HDB flat value will rise as long as economy grows: MM
Lee
Minister Mentor Lee Kuan Yew said prices of Housing Development
Board or HDB flats will rise as the economy prospers.
Referring to how young couples say prices of HDB flats are too
steep, Mr Lee said the rise in prices are
inevitable.
"Well, they got to decide whether the country is
going to go up or down. If the country is going to go down, then
economy will go down, people’s incomes will be down, unemployment
will be up then property values will go down."
Mr Lee added that if the people have confidence in Singapore and
works with the government, then prices of public housing will go
up.
And he pointed out that prices have been going up since Singapore
broke away from Malaysia in 1965.
Speaking at the key handover ceremony to owners of units at The
[email protected], Mr Lee reassured that young couples will get
help.
"Young couples will receive sufficient help from
the Government to own their first flats. HDB will continue to build
affordable homes of good quality, so that each generation of
Singaporeans will continue to have a stake in the
nation."
In his speech, Mr Lee said that HDB flats have to be priced
according to market demand to reflect the flat's real
value.
By liberalizing the resale market in the 1980s, home owners were
able to monetize their flats when they needed to Mr Lee
explained.
Pointing out that Singapore has reached the land reclamation limit
of 10 to 15 per cent, Mr Lee said the country can only expand
vertically.
So Singaporeans can expect more old blocks like Duxton demolished,
to make way for new quality public housing.
The [email protected] is the highest HDB block built at 50 storeys
high.
Some 80 families were in the first batch of residents who received
keys to their new homes.
--938Live