Singaporean says, ‘After I pay for the house for 30 years, it’s still not mine because when 99 years are up, I have to return it. Then why even buy it?’

SINGAPORE: When a millennial content creator was puzzled about buying a home in Singapore, it resonated with many. Shawn Soh, who goes by @plantbro_ on Instagram and TikTok, posted a video that went viral last month about homeownership as a young person in Singapore.

In it, Mr Soh asked other Singaporeans to explain about waiting until the age of 35 to buy a house (as a single person) and taking out a loan with 30 years to pay for it. “But after I pay for the house, it’s not mine. Because after 99 years are up, I have to return it. I don’t get it.

I worked so hard for so long to buy something, but then after that, I need to return it. What? Then why even buy it?”

@plantbro_

#millenial

♬ original sound – Shawn Soh

His video has been viewed over half a million times on social media, and netizens had much to say. Some wrote that they had the same thoughts.

“It’s long-term rental… I get that Singapore is small, but let’s call a spade a spade. Don’t fool us by saying we’re homeowners when we’re renting actually. Just call it long-term leasing or something. No way is this ‘full ownership,’” wrote a commenter on Instagram.

“The explanation for this is not easy,” another chimed in.

Still, a fellow IG user tried anyway, writing that if people were allowed to keep their homes instead of giving them back, Singapore would end up facing the same housing and land crisis that another space-scarce city, Hong Kong, has.

It also gives Singapore the opportunity to refresh older homes and transform them into higher buildings that can house more people.

“Some HDB units still don’t have lifts. Isn’t it good that at least the government can step in to improve these buildings when the time is up?” they added.

Another IG user put it more succinctly, writing, “because our land is smaller, smaller than our pocket money lmao.”

Others explained that they understood the government public housing policy but suggested that some of the money they paid for their homes could be returned to them when the lease expires.

Some said that it is not the policy they are having a hard time with; the cost of housing has gotten so high.

Perhaps Ramit Sethi, the author of the 2009 New York Times Best Seller, I Will Teach You to Be Rich, can give you the best answer through his YouTube video below, Renting vs Buying a Home: The Lie You’ve Been Told

/TISG

Read also: HDB says resale flats remain affordable for most home buyers in response to letter asking to “Refrain from publicising million-dollar resale flats”