Commentary

Why SERS Is Tough On Elderly Singaporeans And What Should We Do Beside 50-Year Leases?

Join our Telegram group for instant notifications
Join Now

Ryan J

A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan’s expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938’s Open House programme underscores his commitment to providing valuable insights into the property market.

Subscribe
Notify of
guest
3 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Samuel
Samuel
1 year ago

What the Govt should do is to let the leases to run down. Most elderly will be happy to age in place and they don’t need the Govt constantly telling them that the value of their hdb will fall as the years go by. Since the elderly are not selling in the first place, what does market value mean to them ? It means nothing ! ! The elderly in old estates have paid for their 99 year hdb decades ago and it is only right for the Govt to honour their 99 leases and not forcefully acquire their homes. To house the growing population, the Govt can always build higher on existing brown field sites instead of acquiring hdb plots with “development value” Please consider the plight of the elderly.

Samuel
Samuel
1 year ago

To further illustrate my point about why letting the lease run down might be a better option, let’s take the example of a hypothetical 4-room flat with 50 years balance lease and valued at $400k with no mortgage. The “cost” of occupying the flat is 2k a month based on market rents. Over 50 years, the “value” of the stay enjoyed by the owner-occupier works out to $1.2M (2k times 600 months). So the Govt is saying due to lease decay and short balance lease, the flat is only worth $400k today if there is SERS. For the elderly, it might be better off letting the lease run down the next 50 years than taking the $400k from the Govt today. By keeping the unit for the next 50 years, the elderly do benefit more from it.

Stacked Homes
Admin
1 year ago
Reply to  Samuel

Thanks for sharing your thoughts, Samuel. We can imagine this situation would happen again and again as the narrative that Singapore must grow and adapt with its land scarcity continues.

Latest Posts

Bedok Residences by Capitaland
Advice I Have $1.5m In Cash But Don’t Own A Property: Should I Buy An HDB Or Condo In Bedok For Rental Income?
June 14, 2024
sora photo singapore new launch condominium ec5f4e557884d26c43713307c5c695d5 copy
Property News This New Launch Condo Will Have 78% Of Units Facing Jurong Lake Gardens: Is Sora Worth A Look?
June 13, 2024
5 More Affordable Yet Convenient 1 Bedroom Condos Near An Integrated Development
Units Of The Week 5 More Affordable Yet Convenient 1-Bedroom Condos Near An Integrated Development
June 13, 2024
lentor condo
En Bloc Why En-Bloc Sales Will Continue To Be Slow In 2024
June 12, 2024
How Much Do You Really Need To Comfortably Buy A 3 room HDB As A Single In 2024
Buying Are 3-Room HDB Flats Still Affordable For Singles In 2024? Here’s The Reality
June 12, 2024
cheapest 3 bedroom featured
Property Picks 10 Rare 3-Bedroom Condos Under $1 Million In 2024 (With Floor Plans)
June 10, 2024
Swiss View 1
Editors' Pick Is This One Of The Most Tranquil Landed Estates In Singapore? A Review Of Swiss View (Prices From $4.25M)
June 9, 2024
Frances Thumbnail option 1
Editors' Pick How A Content Creator Turned Her 410 Sqft Apartment Into A Cosy Home Studio
June 9, 2024
absd rule developer government land sale zion
News Does This Mean The Foreigner ABSD Is Going To Be Lowered Soon?
June 9, 2024
to sell your own flat
Selling Why Selling Your Own HDB Flat Isn’t As Easy As You Think: 7 Hidden Difficulties To Be Prepared For
June 8, 2024
watertown condo rooftop view 4
Advice We Own A 4-Bedder EC In Punggol: Should We Buy A Newer Condo Or An Executive HDB?
June 7, 2024
5 Lesser Known Freehold 2 Bedroom Condos Under 960K
Units Of The Week 5 Little-Known Freehold 2 Bedroom Condos Under $960K
June 6, 2024
Bank of Mum and Dad
Property Stories “My Dad Didn’t Let Me Sell Our Old Walk-Up” 3 Biggest Regrets Of Home Buyers Who Used The Bank Of Mum And Dad
June 5, 2024
Japandi Style Haven 34
Home Tours How A Couple Transformed Their 3 Bedroom Condo into a Japandi-Style Haven With A Walk-In Wardrobe
June 5, 2024
resale condo or an HDB
Buying Are You Single, Over 35 And House Hunting? Here’s How To Choose Between An HDB Or Condo
June 5, 2024
parc rosewood swimming pool 9
Editors' Pick Here Are The Cheapest Condos In 2023/24 By PSF (From $800)
June 4, 2024