HDB flat value will rise as long as economy grows: MM Lee

14Dec09

Lee Kuan Yew on public housing in Singapore.  CNA, with video:

SINGAPORE: Public flats will continue to appreciate in value as long as the Singapore economy continues to grow. And with limited space, the future of public housing looks set to go up – with more skyscraper flats to be built. …

He said: “The Pinnacle@Duxton is therefore a good example that if the nation continues to do well, we can build more flats of this standard. But we should not make a quick profit from a resale of HDB flats.

“The rules on minimum occupation and requirement for family units nucleus are to discourage speculative purchases.” …

Mr Lee said: “Well, it’s a very special problem we face because we can’t expand the city laterally, we have to expand the city vertically. Yes, we can have more (land) reclamations but that’s only about 10, 15 per cent and we’ve reached the limit.

“Therefore, I see more and more of the old blocks being demolished and new blocks like The Pinnacle@Duxton being built.”

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One Response to “HDB flat value will rise as long as economy grows: MM Lee”

  1. 1 Anonymous

    Flat value goes up means property tax goes up. This would increase the cost of living. A flat used for living is not an asset but a liability as it could not generate independent income.



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