Feb 23, 2010 - PropertyGuru.com.sg
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Prime Minister Lee Hsien Loong has reiterated for the second time in a month that his administration has no control over property prices.“We can try to influence it, but whether it goes up or goes down depends on sentiment, depends on what happens in the region and the world…,” he said.
“Property is for people to buy to live in, not for speculating,” he added.
PM Lee urged Singaporeans to treasure their homes and not to sell them prematurely to settle a debt or make a quick buck.
“Please take good care of it. It’s for you to live in, it’s for you as an investment, and it’s for you for your old age. Don’t think of selling prematurely to make a quick buck,” he advised.
However, some Singaporeans feel that HDB can easily control the prices by increasing or decreasing the supply of BTO flats or the number of new flats being released into the market.
The high prices are partially attributed to a lack of proper planning, to increase the number of new flats to meet the expected growth in the population spurred by immigration.
Based on figures released by the Ministry of Home Affairs, there were nearly 100,000 immigrants, including both PRs and new citizens in 2008 alone, but only 3,183 new flats were built over the same period.
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Reader Comments: (9 comments)
the answer to all of your questions is simple: the govt is benefiting from this scheme!
it is actually THEIR lack of foresight that complicates the situation. please define competency please?
But who passed the en bloc law without any deterrent against rampant flipping?
I think he should not shift the blame the surge in property price to speculators. Who controls demand and supply? Who let in so many FT and converting them to PR? Who supply the HDB flats and land for new property?
You can influence prices BUT you do not want to control it, but let MARKET FORCES do their part - THIS IS THE MODERN ECONOMY. If you want all price controlled, try north korea.
Your correlation of nos of new flats and property prices is questionable. Only Singaporean is eligible for new HDB flats. You are saying if there are more new HDB flats, Singapore property prices will remain constant?
so the govt has no say on the property prices, dont you think it is time for him to be replaced with someone who can?
Why does he says he has no control over property prices? I always thought it is a matter of whether he wants to control it or not.
yes i believe HDB can manipulate the supply of flats being released, thus controling the price fluctuations...