It’s called Housing and Development Board (HDB) housing policy. First of all.. it’s not a freehold model but it’s sold to Singaporean citizens only.
They are highly subsidized and based on their income. Singapore also has CPF or central provident fund.. payments go from there but there has to be a 10-20% down payment.
These are highly subsidized. As are the maintaining costs and repairs etc. the state takes care of it. sometimes the owners do it. There is a central savings account too. They can choose how to pay for it.
But the key point is that it’s always a 99 year lease. They can only own it for 99 years. As everyone is going to be in some sort of workforce or is eligible for govt monies, no one needs to be without housing. It goes directly from their CPF or OA account.
The kind of housing is dependent on income level. And another condition is that it’s for families only.
Single people have a different scheme. And there are also ways to apply for Joint singles HBD flats.
They have to be at least 35 years old and anyone younger than 35 can buy under a public scheme but with their family. There are separate schemes for orphans and single unwed citizens, divorcées and the widowed.
Basically there is a scheme for everyone so no one is left behind. But they can’t own it after 99 years. Because it can be beyond a normal lifespan(they start at age 35.. so even after they are gone, the family will be housed until they themselves reach age 35 to qualify with CPF/OA for a HBD unit.
The flats can be resold but again only for the remaining period of the 99 years. Never for speculative purposes and only for residential.
Singapore is a high trust society and can be called as a benevolent dictatorship. They don’t look kindly at any kind of shenanigans.
There are very strict rules. It has to be a mixed ethnic development and it can’t be rented out etc..and if it is to be rented, there is a process for that too.
All HDB estates are meticulously planned. From schools to parks to shops and public transpirt, these are planned communities.
The idea is to give the people housing stability and housing security. The state takes care of its people but expects them to be responsible and accountable. The result is a highly ordered and high trust society that is stable.
Having said that, Singapore is not for everyone. It’s super ordered and appeals to many Asian mindsets and especially for those who would rather spend time raising their families instead of worrying about crime or housing or food security.
