Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/220846
Title: HOMEOWNERS � AWARENESS OF LEASE EXPIRATION IN THE PUBLIC HOUSING SECTOR AND ITS POTENTIAL SOLUTIONS
Authors: XIE JIAWEI
Keywords: Real Estate
RE
Wong Khei Mie Grace
2017/2018 RE
Issue Date: 13-Dec-2017
Citation: XIE JIAWEI (2017-12-13). HOMEOWNERS � AWARENESS OF LEASE EXPIRATION IN THE PUBLIC HOUSING SECTOR AND ITS POTENTIAL SOLUTIONS. ScholarBank@NUS Repository.
Abstract: The leasehold planning system is a strategic thrust that enables the Singapore Government to optimise land use. However, issues pertaining to a poor grasp of the leasehold concept and homeowners losing their home upon lease expiration were brought to the spotlight after Minister for National Development Lawrence Wong’s blog post on March 2017. In his blog, Minister Wong highlighted that leasehold flats would be returned to the State with no monetary compensation when their lease expired. The announcement sparked discussions on social media platforms (Facebook, Twitter, forums) and saw homeowners frantically counting their remaining lease period. This study first evaluated the awareness of homeowners on lease expiration in Queenstown and Bedok. Using Binary Multiple Logistic Regression, it was found that homeowners’ awareness of lease expiration was affected by three variables: age, monthly income, and educational qualification. In particular, results showed that the age of respondents was inversely related to their awareness of lease expiration. Lease extension and the Special Lease Reversion Scheme (SLRS) are two solutions proposed by this study. Lease extension was found to be the most suitable primary solution, while the SLRS was found suitable for flats with redevelopment potential. From the Government’s perspective, extending the lease of existing flats is economically viable as it does not necessitate the building of new flats - which are always sold at a subsidized price. From a homeowners’ perspective, this minimises time and cost of looking for a new flat, as they can continue to stay in their existing flat. Recommendations to increase the awareness of lease expiration included conducting door-to-door visits, increasing awareness about the HDB Maps Services, and enhancing the property agent’s Code of Practice. In addition, a staggered form of housing subsidy was proposed to ease low to-middle income individuals into lease extension payments.
URI: https://scholarbank.nus.edu.sg/handle/10635/220846
Appears in Collections:Bachelor's Theses

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