It will also exacerbate the very issues of housing affordability and accessibility that the PSP said it would solve. Read more at straitstimes.com.
SINGAPORE - A housing scheme proposed by the Progress Singapore Party to exclude land costs in pricing Housing Board flats will not only erode Singapore’s reserves, but will also benefit only a select group of flat buyers at the expense of all Singaporeans, said Minister in the Prime Minister’s Office Indranee Rajah on Tuesday.
Ms Indranee was among four ministers who spoke in the debate on two motions about public housing – one put forth by National Development Minister Desmond Lee, and the other put forth by Mr Leong and Ms Poa. And the cost of land for the duration that the user lives there is borne by all other Singaporeans across several generations, she said. They will pay for it in three ways: financially through the erosion of shared reserves, in inequity where some benefit at the expense of others, and in poor policy with implications for the broader housing market.On reserves, the state sells land at fair market value. When that happens, the physical asset – land – is converted into sale proceeds.
And to make up for what the NIRC cannot now fund, she said, the Government would have to either raise taxes or cut spending.Nor is the PSP’s proposal fair to Singaporeans, said Ms Indranee, as those who choose not to sell their flats will enjoy a large subsidy at everyone else’s expense.
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