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HDB to selectively acquire privately owned heartland shops if needed amid steep rent hikes
Rental rates for privately owned HDB shop units were reported to have more than doubled over the past year.
HDB to selectively acquire privately owned heartland shops if needed amid steep rent hikes
HDB to selectively acquire privately owned heartland shops if needed amid steep rent hikes
Commercial tenants at a HDB flat in Marsiling. (Photo: CNA/Aqil Haziq Mahmud)
SINGAPORE: The Housing Development Board (HDB) will selectively acquire privately owned HDB shops if needed and increase the overall supply of commercial units that it leases out, Senior Minister of State for National Development Sun Xueling said in parliament on Wednesday (Sep 24).
With the increase in supply of HDB shops, a higher proportion will be shops that are directly rented out by HDB, of which rents have been keeping stable in recent years.
Ms Sun was responding to several parliamentary questions about the cost of renting HDB commercial units, following reports of rising rents in heartland areas.
There are around 15,500 HDB shops in Singapore, said Ms Sun. Of these, about 8,500 are privately owned, and about 7,000 are rented out by HDB.
“We are aware that per square foot rents for privately owned HDB shops have seen a steep increase recently,” she said.
Rental rates for privately held HDB shop units have more than doubled over the past year, while rents for shops leased by HDB have remained mostly stable, reported the Straits Times in early September.
In her response, the senior minister of state said the increase in rent coincided with a higher proportion of rental transactions involving smaller-sized units, which tend to command higher per square foot rents.
There are around 740 privately owned HDB shops sold on 30-year leases, more than 80 per cent of which have less than 10 years of lease remaining.
“These shops will progressively be returned to HDB and then tenanted out,” she said.
Apart from these shops, Ms Sun said there were another 7,700 privately held HDB shops that were sold on 99-year leases and still have more than 30 years of lease remaining.
Since 1998, HDB has ceased the sale of HDB shops to private owners, and now rents them out to businesses directly.
Going forward, Ms Sun said HDB will increase the overall supply of HDB shops, with a higher proportion directly rented out by the government.
“We will also inject new retail supply to meet demand in existing estates when necessary, including the option of selectively acquiring privately held HDB shops if needed,” said Ms Sun.
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24-Sep 2025 Wednesday
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