Khaw Boon Wan: We cannot control HDB resale prices

Malaysian-turned-Singaporean Minister Khaw Boon Wan who has never served a day of National Service revealed in his parliamentary reply that the PAP government is not able to control the transactions and prices of HDB resale flats:

“Resale prices are determined by willing buyers and sellers; the government cannot intervene to determine the transaction prices for buyers and sellers”

 

Are resale HDB flats not government housing? Why are HDB resale flats subjected to a free market speculation similar that of private properties? Singapore’s resale housing market have been largely inflated by the influx of Permanent Residents which have doubled over the past 10 years from some 287,500 PRs in 2000 to 533,100 in 2012. Resale prices  have also increased three to four folds over the past 10 years with a record $200,000 COV over a unit in Bishan. Most PRs in Singapore are rich foreigners who refuse to take up Singapore citizenship as there are more advantages being a PR than a Singapore citizen. Singapore-born citizens have to serve 2 years of National Service with 10 years of NS reservist cycle which are often disruptive and subjected to employment discrimination. The only difference between a PR and a citizen is the price difference which are often negligent in the eyes of the PRs who are normally millionaires in their hometown.

 

The quality of life for Singapore citizens have also seen a significant dip from the influx of foreigners and they have reflected their sentiments in the recent General Election where the PAP government lost a GRC team for the first time in history. However, the unrepentant PAP government continues the intake without care and consideration of the people’s standard of living, and rather “manage expectations” in the government-initiated campaign, called the National Conversation, disguising to listen to the people while acting otherwise with a White Paper that have the final say. Millionaire Minister Grace Fu have also stated that the National Conversation is not “an extended Meet-the-People” session for people to air their bread-and-butter issues.

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