While Singapore enjoys a significant number of residential units, there are still plenty of flats that are rather old at the moment. Some say that lease extensions available automatically would be the best choice for this particular flats, while others believe that such a decision will bring along a set of consequences that need to be discussed and thoroughly analyzed. So, these days, Lawrence Wong, who is the National Development Minister, made some public statements that also included cautions concerning this matter.
He said that from his position, it is rather easy to make a few neutral statements and postpone more serious discussions about this subject, but because this is something that will trigger the appearance of a variety of ramifications, which cannot be ignored, a detailed assessment is more appropriate. The first aspect he mentioned is the fact that a lease extension is not something wished by everyone. Secondly, old HDB flats require a significant amount of maintenance as well, which means increased costs for their owners. Finally, Singapore still has serious space issues, in spite of the careful planning and strict regulations concerning the development of new structures.