Forum: Study other factors driving up HDB resale prices

In Singapore, property is considered a safe investment haven. It is natural that many young Singaporeans choose to preserve their wealth through property investment.

Hence, suggestions such as additional purchase taxes and disallowing married couples to buy private property singly are both misguided and punitive for Singaporeans who invest in properties to preserve their wealth and not to speculate (Try options other than wait-out period, Oct 4).

There are Singaporeans who are looking to grow their retirement nest egg by selling their private property and buying an HDB flat . If an individual has already sold his private property and has no other property to live in, he should be allowed to buy an HDB flat without a 15-month wait.

In addressing the overheated HDB resale market, it is important to look at other factors. There are property agents who go door to door to solicit and convince home owners to sell their flats by promising great returns. There is the valuation of the unit that guides the selling price, and also the cash over valuation that is unregulated.

I urge the Government to relook this matter and study the many factors driving price hikes in the HDB resale market.

Heng Yan Lin

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