Jan 27, 2010
Costly flats
'How did it come to this?'
MR ROBIN CHUA: 'Although, unlike young couples, I am unaffected by the spike in flat prices, Saturday's report, 'Cash premiums for HDB flats hit a high', with its slew of price-spiking catchphrases - 'buyers desperate', 'high demand' and 'tight supply' - begs this question: After 40 years of public housing, how did it come to this? The Housing Board should stop insisting that enough flats are being built. The over-subscription by many times at each launch of public flats clearly shows that there are not enough new flats, thus pushing buyers towards the resale market, which in turn pushes prices and cash-over-valuation (COV) up; it's a vicious price circle. The irony is that on the one hand, young couples are urged to marry and have children early to help increase the procreation rate; and on the other hand, they are indirectly told to wait five years to get a flat and start a family.'
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