The current en-bloc sale frenzy is a sign of pent-up demand for private housing, especially for 99-year leasehold properties.
The Government should consider reducing the lease of some selected Government Land Sales (GLS) plots to 60 years and release more land for sale for private housing projects.
This way, it will offer Singaporeans, especially young families and middle-aged couples with children, cheaper private housing without heavy mortgage payments.
The shorter lease will help reduce the cost of living which may translate into better quality of life .
Some retirees may also be keen to downgrade to 60-year leasehold private properties.
The release of more land with a 60-year lease will help meet the challenge of housing an ageing population looking for cheaper homes.
The 60-year lease private developments can be integrated with public and private housing estates which have 60 years left to their lease.
The Government can redevelop these estates when the homes reach the end of their lease.
This will create substantial economic activity and rejuvenate the estates.
Sum Kam Weng