“Newspaper reports that point to record highs in property prices and rents in many districts reinforce this notion that housing is unaffordable,” he added.
SINGAPORE — In Parliament on Monday , as motions were discussed regarding public housing, Workers’ Party MP Jamus Lim argued that house prices in Singapore have become too high.
The Sengkang GRC Member of Parliament noted that even some elderly residents he has spoken to who own their homes are worrying over how expensive it has gotten to buy a flat in Singapore and are particularly concerned with whether their children and grandchildren will be able to continue to afford a roof over their heads.
“If one is able to offload one’s flat before its price collapses – as it must, eventually – then we can retire comfortably. But then, the one holding the bag is a fellow Singaporean, someone who bought your resale because they needed the space for a growing family and couldn’t afford to wait for a BTO.”
He added there is a need for a “reboot” of house prices but acknowledged that this process could disrupt both the public and private housing markets.
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