we coffeeshop pundits see it as
Govt policy of flooding Prs, new citizenship and employment pass
with undersupply of flats
==> Higher rentals and demand by New PR and citizens which
pushes up HDB valuation
http://www.filmo.com/sg_pr.htm
Citizenships
& SPRs Granted to foreigners by ICA (source: ST
)
Year Citizenships
SPRs
2002
7,600
39,500
2003
6,800
32,000
2004
7,600
36,900
2005 12,900
52,300
2006
13,200
57,300
2007
17,334
63,627
2008
20,513
79,167
=> spike in Property Prices.
According to superior PAP
logic
1. Flood of foreigners cannot push up rentals and cannot push up
valuation of HDB Flats
2.According to superior PAP
logic, since the percentage of resale transactions by
Singaporeans is 70-80%, the spike in PRs and new citizens and
undersupply of HDB flats cannot
cause HDB property prices to go up
I am sure many voters agree with the superior PAP logic and will
vote for them in the coming elections.