LAW Minister K. Shanmugam's remarks in yesterday's report about the impact of foreigners on public housing ('Wrong to accuse them of driving up costs: Shanmugam') did not address the consequences on single Singaporeans or offer more effective ways to help all citizens.
In dismissing the perceived impact of foreigners, Mr Shanmugam noted that foreigners cannot buy HDB flats and that there are too few permanent residents (PRs) to affect prices.
He also noted that the Government gives Singaporeans a leg up with concessionary loans and housing grants, and is ready to launch up to 12,000 build-to-order (BTO) units to meet demand.
But concessionary loans and housing grants are not enough to offset rising flat prices, and single Singaporeans cannot buy BTO units.
If the Government will not regulate rising HDB flat resale prices, the HDB should build more two- and three-room flats and let single citizens buy them.
PRs should also be banned from renting out their flats or putting them up for resale at a profit. The price at which PRs resell their flats should not be higher than what they paid for them.
Such a rule will prevent PRs who do not intend to take up citizenship from reaping a windfall when they return home after a few years
Source, Straits Times 19 January 2010
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