Do buyers of HDB flats own their flat?
Yes, buyers of HDB flats own their flat. If you buy a new HDB flat, you have ownership rights to your flat for 99 years.
Ownership Rights and Benefits
As an owner, you have the right to sell your flat or rent it out, upon fulfilling the eligibility conditions. You also get to determine the sale/rental prices and keep the proceeds.
Owners also enjoy the security that comes with owning a home. Those who rent will not have the same measure of stability as they need to look for alternative accommodation whenever the tenancy period is up, or terminated early.
Leasehold System is Common
Leasehold properties are also common in the private property market. Buyers of a 99-year leasehold private property own the rights to their property for the duration of their lease.
Other than Singapore, leasehold residential properties are common in cities like Hong Kong and Canberra (Australia) as well. In land-scarce Singapore, the leasehold system allows land to be recycled and re-developed, to meet the housing needs of future generations of Singaporeans.