who sublet rooms must register the subletting with the HDB within seven days of doing so. They must also notify the HDB when they renew or terminate their subletting contracts and when there are changes to their tenants’ particulars.

The new requirement supports the Ministry of Home Affairs’ efforts to eradicate loan-sharking activities, and to better protect HDB residents.

Flat owners who sublet rooms or their whole flat must comply with our terms and conditions, and ensure that their tenants do not disturb or inconvenience other residents unnecessarily.

Tenants cannot further sublet the flat to others. The HDB takes a very serious view of unauthorised subletting of flats and will act accordingly.