Many Singaporeans are depending on the value of their HDB flat to be their retirement nest egg, which “sadly can fall to zero”, said the Workers’ Party (WP) candidate Yee Jenn Jong on Saturday (4 July).
During the WP’s e-rally series “The Hammer Show” which posted on Facebook on the same day, Mr Yee noted that the HDB flats will start to drop on value after it reached 50 years, adding that no banks will want to loan them if the flat only has 35 years left to the list.
“So you can imagine these people who are so dependent on the HDB flats to be their nest egg. If they are sitting on an old flat, by the time they want to cash it out, they’ll find a problem because the value of the flats have actually dropped below from what they have bought,” he said.
Noting that it is a serious problem, Mr Yee – who is contesting in the Marine Parade GRC – explained that the WP has come up with a proposal to “push further this conversation” about HDB flats scheme.
“We urgently need to have a conversation to resolve this problem because many Singaporeans are depending on the value of their HDB flat to be their retirement nest egg. And that sadly can fall to zero,” he asserted.
Meanwhile, the president of WP’s youth wing Leon Perera said in his speech, “We propose more SERS redevelopment without the need for a proxy site. We call for a better scheme, a universal buy-back scheme to be offered to all HDB buyers at year 70 to support the value of the flats and make it less likely of price collapse.”
“We will further research, develop and push for such rational, responsible ideas in Parliament to support seniors in HDB flats,” Mr Perera added.