the enbloc math doesn't work out well for those who have fully paid for their flats after 30-40 years of being mortgage slaves. why? because these folks have "retired" and are living on their miserable savings or a tiny fixed income (from part time work, pension, disability fund, interest earnings, rental income, donations, handouts from relatives and friends, etc.)
imagine working hard for 40 years since 1970 when the monthly pay was say sgd1200. fortunately, the price of a humble hdb flat in the 70's was affordable, but the monthly mortgage still consumed much of the income. you remained frugal all your life and saved a miserable sgd120k for retirement based on 1970 projections. add another sgd120k from cpf savings to your pot. you should be comfortable with zero mortgage and daily subsistence of porridge, tofu and vege. you can live till 80 and die contented, barring any huge medical bills for life prolonging pursuits.
now they tell you you have to surrender your flat, rent and buy back your upgraded flat when it's all done, or sell and buy a new or used flat at a new location. even with "priority" and a discounted price from market value, your well-calculated retirement is suddenly interrupted and your peace is jolted. everything is in jeopardy. your plan for a quiet demise goes back on the drawing board, starting from square one. even in death, they want to stick it to you. your total retirement savings of sgd240k may be spent not on your 20-year atrophy of your mind and body, but on your new flat, and all the associated cost that go with it. by agreeing to a surrender of the old flat and upgrade to a new one, you suddenly have a new mortage of thousands of sgd per month to cough up, even after subtracting earnings from the surrender or sale of the old flat. but who other than the hdb is gonna buy your old flat at an inflated market rate after they have announced the "enbloc" shock and awe? without bids from 3rd parties, are they gonna offer at an inflated market price? obviously not. heads they win, tails you lose.
