Resale flat prices have gone up by about 28% in the last two years. This year alone, between January and September, more than 266 flats sold for over $1 million. This has put resale flats beyond reach of many Singaporeans, even after factoring in government grants.
I asked Minister for National Development Desmond Lee in Parliament whether there are any plans to review the policy of allowing HDB flat owners to keep their HDB flats after they become private property owners. Those flats can then be freed up to be bought by other Singaporeans who need a home to stay in.
The purpose of my question was to discuss ways to moderate resale HDB flat prices so they are more affordable for lower and middle income Singaporeans. One way to achieve this is to increase the supply of resale flats by requiring buyers of private property to sell their HDB flats. This should only be applied prospectively.
The Minister replied that the Government has been “gathering views from Singaporeans as part of Forward Singapore, and will study these as well as other views and ideas carefully.”
The following was my full Parliamentary question:
*8. Mr Gerald Giam Yean Song: To ask the Minister for National Development (a) how many current HDB flat lessees concurrently own one or more private residential properties; (b) of these, how many are not living in their HDB flats; (c) whether there are any plans to review the policy of allowing HDB flat lessees to keep their HDB flats after they become private property owners; and (d) if not, what other plans does the Ministry have to increase the supply of resale HDB flats and thus moderate their prices.
This is the Mothership report on the Parliamentary debate.
