MM Lee warns against selling off HDB flats

Minister Mentor Lee Kuan Yew has advised HDB flat owners not to sell their flats since their value appreciates year after year.

Speaking at the annual Tree Planting Day in Tanjong Pagar GRC, Mr. Lee said: “I urge you not to listen to the estate agents and sell it, and go and rent a flat because that’s a stupid thing to do.”

“You sell it, you may not get a rental flat for a long time. And you cannot gain from a rental flat… Please remember that,” he added.

Mr. Lee’s plea comes just after the government implemented measures to deal with the trend of home owners trying to dispose of their flats for a quick profit.

To emphasise the need for financial prudence, HDB introduced a seven-day cooling-off period for those planning to sell their flats.

Source : PropertyGuru – 15 Nov 2010

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