Simple words like “Agreement for Lease” are printed on HDB legal documents as well as stated clearly on its website. However, most buyers still could not see these words and continue to assume they are owners. Can anyone own a property while leasing it?
In this HDB document detailing the sale of balance flats, from application to “Signing of Agreement for Lease”, there is no evidence of ownership transfer from the state to buyers.
Why do HDB buyers continue to imagine they are owners?
The use of “flat owners” in other parts of the document contradicts the fact that buyers have signed the “Agreement for Lease”, ie buyers are merely lessees.
On HDB website, it always refers to the sale of flats as an “Agreement for Lease”.
According to various sources, the definition of “lease” is:
– “a contract renting land, buildings, etc., to another”. Dictionary.com (signing the agreement with HDB means we have agreed to rent the flat for 99 years)
– “a contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent”. Merriam-Webster
– “a contract outlining the terms under which one party agrees to rent property owned by another party”. Investopedia
etc.
Buyers of new HDB flats have effectively agreed to pay HDB 99 years of rent upfront, using our CPF retirement savings and bank loan, while HDB remains as owner and has full control over the property.
Where HDB flats are concerned, it is simply a case of pseudo ownership. This is because HDB can’t transfer its ownership of public land and property to HDB buyers. Flat buyers effectively own NOTHING except a transferable lease.
HDB has used the legally-correct term, “Agreement for Lease”. The selling price refers to the lease which excludes the flat, land and common property.
Only private property can be owned, not public land and buildings belonging to a statutory board such as HDB. And ignorant people too – they can also kena owned by PAP.
Elected opposition MPs should raise this issue because the government should not include land cost – public land which we can never own – in pricing HDB flats. Nor should we contribute to the maintenance of common public property which, again, we don’t own.
With regard to HDB flat buyers who are still unable to see the words “Agreement for Lease”, I would strongly suggest an appointment at the SNEC.
https://likedatosocanmeh.wordpress.c...e-examination/
HDB flat ‘owners’ should make appointment for eye examination
