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It's 99 year leasehold if they "buy" new from the government, less than that if they "buy" from the resale (2nd hand) market. They are just buying the rights to lease it for 99 years. Last I heard they were quite strict on new purchases too, the citizens had to be at least certain age or be...

The average income Singaporeans lease (for up to 99 years) their HDB flats from their government.