The reason:
"It is no longer a requirement for a certificate of maintenance to be displayed in the lift car. [NAME OF TOWN COUNCIL] Town Council will continue to ensure that the lift is properly maintained."
Skimping on maintenance, just like they did with public transport.
If you don't believe me, look at the lifts in your HDB neighbourhood. There are no more routine, periodic checks done by technicians. A repairman is only called when the lift is spoilt.
I think not only is it necessary to buy insurance for taking public transport, even a lift ride needs life insurance these days.
Gian png Sinkie heartland peasants who voted for lift upgrading, let's see how well your "asset enhances" in hell when you plunge down a lift shaft to your untimely death.