Lower flat prices by shortening leases: MPs
HDB flats should be sold on shorter leases to make them more affordable for young people and those on lower incomes, MPs said at Tuesday's Budget debate.
Rising property prices have struck panic in the hearts of many couples and upgrading families, said Mr Gan Thiam Poh (Pasir Ris-Punggol GRC).
He added that he has noticed a 'worrying' trend in which younger people tried to buy the largest flat they could afford.
Mr Gan urged the Government to consider building more affordable two- and three-room units with shorter leases, such as 30 or 60 years. Most HDB flats are sold on a 99-year lease.